How To Get a $90K Personal Loan

There are a handful of reputable lenders that offer $90,000 unsecured personal loans. We'll cover where you can get a $90,000 personal loan, what you should consider before you apply for one, and how much it might cost to borrow $90,000 at different APRs.

Lenders offering $90,000 personal loans

Where can I get a $90,000 personal loan?

You get a $90,000 personal loan from a limited number of financial institutions, including:

• Online lenders SoFi, LightStream, and BHG Financial
• Brick-and-mortar banks such as Wells Fargo and USAA
• Credit unions such as Navy Federal and Alliant

To qualify for a $90,000 loan, it's best to have very good or excellent credit and an income sufficient enough to afford monthly payments (which can be high). Some banks and credit unions also offer $90,000 loans secured by your savings account or investment portfolio, which may offer lower rates or be easier to qualify for. (These will be covered below.)

Online lenders

Online lenders provide convenient online applications and quick approval decisions, often within minutes. Funding can happen the same day as your approval in some cases, or within a few business days, depending on the lender.

Banks

Banks typically offer online and in-person personal loan applications, the latter being a great option if you're worried you may run into issues during your application and want an expert present to help guide you. Qualification requirements are generally more stringent at banks relative to other types of lenders. But you should expect requirements to be strict for a $90K loan, regardless of the lender.

Credit unions

In general, credit unions offer lower personal loan interest rates than banks and online lenders. The current ceiling on credit union loans is 18%, and credit unions tend to charge fewer fees than other types of lenders.

A credit union can be a good option for borrowing if you can qualify for membership or are already a member. Still, keep in mind that credit unions typically have qualification requirements similar to those of other lenders, such as minimum credit scores.

How to compare $90K personal loans

As you prepare to get a $90,000 personal loan, it's important to consider several different factors:

1. Interest rates

With a personal loan, the cost of borrowing is measured by the annual percentage rate (APR), which accounts for both the interest rate and any upfront lender fees. Lenders advertise APR ranges, which is helpful. But only borrowers with excellent credit and little debt will qualify for the lowest rates. Your APR will be based on your credit, income, current debt, and other factors.

To get an idea of the APR you might pay, prequalify with multiple lenders. You can compare rates with each lender individually, or save time by using a personal loans marketplace like Credible to prequalify.

2. Fees

Many personal loan lenders charge an origination fee, most often a percentage-based fee that covers the cost of processing applications and underwriting the loans. You typically pay an origination fee out of your loan amount before it's funded. So, if you paid a 5% origination fee on a $90,000 personal loan, you'd receive $85,500. Some lenders don't charge origination fees, which may be an even more important consideration with a $90,000 loan. Even a small percentage can translate to hundreds or thousands of dollars.

Depending on the lender, you may also be charged a fee for late payments or insufficient funds. Fortunately, prepayment penalties for paying off a personal loan early are rare.

3. Repayment terms

During prequalification, lenders may present multiple options for how long you have to repay your loan. Repayment terms typically range from two to seven years, but you may have other options from lenders that offer $90,000 personal loans, including:

• BHG Financial: Up to 10 years
• LightStream: Up to 10 years for home improvement loans; up to 12 years for boat and RV loans
• Navy Federal Credit Union: Up to 15 years for home improvement loans and savings-secured loans

On the other hand, repayment term options for SoFi are the standard two to seven years.

A shorter repayment term means you'll have higher monthly payments but won't pay as much interest over time, while longer repayment terms result in lower monthly payments but higher interest charges over the life of the loan. (See “What is the cost to repay a $90,000 loan?” below)

4. Monthly payment

Your monthly payment is a key part of whether you can afford your loan. A lender offering the lowest APR but relatively short repayment terms may mean a high monthly payment, whereas a loan with a slightly higher interest rate but a longer repayment term could have a monthly payment that better fits your budget. Since most personal loans have a fixed interest rate, your monthly payment will remain the same for the life of your loan.

5. Total repayment costs

Your personal loan's total repayment costs represent any upfront fees and the total interest you pay over the life of your loan. It's a good metric to think about as you look at the long-term impact of your loan, as the amount you pay in interest and any upfront fees can be substantial. For example, a $90,000 personal loan with a 15% APR and a seven-year repayment term would cost more than $55,000 in total interest over the life of the loan.

Because there's so much money on the line, it's important to be methodical about your decision, says Marcus Sturdivant Sr., managing member at financial planning firm The ABC Squared.

