Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated top personal loan providers
33
Providers RatedOur team researched more than two dozen of the country’s most popular personal lenders, including large online companies like SoFi, big banks like Wells Fargo, and peer-to-peer lenders like Upstart.
660
Data Points AnalyzedTo create our rating system, we analyzed each personal loan company’s disclosures, licensing documents, marketing materials, sample loan agreements and websites to understand their loan offerings and terms.
41
Loan Features TrackedOur team regularly collects data on each company’s loan offerings and terms, such as minimum and maximum loan amounts, origination fees and discounts.
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Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
The Best Lenders for a $70,000 Personal Loan
Many financial institutions offer personal loans, but not all options are created equal. Here are the best lenders for a $70,000 personal loan:
- LightStream: Our top pick
- SoFi: Best for customer service
- Wells Fargo: Best for in-person service
- BHG Money: Best for extra-large loans
LightStream
Our Top Pick
5.0
Affordability: 33/35
Loan Features: 29/35
Customer Experience: 18/20
Company Reputation: 10/10
Our Rating
Interest Rate (APR)6.99% to 25.49%Term Options2 years to 12 yearsLoan Size Offered$5k to $100k
LightStream Overview
There’s a lot to like about the LightStream personal loan. If you qualify, you can borrow as much as $100,000 and have up to 12 years to pay off your debt. However, there is quite a bit of variation in rates: Your personal loan rate could be under 8% or over 25%, depending on your creditworthiness.
Pros & Cons
Pros Offers a 0.50% interest rate autopay discount Doesn’t charge any fees or prepayment penalties Same-day funding possible Cons Can’t prequalify for the loan before officially applying Can’t use loan proceeds to pay for college or invest Difficult to qualify
LightStream Eligibility Requirements
LightStream only works with borrowers with good to excellent credit, indicated by a credit score of 670 or higher. The lender also likes to see a long track record of responsible debt management, a nest egg of assets and sufficient income to service your debts (current and future).
SoFi
Best Customer Service
4.9
Affordability: 30/35
Loan Features: 29/35
Customer Experience: 19/20
Company Reputation: 10/10
Our Rating
Interest Rate (APR)8.99% to 29.49%Term Options2 years to 7 monthsLoan Size Offered$5k to $100k
SoFi Overview
SoFi is a customer-centric lender with the broadest customer service program of any lender on this list. Besides phone support seven days a week, the company also has a chat bot that can solve problems at any part of the day. But the support doesn’t stop after you take out the loan: The lender also provides a unique unemployment protection program. If your loan is in good standing when you lose your job, SoFi may pause or modify your monthly payment and help you look for a new job for up to 12 months.
Pros & Cons
Pros Can prequalify in 60 seconds and may be able to get your funds the same day No fees — including late fees Offers a 0.25% autopay interest rate discount and an additional 0.25% off for having direct deposit with a SoFi checking or savings account Cons Top-end interest rate (25.81% as of this writing) is the highest on our list of recommendations. Longest repayment term available is seven years, where some lenders offer longer Can’t use a SoFi personal loan to buy real estate or fund a business
SoFi Eligibility Requirements
SoFi doesn’t share credit score, income or debt-to-income requirements on its website. However, you must have a job, an employment offer for work to begin within 90 days or sufficient income from another source. You must also be a United States citizen or an eligible permanent resident or non-permanent resident alien.
Wells Fargo
Best for In-Person Service
4.3
Affordability: 35/35
Loan Features: 26/35
Customer Experience: 17/20
Company Reputation: 0/10
Our Rating
Interest Rate (APR)7.49% to 23.24%Term Options12 months to 84 monthsLoan Size Offered$3k to $100k
Wells Fargo Overview
Unlike with many other personal loan lenders, Wells Fargo lets you complete your personal loan application in a bank branch, and you can also visit a physical location if you have concerns about your loan throughout the repayment term.
