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.
- You’ll likely need either good or excellent credit, plus a sufficient income to qualify.
- The cost of a $60,000 loan will vary 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
Advertiser DisclosureOverview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 20 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
pros
- Same-day funding available
- High maximum loan amount
- No origination fee
cons
- Good credit required
- No prequalification process
- Not available in Vermont
Repayment terms
2 - 20 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
SoFi personal loans feature high loan amounts, competitive interest rates, same-day funding, and long loan terms, plus discounts for autopay and direct pay. Plus, SoFi offers live chat, a prequalification process that doesn't require your Social Security number, and free financial advice for customers. Unlike many other online lenders, SoFi is an FDIC-insured bank.
To qualify for an unsecured loan you may need to have good credit, but unlike other lenders, SoFi doesn't specify a credit score minimum. Minimum loan amounts start at $5,000.
pros
- Large loan amounts available
- Autopay and direct pay discounts
- Same day funding
- Long loan terms available
cons
- Not transparent about minimum credit score requirements
- 5,000 minimum loan amount
Fees
Option to pay an origination fee in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Overview
BHG Financial stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. Loan funds are available within five to 14 days of loan approval.
pros
- Eligible applicants can borrow up to $200,000
- Considers borrowers with fair credit
- Long repayment terms
cons
- Not available in IL, ND, and MT
- No discounts
- Minimum annual income requirement of $100,000
- Funding takes at least five days
Fees
Origination fees, late fees, other fees may apply
Eligibility
Available in all states except Illinois, North Dakota, and Montana
Loan uses
Debt consolidation, credit card refinancing
Overview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 20 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
pros
- Same-day funding available
- High maximum loan amount
- No origination fee
cons
- Good credit required
- No prequalification process
- Not available in Vermont
Repayment terms
2 - 20 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
SoFi personal loans feature high loan amounts, competitive interest rates, same-day funding, and long loan terms, plus discounts for autopay and direct pay. Plus, SoFi offers live chat, a prequalification process that doesn't require your Social Security number, and free financial advice for customers. Unlike many other online lenders, SoFi is an FDIC-insured bank.
To qualify for an unsecured loan you may need to have good credit, but unlike other lenders, SoFi doesn't specify a credit score minimum. Minimum loan amounts start at $5,000.
pros
- Large loan amounts available
- Autopay and direct pay discounts
- Same day funding
- Long loan terms available
cons
- Not transparent about minimum credit score requirements
- 5,000 minimum loan amount
Fees
Option to pay an origination fee in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Overview
BHG Financial stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. Loan funds are available within five to 14 days of loan approval.
pros
- Eligible applicants can borrow up to $200,000
- Considers borrowers with fair credit
- Long repayment terms
cons
- Not available in IL, ND, and MT
- No discounts
- Minimum annual income requirement of $100,000
- Funding takes at least five days
Fees
Origination fees, late fees, other fees may apply
Eligibility
Available in all states except Illinois, North Dakota, and Montana
Loan uses
Debt consolidation, credit card refinancing
Where to get a $60,000 loan
When shopping around for personal loans, you can generally choose from dozens of options, including traditional banks, credit unions, and online lenders. However, many lenders have a maximum amount of $50,000 — or even lower, for some. 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.
LightStream: Best overall
Loan Amount
$5,000 to $100,000
Same-day funding available
High maximum loan amount
No origination fee
Good credit required
No prequalification process
Not available in Vermont
Overview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 20 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 20 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
SoFi: Best for excellent credit
Loan Amount
$5,000 - $100,000
Min. Credit Score
Does not disclose
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
Not transparent about minimum credit score requirements
5,000 minimum loan amount
Overview
SoFi personal loans feature high loan amounts, competitive interest rates, same-day funding, and long loan terms, plus discounts for autopay and direct pay. Plus, SoFi offers live chat, a prequalification process that doesn't require your Social Security number, and free financial advice for customers. Unlike many other online lenders, SoFi is an FDIC-insured bank.
To qualify for an unsecured loan you may need to have good credit, but unlike other lenders, SoFi doesn't specify a credit score minimum. Minimum loan amounts start at $5,000.
Fees
Option to pay an origination fee in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
BHG Financial: Best for large personal loans
Loan Amount
$20,000 to $200,000
Eligible applicants can borrow up to $200,000
Considers borrowers with fair credit
Long repayment terms
Not available in IL, ND, and MT
No discounts
Minimum annual income requirement of $100,000
Funding takes at least five days
Overview
BHG Financial stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. Loan funds are available within five to 14 days of loan approval.
Fees
Origination fees, late fees, other fees may apply
Eligibility
Available in all states except Illinois, North Dakota, and Montana
Loan uses
Debt consolidation, credit card refinancing
Approval estimates for $60,000 loans
This chart indicates how likely you are to be approved for a loan when you apply through the Credible marketplace.
