If you’re looking to consolidate credit card debt or fund a major home renovation, you may turn to a personal loan. Unsecured personal loans offer a flexible way to borrow money at stable, fixed rates without risking your property as collateral. Some lenders offer personal loans of $80,000 or more, though you’ll need good to excellent credit to borrow such a large amount.
Before you take out an $80,000 personal loan, consider all your options to find the right loan for you. Here’s where to look for an $80,000 loan, and some things to consider before getting a large personal loan.
Where can I get an $80,000 personal loan?
The personal loan market has grown rapidly in recent years, reaching a record $323 billion in the third quarter of 2020, according to Experian data. With that growth, more lenders are offering personal loans. Here’s where to find an $80,000 personal loan.
- Online lenders — Companies that specialize in personal loans, like Avant, Payoff and Upstart, allow borrowers to apply for a loan and receive money within a matter of a few days. With online lenders, it’s relatively easy to compare interest rates and fees — and many of these lenders allow you to get a personalized loan estimate within a few minutes.
- Banks and credit unions — Brick-and-mortar institutions may also offer unsecured personal loans, and many have an online application process. These institutions may offer the advantage of allowing you to meet with a loan officer in person to discuss your financial situation. Some banks and credit unions may also offer discounts if you have a checking account or other product with them.
Credible lets you compare personal loan rates from various lenders in minutes.
Things to consider when comparing $80,000 loans
Before committing to a personal loan, get quotes from several different lenders to see the rates and terms they offer. Here are some things to compare.:
- APR — APR stands for annual percentage rate, and takes into account the interest rate and any fees charged. This represents your cost of borrowing money. Most personal loan lenders advertise their APRs, and looking at these rather than just the interest rate offers a better comparison.
- Fees — Personal loans often come with origination fees, usually a percentage of the loan amount that’s deducted before the money lands in your bank account. With a good credit score, you should be able to find a lender that doesn’t charge an origination fee. You should also be able to avoid application and other fees.
- Repayment term — This is the length of time you have to repay the loan. Personal loan term lengths can be as short as one year, and as long as 10 to 12. With an $80,000 personal loan, you’ll likely want to find a lender that offers longer repayment terms to reduce your monthly payment. Keep in mind, though, that a longer loan term will increase the amount you ultimately pay in interest.
- Monthly payment — Your loan amount, interest rate and repayment term determine your monthly payment. Be sure to find out the monthly payment of each loan you’re considering and see if it will fit within your budget.
- Total cost of the loan — All of the above will contribute to the total amount you pay for your personal loan. Higher interest rates and longer terms will increase the amount of interest you pay over time, meaning you’re paying a larger amount to borrow money.
How much will an $80,000 personal loan cost?
The cost of your $80,000 personal loan will depend on the APR and repayment term. You can use a personal loan calculator like this one from Credible to figure out what your monthly payment and total cost will be based on the terms you’re considering.
People with better credit will typically qualify for a lower APR than those with bad credit. That’s because lower credit scores represent a greater risk to the lender, and companies charge higher rates to compensate.
If you have excellent credit, you may qualify for APRs as low as 2.5% to 5%. If your credit is fair to poor, your APR may be as high as 20% or more. This difference in interest rates can mean a dramatic increase in the amount you pay. For example, an $80,000 personal loan with a 3% APR paid back over five years would have a monthly payment of $1,437. Over the course of the loan, you’d pay $86,249. With an APR of 19%, your monthly payment on that same five-year loan would be $2,075, and your total cost would be $124,514.
Loan terms can make a big difference as well. Longer terms will have lower monthly payments, but result in larger total payments over the life of the loan. Here’s how your costs break down in two different scenarios — an $80,000 personal loan with an APR of 10% and a three-year term versus one with a five-year term.
- Monthly payment — $2,581
- Total cost — $92,929
- Monthly payment — $1,700
- Total cost — $101,985
Compare personal loan rates using Credible without affecting your credit score.
$80,000 personal loan lenders to consider
While a number of financial institutions offer personal loans, not all of them will lend you $80,000. Here are two Credible partner lenders to consider that offer $80,000 personal loans.
LightStream offers loans of up to $100,000 with no origination fees and loan terms longer than most competitors.
- Loan amounts: $5,000 to $100,000
- Repayment terms: Two to seven years (12 years for home improvement loans)
- Average funding time: As soon as the same business day
- Who it might be good for: People looking for lower monthly payments through a longer term
SoFi offers unemployment protection, meaning your payments will be put on pause if you lose your job — and you may also be eligible for career coaching.
- Loan amounts: $5,000 to $100,000
- Repayment terms: Two to seven years
- Average funding time: As soon as three business days
- Who it might be good for: People who want help in their careers and protection if they lose their jobs
The following lender isn’t a Credible partner, but still offers $80,000 personal loans and is worth a look.
Wells Fargo offers a wide range of loan amounts, quick funding and no fees.
- Loan amounts: $3,000 to $100,000
- Repayment terms: One to seven years
- Average funding time: As soon as the same or next business day
- Who it might be good for: People who want to pay off their loan more quickly
Other lenders may also offer $80,000 personal loans, so it’s important to shop around and compare your options. If you’re ready to find a personal loan that’s right for you, compare personal loan rates in minutes using Credible.
Alternatives to an $80,000 personal loan
If you need $80,000 for a home project or to consolidate debt, a personal loan isn’t your only option. Here are some others to consider.
Home equity loan
A home equity loan is paid out in a lump sum, and the amount you can borrow is based on the equity in your home. (Equity is the difference between what your home is worth and how much you owe on your mortgage.) Home equity loans typically have a fixed rate, meaning you’ll have the same monthly payment over the life of your loan. Because these loans are secured by your home, they tend to have lower interest rates. But you risk losing your home to foreclosure if you can’t make your payments.
Homeowners can also take out a home equity line of credit, or HELOC, which is another loan based on the equity of your home. These loans function more like a credit card. When you take out a HELOC, you enter the draw period and are able to spend up to your credit limit as needed. Then you’ll enter the repayment period, repaying the money you borrowed with interest. These loans typically have variable rates, meaning your monthly payment will change over the course of your loan. HELOCs are also secured by your property.
With a cash-out refinance, you take out a new mortgage that pays off and replaces your original mortgage. Your new mortgage is for a higher amount than you currently owe, and the difference comes to you as cash. These loans have lower interest rates than other options, though you’ll generally pay a substantial amount in closing costs.
Add a cosigner
If you’re having trouble qualifying for an $80,000 personal loan, you may consider finding a trusted friend or relative to cosign your loan. They’ll be equally responsible for paying back the loan if you aren’t able to make your payments. But if they have solid credit, it may help you qualify for a loan or for a low rate.
Borrow a smaller amount
An $80,000 personal loan can be difficult to qualify for. Consider applying for a smaller loan if you’re having difficulty finding a lender for the full amount.