How to Get a $3,500 Loan

A $3,500 personal loan can provide the financial support you need to handle unexpected expenses, like a sudden medical procedure, urgent car repairs or overdue utility bills. Whether your credit is good or bad, various loan options are available. We’ll walk you through different lenders and loan possibilities, helping you make an informed choice that best fits your financial situation.

Compare $3,500 loans for all credit types

When comparing $3,500 loan options, it’s important to look at a wide range of lenders to find one that matches your needs. The following table highlights just a few of the many lenders that provide $3,500 for good and bad credit.

How much does a $3,500 loan cost?

The cost of a $3,500 loan depends on the interest rate you’re charged, how long you’re given to pay off the loan and any additional fees that may apply.

Interest rates for personal loans can range considerably — anywhere from 4.60% all the way up to 35.99%.

Cost by interest rate

Let’s look at how interest rates affect the total amount you repay over the life of a $3,500 loan.

As you can see, there’s a big difference between borrowing at 6.99% and 35.99% — you’ll pay almost $1,900 more in interest over the life of the loan at a higher rate. That’s why it’s so important to shop around before committing.

Cost by repayment terms

Repayment terms also affect the overall cost of a $3,500 personal loan. For a loan as small as $3,500, you’ll likely be given anywhere from one to five years to repay, though it depends on the lender. Let’s compare the numbers. In this example, the borrower is being charged a 12.99% interest rate.

You can see from the chart that when you take longer to pay off the loan, your monthly payments are lower, but the total cost goes up. You’ll save money in interest if you choose shorter repayment terms.

Fees

Additional charges — like loan origination, prepayment and late payment fees — can also add to the cost of a $3,500 personal loan.

The biggest one to look out for is the loan origination fee, which is deducted from the disbursed loan amount. These can range anywhere from 1% to 10%. If a lender charges a 6% origination fee, you’ll only receive $3,290 of your $3,500 loan, but you’ll still have to repay the full amount.

Calculate your monthly loan repayments

Use our loan repayment calculator to determine how much your monthly payments and overall interest will be with different rates and terms.

How long does it take to get a $3,500 loan funded?

For a loan as small as $3,500, it likely won’t take lenders long to evaluate your application and disburse payment. As long as you submit supporting documentation quickly, it should only take between two and four business days. Some lenders even offer loans as fast as the next business day.

How to pay off $3,500 in debt

If you’re concerned about paying off your $3,500 loan, here are some ideas to help you eliminate the debt more quickly while saving money on interest:

• Enroll in autopay. Setting up automatic payments ensures you never miss a payment, helping you to avoid late payment fees. Some lenders also offer an autopay discount, which can reduce the overall cost of the loan.
• Split your payments. Splitting payments means dividing your monthly loan payment into smaller portions that are paid more frequently. For example, making two biweekly payments of $200 instead of one $400 payment reduces the total amount of interest because you’re paying against the principal balance more often.
• Pay more than the minimum. If your lender doesn’t charge any prepayment fees, then consider paying more than the minimum each month. Adding even a small amount on top of your standard monthly payment can cut back on the interest charged and speed up repayment.
• Consolidate your debts. If you have other debts in addition to your $3,500 loan, you may want to consider a debt consolidation loan. You may be able to qualify for a lower APR on a debt consolidation loan. Plus, this simplifies payments since you only have to pay one creditor instead of many.

Eligibility requirements for a $3,500 loan

Eligibility requirements, such as credit score and debt-to-income ratio, can vary by lender. However, most lenders have a few standard criteria you’ll need to meet, including the following:

• Residency. Most lenders require that you be a citizen of the United States or a permanent resident.
• Income. You’ll need consistent, verifiable income to qualify for a $3,500 loan.
• Age. You must be at least 18 years of age or older (19 in some states) to apply for a personal loan.
• Bank account. Borrowers usually need a personal checking account in their name, since this is where your funds are deposited.
• Identity. Lenders require that you provide a government-issued ID to verify your identity.

How to increase your chances of approval

If you’re worried you won’t qualify for a $3,500 loan, there are several ways you can improve your chances of approval, including:

• Improve your credit score. Before applying for a loan, check your credit report to ensure it’s accurate and dispute any mistakes with the credit bureau. Make sure payments on credit cards and other debts are current; having your accounts in good standing will improve your credit.
• Reduce your debt-to-income ratio. Most lenders compare how much you earn per month against your monthly debts to determine how risky a loan would be. To improve your DTI ratio (and your chances of getting approved), either pay off debt or find ways to earn additional income.
• Apply with a cosigner. If you’re having trouble qualifying for a loan because your credit score is low, consider using a cosigner or co-applicant with good credit to increase your chances of approval.
• Use collateral. Most personal loans are unsecured, which means they don’t require any collateral. If you get a loan that uses collateral, like a title loan, you’re more likely to get approved for a loan.

What to watch out for

When shopping around for a $3,500 loan, here are a few red flags to look out for:

• Predatory lenders. Because $3,500 is a relatively low loan amount, be wary of lenders who pressure you to borrow more than you need.
• Lack of transparency. Lenders should provide you with enough information on their websites for you to decide if they’re a good fit for you. If a lender doesn’t disclose an APR range, eligibility requirements, fees or typical repayment terms, then it’s a good idea to look elsewhere.
• High APRs. Many short-term lenders charge high APRs to cover the cost of lending and ensure profitability. Check with multiple lenders or use a loan marketplace to compare offers and find the best rates.
• Reputation. Not all lenders are reputable. Make a point of checking ratings and reading online reviews to determine if the lender is trustworthy.

Alternatives for short-term loans

When you borrow small amounts of money like a $3,500 loan, lenders typically want it repaid quickly. These are what’s called a “short-term loan” because they need to be paid back in 12 to 24 months. If you don’t think a short-term loan is the right option for you, consider these alternatives:

• Borrowing from family or friends. Since $3,500 is a relatively small amount of money, you may be able to find family or friends willing to lend you the cash.
• Peer-to-peer lending. Peer-to-peer (P2P) lending is an online platform that allows you to borrow directly from individual investors. You can typically get better terms through P2P lending compared to traditional loans.
• Joining a lending circle. A lending circle is a community of people who pool their money together and lend it to members whenever it’s needed. These loans usually carry little to no interest or fees.

Frequently asked questions

Can I get a $3,500 loan with bad credit?

Yes, it is possible to get a $3,500 personal loan with bad credit. Several lenders work with borrowers who have bad credit, accepting credit scores as low as 300. But keep in mind that you’ll probably have to pay a higher interest rate on the loan. Make sure to check several loan offers and compare terms to find which one is right for you.

Can I get a $3,500 loan with no credit check?

It’s possible to get a $3,500 loan without a credit check, but it’s generally not recommended. No-credit-check loans are typically short-term and come with high interest rates. These loans tend to be small, ranging from $100 to $1,000, so finding a loan as large as $3,500 without a credit check may be difficult.

Looking for a different loan amount?

To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd as part of our fact-checking process.

Written by

Christi Gorbett

Contributor

Christi Gorbett is a freelance writer with more than eight years of experience and a master's degree in English. She’s created a wide range of content for banks, financial product comparison sites, and marketing companies on topics like small business loans, credit cards, mortgages, retirement planning, lender reviews, and more. As a former teacher, Christi excels at making complex financial topics accessible and easy to understand. Her interest in finance grew when she returned to the U.S. after living in South Korea for nearly a decade. This shift was driven by several personal financial challenges: rebuilding her financial base after the move home, starting her own business, and catching up on retirement savings. These experiences deepened Christi’s practical understanding of finance and intensified her interest in the field. See full bio