How to Get an $80,000 Personal Loan

Personal loans are an easy way to cover big expenses fast. Whether you have emergency medical bills, want to renovate your kitchen, or hope to splurge on your wedding, your best bet for getting the cash to make it happen is often a personal loan. But what if you need a lot of money—say $80,000?

Getting an $80,000 personal loan is a lot more challenging than getting a smaller loan. Fewer lenders approve loans for that much money and those that do require a strong credit score, low debt-to-income ratio, and solid source of income.

But that doesn’t mean it’s impossible. While banks and credit unions are usually off the table, you can still apply with a few online lenders for a substantial personal loan. Below, we’ll walk you through the best personal loans for $80,000, how to apply for and repay a loan of that size, and the pros and cons of $80,000 personal loans.

What lenders offer personal loans for $80,000?

Lenders have strict personal loan limits: the maximum amount they’re willing to lend at one time. While finding loans for $80,000 (or even more) is possible, many lenders cap their loans at $40,000 or $50,000.

While you’ll be hard-pressed to find an $80,000 personal loan at a local bank or credit union, a few online lenders are known for awarding sizable personal loans. 

Wells Fargo is one big exception to the bank rule, with loans up to $100,000; however, you’ll need to have been a Wells Fargo bank member for at least 12 months to qualify.

The table below shows four lenders currently offering $80,000 personal loans:

Lender	Max loan limit
SoFi	$100,000
LightStream	$100,000
Credible	$200,000
BHG Money	$200,000
Wells Fargo	$100,000

Keep in mind a few things as you consider applying for a personal loan for $80,000:

• Loan amounts: Just because lenders offer $80,000 personal loans doesn’t mean you’ll qualify. You’ll need excellent credit, a stable income stream, and a low debt-to-income ratio to qualify for the highest loan amounts.
• APR: Similarly, just because you see a low starting APR advertised doesn’t mean you’ll qualify for it. Lenders express APRs in ranges. You could pay an APR anywhere within the advertised range, depending on your credit, income, repayment schedule, and other factors.
• Predatory lenders: We have reviewed the lenders above and feel they are safe, credible options for personal loans. You may qualify for payday loans of $80,000 or more from predatory lenders, but these loans can have extremely high interest rates and short repayment terms. Exercise caution. Here’s how to avoid personal loan scams.

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The best personal loans

How to get an $80,000 personal loan

To be eligible for a substantial personal loan of $80,000, you’ll typically need to have:

• Good to excellent credit: Lenders will do a hard credit check when you apply.
• A steady income stream: Lenders may require you to submit bank statements, pay stubs, and/or recent tax returns.
• A low debt-to-income ratio: If you already have multiple other loans, your DTI may be too high to qualify, even if you earn a high salary.

If you believe you meet the eligibility criteria for an $80,000 personal loan, here’s how to apply:

1. Do your homework

Not every personal loan lender offers loans as large as $80,000. Review our list of lenders offering $80,000 personal loans, but also check with local banks and credit unions. Most may not offer loans of this size, but it’s always worth asking.

2. Get prequalified

Getting prequalified for a personal loan is easy (and often instant). Many lenders have quick online forms that don’t require a hard credit pull. Just input some basic information to see if you will likely get approved—and at what rate. Getting prequalified with a few lenders will make it easier to compare.

Remember: Prequalification does not guarantee approval, but as long as you fill out the form accurately, prequalification is a good indicator.

3. Weigh your options

After getting prequalified with a handful of lenders, compare factors like APR, origination fee, repayment schedules, and approved borrowing amount. Make the best decision for your borrowing needs.

4. Gather supporting documentation

When you apply for a personal loan, you will typically need to provide some proof of identity and address. Lenders will also often require proof of income (W-2s, pay stubs, bank statements, etc.).

And if your credit report is frozen with the major credit bureaus, be sure to unfreeze or thaw your report before applying.

5. Apply

Once you’ve gathered all your documentation, you can officially apply for loan approval. Some lenders can offer same-day approval and funding; others may need 1 to 2 business days to fund your loan.

How to repay an $80,000 personal loan

Each lender has its repayment schedules, but they typically fall within two to seven years. The longer you take to repay a loan, the smaller and more manageable each monthly payment will be. However, this also means you’ll pay more in interest over the life of the loan.

Many lenders allow you to make additional payments toward your principal balance, which can help you pay off your loan faster (and pay less in interest in the long term). Check with your lender to ensure there are no prepayment penalties for paying off the loan early.

What are the payments on an $80,000 personal loan?

The payments on an $80,000 personal loan will depend on your APR and loan term. Below are some scenarios to help you see what your monthly payments could look like—and how much you’d pay over the life of the loan.

