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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 personal loan — for a wide variety of purposes. But before you borrow such a large amount, it’s important to carefully consider all of your lender options to find the right loan for you.
Here’s what you should know before getting a $70,000 personal loan:
- Where to get a $70,000 personal loan
- What to consider when comparing $70,000 loans
- Cost to repay a $70k loan
- Alternatives to a $70,000 personal loan
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 if you’re approved.
Here are Credible’s partner lenders that offer $70,000 personal loans:
| Lender | Fixed rates | Loan amounts |
|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.99% - 19.99% APR | $5,000 up to $100,000 |
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.99% - 22.23% APR10 | $5,000 up to $100,000 |
- LightStream personal loans range from $5,000 to $100,000 and could be a good choice if you need your money fast — you could have your loan funded as soon as the same business day if you’re approved. Most LightStream loans come with terms ranging from two to seven years, but you could have up to 12 years to repay your loan if you use it for home improvements.
- SoFi is one of the few lenders that allows cosigners on personal loans, which could make it easier to qualify for a large loan size like $70,000. If you take out a loan with SoFi, you’ll also have access to unemployment protection, career coaching, and other perks.
Learn More: Best Personal Loan Lenders
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.
One exception is 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.
For example, Citibank offers personal loans up to $30,000, though you might be able to borrow more if you visit a branch in person. And Alliant Credit Union offers personal loans up to $50,000.
Check Out: Where to Get a Personal Loan
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. Interest rates
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 interest rates on unsecured loans to mitigate the risk.
Your interest rate will have a major effect on your overall loan cost. Make sure to consider your rates from as many lenders as you can to find an interest rate that works for you.
You can estimate how much you’ll pay for a loan — and see the effect of different interest rates — with our personal loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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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
- Prepayment penalties if you pay the loan off early
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 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.
Keep Reading: What You Need to Know Before Taking Out an $80k Loan
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 (TILA) disclosure that the lender will provide, which will detail your full repayment cost including interest and fees.
- 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.
Learn More: Best Personal Loans for Good or Excellent Credit
Cost to repay a $70k loan
The table below illustrates how the loan term, interest rate, and monthly payment affect the total repayment cost of a $70,000 loan. The interest rates in these examples are hypothetical and are solely for illustration.
| Loan term | APR | Monthly payment | Total interest | Total paid |
|---|---|---|---|---|
| 2 years | 5% | $3,071 | $3,704 | $73,703 |
| 3 years | 6% | $2,130 | $6,663 | $76,663 |
| 4 years | 7% | $1,676 | $10,459 | $80,459 |
| 5 years | 8% | $1,419 | $15,161 | $85,160 |
| 6 years | 9% | $1,262 | $20,849 | $90,848 |
| 7 years | 10% | $1,162 | $27,615 | $97,614 |
If you’re ready to take out a $70,000 loan, remember to consider as many lenders as you can to find a loan that suits your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
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Learn More: Personal Loans for Bad Credit
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.
- 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. 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. Just remember that 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.
Keep Reading: How to Get a Personal Loan With Fair Credit
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 3.99%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