Data are for borrowers who used the Credible marketplace from March 2024 through February 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 March 2024 through February 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 such a large sum of money and there are fewer lenders that offer such large loans, you’ll find it’s harder to qualify for. 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.
- 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.
Interest rates for $60,000 loans by loan purpose and credit score
Your credit score helps determine what APR lenders offer you — the graph below shows how FICO scores corresponded to APRs for borrowers using the Credible personal loan marketplace.
Pros and cons of a $60,000 loan
A $60,000 personal loan can be an excellent idea in some situations, but they definitely carry some downsides. Here are some pros and cons to keep in mind:
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 is the total cost of borrowing, including the interest rate and upfront fees the lender charges you. It gives you a better sense of how much you’re borrowing compared to just the interest rate. Whether you’re making a large purchase or considering consolidating your credit card debt, you can save a lot of money by choosing a personal loan.
- No collateral required: Personal loans are typically unsecured, which means they don’t require collateral. This makes them a good alternative to home equity loans and other secured loans, since you aren’t putting any of your assets at risk.
- Possible positive impact on credit: Despite the initial slip your credit score can take due to the hard inquiry required to get approval, a large personal loan could positively impact your credit over time. First, if you’re consolidating credit card debt, you could see a jump within one month by paying off your credit card balances. And in the long run, you’ll likely see your score increase as long as you make consistent, on-time payments.
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 good credit: In almost all cases, you’ll need good or excellent credit to qualify. Though some lenders offer personal loans to borrowers with bad credit, they generally don’t offer loans as high as $60,000.
- May take longer to repay: 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 means it could take longer to pay off the debt.
- Negative impact on credit: Though a large personal loan can improve your credit score, it can also hurt it, especially right away. Not only do 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, any fees, and the repayment term. 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 you’re likely to be eligible for.
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.
Personal loan cost comparison for $60,000 loans
The graph below illustrates how different APRs will affect how much you'll pay over the life of the loan.
Your repayment term will also have a major impact on your loan costs. The longer your loan term, the lower your monthly payment is likely to be. However, you’ll also pay more in interest over the entire term. A short term, on the other hand, results in a higher monthly payment, but a lower overall interest cost.
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 we mentioned previously, you’ll need good or excellent credit to qualify for a $60,000 personal loan. Check your credit to ensure you have good chances of qualifying. If your credit isn’t high enough to get a loan by yourself, consider asking someone to cosign your loan. A cosigner is equally responsible for the loan if you’re unable to make payments, so keep them in the loop if you’re struggling.
- Get prequalified: Depending on the lenders you’re considering, you may be able to prequalify for a loan to determine your eligibility without impacting your credit. Keep in mind that prequalification doesn’t guarantee approval, but it can give you a good idea of your chances. It’s also not an offer of credit, and your final rate may differ.
- Complete your loan application: Once you’ve chosen a lender, it’s time to complete your application. You’ll have to provide personal information such as your contact information and Social Security number. You’ll also have to provide information about your employment, income, and more. Once you submit your application, the lender will perform a hard credit inquiry, which will temporarily knock your credit score down a few points.
- Additional documentation: Your lender may ask for additional information to determine approval, such as pay stubs or W-2s.
- Receive your loan funds: Depending on your lender, your loan application could be approved right away. And once you’ve been approved, you could receive your funds as quickly as the same or next business day, or up to a week.
Learn More: How Long Does It Take To Get a Personal Loan?
FAQ
How hard is it to get a $60,000 loan?
Open
$60,000 is a large sum of money, meaning lenders will have eligibility requirements in place to qualify for a loan of that size.
The ease with which you can get a loan for $60,000 depends on several factors, including your credit score and the lender you choose. Though each lender has its own minimum credit score, you’ll very likely need good credit to qualify.
Can I get a $60,000 loan with bad credit or no credit history?
Open
In most cases, you won’t be able to get a $60,000 loan with bad credit or no credit history. While there are some lenders that offer loans to borrowers with bad credit, they generally don’t offer loans this large.
As a result, you’ll either need good credit or a cosigner with good credit to qualify. You can consider improving your credit before applying for a loan, including by paying off smaller debts or checking your credit report for errors.
How long will it take to pay off a $60,000 loan?
Open
Many lenders offer personal loan terms of up to seven years. You may also choose a shorter loan term to help you pay off your loan more quickly.
Keep in mind that a shorter loan term will likely result in a higher monthly payment. Your monthly budget and interest rate will partially determine how quickly you can repay your loan.
Meet the expert:
Erin Gobler
Erin Gobler has covered personal finance for more than 10 years, with expertise on mortgages, student loans, and credit cards. Erin's work has been featured by Fox, Business Insider, GOBankingRates, Newsweek Vault, and CNN.
