How and Where To Get an $80,000 Personal Loan

If you're in need of $80,000, but don't have or want to tap your home equity, a personal loan is an option. Only a handful of lenders offer $80,000 personal loans, and you'll need to have enough income and good-enough credit to qualify.

Where to get an $80,000 loan

While most lenders cap personal loan amounts at $50,000, a few lenders offer low-interest personal loans up to or for more than $100,000.

Approval estimates for $80,000 loans

$80,000 is a relatively large sum for a personal loan, especially considering that most lenders cap loan amounts at $50,000. That's one reason it's generally much harder to qualify for an $80,000 loan than a smaller loan amount. You should have good credit and a six-figure income to qualify. 

We reviewed a year's worth of Credible personal loans data to find average rates on $80,000 loans, the average incomes approved borrowers had, and how likely they were to qualify — sorted by credit score tier.

Top loan purposes for $80,000 loans

Most people who got an $80,000 loan through Credible used it for debt consolidation, credit card refinancing, or home improvement. APRs are averaged across all credit score tiers.

How to get an $80,000 loan

To get an $80,000 personal loan, follow these steps. 

• Research lenders: The first step is to research lenders. Most banks and credit unions do not offer loans this large, so it is important to know which lenders do. Once you've created a list of options, try to find each lender's minimum credit score requirement — you can see this information on Credible's main personal loans page and in each lender's card above.
• Prequalify: Fill out a prequalification form on the lender's site to see what terms and rate you might qualify for. Or, use Credible's “Check Rates” tool to prequalify with multiple lenders at once. Prequalification does not guarantee approval or the rate you'll be offered.
• Compare lenders: Compare lenders based on the features most important to you. You might consider available repayment terms, whether the lender charges an origination fee, the rates you prequalified for, customer reviews, and accessibility options (does the lender have an easy-to-find phone number or mobile app). More on this below.
• Submit application: Once you’ve decided which lender to go with, fill out the application and submit it. You may need to provide supporting documentation like a government-issued photo ID and proof of income. 

Learn More: How To Get a Personal Loan

How to get an $80K loan with bad credit

If you have bad credit, you might not be able to get an $80,000 loan. However, you might be eligible for a smaller loan amount. You also might not want to get an $80,000 loan with bad credit, since your APR could be over 30%, making payments difficult to afford. 

If possible, improve your credit before applying for a loan. If that's not an option, consider the following:

• Add a cosigner or co-borrower to your application: Having a creditworthy cosigner or co-borrower could improve your chances of getting approved for a loan. Few lenders allow cosigners on personal loans, but more let you apply with a joint borrower. The difference is that a cosigner doesn't have access to the loan funds, while a co-borrower does. Both are responsible (along with you) for repaying the loan. LightStream is one lender that offers $80,000 joint personal loans.
• Apply for a smaller loan: If you can borrow less, you could have an easier time getting a personal loan. For example, several lenders offer $50,000 loans and $60,000 loans — some of which might have less stringent requirements to qualify.

Compare: Personal Loan vs. Home Equity Loan

What to consider when comparing $80K loans

Because $80,000 is a substantial loan amount, lenders prefer that you have good to excellent credit, a stable income that's sufficient to make loan payments, and a low debt-to-income ratio (DTI).

If you’re ready to get a personal loan, be sure to consider these factors while comparing your options:

1. APR

The annual percentage rate or APR on a personal loan is the cost of the loan on an annual basis. While it includes the interest rate, it also accounts for upfront fees, making it a better measure of cost than the interest rate alone. For example, your loan may have an origination fee that comes out of the loan proceeds upfront. 

Because most personal loans are unsecured (meaning they don’t require collateral), lenders often charge higher interest rates than secured loans, like home equity loans, to lessen their risk. In most cases, the lowest APR is only available to borrowers with excellent credit.

Make sure to prequalify with multiple lenders to find an APR rate and loan terms that work 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.

2. Repayment terms

$80,000 personal loans may have repayment terms as long as seven to 20 years, depending on the lender and the loan's purpose. 

Keep in mind that while a longer term will result in a lower monthly payment, you’ll pay more in interest over time.

Explore: Short-Term Loan Options

3. 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.

Missing a payment or paying less than the expected minimum puts you at risk of incurring late fees as well as damaging your credit.

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.

Related: How Does a Personal Loan Affect Your Credit Score?

4. 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.

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.

$80,000 loan cost comparison

The graph below illustrates how different APRs can affect how much you'll pay over the life of the loan. It might not make sense to borrow $80,000 if you get approved with bad credit — the amount of interest you'd pay could be higher than the original loan amount.

If you’re ready to take out an $80K personal loan, consider multiple lenders to find the right loan for you. An online marketplace like Credible is a good way to do this — you can compare prequalified rates from multiple lenders in minutes. 

While prequalification won't hurt your credit, it's also not an offer of credit, but rather an estimate of what the lender thinks you'll qualify for. You'll need to formally apply to get an offer of credit. 

Note that when you apply, the lender will conduct a hard pull on your credit, which could temporarily ding your score. 

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:

• 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.
• 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.
• 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.

Kat Tretina contributed to the reporting for this article.