Credible takeaways
- Only a handful of lenders offer $60,000 personal loans.
- $60,000 loans may be more difficult to qualify for than smaller personal loans.
- It's best to have good or excellent credit, plus a sufficient income to qualify.
- The cost of a $60,000 loan varies, depending on your APR and repayment term.
A personal loan is a flexible financial tool that can be used for nearly any purpose, from consolidating debt to renovating your home to getting through a financial rough patch.
But because a $60,000 loan is relatively large, lenders may have stricter qualifications. By taking the right steps upfront, however, you can set yourself up for success in your loan search.
Compare rates for $60,000 loans
Where to get a $60,000 loan
Traditional banks, credit unions, and online lenders may offer $60,000 loans. However, many lenders cap loans at $50,000 — or even lower. As a result, you’ll have fewer options when seeking a $60,000 loan.
The good news is there are still a handful of online lenders that offer $60,000 loans, including the following Credible partners. Other lenders offering $60,000 loans include Wells Fargo, Navy Federal, USAA, and Alliant.
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SoFi: Best online bank loans
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BHG Financial: Best for large debt consolidation loans
Est. APR
-
Loan Amount
$20,000 to $250,000
Min. Credit Score
660
Approval estimates for $60,000 loans
We looked at how likely potential borrowers were to qualify for a $60,000 loan based on a year's worth of prequalification data from the Credible personal loan marketplace. Prequalification is not an offer of credit or a guarantee of approval. But a high prequalification rate for your credit score tier could indicate a higher chance of being approved for a $60,000 loan.
Data are for borrowers who used the Credible marketplace from July 2024 through June 2025; % prequalified represents the percentage who prequalified for a $60,000 loan. Source: Credible
Top loan purposes of $60,000 loans
Most people who got a $60,000 loan through Credible used it for debt consolidation or credit card refinancing.
Loan purposes are for closed $60,000 loans (+/- $2,500) from July 2024 through June 2025 with average borrower TransUnion V9 credit scores. Source: Credible
What to consider before taking out a $60,000 loan
Here’s what you should consider before applying for a $60,000 loan.
- Know your credit history: Because $60,000 is a relatively large amount for a personal loan, fewer lenders offer $60,000 loans. This means it could be harder to qualify for a $60,000 loan than a $50,000 loan, which many more lenders are willing to fund. You’ll typically need good or excellent credit (a FICO score of 670 or higher) and may need to meet certain income requirements. You should also make sure there are no delinquent accounts or recent missed payments on your credit report. You can visit AnnualCreditReport.com for free credit reports. You can also get your free credit score from Credible.
- Check your budget: Personal loan terms typically range from as short as 1 year to as long as 7 years. As a result, even with a long loan term, you should expect a large monthly payment. Check your budget ahead of time to ensure you can fit the payment in with your other expenses.
- Run the numbers to ensure a personal loan is the right option: Personal loans are flexible and can be used for many purposes, but it’s important to consider all of your options before borrowing. Consider whether home equity loans or lines of credit, for example, might be more cost-effective. Just remember that those loans are secured by your home, so you could face foreclosure if you can’t make payments.
- Compare your options: Shop around and compare your options before choosing a loan. Many lenders allow you to prequalify, which won’t impact your credit score.
Learn More: Where Can I Get a Personal Loan?
Pros and cons of a $60,000 loan
A $60,000 personal loan can be an excellent solution for some situations, but be aware of the benefits and risks before borrowing:
Pros:
- Can be used for almost anything: One of the key benefits of personal loans is they can be used for nearly any legal purpose. Though some lenders have some restrictions, you can typically use them for debt consolidation, large purchases, financial emergencies, and more.
- Lower APRs: Personal loans generally have far lower annual percentage rates (APRs) than credit cards. The APR represents the total cost of borrowing on an annual basis, and accounts for the interest rate and any upfront fees the lender charges. Whether you’re making a large purchase or consolidating credit card debt, you could save a lot by choosing a personal loan over a credit card.
- No collateral required: Personal loans are typically unsecured, which means they don’t require collateral.
- Positive impact on credit: A personal loan can help your credit over time if you make on-time payments. If you’re consolidating credit card debt, you could see a jump within one month of using the loan to pay off your balances. However, most lenders conduct a hard credit pull when you apply which could initially ding your score by a few points.
Cons:
- Fewer lenders to choose from: There are only a handful of lenders that offer personal loans of more than $50,000. This could make it more difficult to find one that fits your needs.
- Requires fair or better credit: It's best to have good or excellent credit to qualify, though around 30% of applicants with fair credit were able to prequalify for a $60,000 loan, according to Credible personal loans data. Some lenders offer personal loans to borrowers with bad credit, but they generally don’t offer loans as high as $60,000.
- Higher monthly payments/longer repayment term: A $60,000 loan will result in significantly higher monthly payments than a smaller loan. As a result, you may need to choose a longer repayment term, which could tie up resources you might use for other life goals like saving or home improvements.
- Negative impact on credit: Though a personal loan can improve your credit score if managed responsibly, it can also hurt it, especially in the short term. Not only will most lenders perform a hard inquiry when you apply, but you’ll also be adding a new account with a high balance to your credit report.
How much will a $60,000 loan cost?
The cost of a $60,000 loan depends on your interest rate, upfront fees, and the repayment term you choose. Your interest rate can be affected by several factors, including your credit score, debt-to-income ratio (DTI), and more. However, the most important factor is your credit score. The higher your credit score, the lower the interest rate, in most cases.
A good credit score can save you hundreds of dollars per month in interest, especially on a large loan, potentially saving you tens of thousands of dollars over the life of the loan.
Cost comparison: $60,000 loans at different APRs
The graph below illustrates how different APRs will affect how much you'll pay over the life of the loan.
Expert editor insight: “As the loan amount you need to borrow increases, so does the dollar amount of interest you'll pay. For large loans, like a $60,000 loan, aim to keep interest costs down by choosing the shortest repayment term you can afford. Your monthly payment will be higher, but your APR will likely be lower and you'll pay interest for a shorter period of time — drastically reducing costs.”
— Meredith Mangan, Senior Personal Loans Editor, Credible
Personal loans calculator
If you decide to take out a personal loan, use a personal loan calculator to determine interest charges over time.
How to get a $60,000 loan
Getting a $60,000 personal loan takes a few relatively simple steps. Here’s how to get started:
- Check your credit score: As mentioned, it's best to have good or excellent credit to qualify for a $60,000 personal loan. If you can't qualify on your own, consider getting a joint loan with a co-borrower with good credit. LightStream allows you to apply with co-borrower.
- Get prequalified: Most lenders let you prequalify for a loan to gauge eligibility and estimate your rate without impacting your credit. Keep in mind that prequalification doesn’t guarantee approval, is not an offer of credit, and your final rate may differ. You can prequalify with all the lenders on this page by clicking “Check Rates” above.
- Complete your loan application: You’ll have to provide your contact information, Social Security number, information about your employment, income, and more. Once you submit the application, most lenders will perform a hard credit inquiry, which can temporarily lower your credit score.
- Additional documentation: Your lender may ask for additional information, such as tax statements or other proof of income.
- Receive your loan funds: Depending on the lender, your loan application could be approved right away. Some lenders are able to provide funds the same day you're approved provided you sign all necessary documentation by the lender's same-day funding cutoff time. But most deliver funds within a few business days.
Learn More: How Long Does It Take To Get a Personal Loan?
FAQ
How hard is it to get a $60,000 loan?
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