Get a $75,000 loan

Eligibility requirements for a $75,000 loan

To qualify for a $75,000 loan, lenders primarily look at your income, credit score and debt-to-income (DTI) ratio.

You’ll likely need to meet the following criteria to qualify:

• Fair to good credit score. You have a better chance of getting a $75,000 loan if your credit score is at least 670, although there are exceptions. For example, BHG Money lends to bad and fair credit borrowers, but you’ll need to show sufficient income.
• DTI of 43% or less. Lenders view too much debt as risky. To qualify, your monthly debts shouldn’t exceed 43% of your gross monthly income – although 20% is better. To calculate your DTI, divide your monthly debt by your gross monthly income.
• Proof of income. To get a $75,000 loan, you need to show you have enough income to make the repayments. You’re asked to provide bank statements showing direct deposits, tax returns or 1099s and your employer’s contact information.
• Make at least $32,000. You need to bring in at least this much each year to afford the lowest possible monthly repayments. For shorter terms and higher rates, you might need to make $83,000 a year to afford repayments.

How to increase your chances of approval

To increase your chances of approval, you need to meet the lender’s minimum credit score requirements. Order a free copy of your credit report from Equifax, Experian and TransUnion. If there’s any errors on your report, correct these before applying for a loan.

Continue making any debt payments on time and avoid taking out any new debt or applying for loans you’re not likely to get. Every time you do a loan application, it lowers your score by a few points. To avoid this, prequalify with lenders you want to work with to see if you qualify before applying for a loan.

If you’re unsure whether you qualify or there’s no prequalification available, contact the lender and ask a loan officer if you’re likely to get the loan or not. This can help protect your credit score as you search for the best loan.

Can I get a loan for $75,000 with bad credit?

Having a fair or bad credit rating doesn’t automatically mean you can’t get a $75,000 loan – but prepare to pay high interest rates between 12% and 32%, plus origination fees which can run 1% to 10% of the total loan amount.

To increase your chances of approval:

• Find a bad credit lender. Lenders offering $75,000 loans to bad credit borrowers are few and far between. However, BHG Money is one lender willing to look beyond your credit score. You can also check with your local bank or credit union to see if it’s flexible.
• Get a cosigner. If the lender allows it, you can apply with a creditworthy cosigner to increase your chances of approval. But keep in mind if you can’t make your payments, your cosigner is responsible for your payments.
• Use collateral. Some lenders allow you to pledge collateral to back your loan. But these lenders may be hard to find and may not offer loans up to $75,000. You can also consider a home equity loan or line of credit (HELOC) if you want to use your house as collateral.

How much does a $75,000 loan cost?

The cost of a personal loan is based on the interest rate and term. The shorter the loan term, the higher your monthly payments will be — but the less interest you’ll pay. Currently, personal loan rates range from 6% APR for excellent credit borrowers up to 35.99% APR for bad credit borrowers.

Here’s what a personal loan would cost with an APR of 10.73% – the national average in 2022.*

As this table shows, you need to be able to afford monthly repayments of at least $1,273 — likely more. If you can only qualify for the highest rate and longest term, you could end up paying nearly twice as much in interest as the loan itself.

*We chose 10.73% APR because it is the average interest rate for personal loans, according to 2022 data from Bankrate.

Calculate your loan repayments

Have a loan in mind? Use our calculator to find out how much your $75,000 loan will cost you at different rates and terms.

6 steps to apply for a $75,000 loan

Follow these 6 steps to apply for a $75,000 loan:

1. Compare lenders. Compare loan amounts, rates, terms and eligibility requirements to find an online lender, bank or credit union that is willing to work with you.
2. Get prequalified. Before applying for a loan, see if the lender allows you to prequalify for the loan and see your rates before doing a full application.
3. Apply for the loan. Once prequalified, complete the loan application, double-checking it for accuracy and correcting any mistakes before sending it in.
4. Upload required documents. You’ll need to provide bank statements, tax returns and a valid government ID. Online lenders may connect to your financial accounts directly to verify information.
5. Review and sign your loan agreement. Carefully read over your loan’s terms and conditions before signing. Verify your loan’s APR, origination fees (if any) and your monthly payment.
6. Wait for your funds to arrive. After approval, you can often expect to receive funds as soon as one business day, although it can take up to five business days in some cases.

4 tips to get a low rate on your loan

To reduce the costs your loan:

1. Get preapproved. Preapproval allows you to compare potential interest rates, fees and loan terms without dinging your credit. Not every lender offers this option, but if so, it’s a quick way to compare different deals.
2. Get a cosigner. Not only can a cosigner increase your chances of approval, it may help you secure a lower interest rate too. Not all lenders offer a discount for having a cosigner, but it’s worth checking.
3. Look for rate discounts. If you’re doing debt consolidation, some lenders offer rate discounts if they pay your creditors directly. Ask about other discounts too, such as autopay or retirement savings discounts.
4. Improve your credit score. Get a copy of your credit report and clean up any errors that may be dragging your score down. Stay current on your existing payments and don’t apply for new credit before applying for a loan.

How to pay off $75,000 in debt

Paying off a $75,000 loan can seem overwhelming. Here are some tips for paying off your loan faster.

• Pay more frequently. Making weekly or bi-weekly payments is a smart strategy that can help you save on interest. With this strategy, you’re paying the same amount every month, but you’re saving on interest charges by paying more often.
• Pay more than the minimum. Pay more than the minimum by rounding up your monthly payment or adding extra to your payment each month. A general rule of thumb is to use at least 10% of your monthly income towards your debt if you can afford it.
• Refinance your debt. Refinancing is a common choice for borrowers with a lot of debt. If you have a good to excellent credit score, you could possibly secure a lower rate by refinancing which can help you save on interest rate and get out of debt faster.

What to watch out for

Even if you can secure a $75,000 loan, keep the following watch outs in mind:

• Origination fees. Some lenders charge origination fees up to 10%, especially if you have bad credit. For example, an origination fee of 5% of a $75,000 loan is $3,750. This means you’ll only receive $71,250. But if you have great credit, you usually don’t have to pay these fees.
• Loan use restrictions. Avoid surprises by checking what you can use the funds for. For example, some personal loan providers don’t permit using their loans to pay off student loan debt. Sofi and Laurel Road are two exceptions to this.
• Loan terms. Your loan term impacts your monthly payments and how much interest you’ll pay. A shorter loan term raises your monthly payment, but lowers the overall cost of your loan. In general, you should choose the shortest loan term with monthly payments you can afford.
• Other fees. Prepayment penalties, late fees and non-sufficient funds (NSF) fees can impact the overall cost of your loan. Even if you don’t think you’ll be late, compare each lender’s additional charges to get a full idea of the price you might have to pay — just in case.

Alternatives to $75,000 personal loans

Taking out a personal loan for $75,000 isn’t the only way to access cash for a range of needs.

Other alternatives include:

• Home equity loan. A lump sum, fixed-rate term loan up to 30 years using your home as collateral.
• HELOC. A variable-rate, revolving line of credit for 10 years using your home as collateral.
• Business loan. If you’re a business owner, you may qualify for a business loan or line of credit up to $75,000.

Other loan amounts

• $10,000
• $15,000
• $20,000
• $35,000
• $50,000
• $100,000