Best $40,000 Personal Loans in 2026
Compare lenders offering $40,000, estimate your payment and get real offers
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Compare personal loans for $40,000
| Lender | User rating | Best for | APR | Min. credit score | See Results |
|---|---|---|---|---|---|
|
No fees | 6.99% to 24.99% | 660 | ||
|
Paying off your loan quickly | 6.39% to 17.99% (with autopay) | Not specified | ||
|
Better approval odds with peer-to-peer loans
Peer-to-peer loans come from individual investors (people) and are typically easier to get.
|
8.99% to 35.99% | 600 | ||
|
Same-day funding | 6.49% to 35.49% (with discounts) | 600 | ||
|
Discounts | 7.74% to 35.99% (with discounts) | 600 |
Our experts reviewed more than 40 lenders and marketplaces based on the criteria that matter most to you. Rankings are reviewed and fact-checked monthly. See our full methodology below.
Best for: No fees – Discover
- APR
- 6.99% to 24.99%
- Amount
- $2.5k – $40k
- Term
- 36 to 84 months
- Origination fee
- None
- Min. credit score
- 660
- No fees on personal loans
- Highly rated mobile app
- Customer service representatives available daily
- Higher credit score requirements
- Cannot add a cosigner
- Minimum term is long
Discover offers fee-free personal loans at reasonable rates. The lender is known for its customer service, with a highly rated mobile app and seven-day-per-week call center. You’re most likely to qualify if you have a good credit score, and there is no option to add a co-borrower to up your odds.
You’ll need to meet these eligibility criteria to get a Discover loan:
- Age: Be at least 18
- Citizenship: Have a Social Security number
- Administrative: Have a physical address, email address and internet access
- Income: Minimum income of $25,000 (individually or as a household)
- Credit score: 660+
Best for: Paying off your loan quickly – PenFed Credit Union
- APR (with autopay)
- 6.39% to 17.99%
- Amount
- $600 – $50k
- Term
- 12 to 60 months
- Origination fee
- None
- Min. credit score
- Not specified
- Low APRs
- Short repayment terms
- No origination fee
- Must join credit union
- Minimum credit score requirements not disclosed
- Shorter terms can lead to higher monthly payments
PenFed Credit Union offers one of the lowest APR ranges, and the shortest repayment terms among the lenders on this list. While you will have to join the credit union to take out a personal loan, anyone can apply.
To qualify for a PenFed loan, you must meet the following requirements:
- Membership: PenFed membership (anyone can apply)
- Administrative: Open a PenFed savings account with a $5 deposit; may need to submit documents to verify your identity and income
Best for: Better approval odds with peer-to-peer loans – Prosper
- APR
- 8.99% to 35.99%
- Amount
- $2k – $50k
- Term
- 24 to 72 months
- Origination fee
- 1.00% – 9.99%
- Min. credit score
- 600
- May be easier to qualify through peer-to-peer loans
- May qualify with fair credit
- Can add a co-borrower
- Origination fee charged
- Not available in all states
If you’re struggling to qualify for a personal loan, Prosper’s peer-to-peer lending structure may work in your favor. Minimum credit score requirements are on the low side, and you can apply with a co-applicant to help your chances of approval. The trade-off is that Prosper’s offered APRs are higher than some competitors’, at least partly because all loans come with an origination fee.
To get a loan with Prosper, you must meet the following requirements:
- Age: Be 18 or older
- Administrative: Have a U.S. bank account and Social Security number
- Residency: Must live in an eligible U.S. state (Prosper operates in most states, with only a small number of states excluded)
- Credit score: 600+
Best for: Same-day funding – SoFi
- APR (with discounts)
- 6.49% to 35.49%
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2025 was around $32K. Based on loans funded from 1/1/2025-12/31/2025. Information current as of 10/02/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions. Fixed rates from 6.99% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% member rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 10/02/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. *Borrow Better Week: Additional terms and conditions apply. Limited time 0.50% rate drop applies to Personal Loan and Student Loan Refinancing applications started between 10/19/2026 at 11:00 AM ET and 10/25/2026 at 11:59 PM ET. For SoFi Small Business Loans, applications must be fully submitted between 10/19/2026 at 11:00 AM ET and 10/25/2026 at 11:59 PM ET. To receive the Home Equity rate drop, you must lock your rate with SoFi between 10/19/2026 at 11:00 AM ET and 10/26/2026 at 9:00 AM ET. Offer is subject to lender approval and must meet all underwriting criteria. Promotion does not include mortgage loan purchase, mortgage refinance, or HELOC applications. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to make monthly payments using SoFi’s automatic monthly deduction from a savings or checking account. The discount will discontinue and be lost when you do not have autopay enabled. You’re not required to set up autopay to obtain this loan. Member Rate Discount: To be eligible for an additional 0.25% interest rate reduction on a Personal Loan, you must, within 31 days of loan funding, either (1) meet SoFi Plus eligibility criteria, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet. Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan.
