Credible Takeaways
- A few banks and online lenders offer $75,000 personal loans. Most credit unions do not offer such high loan amounts.
- You’ll generally need good to excellent credit to take out a $75,000 personal loan.
- If you’re struggling to get approved, consider asking a close friend or family member to cosign.
Whether you’re adding onto your home, undergoing costly medical procedures, or facing another substantial expense, a personal loan could help you pay for it.
If you need to borrow a large amount — such as a $75,000 personal loan — be sure to carefully consider all of your lender options to find the right loan for you.
Where to get a $75,000 personal loan
Here are some of your lender options when it comes to getting a $75,000 low interest personal loan:
- Online lenders
- Banks
Online lenders
Online lenders can be a good source for finding large personal loans. In many cases, they offer an easy application process and fast loan decisions.
The time to fund for online lenders is typically less than five business days — though depending on the lender, you might get your money as soon as the same or next business day if you’re approved.
Credible rating
Fixed (APR)
6.99% - 25.49%
Loan Amounts
$5000 to $100000
Min. Credit Score
700
Credible rating
Fixed (APR)
8.99% - 29.99%
Loan Amounts
$5000 to $100000
Min. Credit Score
Does not disclose
Credible rating
Fixed (APR)
-
Loan Amounts
$20000 to $200000
Min. Credit Score
660
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms
Personal loans for excellent credit
SoFi
4.9
Credible Rating
Est. APR
8.99 - 29.99%
Loan Amount
$5000 to $100000
Min. Credit Score
Does not disclose
Pros and cons
More details
Best home improvement loans
LightStream
4.2
Credible Rating
Est. APR
6.99 - 25.49%
Loan Amount
$5000 to $100000
Min. Credit Score
700
Pros and cons
More details
Large personal loans
BHG Money
4
Credible Rating
Est. APR
-
Loan Amount
$20000 to $200000
Min. Credit Score
660
Pros and cons
More details
Learn More: Home Improvement Loans
Banks
Some major banks — such as Bank of America, Capital One, and Chase — don’t offer personal loans. However, others do. For example, with Wells Fargo, you might be able to borrow up to $100,000.
Also keep in mind that if you already have an account at a bank, you might qualify for a loyalty rate discount if you also take out a personal loan with them.
Credit Unions
Generally, credit union personal loans aren’t available for such a high amount.
However, keep in mind that because credit unions are nonprofit organizations, they sometimes offer lower rates compared to banks. So if you can get by with less than $75,000, then a credit union could still be a good option.
PenFed, for example, offers $50,000 personal loans — the highest loan amount you’ll typically see from a credit union.
Best for fast funding and fair credit
PenFed
4.6
Credible Rating
Est. APR
8.49 - 17.99%
Loan Amount
$600 to $50000
Min. Credit Score
760
Pros and cons
More details
Check Out: Where to Get a Personal Loan
What to consider when comparing $75,000 loans
To qualify for a $75,000 personal loan, you’ll likely need good to excellent credit, steady income, and a relatively low debt-to-income ratio so the lender knows you can comfortably afford the payments.
If you don’t meet these requirements, you might need to settle for a smaller loan amount or work on building your credit first.
If you’re struggling to get approved for a personal loan, another option is adding a cosigner to your application. Not all lenders offer cosigned personal loans, but some do.
Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
If you’re ready to get a personal loan for $75,000, here are a few points to consider:
- Interest rates
- Fees
- Repayment terms
- Monthly payment
- Total repayment costs
1. Interest rates
The interest rate on a loan indicates how much you’ll pay in interest charges over the life of the loan and is usually the biggest cost associated with borrowing money.
Keep in mind
The repayment term you choose will also affect your rate. In most cases, the shorter the loan term, the lower the rate.
It’s important to consider how much your loan will cost you over time and how the interest rate impacts this.
2. Fees
Some lenders charge fees for personal loans. For example, you might come across:
- Origination fees that are deducted before the loan is disbursed to you
- Late fees if you miss payments
- Prepayment penalties if you pay off the loan early
Tip
As you shop for a loan, be sure to double-check which lenders charge fees. Each lender is different, so this will vary. Keep in mind that if you take out a loan with one of Credible’s partner lenders, you won’t have to worry about prepayment penalties.
Learn More: How To Get a $45K Loan
3. Repayment terms
Personal loan terms typically range from one to seven years, depending on the lender. The term you choose will affect your monthly payment as well as your interest rate.
While a longer repayment term will likely get you lower monthly payments, you’ll also pay more interest over time. Because of this, it’s usually a good idea to pick the shortest loan term you can afford.
Check Out: Best Personal Loans
4. Monthly payment
The monthly payment on a loan is a major indicator of whether the loan will fit in your budget — especially with a loan amount as high as $75,000.
If you need a smaller monthly payment, you could opt for a longer repayment term.
For example
A five-year term on a $75,000 loan will come with a higher payment than if you stretch the term out to seven years. Just remember that the longer the repayment term, the more you’ll pay in interest charges over the life of the loan.
Learn More: Best Personal Loans for Fair Credit
5. Total repayment costs
Finally, be sure to estimate the loan’s total repayment costs. Before signing for a loan, review the Truth in Lending Act (TILA) disclosure that the lender will provide. This will outline your loan’s interest rate, monthly payment, and fees (if any).
Pay special attention to these two numbers:
- The finance charge: This is the cost of your loan, including interest and fees, assuming you make all your payments on time.
- Total payments: This is the sum of all the payments you’ll make to pay off your loan, including the loan principal and finance charges.
Check Out:
Cost to repay a $75k loan
The table below shows how different interest rates and loan terms could affect the total repayment cost for a $75,000 loan. Keep in mind that the interest rates shown are solely for illustrative purposes and are hypothetical.