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Whether you want to make significant home renovations, need an expensive medical procedure, or have to finance another major purchase, using a personal loan could be a good idea.
You can use a large personal loan — such as an $80,000 personal loan — to cover a wide variety of expenses. However, before you borrow such a large amount, it’s critical to consider all of your lender options to find the right loan for you.
Here’s what you should know before getting an $80,000 personal loan:
- Where to get a $80,000 personal loan
- What to consider when comparing $80,000 loans
- Cost to repay a $80k loan
- Alternatives to a $80,000 personal loan
Where to get an $80,000 personal loan
If you’re shopping for an $80,000 personal loan, here are a few of your lender options:
Online lenders
A few online lenders offer personal loans as large as $100,000, which means they might be a good choice for getting an $80,000 loan.
Depending on the lender, the time to fund for an online loan is typically five days or less — though some lenders will fund approved loans as soon as the same or next business day.
Two of Credible’s partners offers personal loans of $80,000 or more:
| Lender | Fixed rates | Loan amounts |
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 View details | 3.99% - 19.99% APR | $5,000 up to $100,000 |
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 View details | 5.99% - 18.83% APR | $5,000 up to $100,000 |
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- LightStream offers personal loans from $5,000 to $100,000. Most LightStream loans come with terms ranging from two to seven years, but if you plan on using the money for home improvements, you could have as long as 12 years to repay your loan.
- SoFi personal loans range from $5,000 to $100,000 with terms from two to seven. 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
Bank and credit unions
Most banks and credit unions typically don’t provide personal loans as high as $80,000. In general, you’ll likely only be able to borrow up to $50,000 with most of these types of lenders.
However, one exception is Wells Fargo, which offers personal loans up to $100,000 with terms up to seven years. If you already have an account with Wells Fargo, you might also qualify for a loyalty rate discount.
Check Out: Where to Get a Personal Loan
What to consider when comparing $80,000 loans
Because an $80,000 loan is such a substantial amount, lenders will generally require you to have good to excellent credit, stable income, and a low debt-to-income ratio to qualify.
If you’re ready to get a personal loan, be sure to consider these factors while comparing your options:
1. Interest rates
Your interest rate will have one of the biggest effects on the cost of your loan. Because most personal loans are unsecured (meaning they don’t require collateral), lenders often charge higher interest rates to lessen their risk. In most cases, the lowest rates are only available to borrowers with good to excellent credit.
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
Some lenders charge personal loan fees that can add to your overall costs. Here are a few common fees to watch out for as you compare loan options:
- Origination fees that are deducted before your loan is disbursed to you
- Late fees for missing payments
- Prepayment penalties if you pay off your loan ahead of schedule
3. Repayment terms
Most personal loans come with a repayment term ranging from one to seven years, depending on the lender. Keep in mind that while a longer term could be appealing so you can get a lower monthly payment, you’ll pay more in interest over time.
4. Monthly payment
Before you apply for a loan, it’s critical to make sure the monthly payment will fit comfortably within your budget. This will also help you prepare for the additional expense so you’ll be less likely to miss any payments in the future.
If the monthly payment is too high, consider opting for a longer loan term to reduce the expected payment. While you’ll pay more in interest over time, this is likely better than hurting your credit if you miss payments.
5. Total repayment costs
Be sure to consider your overall repayment costs to determine whether you can fully afford the loan. Before you sign a loan agreement, review the Truth in Lending Act (TILA) disclosure that the lender will provide. This will detail your total repayment costs 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: How to Get a Personal Loan With Fair Credit
Cost to repay an $80k loan
The table below illustrates how the loan term, interest rate, and monthly payment affect the total repayment cost of an $80,000 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% | $3,510 | $4,233 | $84,233 |
| 3 years | 6% | $2,434 | $7,615 | $87,615 |
| 4 years | 7% | $1,916 | $11,954 | $91,953 |
| 5 years | 8% | $1,622 | $17,327 | $97,326 |
| 6 years | 9% | $1,442 | $23,827 | $103,827 |
| 7 years | 10% | $1,328 | $31,560 | $111,559 |
If you’re ready to take out an $80,000 personal loan, remember to consider as many lenders as you can to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
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Alternatives to an $80,000 personal loan
If you have poor or fair credit, qualifying for an $80,000 personal could be difficult. However, there are other options available if you need to borrow money.
Here are a few alternatives to consider:
- Add a cosigner to your application. Having a creditworthy cosigner could improve your chances of getting approved for a loan. Not all lenders allow cosigners on personal loans, but some do. 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 smaller loan. If you can borrow less, you could have an easier time getting a personal loan. For example, there are several lenders that offer $50,000 personal loans — some of which might have less stringent requirements to qualify.
- Use a home equity loan. If you’re a homeowner with a house that’s worth more than what you owe on your mortgage, a home equity loan could be another option for you. 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.
- Use a cash-out refinance. This is another alternative to take advantage of the equity in your house if you’re a homeowner. With a cash-out refinance, your existing mortgage is paid off with a higher loan amount minus any closing costs, and you get the excess amount as a lump sum payment. This could give you access to a larger loan amount and lower interest rate than a personal loan. However, keep in mind that there’s also a risk of foreclosure if you can’t make your payments.
- Consider a HELOC. While a personal loan is disbursed as a lump sum, a home equity line of credit (HELOCs) gives you access to a credit line that you can repeatedly draw on and pay off — similar to a credit card. This might be a good choice if you don’t know the exact cost of a project. However, like other loans that use your house as collateral, you risk losing it if you can’t keep up with your payments.
Keep Reading: How to Get a Reverse Mortgage
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% 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.
