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
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.
Advertiser DisclosureOverview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number. Once you have a loan with SoFi, you may be eligible for unemployment protection and unemployment assistance.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Overview
BHG Money stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.
Fees
Origination fees, late fees
Eligibility
Available in all states except Maryland and Illinois
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
Loan Amount
$5000 to $100000
Min. Credit Score
Does not disclose
No fees required
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
Good credit required
5,000 minimum loan amount
Overview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number. Once you have a loan with SoFi, you may be eligible for unemployment protection and unemployment assistance.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Best home improvement loans and low rates
Loan Amount
$5000 to $100000
Same-day funding available
High maximum loan amount
No origination fee
Good credit required
No prequalification process
Not available in Vermont
Overview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Best for large personal loans
Loan Amount
$20000 to $200000
Eligible applicants can borrow up to $200,000
Considers borrowers with fair credit
Long repayment terms
Cosigners allowed
Not available in MD or IL
No discounts
Minimum income required of $100,000 annually
Overview
BHG Money stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.
Fees
Origination fees, late fees
Eligibility
Available in all states except Maryland and Illinois
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
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
Loan Amount
$600 to $50000
No origination fee
Allows cosigners
Small loan amounts available
May fund in 1 to 2 business days
No discounts
Good credit required
Overview
PenFed is a credit union that offers personal loans to applicants with good credit. Though you'll need to become a member to receive a loan, membership is open to everyone. PenFed shines with no origination fees, small available loan amounts, and low interest rates. If you don't have a FICO score above 700, you may not qualify on your own, but can apply with a cosigner with good credit — which is not something most lenders offer.
PenFed doesn't have a minimum income amount, and offers live chat and an entirely online loan application process.
Fees
Unsuccessful payment fee, late fee
Time to get funds
Typically 1 to 2 business days after verification
Loan uses
Debt consolidation, home improvement, credit card refinancing
Check Out: Where to Get a Personal Loan
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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.
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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.
Meet the expert:
Kat Tretina
Kat Tretina is a freelance writer specializing in personal finance. Her work has been published in The Wall Street Journal's Buy Side, U.S. News, and Money.com.
