Where to get a $75,000 personal loan
Need a $75,000 personal loan? Here’s what you need to know about large personal loans, from qualifying to comparing offers
Written by
Writer, Fox Money
Jacqueline DeMarco has more than seven years of experience in finance with bylines at Bankrate, USA TODAY Blueprint, AOL, and New York Post.
Updated October 16, 2024, 3:02 AM EDT
Whether you need to install new appliances in your home, pay for a major event, or cover another 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 options to find the right loan 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
Looking for a $75,000 personal loan? These are some places you can find one.
Online lenders
Online lenders can be one of the more convenient options for getting a large personal loan, as they tend to offer easy applications and fast loan decisions. However, keep in mind that few online lenders offer loans as large as $75,000, so your options might be somewhat limited.
The time to fund for most online loans is typically five business days — though some lenders will fund loans as soon as the same or next business day after approval.
Banks
Personal loans of $75,000 aren’t widely available at banks. But you do have some options. For example, Wells Fargo offers personal loans up to $100,000. It can be helpful to inquire if your bank already offers personal loans. When you get a personal loan at your bank, it’s easy and fast for them to deposit the funds directly into your bank account. You may have to go to the bank branch in person to apply for a personal loan if you’re not using an online bank.
Credit unions
It can also be challenging to find a large personal loan at a credit union, but credit unions do tend to offer lower interest rates for personal loans than banks, since they’re not-for-profit financial institutions that focus on helping their members save money. You usually have to be a member of a credit union in order to qualify for their financial products like loans, but this isn’t always the case. Inquire with credit unions near you or online that offer $75,000 personal loans, and ask if you have to become a member to qualify.
What credit score do you need for a $75,000 personal loan?
Generally, you need a credit score of at least 620 to qualify for a personal loan. However, if you’re looking to borrow as much as $75,000, you’ll likely need very good to excellent credit — usually meaning a score of 740 or higher. Having this kind of credit score shows the lender that you’re less likely to default on the loan, which gives you a better chance of getting approved.
If you have less-than-perfect credit, it could be a good idea to spend some time improving your credit before you apply for a personal loan. A few ways to potentially boost your credit include:
- Making on-time payments: This can add to your overall positive payment history.
- Paying down credit card balances: This might improve your credit utilization.
- Avoiding new loans: This could increase your credit usage and raise your debt-to-income ratio.
Before you apply for a personal loan, it’s a good idea to do your research and compare eligibility requirements from various lenders. This way, you see if your credit meets the mark — or if you should build it up first.
What is the monthly payment on a $75K loan?
How much you’ll pay for a $75,000 loan mostly depends on your credit and the repayment term you choose, as these will both play a role in determining your interest rate. In general, the better your credit score, the lower the interest rate you’ll get.
For example, here’s how credit scores affected the 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 14.39% APR on five-year loans. If you took out a $75,000 personal loan with this rate and term, you’d have a $1,760 monthly payment and a total repayment cost of $105,619.
- 640 to 679: Borrowers with these scores received an average 22.93% APR on loans with a five-year term. If you took out a $75,000 personal loan with this rate and term, you’d have a $2,111 monthly payment with an overall loan cost of $126,676.
- 600 to 639: In this credit score range, borrowers were offered an average 26.92% APR. If you took out a $75,000 personal loan with this rate and term, you’d pay $2,287 each month and would 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 overall loan cost. If you decide to take out a personal loan, be sure to consider how much it will cost you so you can prepare for any added 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.
Comparing $75K personal loan lenders
Shopping around for a personal loan can help ensure you get the best deal possible so you spend less on interest and fees, while also finding a loan that works for your unique financial situation.
As you’re comparing $75K personal loans, be sure to consider the following factors:
- Loan amount: You need to find a lender who can offer you the right amount of money — just because you qualify for a personal loan doesn’t mean the lender will offer you as much money as you need.
- Repayment term: The length of your repayment term will affect your monthly payment amount. The longer your repayment term, the lower your monthly payments will be, and vice versa.
- Interest rate: You can benefit from comparing interest rates from a few different lenders, since the interest rate is the main cost of the loan. You want to find the lowest interest rate possible to make your payments more manageable.
- Fees: In addition to interest charges, you need to think about the fees lenders charge. Ask each lender about their fees and what they cost. For example, it’s important to know if there’s a prepayment penalty fee for paying off your personal loan early.
- Funding time: If you need a personal loan fast, you’ll want to get an idea of how quickly each lender funds its personal loans. Usually, this takes one to six business days.
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’ll typically need very good credit to qualify for a loan as large as $75,000. Because of this, it’s a good idea to check your credit before applying to make sure your credit is in as good shape 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 boost your credit.
- Compare lenders and pick a loan option. Before you apply for a personal loan, be sure to compare as many lenders as you can to find the right loan for your needs. Consider not only interest rates, but also repayment terms and any fees the lender may charge. After weighing your options, choose the loan you like best.
- Fill out the application. Once you’ve picked a lender, you’ll need to complete a full application. The lender might also ask you to submit required loan application documents, such as tax returns or pay stubs.
- Get your funds. If you’re approved, the lender will have you sign so you can get your money. The time to fund for personal loans is usually one week or less — though some lenders fund loans as soon as the same or next business day after approval.
Personal loan FAQs
Need help deciding if a personal loan is right for you? Here are the answers to some commonly asked questions about personal loans.
What can you use a personal loan for?
You can use your personal loan funds for almost any purpose, but there may be exceptions depending on your lender. While most lenders allow you to use a personal loan to consolidate other debts and many other purposes, some may prohibit using personal loan funds for things like education expenses, real estate transactions, business purposes, or to buy a car. It’s a good idea to check with the lender on any restrictions it may have before taking out a personal loan.
APR vs. interest rate: What’s the difference?
The interest rate for a personal loan is the cost of borrowing money. Your lender will apply your interest rate to your loan’s principal to calculate how much interest you’ll pay for the loan. But lenders can also charge fees, like origination fees. APR, or annual percentage rate, takes into account all the lender’s fees, so it’s a better way to estimate a loan’s real cost.
What are personal loan origination fees?
Personal loans can be subject to certain fees, depending on the lender. For example, some may charge an origination fee, which is a charge for processing and underwriting the loan. Usually, origination fees are a percentage of the loan amount (typically between 1% and 6%). Be sure to check with your lender to find out if it charges an origination fee.
Personal loans vs. credit cards: Which is better?
While you can use a credit card to help pay for a variety of expenses, like you can with a personal loan, it’s usually better to choose a personal loan over a credit card. This is because of interest rates. Credit cards typically have much higher interest rates than personal loans, which can greatly increase the cost of borrowing money.