An $8,000 personal loan can help you cover a variety of expenses, from home improvements to unexpected medical bills. Many banks, credit unions and online lenders offer loans of this size, and finding the right one can make repayment manageable while covering your immediate financial needs.
Compare top lenders that offer $8,000 personal loans based on APR, credit score and loan terms. Select up to four providers to see side-by-side benefits and find the best fit for your financial goals.
If you’re considering taking out an $8,000 loan, here are the steps you’ll need to follow:
Before approving your application, lenders assess your eligibility to ensure you can repay the loan. While specific requirements vary by lender, these are some of the most common criteria you’ll need to meet to qualify for an $8,000 personal loan.
If you’re concerned you may not qualify for an $8,000 loan, you can do a few things to improve your chances of approval. The best way to get approved — and receive better loan terms — is to improve your credit score. You can do this by paying down balances, making payments on time and fixing any errors on your credit report.
Lowering your debt-to-income ratio also helps. To do this, you’ll need to either reduce your current debt load, increase your income or a combination of the two. You can also increase the odds of approval by offering collateral or applying with a cosigner who has a better credit history than yours.
The cost of your $8,000 loan depends on the loan terms you agree to, specifically the interest rates, repayment terms and fees. Let’s look at a couple of examples to illustrate how these factors make a difference in the cost of your loan.
If you take out an $8,000 loan at 7.99% that’s repaid over five years, your monthly payments will be $162.17 per month and you’ll repay $9,730.37 over the life of the loan. The same loan repaid over 10 years would add up to monthly payments of $97.02 and a total repayment amount of $11,642.38 — that’s almost $2,000 more in interest.
Let’s say you don’t qualify for a low interest rate and are charged 10.99% instead. If the loan is repaid over five years, you’ll pay $173.90 per month or $10,433.97 total. Compare that to the 7.99% interest rate, and you’ll see what a difference a few percentage points can make!
Loan origination fees can also make your loan more expensive. These fees are charged up front, deducting a percentage from the total loan amount you receive. For example, if the lender charges a 4% origination fee, you’ll only receive $7,680 of your $8,000 loan, but you’ll need to repay the entire amount.
Want to know how much monthly payments on an $8,000 will be? Input your estimated interest rate and repayment terms into our calculator to find out!
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It can take up to seven business days to receive your loan after applying, though the timeline may be shorter depending on how quickly you submit documentation and the lender processes your application. For faster approvals, seek out lenders that offer next-day funding.
Bad credit is typically considered to be a credit score of 580 or lower. While it can be challenging to get an $8,000 loan with bad credit, it’s not impossible. Check with lenders or loan marketplaces that specialize in working with bad credit borrowers, such as Upstart, Monevo and One Main Financial.
However, keep in mind that you’ll likely end up with much higher APRs since borrowers with bad credit are considered a greater risk. Compare offers and check loan terms carefully to make sure you can afford the payments before committing to a loan.
To get a better interest rate on your $8,000 loan, you can:
Carrying $8,000 in debt over the next two to five years can put pressure on your finances. To make the process easier, here are some strategies to help you pay it off faster and lighten the load.
When shopping around for an $8,000 personal loan, there are a few red flags to be on the lookout for.
If you need to borrow $8,000 but you’re not sure a personal loan is the right option, you might consider these alternatives:
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