$75,000 loans are more rare than you’d think. Only a handful of lenders offer such large amounts — and you’ll need good to excellent credit to qualify for most. But there are some options available, provided you know where to look.
$75,000 personal loan lenders
These providers offer $75,000 loans and cater to borrowers with a range of credit scores. Search by state, credit score and loan amount to find the right option for your needs.
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 ratio (DTI).
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. Lenders calculate your DTI by dividing your monthly debt payments and bills 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 are 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 complete 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’ll likely get the loan. 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?
It’s difficult to get a $75,000 loan if you have below 670. Even lenders that accept bad and fair credit typically don’t offer the highest loan amounts to borrowers that just meet the credit score requirements.
To increase your chances of approval:
- Use an online lender. Lenders offering $75,000 loans to bad credit borrowers are few and far between. However, some online lenders like Upstart will look beyond a lack of credit history if that’s what’s causing your score to dip.
- Apply with your bank. If you have a long, positive relationship with your bank, they may be willing to overlook a one-time negative mark on your credit report.
- 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?
A $75,000 loan usually comes with some of the lowest rates a lender offers — typically around 6% APR. That’s partly because the requirements are so strict that if you qualify for that loan amount, you’re also likely to qualify for the lowest rate. During an economic boom, some lenders only offer the lowest rates on high loan amounts like $75,000 or $100,000. But lenders may actually charge higher interest rates on large loans during times of economic uncertainty — they stand to lose more if you default.
Even when rates are low, you might not get as good of a deal if you opt for a long-term loan. Most lenders offer 2-, 3-, 5- and 7-year terms. While opting for a 7-year term lowers the monthly cost, many lenders charge higher interest rates than they would on a 2-year term. But the monthly savings may be worth it.
Here’s what a $75,000 personal loan would cost with an APR of 11.23% – the average personal loan rate at the end of 2022, according to the Federal Reserve.
As this table shows, you need to be able to afford monthly repayments of at least $1,293 — 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.
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Have a loan in mind? Use our calculator to find out how much your $75,000 loan will cost at different rates and terms.
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How to apply for a $75,000 loan
Follow these six steps to apply for a $75,000 loan:
- Compare lenders. Compare loan amounts, rates, terms and eligibility requirements to find an online lender, bank or credit union willing to work with you.
- 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.
- Apply for the loan. Once prequalified, complete the loan application, double-checking it for accuracy and correcting any mistakes before sending it in.
- 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 your information.
- 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 monthly payment.
- 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 a $75,000 loan
These tips can help you get approved and reduce the cost of your loan:
- 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.
- Apply with a joint applicant. Bringing someone else on to the loan can help you qualify for a larger loan amount and reduces the risk of default in the eyes of the lender. This can help reduce your rate — some lenders like Achieve even offer a rate discount for joint applicants.
- 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.
- Improve your credit score. Get a copy of your credit report and clean up any errors 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 rates and get out of debt faster.
What to watch out for
Even if you can secure a $75,000 loan, keep the following 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.
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