Personal Loan for Land

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Funding up to $100,000 and APRs as low as 5.24%1

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Loans to Purchase Land

If you are looking to use a personal loan for purchasing a plot of land, you may be making a wise decision that could help you acquire your land without needing to use the land to secure the loan. An unsecured personal loan does not require collateral in order to qualify. See how you can check offers from top lenders on personal loans for land.

Quick. Simple. Secure.

How To Apply For Personal Loan for Land

1 Pre-qualify

Fill out easy online form to check for pre-qualified offers with no impact to your credit score

2 Select offer

Compare terms and payment options to select offer that’s best for you

3 Finish application

Complete application process on your selected lender’s website

4 Receive funding

After loan approval, your funds should arrive within 1-2 business days2

“The process couldn’t have been any easier. I filled out a short form that took me less than 2 minutes and within seconds I got multiple offers from lenders.”


- Mike T. (TN)

“It was important to me that I could review my offers without any impact to my credit score, before deciding on the best loan option.”


- Carol R (FL)

“I like the easy online and 100% paperless experience of Acorn Finance. I received my money two days after completing my application.”


- Bob S (WI)

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Learn More About Personal Loan for Land

Personal loans are a great option if you need money to pay for land. For a traditional land loan, if by chance you should happen to default on your payments, the bank can then seize the land and sell it to recover the costs of the loan plus fees. If you default on an unsecured personal loan that was used to purchase land, you can keep the land, however, you will then suffer other negative financial consequences, like possibly having to go to court and/or taking a large hit to your credit score. A default on a personal loan can have repercussions that can negatively affect your ability to get credit in the future. Keep reading to learn more about personal loans for purchasing land.

Read more - FAQ

Can I buy land using a loan?

Yes, using a loan to buy land is a common occurrence in the United States. Some individuals choose to pay cash for land purchases, however, it is common to keep any cash reserves you may have to use as a down payment on loans for a construction project, or another land development project. It is important to remember that any type of financing will increase your debt-to-income ratio, so, be sure taking on a personal loan to buy land does not increase your DTI-ratio above the allowed percentages. When applying for many types of financing, lenders may want to see a debt-to-income ratio below 36%. This less than 36% DTI-ratio must also include the addition of the new debt you are attempting to obtain. That being said, if you can use a loan to purchase land, and it will not greatly hinder your chances of qualifying for future loans, then it may be a great idea. Or, if you just intend to use the personal loan to purchase the land to develop at a future date, then you may be able to obtain the loan, buy the land, pay off the loan, and then strike ground on a new country cottage or log cabin home at a future date. 


What are the requirements to earn a personal loan for land?

Above, we have already discussed that most lenders are looking for a debt-to-income ratio lower than 36% when applying for a new line of credit. In addition, lenders will want to see a steady and large cash flow coming in every month with little money tied up into existing debt payments. Lenders will also look at your credit score. Your credit score is determined by a number of factors including payment history, age of oldest credit accounts, credit usage, and a few other contributing factors. Before applying for a personal loan to purchase land, you may want to have a good idea of what your credit score is and if it is good enough to qualify for a personal loan with lenders. If you are unsure of what your credit score is, you may want to be aware of the fact that you are entitled to one free copy of your credit report every 12-months from each of the three main credit bureaus. 


What credit score do I need to get a personal loan for land?

If you are looking to use a personal loan to purchase land, you should know that credit score requirements for personal loans are typically the same whether you are buying land or buying a 1967 Chevy Impala. Most lenders are going to want to see a minimum credit score of 620. Even if you have a credit score of 620, since you are barely making the lender’s minimum requirements, you may want to prepare yourself for a stricter qualification process. If you have a credit score below 620, you may also have to consider using an asset as collateral to secure the personal, or even find a cosigner willing to sign onto the loan and take over the responsibility of payments if you should happen to default. 


How do I get a personal loan for land?

One of the easiest ways to get a personal loan to purchase land is through an online lender. Online lenders are simple to work with because the entire process can be done from your living room. If you have good to excellent credit, a steady income, and you attentively respond to any additional inquiries the lender may have, you could see the funds deposited in your account in as little as 24-hours after you are approved. To find a personal loan using an online lender, the first step you may want to consider is to prequalify. Prequalifying will let you see how much you could qualify for and at what rates without impacting your credit score. Additionally, once you are preapproved, you can shop multiple lenders at the same time to compare rates, as well as explore other factors that may help you decide which lender is best for your individual situation 


How much can I borrow in a personal loan for land?

Since you are applying for a personal loan and not a land loan, most lenders cap their maximum personal loan amounts at $100,000. Some lenders even have lower maximum loan amounts. You may want to have an idea of what your budget is for a land purchase before deciding to apply for a personal loan. By prequalifying, you can then get a better idea of what your potential budget could be based on what you may qualify for given your credit profile. 


What rates can I get with a personal loan for land?

Personal loan rates for land are just like any other personal loan rates. The rates depend entirely on your credit score and whether or not you use an asset to secure the loan, or if you have a cosigner on the loan. Personal loan interest rates can vary greatly depending on this type of information. Rates tend to fluctuate from as low as 4.99% to as high as 36%. 

If you have poor or no credit, if you can even qualify, you may expect to pay an interest rate somewhere between 28% to 36%, depending on the lender. If you can only qualify for loans with interest rates in this range, it may be best if you consider taking some time to improve your credit score to help you secure a lower rate. Even an increase of 30 or 40 points may do wonders to help you qualify for a much better interest rate. Qualifying for a better interest rate could potentially save you thousands of dollars throughout the loan depending on the loan amount.  

If you have good to excellent credit, you may be eligible for some of the best interest rates that are currently on the lending market. Although interest rates can sometimes get as low as 4.99%, they can often be a little higher due to market conditions outside of your credit profile. 


Where can I get a personal loan for land?

Land can be expensive. Most lenders have different minimum and maximum loan amounts. Before applying, you should check loan amount restrictions to ensure the lender can provide the right amount of funds assuming you qualify. Most banks, credit unions, and online lenders offer personal loans. Online lenders may offer higher loan amounts, more convenience, and some of the most competitive interest rates. 


Why choose Acorn Finance for personal loans?

Acorn Finance offers a platform that allows borrowers to check offers online from top national lenders. Within 60 seconds or less, you can check offers without impacting your credit score. Acorn Finance makes it easy to shop offers and find a personal loan offer that works for you and your budget.


Check personal loan offers from $1,000 up to $100,000. . . visit Acorn Finance today!

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