The table below shows how APR impacts your monthly payment and the total amount paid over the life of the loan. A lower APR means lower monthly payments and less paid over the life of the loan.

	Example 1	Example 2
Loan amount	$80,000	$80,000
APR	15%	20%
Repayment term	5 years	5 years
Monthly payment	$1,903	$2,120
Total amount paid over life of loan	$114,192	$127,171

The table below shows how the repayment term impacts your monthly payment and the total amount paid over the life of the loan. A shorter repayment term means larger monthly payments but less paid over the life of the loan.

	Example 1	Example 2
Loan amount	$80,000	$80,000
APR	15%	15%
Repayment term	4 years	7 years
Monthly payment	$2,226	$1,544
Total amount paid over life of loan	$106,870	$129,674

You can use our personal loan calculator to simulate additional scenarios to help you determine the right APR and repayment term for your $80,000 personal loan.

Pros and cons of a personal loan for $80,000

Still not sure if a personal loan for $80,000 is right for you? Here are some pros and cons to consider:

Pros of an $80,000 personal loan

• Large loan amount makes it easy to cover a wide range of expenses, from medical bills to debt consolidation to home renovation.
• A personal loan may have a lower interest rate than a credit card.
• Repaying a personal loan on time, without missing payments, can improve your credit score over time.

Cons of an $80,000 personal loan

• Given the sheer size of the loan amount, your monthly payments are likely to be quite large.
• You will likely pay tens of thousands of dollars in interest over the life of the loan.
• These loans can be challenging to qualify for; applying and getting rejected will temporarily lower your credit score.

Other ways to borrow $80,000

Personal loans aren’t the only way to borrow $80,000. Here are a few other options to consider:

• Credit cards: While everyone should exercise caution when taking on credit card debt, especially when the cards carry high interest, they’re sometimes your only option. If you have a high enough credit limit—or have multiple credit cards whose limits together total $80,000—you may be able to fund your purchase on the card(s).
• Home equity loan or HELOC: Home equity loans or home equity lines of credit (HELOCs) allow homeowners to tap into the equity they’ve already built into their home.
• Friends and family: If you have a wealthy family member or friend willing to loan you money—at least a portion of what you need—you might consider going that route, and then borrow the rest through a smaller personal loan. Of course, borrowing money from loved ones can get complicated. Only go this route if you’re sure money won’t affect your relationship, and always prioritize paying back your friends and relatives.

If you can’t qualify for a personal loan for $80,000 alone, that doesn’t mean it’s off the table. You may still be able to get a large personal loan with a cosigner or co-borrower.

Ask the expert

Andrew Steger

CFP®

If a borrower finds themselves in a difficult position, I recommend starting by talking to friends and family because more favorable terms could be worked out. Secondly, a HELOC could utilize home equity, and if the loan was used for home improvements, the interest could be deductible on the year-end tax return. Credit cards would be a lender of last resort due to their extremely high interest rates. They are likely more expensive relative to an online lender. 

FAQ 

What is the minimum credit score required to qualify for a $80,000 personal loan?

The minimum credit score required for a personal loan of $80,000 may vary between lenders. However, a high credit score—740 or above—may increase the chances of approval. We recommend checking the lender’s specific requirements before applying.

Can I apply for a personal loan if I’m self-employed or have irregular income?

Yes, individuals with irregular income or self-employed can qualify for most personal loans, including those for $80,000. However, the lender will assess the risk associated with irregular income. It might ask for additional documentation to verify income stability.

How long does it take to receive the funds once I’m approved for a personal loan?

The timing varies by lender. Some lenders have online platforms and can disburse funds as soon as the same or next business day. Other lenders may take a few business days or longer.

Are there any restrictions on how I can use a personal loan?

Generally, there are no specific restrictions on using a personal loan. You can use the funds from an $80,000 personal loan to consolidate debt, fund a major purchase, or cover medical bills.

What happens if I miss a payment on my personal loan?

If you miss a payment, the lender may charge a late fee. The missed payment could also hurt your credit score. Always contact the lender if you can’t make a payment on time.

Can I pay off my personal loan early, and are there penalties for doing so?

Many lenders allow for early repayment of personal loans. However, some might charge prepayment penalties. Understanding the terms of your specific loan because strategies for early repayment can save considerable interest costs.

How do lenders determine the interest rate for an $80,000 personal loan?

Several factors will affect your interest rate, credit score, income stability, debt-to-income ratio, and the lender’s base rate. Higher credit scores and stable income can result in lower interest rates.

Recap of $80,000 personal loan lenders

Lender	Max loan limit
SoFi	$100,000
LightStream	$100,000
Credible	$200,000
BHG Money	$200,000
Wells Fargo	$100,000