Pros & Cons
Pros Ability to change your payment due date by calling customer service Can prequalify for a Wells Fargo personal loan before submitting a formal application Can get a loan of up to $100,000 and repayment terms as short as one year Cons May take three business days (or longer) to receive funding on an approved application May charge a late fee if you miss a payment Must be a Wells Fargo customer for at least a year before applying
Wells Fargo Eligibility Requirements
Wells Fargo doesn’t publish much regarding specific personal loan qualifications online. However, the lender does explicitly state that you must be a bank customer for at least a year before becoming eligible to apply.
BHG Money
3.9
Affordability: 25/35
Loan Features: 19/35
Customer Experience: 16/20
Company Reputation: 10/10
Our Rating
Interest Rate (APR)11.96% to 24.91%Term Options36 months to 120 monthsLoan Size Offered$20k to $500k
BHG Money Overview
If you need an extra-large personal loan, BHG Money may be your solution. You can get a loan up to $200,000, by far the largest on this list.
Pros & Cons
Pros Customer service available seven days a week No application fees or prepayment penalties. Offers repayment terms up to 10 years Cons Application process involves 10 to 15 minutes on the phone May take longer than five days to receive your money Not available in Illinois or Maryland
BHG Money Eligibility Requirements
Like other lenders on our list of $70,000 personal loans, BHG Money doesn’t share its eligibility criteria on its website. However, the lender does say it considers other factors besides your credit score when making a lending decision. You can also prequalify online or over the phone to gauge your approval odds.
How to get a $70,000 Personal Loan
While getting a $70,000 personal loan may seem challenging, it doesn’t have to be. Follow these tips to secure the money you need:
Applying for a $70,000 Personal Loan
You can break applying for a $70,000 personal loan into several steps:
- Get your finances in order. Review your credit report and dispute any errors you spot. If your credit score is on the low side, take steps to improve it.
- Research and compare lenders. Research lenders and compare all of your options. Then choose the loan that best aligns with your circ*mstances and goals.
- Prequalify for your loan. Some lenders will let you prequalify for a loan before officially applying. Doing so won’t hurt your credit score and can help you determine if you’re a good candidate for a large personal loan.
- Submit your official application. You may be able to complete the entire application online, or you might have to speak to a bank representative over the phone. In any case, follow the lender’s instructions carefully to expedite the process.
- Sign the loan agreement and receive your money. If your application gets approved, you’ll have to sign some paperwork. Review all of the terms carefully before signing. Then, you should have your funds soon.
Note: Sometimes, lenders require you to submit supporting documentation for your personal loan application. Generally, these documents will relate to proving your income and may include pay stubs, W-2s or tax returns.
The length of the application process varies from lender to lender. Some financial institutions handle the entire transaction online and can give you a lending decision almost instantly. If approved, they can deposit your funds into your bank account on the same day. Others can take several days to process your application and another several days to send your money. If you need cash quickly, a lender such as LightStream or SoFi may be your best bet.
Requirements for a $70,000 Personal Loan
Eligibility criteria for a $70,000 personal loan vary from lender to lender. However, you can expect all lenders to assess your ability to repay the debt by reviewing your credit score, income level and debt-to-income (DTI) ratio.
Typically, lenders like to see a good or excellent credit score (670+) because it demonstrates responsible debt management. They also want you to have as low of a DTI ratio as possible (with 40% generally being the cap) because it indicates you have sufficient cash flow to repay your creditors.
A lender may deny your application if you don’t meet its requirements. However, if the lender decides to take a chance on you, you might have to pay a higher interest rate to offset its risk.
Alternatives to a $70,000 Personal Loan
A $70,000 personal loan could help you achieve your goals, but it’s not the only financing option available.
Home Equity Line of Credit
A home equity line of credit (HELOC) is one way to tap into your home equity, with many lenders letting you borrow up to 85% of your equity. A HELOC works a lot like a credit card. Your lender will set a credit limit for purchases. If you keep the balance paid down, you can use the line of credit as often as you like during the draw period, which generally lasts 10 years.
