What to know about getting a $70,000 personal loan

You can use a personal loan for many reasons, but if you’re looking for a higher amount, qualifying will be tougher.

The average personal loan balance is around $16,000, and Americans have nearly 43 million personal loan accounts, according to Experian. But what if you need a large personal loan – like $70,000?

You’ll likely need good to excellent credit to qualify for a $70,000 personal loan, although you may be able to qualify with a cosigner if your credit is only good or fair.

Where to get a $70,000 personal loan

You can find a $70,000 personal loan at some banks and online lenders. But you might not have that many options, as few lenders offer personal loans this large. In fact, many credit unions don’t offer $70,000 personal loans at all. The application process is typically the same, but the time to fund can vary greatly.

Online lenders

An online loan is typically both convenient and practical. You might also have a few more options to choose from when you’re looking for a $70,000 loan from an online lender. But some online lenders charge higher fees and interest rates for borrowers with poor credit.

Once you’re approved for a personal loan from an online lender, you can generally get your money quickly. Many online lenders can fund a loan as quickly as the next business day, although five days or fewer is typical.

Banks and credit unions

It may be difficult to find a bank that offers personal loans for more than $50,000, even if you have excellent credit. That’s why it pays to shop around. Also, if you have a long-standing relationship with a bank, they may be willing to go the extra mile for you.

As with banks, it may be difficult to find a credit union that offers $70,000 personal loans. You’ll have to join the credit union (and meet its membership eligibility requirements) in order to get a loan, but if you do qualify, you may find more favorable rates. Since credit unions are member-owned and not-for-profit entities, they tend to have better interest rates than other options.

How do I apply for a $70,000 loan?

To qualify for such a large amount, you’ll need to prepare. Check out these tips to put your best foot forward when you apply:

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