How To Find a $70,000 Personal Loan

Whether you’re planning home renovations, are facing medical procedures, or need to cover another major expense, a personal loan could help.

You can use a large personal loan — such as a $70,000 loan — for a wide variety of purposes. But before you borrow that much, it’s important to carefully consider all of your options to find the right loan for you.

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Where to get a $70,000 personal loan

Here are a few of your lender options for getting a $70,000 personal loan.

Online lenders

An online loan can be one of the most convenient choices when it comes to getting a personal loan. The time to fund for an online loan is typically five days or less — though some lenders will fund loans as soon as the same or next business day after approval.

Here are Credible’s partner lenders that offer $70,000 personal loans:

Banks and credit unions

Banks and credit unions don’t typically offer loan amounts as high as $70,000 — most only provide loans of $50,000 or less.

Some exceptions are Wells Fargo, which offers personal loans up to $100,000 with terms up to seven years. Plus, if you’re an existing Wells Fargo customer, you could qualify for rate discounts. Alliant Credit Union also offers personal loans up to $100,000, with terms up to five years.

What to consider when comparing $70,000 loans

Getting a personal loan as large as $70,000 is a big decision. Here are several points to consider before you apply.

1. Annual percentage rates (APRs)

Most personal loans are unsecured, which means you don’t have to worry about collateral. While this can be convenient, it also means the loan is more of a risk to the lender — especially with larger loan amounts like $70,000.

As a result, lenders tend to charge higher APRs on unsecured loans to mitigate the risk.

Your APR is your loan's interest rate plus any upfront fees and is a better way to compare loan options than interest rate alone. It has a major effect on your overall loan cost, so make sure to consider rates from multiple lenders.

2. Fees

Fees vary from lender to lender, so be sure to do your research while comparing lenders to avoid any surprises. Some personal loan fees you might come across include:

• Origination fees that are deducted before the loan is disbursed to you.
• Late fees for missed payments.

3. Repayment terms

Personal loan repayment terms generally range from one to seven years, depending on the lender. Keep in mind that if you choose a longer repayment term, you’ll likely pay more in interest over time.

4. Monthly payment

While unsecured personal loans don’t require collateral, that doesn’t mean there are no consequences if you fall behind on your payments. Missing payments can wreck your credit score, and lenders might send your debt to collections or even sue you.

Make sure to consider whether the monthly payment for a $70,000 loan will fit comfortably within your budget.

5. Total repayment costs

Be sure to estimate the total repayment costs of the loan so you can prepare for the additional expense. Before you sign a loan contract, review the Truth in Lending Act disclosure that the lender will provide, which will detail your full repayment cost including interest and fees.

Pay special attention to these two numbers:

• The finance charge: This is the cost of your loan, including interest and certain fees, assuming you make all your payments on time.
• Total of payments: This is the sum of all the payments you’ll make to pay off your loan, including the loan principal and finance charges.

Cost to repay a $70,000 loan

A loan's term, APR, fees and monthly payment affect the total repayment cost of a $70,000 loan. The rates in these examples are hypothetical and are solely for illustration.

If you’re ready to take out a $70,000 loan, remember to consider multiple lenders so you can find a loan that suits your needs.

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Alternatives to a $70,000 personal loan

Depending on your credit, qualifying for a loan as large as $70,000 might be difficult. If you’re struggling to get approved, here are some other options to consider:

• Add a cosigner: Having a cosigner could improve your chances of getting approved for a large personal loan. Even if you don’t need a cosigner to qualify, having one might get you a lower interest rate than you’d get on your own. A cosigner is responsible for making payments if you don't, and their credit score will be affected along with yours by any missed or late payments.
• Apply for a home equity loan: If you’re a homeowner and have equity in your house, a home equity loan could be another way to get the funds you need. If you’re considering a home equity loan vs. a personal loan, keep in mind that you might get a lower interest rate on a home equity loan because it’s secured by your house. However, this also means your home could be at risk if you miss payments.
• Consider a HELOC: Home equity lines of credit (HELOCs) are another way to access the equity in your house if you’re a homeowner. But unlike home equity loans, HELOCS are a type of revolving credit that you can repeatedly draw on and pay off — similar to a credit card. But because your home acts as collateral, you risk losing it if you can’t keep up with your payments.
• Take out a smaller loan: If you can borrow less than $70,000, you might have an easier time qualifying for a loan. For example, several lenders offer $50,000 personal loans.
• Use a reverse mortgage: If you’re 62 or older and live in your property as your primary residence, you can apply for a reverse mortgage to finance major purchases or to supplement your retirement. However, keep in mind that if you die or move out of the home, the loan will have to be repaid — typically by selling the house.