What credit score do I need for a $60000 loan?

You'll typically need good or excellent credit ( a FICO score of 670 or higher ) and may need to meet certain income requirements. You should also make sure there are no delinquent accounts or recent missed payments on your credit report.

How much would a $60,000 loan cost per month?

For example, for a $60K personal loan, for a term of 30-years with an annual percentage rate of 6% , the estimated monthly payment would be about $360 , while a 15-year loan at an annual percentage rate of 3.5% would have an estimated monthly payment of about $429.

How can I borrow $60,000?

If you want to borrow £60k, you will most likely be looking at taking out a secured loan . Secured loans, also known as homeowner loans, allow you to borrow higher amounts by securing the debt against your property.

What credit score is needed for a 50k loan?

You'll have the best chance of getting approved with an excellent credit score, such as one above 800. You may struggle to find a lender that will approve a $50,000 loan for folks with poor or bad credit. A "poor" credit score is considered 580 or under. Most lenders require at least a "fair" score of around 670 .

How much loan can I qualify for with 60k?

How much of a home loan can I get on a $60,000 salary? The general guideline is that a mortgage should be two to 2.5 times your annual salary . A $60,000 salary equates to a mortgage between $120,000 and $150,000.

Is it hard to get approved for a 50000 loan?

You'll typically need good to excellent credit to qualify for a $50,000 loan, though there are some options available if you have less-than-stellar credit . 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.

Can I borrow $70,000 from a bank?

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.

How much income do I need for a 20k loan?

Some lenders state they require stable, consistent income, while others list a minimum income requirement. For example, Discover requires a household income of at least $25,000 . Finally, personal loan lenders consider your DTI ratio or your ratio of debt to gross income.

How much of a personal loan can I get with bad credit?

Multiple lenders that serve bad-credit customers advertise amounts ranging from $1,000 to $50,000 . But if your credit is poor, you might not be offered a lender's maximum amount. The amount you will vary based on your creditworthiness and the lender's underwriting criteria.

How hard is it to get a 60k loan?

This is a big loan and you might be wondering if you can qualify for such a large amount. Your chances of qualifying will be far better if you have a good credit score, a low debt to income ratio, and stable employment with enough income to service the debt. You may not qualify with bad credit.

What size loan can I get with a 580 credit score?

You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

How much of a home loan can I get with a 650 credit score?

Your credit score typically won't affect the home loan amount you're able to receive . Instead, it will affect the interest rate of the loan. The lender will determine how much you can borrow based on a number of factors like your income, debt-to-income ratio, and more.

Where to get a $60,000 loan (2024)

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Written by: Erin Dunn

Updated:

March 7, 2024

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Monthly payments for a $60,000 personal loan

Loan duration	Average monthly payments ($60,000 loan)
	Poor credit	Average credit	Good credit	Excellent credit
1–12 months	$29,998.00	$34,598.50	$5,123.33	$5,106.43
13–24 months	$2,900.68	$2,827.02	$2,755.40	$2,708.56
25–36 months	$2,012.87	$1,999.23	$1,955.59	$1,892.46
37–48 months	$1,658.62	$1,648.31	$1,611.85	$1,549.82

The best $60,000 personal loans
How to get a $60,000 loan
FAQs about $60,000 loans

The best $60,000 personal loans

SoFi

You may need strong credit to qualify with SoFi. But if you do, you can access specialized perks in addition to competitive rates. And if you lose your job through no fault of your own while you’re paying off a SoFi loan, you may be able to temporarily modify your payments.

Wells Fargo

You won’t be charged an origination fee or prepayment penalty. And setting up autopay will qualify you for an interest rate discount. But you must already be a Wells Fargo customer to apply for a loan. And while Wells Fargo offers a rate-estimate calculator, it doesn’t provide the option to prequalify, so your only application option comes with a hard credit check.

LightStream

Only borrowers with good-to-excellent credit can qualify with LightStream, but the lender offers competitive interest rates and a rate discount for autopay. Unfortunately, there’s no prequalification process available.

USAA

You can get an autopay discount on your interest rate, and you won’t pay application or prepayment penalty fees. But only USAA members can apply, and membership is limited to veterans, service members and military family members.

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How to get a $60,000 loan

Applying for a $60,000 loan can take some work, but it’s worth the effort if you can save money by consolidating debt at a lower rate or finance home renovations that increase your home value.

Start by collecting basic information about your finances, such as …

W2s
Recent paystubs
Identification/Social Security number/driver’s license
Desired loan amount
Monthly expenses, such as housing costs and debt
Information about any collateral you want to use

From there, it’s a good idea to apply for prequalification. This lets you preview your potential rate without a hard credit inquiry. It will also give you a good idea of which lender may be the best fit for you.

Once you decide to move forward and officially apply though, the lender will likely perform a hard credit inquiry that can have a temporary effect on your credit scores.

If you apply for a personal loan, you may be able to access money within a few days.

But home equity loans or HELOCs can take up to a month or more to disburse funds. (Loans that tap your home equity usually have lower rates than unsecured personal loans, so it may be worth the wait.)

FAQs about $60,000 loans

Is a $60,000 loan hard to get?

Your ability to get a $60,000 loan typically depends on your credit profile and a lender’s requirements for approval. For instance, a borrower with bad credit may only be able to get approved from a lender that specifically advertises loans for people with less-than-perfect credit. Applicants with lower credit scores will likely get offers with higher interest rates and fees than people with stronger credit scores get.

Can you get a $60,000 loan with bad credit?

Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.