Credible takeaways
- Getting a loan as large as $70,000 typically requires good to excellent credit and a sufficient income.
- $70,000 loans may be hard to come by, but some online lenders and banks do offer them.
- If you're struggling to qualify, there may be other options.
Whether you’re planning home renovations, are facing medical procedures, or need to cover another major expense, a personal loan could help.
You can use a large personal loan — such as a $70,000 loan — for a wide variety of purposes. But before you borrow that much, it’s important to carefully consider all of your options to find the right loan for you.
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Where to get a $70,000 personal loan
Here are a few of your lender options for getting a $70,000 personal loan.
Online lenders
An online loan can be one of the most convenient choices when it comes to getting a personal loan. The time to fund for an online loan is typically five days or less — though some lenders will fund loans as soon as the same or next business day after approval.
Here are Credible’s partner lenders that offer $70,000 personal loans:
Personal loans for excellent credit
SoFi
4.9
Credible Rating
Check Rates
on Credible’s website
Est. APR
8.99 - 29.99%
Loan Amount
$5000 to $100000
Min. Credit Score
Does not disclose
Pros and cons
No fees required
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
Good credit required
5,000 minimum loan amount
More details
Overview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Loan Amount
$5,000 to $100,000
Repayment terms
2 - 7 years
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Discounts
Autopay, direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Phone, email, live chat
Soft credit check
Yes
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Best home improvement loans
LightStream
4.2
Credible Rating
Check Rates
on Credible’s website
Est. APR
6.99 - 25.49%
Loan Amount
$5000 to $100000
Min. Credit Score
700
Pros and cons
Same-day funding available
High maximum loan amount
No origination fee
Good credit required
No prequalification process
Not available in Vermont
More details
Overview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Loan amount
$5,000 to $100,000
Repayment terms
2 - 12 years, depending on loan purpose
Fees
None
Discounts
Autopay
Eligibility
Available in all states except RI and VT
Min. income
Does not disclose
Customer service
Soft credit check
No
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Large personal loans
BHG Money
4
Credible Rating
Check Rates
on Credible’s website
Est. APR
-
Loan Amount
$20000 to $200000
Min. Credit Score
660
Pros and cons
Eligible applicants can borrow up to $200,000
Considers borrowers with fair credit
Long repayment terms
Cosigners allowed
Not available in MD or IL
No discounts
Minimum income required of $100,000 annually
More details
Overview
BHG Money stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.
Loan amount
$20,000 - $200,000
Repayment terms
3 - 10 years
Fees
Origination fees, late fees
Discounts
None
Eligibility
Available in all states except Maryland and Illinois
Min. income
$100,000
Customer service
Email, phone
Soft credit check
Not on lender's site
Time to get funds
In as few as 5 days
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
Banks and credit unions
Banks and credit unions don’t typically offer loan amounts as high as $70,000 — most only provide loans of $50,000 or less.
Some exceptions are Wells Fargo, which offers personal loans up to $100,000 with terms up to seven years. Plus, if you’re an existing Wells Fargo customer, you could qualify for rate discounts. Alliant Credit Union also offers personal loans up to $100,000, with terms up to five years.
If you need to borrow less than $70,000, a bank or credit union might still be a good option.
What to consider when comparing $70,000 loans
Getting a personal loan as large as $70,000 is a big decision. Here are several points to consider before you apply.
1. Annual percentage rates (APRs)
Most personal loans are unsecured, which means you don’t have to worry about collateral. While this can be convenient, it also means the loan is more of a risk to the lender — especially with larger loan amounts like $70,000.
As a result, lenders tend to charge higher APRs on unsecured loans to mitigate the risk.
Your APR is your loan's interest rate plus any upfront fees and is a better way to compare loan options than interest rate alone. It has a major effect on your overall loan cost, so make sure to consider rates from multiple lenders.
Good to know
Most personal loans come with fixed interest rates, though there are some lenders that also offer variable rates.
2. Fees
Fees vary from lender to lender, so be sure to do your research while comparing lenders to avoid any surprises. Some personal loan fees you might come across include:
- Origination fees that are deducted before the loan is disbursed to you.
- Late fees for missed payments.
3. Repayment terms
Personal loan repayment terms generally range from one to seven years, depending on the lender. Keep in mind that if you choose a longer repayment term, you’ll likely pay more in interest over time.
Tip
Lenders typically offer lower rates on short terms. It’s usually a good idea to opt for the shortest term you can afford to save as much as possible on interest charges.
4. Monthly payment
While unsecured personal loans don’t require collateral, that doesn’t mean there are no consequences if you fall behind on your payments. Missing payments can wreck your credit score, and lenders might send your debt to collections or even sue you.
Make sure to consider whether the monthly payment for a $70,000 loan will fit comfortably within your budget.
Weigh your options
Choosing a longer repayment term could get you a lower monthly payment, which could lessen the strain on your budget. While you’d pay more in interest over time, it’s likely worth it if the alternative is missing payments.
5. Total repayment costs
Be sure to estimate the total repayment costs of the loan so you can prepare for the additional expense. Before you sign a loan contract, review the Truth in Lending Act disclosure that the lender will provide, which will detail your full repayment cost including interest and fees.
Pay special attention to these two numbers:
- The finance charge: This is the cost of your loan, including interest and certain fees, assuming you make all your payments on time.
- Total of payments: This is the sum of all the payments you’ll make to pay off your loan, including the loan principal and finance charges.
Cost to repay a $70,000 loan
A loan's term, APR, fees and monthly payment affect the total repayment cost of a $70,000 loan. The rates in these examples are hypothetical and are solely for illustration.
If you’re ready to take out a $70,000 loan, remember to consider multiple lenders so you can find a loan that suits your needs.
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Alternatives to a $70,000 personal loan
Depending on your credit, qualifying for a loan as large as $70,000 might be difficult. If you’re struggling to get approved, here are some other options to consider:
- Add a cosigner: Having a cosigner could improve your chances of getting approved for a large personal loan. Even if you don’t need a cosigner to qualify, having one might get you a lower interest rate than you’d get on your own. A cosigner is responsible for making payments if you don't, and their credit score will be affected along with yours by any missed or late payments.
- Apply for a home equity loan: If you’re a homeowner and have equity in your house, a home equity loan could be another way to get the funds you need. If you’re considering a home equity loan vs. a personal loan, keep in mind that you might get a lower interest rate on a home equity loan because it’s secured by your house. However, this also means your home could be at risk if you miss payments.
- Consider a HELOC: Home equity lines of credit (HELOCs) are another way to access the equity in your house if you’re a homeowner. But unlike home equity loans, HELOCS are a type of revolving credit that you can repeatedly draw on and pay off — similar to a credit card. But because your home acts as collateral, you risk losing it if you can’t keep up with your payments.
- Take out a smaller loan: If you can borrow less than $70,000, you might have an easier time qualifying for a loan. For example, several lenders offer $50,000 personal loans.
- Use a reverse mortgage: If you’re 62 or older and live in your property as your primary residence, you can apply for a reverse mortgage to finance major purchases or to supplement your retirement. However, keep in mind that if you die or move out of the home, the loan will have to be repaid — typically by selling the house.
Meet the expert:
Kat Tretina
Kat Tretina is a freelance writer specializing in personal finance. Her work has been published in The Wall Street Journal's Buy Side, U.S. News, and Money.com.
