How to Get a $70,000 Personal Loan

Personal loans are installment loans that you make monthly payments toward throughout the loan term, usually between 24 and 60 months. Personal loans offer maximum flexibility since you can use the funds for almost anything, including medical bills, home repairs, renovations, travel, and debt consolidation. 

Borrowers can apply for a personal loan at a bank, credit union, or online lender. The loans are unsecured, which means you don’t need to provide collateral like a house or car. But it also means that the eligibility requirements—credit score, income and employment—might be stricter. 

Here’s how to determine if a $70,000 loan is the right fit, including a list of the top lenders to consider. 

What lenders offer personal loans for $70,000? 

Lenders aim to reduce risk, and higher loan amounts are riskier. Because of that, a $70,000 personal loan might have a higher interest rate than a smaller loan with the same lender. Lenders also consider borrowers’ credit scores, income, current debt, and employment. Each of those factors can impact the size of your loan and the annual percentage rate (APR).

The APR, also known as the Annual Percentage Rate, is the cost of borrowing money. A lower APR means you pay less for the loan, while a higher APR means you pay more. Qualified borrowers with high credit scores, reliable employment, and income typically qualify for the lowest rates. 

Many lenders offer personal loans for up to $100,000 or more. But just because a lender provides a loan for a certain amount doesn’t mean everyone qualifies. For example, you might apply for a $100,000 loan but get approved for half that amount due to your credit history and income. 

The following lenders offer personal loans for maximums above $70,000. 

Lender	APR range
LightStream	7.49% – 25.49%
Credible	7.49% – 35.99%1
Wells Fargo	7.49% – 23.24%
USAA	10.19% – 18.51%
BHG Money	13.39% – 24.91%

Watch for predatory lending offers as you shop for the best rates and terms. If an offer seems too good to be true, it probably is. Excessive interest charges, upfront fees, and hidden terms are red flags for predatory lending. 

How to get a $70,000 personal loan 

You must meet the lender’s eligibility criteria to qualify for a personal loan. The specific requirements, like the exact credit score or income amount, change from one lender to the next. Still, the eligibility factors are the same for all lenders, making it easier to prepare an application. 

Here are the factors lenders consider when reviewing a personal loan application.

• Debt capacity: Lenders review your current debt amount compared to your income to confirm that you can afford the monthly payments from a new loan. This factor, also known as your debt-to-income ratio, impacts your credit score. 
• Credit history: Your credit history summarizes your actions as a borrower. It lists your current accounts, total debt, and any missed payments or delinquent accounts. Your credit score provides a snapshot of your credit history, and many lenders want to see a score of 600 or higher. 
• Income and employment: Your income determines how much you can pay toward a loan payment. Lenders want to confirm you have stable jobs and income. 

When you’re ready to apply, there are a few steps to take. Loan applications are the same for most lenders, which helps streamline the process. Here’s what to expect. 

• Prequalify with multiple lenders: You can prequalify for loans without a hard credit check, which means it doesn’t harm your score. Prequalifying takes a few minutes but set aside at least an hour to research lenders and prequalify with numerous companies. 
• Finish the application: After you select your lender, finalize the application and submit it for review. The application usually takes around 15 minutes to complete. 
• Review the offer: Lenders usually respond to applications within one to two business days or less. Once you receive the final offer, review the rates, terms, and fees. If you’re satisfied, finalize the loan. 
• Receive the funds: Funds should arrive in your bank account within a few business days. Some lenders also offer same-day funding. 

How to repay a $70,000 personal loan

Once you have a $70,000 personal loan, you can expect to make monthly payments until the end of the term. Because it’s a larger loan, you might opt for a longer repayment term, like 60 or 72 months. Longer repayment terms can help create lower monthly payments. Still, the tradeoff is that the total interest rates are higher, and you will, therefore, likely pay more in interest over the lifetime.

You can also take steps to pay off your loan faster. For example, you can make additional monthly payments or contribute a lump sum if you get a tax refund or work bonus. You can put extra payments directly toward the loan’s principal, which helps reduce your balance faster. 

For example: 

• Imagine you have a $70,000 loan with a 60-month term and a 10% interest rate
• Your monthly payment would be $1,487.29, and total interest charges would be $19,237.59
• If you make an additional payment of $200 each month, your monthly payment would stay the same.
• But you would repay the loan eight months faster and save $2,985 on interest.

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What are the payments on a $70,000 personal loan?

The interest rate and term length determine the amount you pay for a $70,000 loan. Lenders often charge higher rates for larger loans to offset the increased risk. Both factors impact the amount you pay each month and the total amount you pay toward interest. 

A higher interest rate means that your monthly payment and interest charges are higher, and the reverse is also true—a lower interest rate reduces those numbers. 

