Compare £60,000 loans to get the best rate available to you

It’s possible to get your hands on a £60,000 personal loan, but you’ll need to secure a loan of this size against a property, which means you’ll likely only be able to borrow £60,000 if you own a house.

When applying for large loans, it’s also especially crucial to have your finances in order. If you’ve got a healthy credit score and a decent amount of equity in your property, it will make the process much easier and improve your chances of getting approved.

It’ll be hugely beneficial when it comes to finding the best available deal too. After all, even the smallest difference in interest rates can make a significant impact on the overall cost of a loan this size, so getting the best rate can save you a lot of money.

You can get a £60,000 loan for any worthwhile purpose. Loans are often used for the following reasons:

• £60,000 loan for home improvements
• £60,000 loan for small business
• £60,000 loan for land purchase
• £60,000 bridging loan
• £60,000 business loan
• £60,000 loan to buy a car

Yes, when you take out a secured £60,000 loan, you’ll almost certainly incur some fees. These are typically added to the amount borrowed. These can include a product or application fee, a broker fee, or a valuation fee for the survey that is conducted on your home to determine its value. However, fees will vary between lenders.

This will vary between different lenders and the minimum income requirement will only be one of the criteria you’ll need to meet in order to be eligible for a £60,000 loan. When considering your application, lenders want to see evidence that you’ll be a responsible borrower, which extends beyond how much you make.

For example, someone with a salary of £20,000, but who demonstrates good financial habits and has low outgoings, may be just as likely to get a loan as someone who earns £50,000 but who also spends a lot each month.

You could potentially get approved for an unsecured £60,000 loan within days, but almost all loans of this size will require you to use an asset as security, which will extend the application process. It can often take two or three weeks for a secured loan to be approved and funded, as the lender will need to have a valuation carried out on your property.

Loan terms range from as little as 1 year right up to 20 years or more. You can tailor your loan term to make your monthly repayments affordable. You can change your loan term to make your monthly repayments more affordable or can increase the size of your monthly repayments to pay off your loan quicker. As a general rule of thumb, the longer the loan term, the lower the monthly repayments, but the higher the overall cost.