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Get a $75,000 personal loan

Find out how to get approved for a loan of this size.

Personal loans of this size aren’t always easy to come by. Many online lenders only offer up to $50,000 in personal loans. And even if you find a lender that does offer $75,000 loans, your finances will need to be strong in order for you to get approved for this amount.

How to get a $75,000 personal loan

You can get a $75,000 personal loan with some online lenders, banks and credit unions. Typically, you can get started on your application by filling out a quick online form to see if you prequalify — some lenders base this on a soft credit pull, which won’t hurt your credit score. However, after you submit a completed application, the lender will follow through with a hard pull to confirm the details of your credit history.

Since $75,000 is on the high end for a personal loan, the process will take longer and require more documents than loans of a smaller amount. The purpose of this is to gather more information on your income and financial stability to ensure that you can take on a loan of this size. Online lenders can typically get you funds within a few business days once you’re approved, while banks and credit unions often take longer.

Types of $75,000 loans

  • Secured personal loan. This is a common way to get a loan of this size. A secured loan involves collateral, which reduces the risk for the lender. Borrowers typically use their house as collateral.
  • Unsecured personal loan. Unsecured loans are less common for large loan amounts. Since an unsecured loan has no collateral, the lender charges a higher rate.
  • Fixed-rate personal loan. With this loan, your interest rate will stay the same throughout the loan term.
  • Variable-rate personal loan. With this loan, your interest rate will fluctuate with the markets. Variable-rate loans generally have lower starting rates than fixed-rate loans. The main providers of variable-rate personal loans are banks and credit unions.

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Can I qualify?

It depends on your lender, but you generally need to have a strong credit history and show you can afford repayments on a $75,000 personal loan. You might have better luck applying if you:

  • Have a 660 credit score or higher. Generally, you need good to excellent credit to qualify for a loan of this size.
  • Have a DTI below 20%. Most lenders won’t work with anyone with a debt-to-income (DTI) ratio of 43% or higher, but you’ll have more luck getting approved if your DTI is under 20%.
  • Have a sizeable income. The higher your monthly living expenses, the greater your salary needs to be to cover these as well as your loan repayments. If you live in Ontario and make $55,000 per year, your monthly take home pay will be around $3,500. After covering your regular expenses, there won’t be much left for repaying a $75,000 loan. On the other hand, if you earn $80,000, your monthly take home pay will be around $5,000, which makes it much easier to cover sizeable loan repayments.

Lenders also consider factors like your work history, level of education and the length of your credit history.

How much does a $75,000 loan cost?

How much your $75,000 loan costs depends on the loan term and annual percentage rate (APR) you qualify for. The longer the loan term and lower the APR, the less it’ll cost per month. A shorter loan term gives you higher repayments, but it will reduce the overall cost of your loan.

Let’s take a look at some examples of a $75,000 loan at 4.8% APR and 9.99% APR.

Loan termMonthly repayment with 4.8% APRMonthly repayment with 9.99% APRTotal interest paid with 4.8% APRTotal interest paid with 9.99% APR
3 years$2,241.09$2,419.69$5,679.20$12,108.73
4 years$1,720.41$1,901.83$7,579.70$16,288.01
5 years$1,408.48$1,593.16$9,508.84$20,589.56
6 years$1,200.92$1,389.06$11,466.56$25,012.29
7 years$1,053.01$1,244.70$13,452.78$29,554.91

As this table shows, you need to be able to afford monthly repayments of more than $1,000 to afford a $75,000 personal loan.

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3 tips to pay off $75,000 in debt faster

A $75,000 loan can easily cost you five figures in total interest if you opt for a longer loan term. Consider signing up with a lender that doesn’t charge a penalty for paying off your loan early so you can get out of debt faster with one of these tips:

  1. Pay every two weeks. Making biweekly repayments instead of paying once a month results in making two extra payments each year, which can help you pay off your loan ahead of schedule.
  2. Sign up for autopay. Making sure payments come out of your bank account automatically can help you avoid making late payments or missing a payment by accident. Thankfully, many lenders require you to set up automatic withdrawal from your bank account to help you stay on track.
  3. Use your tax refund. Put your tax refund toward your loan repayments to make one large extra payment each year.

How to pay off a personal loan early

Bottom line

A $75,000 personal loan isn’t as easy to qualify for as other amounts — you need a strong credit score and high enough income to afford repayments of over $1,000 a month. And watch out for long loan terms — it can more than triple the cost of your loan.

Want to learn more about how it all works? Read our guide to personal loans to compare more lenders and explore other options.

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