For example, imagine you have $70,000 with a 48-month term.

Interest rate	8%	11%
Monthly payment	$1,708.90	$1,809.19
Total interest	$12,027.42	$16,840.96

On the other hand, term length can impact the monthly payment and total interest charges differently. For example, imagine you have the same loan with an 11% interest rate, but the repayment term is longer at 72 months. The monthly payments decrease by nearly $500, but the total interest charges increase.

Term length	48 mo.	72 mo.
Monthly payment	$1,809.19	$1,332.39
Total interest	$16,840.96	$25,931.76

Pros and cons of a personal loan for $70,000 

Pros

• Secure a lower rate

  Personal loans usually offer competitive interest rates compared to other options, such as credit cards

• Maximum flexibility

  Borrowers are not limited in how they use funds from a personal loan. You can use the funds for nearly any expense, including travel, medical bills, and renovations.

• Large loan limits

  Many Lenders offer personal loans for up to $100,000, which is significantly higher than many credit card limits. Unless you have equity in a home, it can be challenging to find a way to borrow such a high amount. 

Cons

• High monthly payments

  Large loans have high monthly payments. Even with an 84-month term and a 9% interest rate, you can expect to pay over $1,000 per month. 

• Eligibility requirements

  Personal loans offer competitive interest rates and terms, but you must be able to qualify for them. If you can’t, the terms are the same or higher than other lending options. 

• Costly interest charges

  You will likely pay a large amount toward interest with a large loan. For example, with a short 24-month term and a 9% interest rate, you would still spend nearly $7,000 in interest. 

Ask the expert

Catherine Valega

CFP®

As a financial planner, I would not recommend taking out a $70,000 personal option—it would be a last resort, only. If you have debt, you can very often negotiate payment plans, as is the case with medical debt. If you have equity in your home, a home equity line of credit is often the best place to access liquidity if needed. Or your 401(K) plan offers options to borrow your funds in certain cases.

Other ways to borrow $70,000

Personal loans are helpful if you need to access money, especially a significant amount. But there are also other options you can consider. 

• Home equity loan or line of credit: Homeowners with equity can take advantage of home equity loans and lines of credit. Because these are secured loans, the rates are usually competitive. But if you default on the loan, your house is at risk. 
• Credit cards: Borrowers who need access to funds can use credit cards. You might have to use multiple cards since $70,000 is a significant amount. Credit cards usually have high interest rates, making them expensive. But in some circumstances, it might be worth it. 
• Medical payment plan: You can typically work with the hospital to establish a payment plan if you have medical debt. Contact the billing department and ask about your options. It’s only a viable solution for medical bills, which might only be helpful for some borrowers. 

If you have family members with funds who are ready and willing, another cheaper option is an “intrafamily loan.” The IRS determines rates. 

Catherine Valega

CFP®

FAQ 

What is the minimum credit score required to qualify for a $70,000 personal loan?

Many lenders require potential borrowers to have a credit score of at least 650 to qualify for a personal loan, but this number can vary. For a large sum like $70,000, lenders may prefer a credit score of 700 or more. Higher credit scores can also lead to more favorable interest rates.

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

Yes, getting approval for a personal loan is possible if you’re self-employed or have an irregular income. Verifying income might be more intense, but lenders often look at the overall financial picture. Providing bank statements, tax returns, and any other proof of stable income can increase your chances of approval.

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

You may get the funds within a few business days upon approval, but the time frame varies by lender. Some lenders offer the convenience of a same-day or next-day disbursement, and others might require several days.

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

Personal loans offer flexibility and can be used for various expenses. However, some lenders may impose restrictions, particularly for large amounts. As a borrower, it’s important to understand your loan terms and conditions.

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

Missing a payment on your loan can affect your credit score and may lead to additional late fees. It’s crucial to contact your lender when you realize a payment may be late. Many lenders will work with borrowers to create a payment plan during difficult times.

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

In most cases, you can pay off your loan ahead of schedule without penalty. This isn’t always true, though. Some lenders may charge prepayment penalties to recoup a portion of the lost interest. Before prepaying, review your loan agreement or contact your lender for clarification.

How do lenders determine the interest rate for a $70,000 personal loan?

Interest rates for personal loans are determined by several factors, which include your credit score, income stability, debt-to-income ratio, and loan term length. Market trends also influence rates, but a solid financial profile can help ensure you get a loan with a competitive interest rate.

Recap of $70,000 personal loan lenders

Lender	APR range
LightStream	7.49% – 25.49%
SoFi	8.99% – 29.49%
Credible	7.49% – 35.99%1
Wells Fargo	7.49% – 23.24%
USAA	10.19% – 18.51%
BHG Money	13.39% – 24.91%