Where can I get a $ 80,000 personal loan?
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If you’re looking to consolidate credit card debt or finance a major home renovation, you can turn to a personal loan. Unsecured personal loans provide a flexible way to borrow money at stable, fixed rates without risking your property as collateral. Some lenders offer personal loans of $ 80,000 or more, although you need good to excellent credit to borrow such a large amount.
Before getting a $ 80,000 personal loan, consider all of your options in order to find the right loan for you. Here’s a tutorial on where to look for a $ 80,000 loan and a few things to consider before getting a large personal loan.
Where can I get a $ 80,000 personal loan?
The personal loan market has grown rapidly in recent years, reaching a record $ 323 billion in the third quarter of 2020, according to Experian data. With this growth, more and more lenders are offering personal loans. Find a $ 80,000 personal loan here.
- Online lender – Companies specializing in personal loans such as Avant, Payoff and Upstart allow borrowers to apply for a loan and get money in a matter of days. It is relatively easy to compare interest rates and fees with online lenders – and many of these lenders allow you to get a personalized credit estimate within minutes.
- Banks and credit unions – Inpatient institutions can also offer unsecured personal loans, and many have an online application process. These institutions can offer the advantage that you can meet in person with a loan officer to discuss your financial situation. Some banks and credit unions may also offer discounts if you have a checking account or other product with you.
Credible lets you compare personal loan rates from different lenders in minutes.
Things to Consider When Comparing $ 80,000 Loans
Before opting for a personal loan, seek quotes from various lenders to see the rates and terms they offer. Here are some things to compare:
- APR – The APR stands for the APR and takes into account the interest rate and any fees charged. This represents your cost of borrowing. Most personal loan lenders advertise their APR, and looking at those instead of just the rate gives a better comparison.
- fees – Personal loans often come with a commitment fee, usually a percentage of the loan amount that is withdrawn before the money goes into your bank account. With good credit, you should be able to find a lender who doesn’t charge a commitment fee. You should also be able to avoid application and other fees.
- Repayment period – This is the time you have to repay the loan. Personal loan terms can be as short as one year and up to 10 to 12. With a $ 80,000 personal loan, you will likely want to find a lender that offers longer repayment periods to reduce your monthly payment. Be aware, however, that a longer repayment term increases the amount of interest you will ultimately pay.
- Monthly payment – Your loan amount, your interest rate and your term determine your monthly payment. Make sure you figure out the monthly payment of each loan you are considering and see if it fits your budget.
- Total cost of the loan – All of these add to the total amount you pay for your personal loan. Higher interest rates and longer terms increase the interest you pay over time, which means you pay a larger amount to borrow money.
How much is a $ 80,000 personal loan?
The cost of your $ 80,000 personal loan depends on the APR and the repayment period. You can use a personal loan calculator like this one from Credible to find out what your monthly payment and total cost will be based on the terms you are considering.
People with better credit scores usually qualify for a lower APR than those with poorer credit scores. This is because lower creditworthiness poses a greater risk to the lender and companies charge higher interest rates to compensate.
If you have excellent credit, you can qualify for APRs as low as 2.5% to 5%. If your credit rating is fair to poor, your APR can be up to 20% or more. This interest rate differential can mean a dramatic increase in the amount you have to pay. For example, a $ 80,000 personal loan with an APR of 3% over five years would have a monthly payment of $ 1,437. Over the course of the loan, you would pay $ 86,249. Assuming an APR of 19%, your monthly payment for the same five-year loan is $ 2,075 and your total cost is $ 124,514.
Credit terms can also make a big difference. Longer terms result in lower monthly payments, but result in higher total payments over the life of the loan. Here’s how your costs break down in two different scenarios – a $ 80,000 personal loan with an APR of 10% and a term of three years versus one that has a term of five years.
- Monthly payment – $ 2,581
- total cost – $ 92,929
- Monthly payment – $ 1,700
- total cost – $ 101,985
Compare personal loan rates with Credible without sacrificing your credit score.
$ 80,000 Personal Lender You Should Consider
While a number of financial institutions offer personal loans, not all of them will loan you $ 80,000. Here are two credible affiliate lenders offering $ 80,000 personal loans.
LightStream offers loans of up to $ 100,000 with no commitment fees and longer loan terms than most of its competitors.
- Loan Amounts: $ 5,000 to $ 100,000
- Terms of repayment: Two to seven years (12 years for construction loans)
- Average funding period: Already on the same working day
- For whom it could be good: People who are looking for lower monthly payments over a longer period
SoFi offers unemployment protection, which means your payments will be suspended if you lose your job – and you may also be eligible for career coaching.
- Loan Amounts: $ 5,000 to $ 100,000
- Terms of repayment: Two to seven years
- Average funding period: After just three working days
- For whom it could be good: People who want help in their careers and protection if they lose their jobs
The following lender is not a Credible Affiliate but is still offering $ 80,000 personal loans and is well worth a look.
Wells Fargo offers a wide range of loan amounts, fast financing and no fees.
- Loan Amounts: $ 3,000 to $ 100,000
- Terms of repayment: One to seven years
- Average funding period: The same or next working day
- For whom it could be good: People who want to pay off their loan faster
Other lenders may also offer $ 80,000 personal loans, so it is important to shop around and compare your options. When you’re ready to find a personal loan that suits you, compare personal loan rates in minutes with Credible.
Alternatives to a $ 80,000 personal loan
If you need $ 80,000 for a home project or debt consolidation, a personal loan is not your only option. Here are a few others to consider.
A home loan is paid out as a lump sum, and the amount you can borrow is based on the equity in your home. (Equity is the difference between the value of your home and the amount of your mortgage debt.) Home equity loans typically have a fixed interest rate, which means you get the same monthly payment for the life of your loan. Since these loans are backed by your home, they usually have lower interest rates. But you risk losing your home to foreclosure if you cannot make your payments.
Homeowners can also take out a home equity line of credit, or HELOC, which is another loan based on your home’s equity. These loans work more like a credit card. When you sign up for a HELOC, you enter the draw period and can spend up to your credit limit if necessary. Then you enter the repayment period and pay back the borrowed money with interest. These loans usually have floating rates, which means that your monthly payment will change over the course of your loan. HELOCs are also secured by your property.
With a cash-out refinance, you take out a new mortgage that pays off and replaces your original mortgage. Your new mortgage is greater than what you currently owe and you will receive the difference in cash. These loans have lower interest rates than other options, although you generally pay a significant amount in closing costs.
If you are struggling to qualify for a $ 80,000 personal loan, find a trusted friend or relative to sign your loan. You are equally responsible for paying back the loan if you cannot make your payments. But having a solid credit score can help you qualify for a loan or a low interest rate.
Borrow a smaller amount
A $ 80,000 personal loan can be hard to qualify. Consider applying for a smaller loan if you are having trouble finding a lender for the full amount.