While a HELOC can be a flexible way to cover your expenses, it’s not without risks. The line of credit is a secured debt, with your property as the collateral. That means the lender could foreclose on your home if you fail to repay what you owe.
Home Equity Loans
A home equity loan is another popular way to borrow from your property’s value. However, it works more like a personal loan than a credit card. After approval, you’ll receive a lump sum and have up to 30 years to repay the loan. Generally, you’ll enjoy a fixed interest rate for the life of the loan, keeping your monthly obligation stable throughout the repayment term.
Like a HELOC, a home equity loan is a secured loan that uses your property as collateral, which means it may be subject to foreclosure if you default. However, on the plus side, since lenders typically view secured debt as less risky than unsecured debt, you may get a lower interest rate than you would with a personal loan (which would likely be unsecured).
Peer-to-Peer Lending
Peer-to-peer (P2P) lending happens on a platform that connects you with lenders and lets you conduct transactions independently of the traditional banking system. There may be fewer eligibility requirements to borrow from a peer (poor to fair credit may be accepted), but you might have to pay expensive fees to get your money. Since P2P lending is still relatively new, you should perform extra due diligence to ensure you do business on a legitimate platform and with a reputable lender.
The Bottom Line
Taking out a $70,000 personal loan can help you achieve important goals, however doing so is a major decision that can have a lasting impact on your finances for years.
It’s wise to take your time and choose the best lender for your situation. You should also consider whether you can realistically handle a new, significant debt or if borrowing less money would be better in the long run.
A financial advisor, planner or other money expert can help you make the right choice for today and for your future.
FAQ
It can take several years to pay off a $70,000 personal loan. The time it will take you depends on your repayment term and your ability to make extra loan payments.
Typically, you need a good credit score (670 or better) to qualify for a $70,000 personal loan. $70,000 is a lot of money, and since the loan is unsecured, your lender needs assurance through a positive credit history.
Currently, the biggest personal loan you can get is through BHG Money. If you qualify, you can get a loan amount up to $200,000.
The easiest loan to get approved for is through a lender that doesn’t place much emphasis on financial requirements like credit score. However, it’s a good idea to boost your credit score as much as possible as it may be very difficult to qualify for a $70,000 personal loan with bad credit.
Methodology: Our System for Ranking the Best Personal Loans
Our team put together a comprehensive100-point rating systemto evaluate personal loan companies. We gathered data points from 28 of the most prominent lenders in the US and analyzed disclosures, licensing documents, sample loan agreements, marketing materials and websites. Our rating system takes into account four broad categories.
- Affordability(35%): How expensive each company’s loans are to pay back.
- Loan features(35%): The breadth of loan terms and features available to prospective customers.
- Customer experience(20%): Ease of application, prequalification and customer service interactions.
- Company reputation(10%): An exploration of lenders’ Better Business Bureau files, customer reviews and outstanding regulatory actions.
Our top-rated lenders may not be the best fit for all borrowers. To learn more,read ourfull personal loans methodology.
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
Laura GariepyContributing Writer
Laura is the owner of Every Day by the Lake, LLC, a written content creation company. She started writing about personal finance, careers and entrepreneurship in 2018. She has written blog articles, web copy, social media posts, email newsletters and more for many satisfied clients.
David GregoryEditor
David Gregory is a sharp-eyed content editor with more than a decade of experience in the financial services industry. Before that, he worked as a child and family therapist until his love of adventure caused him to quit his job, give away everything he owned and head off to Asia. David spent years working and traveling through numerous countries before returning home with his wife and two kids in tow. His love of reading led him to seek out training at UC San Diego to become an editor, and he has been working as an editor ever since. When he’s not working, he’s either reading a book, riding his bicycle or playing a board game with his kids (and sometimes with his wife).
