Credible takeaways
- To get an $80,000 personal loan, you'll likely need good to excellent credit, stable income, and a low debt-to-income ratio (DTI).
- If you have bad credit, it still may be possible to get a large personal loan by asking someone with a strong financial profile to cosign.
- Because $80,000 is a substantial loan amount, consider a longer repayment term to make payments fit more comfortably in your budget.
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 a good income and good-enough credit to qualify.
Learn where you can get an $80,000 loan, and what to consider before applying for one, including alternatives.
Online lenders
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, including these Credible partners.
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms
Banks and credit unions
Most banks and credit unions don’t provide personal loans for $80,000. But one exception is Wells Fargo, which offers personal loans up to $100,000 with repayment terms up to seven years.
If you already have an account with Wells Fargo, you might also qualify for a loyalty rate discount.
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 who does. Using a tool like Credible can help you find lenders that offer $80,000 personal loans.
- Prequalify: Fill out a prequalification form to see what terms and rates you’ll most likely be offered from a lender. Prequalification is not a guarantee on what APR you’ll have, however, it does help make decisions about which lender to apply with.
- Compare offers: Comparing offers from multiple lenders can help you make the most informed decision and secure the best rates and terms.
- Submit application: Once you’ve decided which lender to go with, you can fill out the application and submit it.
Learn More: How To Get a Personal Loan
How to get an $80,000 loan with bad credit
- 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. Note: BHG Financial is currently the only Credible partner that allows cosigners and offers $80,000 loans.
- 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 $60,000 personal loans — some of which might have less stringent requirements to qualify.
Good to know
If you have home equity, it might be easier to qualify for an $80,000 loan with bad credit with a home equity loan.
Compare: Personal Loan vs. Home Equity Loan
What to consider when comparing $80,000 loans
Because $80,000 is a substantial loan amount, lenders will generally require you to have good to excellent credit, a stable income that's sufficient to make loan payments, and a low debt-to-income ratio (DTI) to qualify.
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 to borrow the loan. While it includes interest rate, it also takes into account upfront fees, making it a better measure of the cost of the loan 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 to lessen their risk, raising the APR. In most cases, the lowest APR is only available to borrowers with good to excellent credit.
Make sure to prequalify with multiple lenders to find an APR rate and loan terms that work for you.
Keep in mind
Most personal loans have fixed interest rates. However, there are a few lenders with variable rates — make sure you know which type of rate loans you're considering have.
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 12 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.
Tip
Shorter repayment terms typically have lower interest rates. It’s usually a good idea to choose the shortest term you can afford to save as much as possible on interest charges.
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.
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.
If you’re ready to take out an $80,000 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 usually 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.
Personal Loans Calculator
If you decide to take out a personal loan, use a personal loan calculator to determine interest charges over time.
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:
- 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.
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