- Amount
- $5k – $100k
- Term
- 24 to 84 months
- Origination fee
- 0.00% – 7.00% (optional)
- Min. credit score
- 600
- Same-day funding possible
- Short and long loan term options
- Origination fee optional
- No secured options available
- Origination fee required for the lowest rates
If you need funding quickly, SoFi may be your ideal match. Most qualified applicants receive their loan proceeds the day they complete their application — so long as they meet the 5:30 p.m. ET deadline. While origination fees are not required, you do have to pay one to secure the lowest APR offer for you.
You must meet the requirements below to get a loan from SoFi:
- Age: Be the age of majority in your state (typically 18)
- Citizenship: Be a U.S. citizen, an eligible permanent resident or a non-permanent resident (a Deferred Action for Childhood Arrivals recipient or asylum-seeker, for instance)
- Employment: Have a job or job offer with a start date within 90 days or have regular income from another source
- Credit score: 600+
Best for: Discounts – Upgrade
- APR (with discounts)
- 7.74% to 35.99%
- Amount
- $1k – $50k
- Term
- 24 to 84 months
- Origination fee
- 1.85% – 9.99%
- Min. credit score
- 600
- Multiple ways to secure APR discounts
- Secured loans available
- May qualify with fair credit
- High maximum APR
- Origination fees apply
- Late payment fees apply
Upgrade’s APR starts higher than many other lenders, but it also provides multiple discount opportunities. You can lower your APR by setting up autopay, by using your personal loan for debt consolidation or by securing your personal loan with your vehicle or home fixtures.
Bear in mind that collateral on secured loans can be repossessed if you fall behind on payments.
To qualify for a loan through Upgrade, you must meet the requirements below:
- Age: Be at least 18 years old (19 in some states)
- Citizenship: Be a U.S. citizen, permanent resident or live in the U.S. with a valid visa
- Administrative: Have a valid bank account and email address
- Credit score: 600+
How much does a $40,000 personal loan cost?
The cost of a $40,000 personal loan depends on a number of factors, including the annual percentage rate (APR). The APR includes interest charges and any fees. Your credit score has a big impact on the APR you are offered. The loan term can also affect APR.
This table shows an estimation of what you might expect to pay on a $40,000 loan over a 60-month term, based on credit score averages.
See how much a $40,000 personal loan could cost
| Credit score range | Average APR* | Monthly payment | Interest | Total cost |
|---|---|---|---|---|
| Excellent (800 and above) | 15.75% | $967.42 | $18,045.02 | $58,045.02 |
| Very good (740-799) | 17.89% | $1,013.35 | $20,800.70 | $60,800.70 |
| Good (670-739) | 23.27% | $1,133.83 | $28,029.95 | $68,029.95 |
| Fair (580-669) | 27.79% | $1,240.37 | $34,422.21 | $74,422.21 |
| Poor (under 580) | 30.25% | $1,300.28 | $38,017.10 | $78,017.10 |
How your loan term affects your monthly payment
The same APR paid over a shorter time period results in a less expensive personal loan – even though your monthly payment may be higher. If you borrowed $40,000 at 23.27% APR with no other fees applied, here is an estimation of how much you’d repay with varying loan terms.
| Repayment term | Estimated monthly payment | Estimated total interest | Estimated total repaid |
|---|---|---|---|
| 36 months | $1,554.02 | $15,944.85 | $55,944.85 |
| 60 months | $1,133.83 | $28,029.95 | $68,029.95 |
| 84 months | $968.65 | $41,366.43 | $81,366.43 |
Calculate your $40,000 personal loan payment
You can use LendingTree’s personal loan calculator to compare loan terms and estimate your monthly payment.
Can I get a $40,000 personal loan?
Yes, several lenders offer personal loans for at least $40,000, but this is a large amount for a personal loan — especially if it’s not secured with collateral. Lenders are likely to examine your credit profile, income, debt obligations and overall repayment capacity with a fine-tooth comb before issuing you a loan of this size. Not everyone who applies for a $40,000 personal loan will qualify.
What lenders consider
- Credit history and score: A strong credit report could help you secure better rates and terms. It could even be the factor in determining if you qualify at all.
- Income and employment: Steady income — most often through employment — is critical for repaying a loan of this size. If you don’t have the income to sustain payments, you’re not likely to get approved.
