How To Get a $65K Personal Loan

You can do a lot of things with $65,000 — consolidate debt, pay for home repairs, or finance a wedding. But how and where can you get this kind of cash?

You’ll likely need good or excellent credit and a steady, sufficient income to get a $65,000 personal loan. But if you can meet the qualifications, a handful of personal loan lenders may be willing to loan you this much cash.

Read on to learn where to get a $65,000 loan, how to apply, and what alternatives to explore if you can’t qualify.

Lenders that offer $65,000 personal loans

Where can I get a $65,000 personal loan?

Not many lenders offer unsecured loans of $65,000. But you should be able to find at least a handful of online lenders, banks, and credit unions that do. 

Online lenders

Online lenders typically provide easy online applications and fast funding, but customer service options may be limited. LightStream — the lending division of Truist Bank — SoFi, Upstart, and BHG Financial are four online lenders offering loans of at least $65,000. LightStream and SoFi cap loans at $100,000, Upstart lends up to $75,000, and BHG caps loans at $250,000.

Banks

Both online and traditional banks offer personal loans, but only a handful fund loans up to $65,000. Examples include Wells Fargo and USAA, both with loan maximums of $100,000.

Credit unions

Currently, any personal loan funded by a federal credit union has an interest rate cap of 18%. (For comparison, some banks cap loan rates at 36%.) Alliant Credit Union, Wildfire Credit Union, and Patelco Credit Union all offer $65,000 loans. Navy Federal Credit Union offers home improvement loans (with a co-applicant) of up to $150,000. Otherwise, Navy Federal loans are capped at $50,000.

How to compare $65K personal loans

Borrowing $65,000 is a major financial commitment, so do your research before signing on the dotted line. Compare $65K personal loans by considering these factors: 

1. Interest rates

Personal loan APRs (annual percentage rates) represent the annualized cost of borrowing, accounting for both the interest rate and any upfront lender fees. The higher the APR, the more the loan will cost you. While the difference of a few percentage points may not seem like much, it is when you’re talking about a $65,000 loan.

Personal loan APRs typically range from 6.25% to  36%. Focus your search on lenders that offer the lowest interest rates.

2. Fees

Personal loans often come with fees, which increase borrowing costs. A personal loan lender may charge origination fees, application fees, late payment fees, and more. 

To help you compare apples to apples when it comes to borrowing costs, look at a loan’s APR. Where one loan may have a higher interest rate and lower upfront fees, another may have a lower interest rate and higher upfront fees. Comparing loan APRs can help you determine which loan costs less, taking interest and fees into account.  

3. Repayment terms

Personal loan term lengths typically range from two to seven years. Your term is, in part, what determines your monthly payment. The longer your term, the smaller your monthly payment. On the other hand, the longer your term, the more you’ll pay in interest over the life of the loan.

4. Monthly payment

Personal loans are repaid in equal monthly installments over the course of the loan term. Before taking out a loan, prequalify to get an idea of the APR you might get. Then, use a personal loan calculator to estimate monthly payments based on your expected interest rate and possible terms.

5. Total repayment costs

Your monthly payment is just one piece of the puzzle — also consider how much you’ll spend on a loan over the course of its term. While longer terms often mean lower monthly payments, they typically equate to a higher total cost. If possible, try to keep your total repayment cost as low as possible while making sure your monthly payments are affordable.

What is the cost to repay a $65,000 loan?

The cost of repaying a $65,000 loan will vary depending on your interest rate and loan term, and the interest rate you qualify for depends on your credit score and other financial factors. Typically, you need excellent credit to qualify for a lender’s lowest available interest rate. 

When borrowing as much as $65,000, even a small difference in interest rate can equate to a lot of money saved. Kyle Enbright, President of Lending at Achieve, says it’s critical to get your credit in the best shape possible before getting a loan of this size. “Credit scores are the biggest determinants of interest rates. It pays (literally) to do what you can to improve them before applying. That includes paying every bill on time, working to pay down other debt and keeping long-standing credit lines open,” says Enright.

To see how much a $65,000 loan would cost based on different interest rates, you can use Credible’s personal loan calculator. 

Below, find a few examples of total loan costs (including principal, interest, and fees) based on several possible interest rates and term combinations.

3-year term

5-year term

7-year term

How to get a $65K personal loan

Take the following steps to get a personal loan for $65,000.

1. Review your credit score and profile: Check your credit score for free using Credible's credit-monitoring tool. Many lenders have minimum credit score requirements, so knowing your score before you shop for a loan can help you get an idea of which lenders you might qualify with. Grab a free copy of your credit report from AnnualCreditReport.com and scan it for any errors that could be harming your profile. 
2. Calculate your estimated monthly payments: Figure out how much you can afford to spend on a monthly payment, then play around with a personal loan calculator to see what your payments might be. You can adjust the term and interest rate based on what you think you might qualify for. You can also get a rate estimate by prequalifying (more on this below). 
3. Research and compare lenders: Make a list of lenders offering $65,000 loans with eligibility criteria that match up with your financial profile, such as minimum credit score and minimum income requirements. Also, make sure the lenders' approved loan purposes include the type of loan you're looking for — home improvement, debt consolidation, and so on. Then, compare these options based on interest rates, fees, and repayment terms.
4. Prequalify with multiple lenders: When you’ve researched and nailed down your top loan choices, prequalify with a handful of lenders. Prequalification involves a soft credit check and gives you an idea of what your rate might be. (However, this isn’t a rate guarantee.) 
5. Prepare documentation: Before submitting a formal application, gather your documentation. Lenders typically need to see your ID, proof of income, and proof of address. 
6. Choose a lender and apply: Based on your prequalification quotes and research, choose a lender and fill out the application. Many lenders allow you to apply online and upload the necessary documents. A loan application typically requires a hard credit check, which could temporarily lower your credit score by up to 10 points.
7. Review terms, sign, and begin repayment: If the lender approves your application, you’ll receive a loan offer. Review the details carefully, and if everything looks good, sign the paperwork and wait for funding.

Alternatives to a $65,000 loan

Borrowing $65,000 has its challenges, as not all lenders are willing to loan this amount. But if you can’t qualify for a $65,000 personal loan, there are still a couple of alternatives to explore.

If you own a home, you may be able to borrow against your equity with a home equity loan or home equity line of credit (HELOC). Home equity products are secured by your house, meaning the lender can take ownership if you default on your loan. While secured loans have added risk for borrowers, they also tend to be easier to qualify for.

With a home equity loan or HELOC, your borrowing limit typically depends on how much equity you have in your home. Often, lenders require that you maintain at least 20% equity in your home, across both your first mortgage and a second loan. So the more equity you have, the more you’ll be able to borrow. 

Of course, you can always look into other methods of borrowing, such as credit cards, paycheck advances, payday alternative loans, and buy now, pay later (BNPL) loans. Most options won’t allow you to borrow a lump sum of $65,000, but they may help reduce your financial strain. 

If your circumstances are dire and you need money for a variety of basic needs, you can also look into financial assistance programs. Start by visiting 211.org to get connected with housing, food, and other assistance programs in your area.