“Big money decisions should not be rushed, so be aware of the dangers of haste,” Sturdivant says. “Life, however, moves at its own pace, so being flexible and fluid is a requirement. Personal loans, be it at a local credit union or an online lender, can be a useful tool in the belt, but like most tools, not using them properly … can lead to unforced errors. Measure twice, cut once.”

What is the cost to repay a $90,000 loan?

With a personal loan amount as high as $90,000, every borrower should know the cost they'll incur to pay off the loan. The chart below details repayment costs based on different APRS and different repayment terms:

5-year term

7-year term

10-year term

How to get a $90K personal loan

Generally speaking, the process you go through to apply for a personal loan is the same whether you're asking to borrow $9,000 or $90,000:

1. Review your credit score and credit report

Use Credible's free credit-monitoring tool to check your credit score so that you can see how it compares to minimum lender requirements. Also, get a free copy of your credit report from AnnualCreditReport.com to look for any errors that might be bringing your score down.

2. Research and compare lenders

As you compare personal loan lenders, look for answers to the following questions:

• Do they offer $90,000 personal loans?
• Do they have minimum credit score and/or minimum income requirements?
• How quickly can they fund your loan?
• Do they charge origination fees?
• How are they rated in customer reviews? (Check sites such as BBB.org and Trustpilot.)

3. Prequalify with multiple lenders

Once you've narrowed down the lenders you want to work with, prequalify with each of them and compare potential rates, repayment terms, and fees from each lender. Remember two important things about prequalification:

• A soft credit inquiry during prequalification won't affect your credit score, but an actual loan application typically includes a hard credit check that could lower your credit score by up to 10 points for up to 1 year.
• A prequalified rate quote isn't an offer of credit. The rates and terms in a loan offer may differ from prequalification results.

4. Calculate your estimated monthly payments

Review your budget and — if you haven't already — decide the maximum monthly payment you can afford. From there, reference your prequalification quotes. Use a personal loan calculator to estimate what your monthly payments could be based on those rates and various repayment terms. Keep in mind that shorter repayment terms may have lower interest rates by a few points.

5. Prepare documentation

Generally speaking, requirements for a personal loan application may include:

• Proof of identity
• Recent pay stubs
• Your most recent tax return (or multiple returns if you're self-employed)
• Recent bank statements

If the loan funds are to go directly to you, the lender requires your bank routing number and account number. If you're using the loan for debt consolidation, some lenders offer the option of sending the loan funds directly to your creditors. In that case, you'd need to give the lender the numbers for the accounts you want to pay off.

6. Choose a lender and apply

When you believe you've found a lender that offers the right mix of loan terms and funding times, submit your loan application.

7. Review terms, sign, and begin repayment

If your lender approves your application, you'll receive a loan contract. Look over the contract and note whether there are changes compared to the prequalification quote. If you agree to the loan terms and conditions, you'll sign the contract and start repaying the loan when the first payment is due.

Alternatives to a $90,000 personal loan

Personal loans offer a relatively quick way to get $90,000 of funding. However, there are some personal loan alternatives you can explore. They include:

HELOC

A home equity line of credit (HELOC) may be a relatively affordable way to access $90,000 if you have sufficient home equity and have some tolerance for risk. Average HELOC rates tend to be lower than personal loan and credit card rates. Like a credit card, you can use money from your HELOC when you need to.

HELOCs typically use a variable rate to calculate your monthly payment. Over time, this means that your monthly payment could rise or fall based on changes to the interest rate.

HELOC lenders typically let you draw from a line of credit for up to 10 years. During that time, you only pay back the interest you owe on what you've drawn. After the draw period is over, the repayment period begins, during which you pay back principal and interest — typically over 10 to 20 years.

Home equity loan

Home equity loans function like personal loans. If approved, your lender disburses all of your loan funds at once. Your interest rate and monthly payments are fixed, which makes home equity loans easier to budget for than HELOCs. Like HELOCs, home equity loan rates are significantly lower than personal loans and credit cards. Also, like HELOCs, you could potentially lose your home if you default on the loan.

Loan secured by savings or investments

Some banks and credit unions offer loans or lines of credit secured by financial assets such as savings accounts and investments. However, you may not be able to borrow up to the asset's full value. To get a $90,000 loan or line of credit this way, you might need savings or investments worth more than $90,000. As with home equity-based financing, you risk losing the assets you pledged as collateral if you default.