


The average personal loan balance is over $17,000, according to a 2021 Experian study. But if you’re facing a large expense — like a major home renovation, expensive medical treatments, or a high-dollar purchase — you may need a higher amount, such as a $70,000 personal loan.
You’ll need good to excellent credit to qualify for a large personal loan with a low interest rate. If your credit score is below average, a cosigner can increase your chances of loan approval.
Before you start the process, be sure to understand the costs of borrowing $70,000 and the potential effect a loan that size can have on your finances and credit.
Banks and credit unions offer various loans, but few offer unsecured personal loans for $70,000 or more. You may have to use an online lender for a personal loan for such a large amount.
Online lenders provide a streamlined loan application process, and your loan can often be funded the same day or the next business day. You may have more options to find a $70,000 personal loan from an online lender, but you could pay more interest and fees if you have a low credit score.
LightStream and SoFi are Credible partners who offer $70,000 personal loans.
Related: Learn more about getting a personal loan on Credible.com
You may get more favorable loan terms from your bank, especially if you’re a long-time customer. Many large national banks don’t offer personal loans, and few offer loan amounts up to $70,000. However, Wells Fargo offers personal loans up to $100,000 with 12- to 84-month terms. If you’re an existing customer, you may be eligible for a “relationship discount” on the loan’s interest rate.
As with banks, finding a credit union offering $70,000 personal loans may take time and effort. But if you do, it may be easier to qualify for a loan since credit unions tend to offer less stringent loan terms than traditional banks. But before you can apply for a loan, you’ll need to join the credit union by meeting their membership requirements.
It’s a wise practice to compare quotes from multiple lenders to ensure you’re getting the best deal on a personal loan. Here are a few factors to consider as you weigh your options:
Your interest rate will determine the overall cost of your loan, so it’s important to compare rates from various lenders and lock in the lowest possible APR. When searching loan offers, you’ll notice most lenders quote the APR, which is the true cost of borrowing money because it includes both the interest rates, fees, and other costs attached to your loan.
Remember that you may incur various fees that raise the cost of your personal loan. These fees usually include application, origination, late payment, and annual fees. If you plan to pay off your loan early, check if the lender charges a prepayment penalty.
Your repayment term is the time period you have — typically from one year to seven years — to pay back your loan. As a general rule, shorter loan terms come with lower interest rates. By contrast, longer repayment terms can lower your payment, but you’ll pay more in interest over time.
Before taking out a $70,000 personal loan, ensure your budget can comfortably afford the monthly payments. Use a personal loan payment calculator to estimate your monthly loan payment, or run the calculation yourself by dividing the total repayment costs — including principal and interest — by the loan term in months.
Don’t take out any loan if you’re not certain you can pay the loan’s total repayment costs, which include the interest, fees, penalties, and other charges. Your lender will provide you with a Truth in Lending Act (TILA) disclosure detailing every repayment cost.
Understanding what lenders require for a large loan of $70,000 or more can help you prepare for the application process. Lenders will consider numerous factors, such as:
When you take out a personal loan, you’ll pay interest each month, which can add up to several thousand dollars over the life of the loan. Remember, you’ll receive a better interest rate with a shorter repayment term. A longer repayment term may have more lax eligibility requirements and come with a lower monthly payment, but you’ll pay more total interest over time.
Consider these three examples of a $70,000 personal loan, each with different interest rates and repayment terms.
Here are a few strategic ways to improve your credit and financial profile to help you qualify for a $70,000 personal loan.
Not sure if a personal loan is the right option for you? Here are some alternatives to consider:
If you own a home with sufficient equity, you may be able to tap into that equity to get the funds you need.
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While a home equity loan is structured like an installment loan, a HELOC is revolving credit that works like a credit card. You can take out as much or as little as you wish, up to the borrowing limit. During the loan’s initial years, you may make interest-only payments.
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A retirement plan loan may provide you with fast access to up to $50,000, but it comes at a steep price: your retirement savings and the rate of future growth.
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Peer-to-peer (P2P) lending is a way of obtaining a loan, not through a bank, but by using an online platform to borrow money from others. Since some P2P lenders offer loans to those with poor or fair credit, getting a loan in this manner may be enticing if your credit is less than ideal.
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While getting a loan from a family member or close friend can add strain to your relationship, it may come with less, or no, additional costs than other sources of loans. If you’re considering this option, it may be wise to draw up parameters with the person you’re borrowing from so both sides have clear expectations.
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Related: Learn more about getting a personal loan on Credible.com