Need a personal loan of $ 75,000? What there is to know
Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. While we promote the products of our partner lenders who pay us for our services, all opinions are our own.
Whether you need to install new appliances in your home, pay for a major event, or cover some other personal expense, a personal loan could help.
If you need to borrow a large amount – such as a $ 75,000 personal loan – it’s important to carefully consider your lender’s options to find the loan that’s right for you.
Here’s what you need to know before taking out a $ 75,000 personal loan.
Where to get a $ 75,000 personal loan
Here are some of your lender options for getting a $ 75,000 personal loan:
Online lenders can be one of the most convenient options for getting a large personal loan because they tend to offer easy applications and quick loan decisions. However, keep in mind that not many online lenders offer loans of up to $ 75,000, so your options may be somewhat limited.
The funding time for most online loans is typically five business days – although some lenders fund the loans as early as the same day or the next business day after approval.
You may be able to find a personal loan of $ 75,000 from one or more of Credible’s partner lenders.
Banks and credit unions
Personal loans of $ 75,000 are not widely available from credit unions or banks. However, you have a few options. For example, Wells Fargo offers personal loans up to $ 100,000.
If you have the option of borrowing less than $ 75,000, here are a few banks and credit unions that offer personal loans of $ 50,000:
- Caisse populaire Alliant
- Federal Navy Credit Union
- TD Bank
How to apply for a $ 75,000 personal loan
If you’re ready to apply for a $ 75,000 personal loan, follow these four steps:
- Check your credit. You will generally need very good credit to qualify for a $ 75,000 loan. For this reason, it is a good idea to check your credit before applying to make sure that your credit is in as good a condition as possible. You can use a site like AnnualCreditReport.com to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureaus to potentially increase your credit.
- Compare lenders and choose a loan option. Before applying for a personal loan, be sure to compare as many lenders as possible to find the right loan for your needs. Consider not only the interest rates, but also the repayment terms and fees that the lender may charge. After weighing your options, choose the loan that you prefer.
- Complete the request. Once you have chosen a lender, you will need to fill out a full application. The lender may also require you to submit the required loan application documents, such as tax returns or pay stubs.
- Get your funds. If you are approved, the lender will sign you so that you can get your money back. The financing time for personal loans is usually a week or less – although some lenders finance the loans as early as the same day or the next business day after approval.
Before taking out a personal loan, consider considering as many lenders as possible to find a loan that is right for you. Credible makes it easy – you can compare your prequalified rates with multiple lenders in two minutes.
How much will you pay for a personal loan of $ 75,000?
How much you will pay on a $ 75,000 loan depends primarily on your credit and the repayment term you choose, as both of these will play a role in determining your interest rate. In general, the better your credit rating, the lower the interest rate you will get.
For example, here’s how credit scores affected average personal loan interest rates for borrowers who prequalified for a five-year personal loan through Credible in March 2021:
- 720 to 779: Borrowers with a credit score in this range were offered an average APR of 14.39% on five-year loans. If you took out a personal loan of $ 75,000 with this rate and term, you would have a monthly payment of $ 1,760 and a total repayment cost of $ 105,619.
- 640 to 679: Borrowers with these scores received an average APR of 22.93% on five-year loans. If you took out a personal loan of $ 75,000 with this rate and term, you would have a monthly payment of $ 2,111 with an overall loan cost of $ 126,676.
- 600 to 639: In this credit score range, borrowers were offered an average APR of 26.92%. If you took out a personal loan of $ 75,000 with this rate and term, you would pay $ 2,287 each month and end up with an overall cost of $ 137,193.
As you can see, your credit score plays a major role in determining your interest rate and the overall cost of the loan. If you do decide to take out a personal loan, think about how much it will cost you so that you can prepare for any additional expenses. You can use Credible’s personal loan calculator to see how different interest rates and loan terms will affect your monthly payment and overall cost.
What credit rating do you need for a $ 75,000 personal loan?
Typically, you need a credit score of at least 620 to qualify for a personal loan. However, if you are looking to borrow up to $ 75,000, you are likely going to need very good to excellent credit – which usually means a score of 740 or higher. Having this type of credit score shows the lender that you are less likely to default on the loan, giving you a better chance of being approved.
If your credit is far from perfect, it may be a good idea to spend some time improving your credit before applying for a personal loan. Here are some ways to potentially increase your credit:
- Make payments on time: It can add to your overall positive payment history
- Refund of credit card balances: It could improve the use of your credit
- Avoid new loans: It could increase your use of credit and increase your debt ratio
Before applying for a personal loan, it’s a good idea to do your research and compare the eligibility requirements of various lenders. This way you see if your credit is hitting the mark – or if you need to increase it first.
If you’re ready to apply, be sure to consider your loan options with as many lenders as possible to find the loan that’s right for you. Credible makes this easy – you can compare your prequalified rates with multiple lenders in two minutes.
Alternatives to a $ 75k personal loan
A personal loan is not your only option for borrowing $ 75,000. If you are a homeowner, here are a few other alternatives to consider:
- Mortgage loan: This is a type of installment loan that allows you to tap into the equity in your home. If you are comparing a personal loan to a home equity loan, keep in mind that you might get a lower interest rate on a home equity loan because it is secured by your home. However, it also means that you could lose your home if you don’t make your payments.
- HELOC: Another way to access equity in your home is a Home Equity Line of Credit (HELOC). However, unlike a home equity loan, a HELOC is a type of revolving credit that you can draw on and repay over and over. HELOCs also have their own risks to keep in mind – the most important being that you risk losing your home if you fail to repay the loan.
- Cash-out refinancing: This allows you to refinance your mortgage for more than what you owe while still getting the difference in a lump sum to use however you want. While this may sound appealing, it’s important to first think about the pros and cons of withdrawal refinancing. For example, while this may result in lower interest rates, you will also have to pay closing costs which typically range from 2% to 5% of your loan amount.