- Debt-to-income ratio: If you already carry a lot of debt, you might not have an adequate debt-to-income ratio to be approved for a loan — even if you have a decent income. You can calculate your DTI ratio by dividing your monthly debt obligations by your monthly income. Debt, in this instance, includes any mortgage or rent payments.
- Requested amount and term: If you apply for a $40,000 personal loan, the lender may offer you a lower loan amount with different terms instead of issuing an outright rejection.
- Application type: If you can’t qualify for a $40,000 personal loan on your own, getting a joint loan with a qualified co-borrower could help. Bear in mind that the co-borrower will be equally responsible for on-time payments.
Should I get a $40,000 personal loan?
There’s no way around it: $40,000 is a lot of debt to take on. Before borrowing that much money, make sure the loan will improve your financial situation or that the expense is worth the cost of borrowing.
Someone consolidating high-interest debt may truly benefit from taking out a large $40,000 loan with the right terms and interest rates, whereas someone borrowing this amount to cover a recurring monthly budget shortfall may not.
Consider a $40,000 loan if…
- The monthly payment fits comfortably in your budget
- You’re consolidating debt at a meaningfully lower APR
- You have a one-time home repair or renovation with a clear budget
- You don’t have or want to use collateral (like your home or car)
Consider alternatives if…
- The payment strains your monthly budget
- You can manage your debt without taking on a new $40,000 loan
- Expense can be delayed, reduced or paid for in stages
- You’re borrowing for recurring expenses without addressing cash-flow gap
- You’re willing to put your home at risk for a potentially lower rate with a HELOC or home equity loan
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Alternatives to a $40,000 personal loan
There are alternatives to personal loans. Whether these alternatives are right for you depends on why you’re seeking a $40,000 personal loan in the first place, your credit profile and whether or not you have any collateral you’re comfortable using to secure a better loan option.
| Alternative | Best for | Key consideration |
|---|---|---|
| Debt management plan | High-interest credit card debt | Nonprofit credit counselors can negotiate lower rates and payments, but you may need to stop using your credit cards |
| Home equity loan | Homeowners who need to borrow $40,000 once | May offer a lower rate than an unsecured personal loan, but your home is collateral |
| HELOC | Homeowners who need to borrow more than once for a long-term project (like a renovation) | Lets you borrow as needed up to a limit, but rates are often variable and your home is collateral |
| Medical payment plan or financial assistance | Large medical bills | Providers and hospitals may offer no- or low-interest payment plans |
| Borrow less | People with savings or who can reduce the expense | A smaller loan means lower payments and less interest, and may be easier to qualify for |
How we chose the best $40,000 personal loans
We reviewed more than 40 lenders and loan marketplaces that offer personal loans to determine the overall best five lenders. LendingTree reviews and fact-checks our top lender picks on a monthly basis.
According to our systematic rating and review process, the best $40,000 personal loans come from Discover, PenFed Credit Union, Prosper, SoFi and Upgrade.
We assessed each lender across four categories: eligibility and access; cost to borrow; loan terms and options; repayment support and tools.
Our categories
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings. Read more about our editorial guidelines.
Why trust LendingTree’s methodology?
Our writers and editors dig through the facts, contact lenders directly and even go through the application process ourselves if it helps better explain what you can expect. As a Certified Financial Education Instructor℠, I’m committed to breaking down complex financial details so people can make confident, informed decisions with their money.
Jessica’s experience in editing and financial education helps shape LendingTree articles that are clear, accurate and truly useful to readers. Her certification means our recommendations are built on a foundation of consumer-first financial knowledge — not just numbers.
Frequently asked questions
There is no universal credit score you need to qualify for a $40,000 personal loan. Different lenders set different standards. Plus, other factors will come into play, like your income and existing debt burden.
Your monthly payment will depend on your APR, loan term, credit score and other factors. See how these factors affect your payment.
It is less likely that you will get a $40,000 personal loan with bad credit, though lenders may offer you a smaller loan amount. You may also be able to qualify for the full amount with a co-borrower who has a stronger credit history and adequate income.
How soon you can receive the funds for a $40,000 personal loan will depend on the lender. It also depends on how long your unique personal finances take for that lender to review. For example, SoFi can sometimes provide funding the same day you sign your final loan documents, but it can also take an extra one to two weeks to review applicants with a cosigner.
Consolidating $40,000 of credit card debt may save you money, but a lot of that depends on the loan terms you are offered. LendingTree has found that consolidating credit card debt in the amount of $10,000 into a personal loan could save borrowers $1,760 – but that savings is dependent on a credit score of 760, and is for a much smaller loan amount.
If you are carrying $40,000 in credit card debt, credit counseling is a service worth exploring.