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A personal loan can be a great option if you need to finance major home renovations or expensive medical procedures.
A large personal loan, such as a $80,000 personal loan, can be used to pay for a variety of gladloan.com expenses. It is important to evaluate all options before you apply for a loan this large.
What you need to know before applying for a $80,000 personal loan.
Here are some options for personal loans up to $80,000:
A few online lenders offer personal loans up to $100,000 at low interest. This means that they may be a good option for an $80,000 loan.
Depending on the lender takes to fund an online loan. However, some lenders will fund loans approved within the same day or the next business day.
Credit unions and banks
Personal loans up to $80,000 are not typically offered by banks or credit unions. Most lenders won’t allow you to borrow more than $50,000.
Wells Fargo is an exception. They offer personal loans up to $100,000 and terms up to seven year. You may also be eligible for a loyalty rate discount if you have an existing Wells Fargo account.
Tip If your ability to borrow less than $70,000 a bank or credit may still be an option. Citibank provides personal loans up to $30,000; however, you may be able borrow more if your branch is in person. Both Alliant Credit Union as well as Navy Federal Credit Union provide personal loans up to $50,000.
Consider these things when comparing $80,000 loan offers
Lenders will require that you have excellent to exceptional credit, steady income, and a low ratio of debt to income to be eligible for a $80,000 loan.
The biggest impact on your loan’s cost is the interest rate. Personal loans are usually unsecured, meaning they don’t need collateral. Lenders often charge higher interest rates in order to reduce their risk. The lowest rates are available in most cases to borrowers who have good credit to excellent credit.
To find the best interest rate for you, make sure you compare rates from as many lenders possible.
Remember: Most personal loans have fixed interest rates. There are lenders who offer variable rates, however.
A $15,000 loan will allow you to pay $270 per month and $17.433 interest over the loan’s life. Over the term of your loan, you will be responsible for $32,433.
Personal loan fees can be charged by lenders, which can increase your overall cost. These are some common fees you should be aware of when comparing loan options.
Personal loans typically have a term of one to seven years depending on the lender. While a longer repayment term may be attractive because you will pay a lower monthly amount, interest rates will increase over time.
TipLonger repayment terms usually come with lower interest rates. To save as much interest as possible, it’s a good idea choose the shortest repayment term that you can afford.
It is important to ensure that the monthly payments are within your budget before you apply for a loan. You can also prepare for any unexpected expenses so that you are less likely to miss future payments.
TipMissing to pay a payment, or paying less than the minimum expected, can lead to late fees and damage to your credit.
To reduce your monthly payments, you might consider a longer term loan to lower the amount. Although you will pay more interest over the long term, it is better than damaging your credit score if you miss payments.
To determine if you can afford the loan, consider your total repayment costs. Review the Truth in Lending Act disclosure before you sign a loan agreement. This document will include details about your total repayment costs, including interest and fees.
Pay particular attention to these numbers:
Below is a table that illustrates how loan term, interest rate and monthly payments affect the total repayment costs of a $80,000 loan. These examples do not represent actual interest rates and are only for illustration.
To find the best loan for you, consider all possible lenders if you are looking to get a personal loan of $80,000. Credible makes it easy to compare prequalified rates from multiple lenders within two minutes.
Credible makes it simple to find the right loan.
It may be difficult to qualify for a $80,000 personal loan if you have poor credit or fair credit. If you do need to borrow money, however, there are many other options.
These are some alternatives: