Check your Approval Odds for a $8,000 loan
Image: 8000Where to get an $8,000 loan
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Taking out an $8,000 loan can be a smart move if it helps you achieve a financial goal.
But you’ll want to make sure you understand what type of personal loan is best for your situation and how those monthly payments will fit into your budget.
We’ll walk you through our recommendations for lenders to consider and how to apply for a loan.
Monthly payments for an $8,000 personal loan
| Loan duration | Average monthly payments ($8,000 loan) | |||
|---|---|---|---|---|
| Poor credit | Average credit | Good credit | Excellent credit | |
| 1–12 months | $761.15 | $904.20 | $737.59 | $714.34 |
| 13–24 months | $406.62 | $395.20 | $377.15 | $362.79 |
| 25–36 months | $299.78 | $286.81 | $268.61 | $252.39 |
| 37–48 months | $251.58 | $239.43 | $220.43 | $204.51 |
The best $8,000 personal loans
U.S. Bank
U.S. Bank offers unsecured personal loans, and you’ll typically find out whether your loan is approved quickly. U.S. Bank doesn’t charge any origination fees or prepayment penalties. To find the best options, you may want to become a U.S. bank customer before applying for a personal loan.
OneMain Financial
OneMain offers flexible repayment terms, and you can use its loan and payment calculator to estimate your potential monthly payments. There are lots of fees with this lender though, including origination fees, late payment fees, nonsufficient funds fees and governmental fees. OneMain’s starting interest rates are relatively high compared to traditional lenders — you may find a better deal elsewhere if you’ve got good credit.
Wells Fargo
You won’t be charged an origination fee or prepayment penalty. And setting up autopay will qualify you for an interest rate discount. But you must already be a Wells Fargo customer to apply for a loan. And while Wells Fargo offers a rate-estimate calculator, it doesn’t provide the option to prequalify, so your only application option comes with a hard credit check.
NetCredit
NetCredit might make sense if you have bad credit and would like a small amount as an emergency loan to cover an unexpected expense. But you may have to pay a high interest rate and late fees for missed payments, depending on where you live.
SoFi
You may need strong credit to qualify with SoFi. But if you do, you can access specialized perks in addition to competitive rates. And if you lose your job through no fault of your own while you’re paying off a SoFi loan, you may be able to temporarily modify your payments.
How to get an $8,000 loan
Before you take out a loan, you’ll want to consider what you want to finance with the money.
For instance, if you want to renovate your kitchen, you may want to take out a home equity loan instead of a personal loan. But if you don’t own a home and want to consolidate debt, a personal loan will probably make the most sense.
It’s also a good idea to apply for prequalification with several lenders before you make a final decision. Prequalification lets you preview your potential rate and compare loan offers without a hard credit inquiry. Just keep in mind that if you decide to move forward with a lender, they’ll likely run a hard credit inquiry that can affect your scores temporarily.
There are some basic pieces of information you’ll want to have available before you apply, including …
- Paystubs
- W-2s
- Driver’s license/Social Security number/identification
- Monthly expenses, such as housing or other debts
- How much you want to borrow
- Information about any collateral (if you’re applying for a home equity loan, HELOC or secured personal loan)
Depending on your lender and bank, you may be able to receive your money within a few days of approval.
FAQs about $8,000 loans
Depending on the lender and your bank, you may see personal loan funds within a few days — or even on the same day — of approval. But there’s no guarantee and ultimately it’ll depend on the policies of the lender and your bank. Some lenders may promise same-day payday loans or fast funding, but they can come with a high interest rate or costly fees. Consider if the speed is worth any associated costs or other compromises.
The ease of getting a $8,000 loan depends on your credit and a lender’s specific approval requirements. Borrowers with higher credit scores are more likely to be approved for a broader range of loans and with better terms. But certain lenders market to people whose credit is on the lower end of the spectrum, which takes some guesswork out of the application process. Those lenders likely charge higher interest rates and fees to applicants with bad credit. So when shopping for loans, look at a lender’s full range of rates and fees, not just their lowest advertised terms, and use prequalification to get an idea of what those terms might be for you.
$8,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don’t have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind. It’s a good idea to apply to prequalify with various lenders so you can shop around and compare potential offers without a hard credit inquiry that can temporarily hurt your credit scores.