How to Get a $60,000 Personal Loan

Personal loans are fixed-rate monthly installment products. You can use a $60,000 personal loan for just about any legal reason, including debt consolidation or emergencies.

If you’re looking for a personal loan this large, you may have trouble finding one. Only a handful of financial institutions—including banks and online lenders—offer $60,000 loans. Those that do generally require applicants to have good credit to qualify.

We’ve compiled a list of the top lenders offering $60,000 personal loans. We’ll also walk you through the application process.

Top lenders offering personal loans for $60,000

Maximum loan amounts or personal loan limits vary by lender. Some lenders limit qualified applicants to only borrow up to $40,000, and others offer loan amounts up to $200,000.

The exact amount you qualify to borrow if approved depends on many factors, including your:

• Credit score
• Income
• Debt-to-income ratio (DTI)

Lenders consider these factors and your repayment term to determine your annual percentage rate (APR). Your APR represents your yearly interest plus any fees the lender charges, such as origination fees.

While shopping for a personal loan, avoid lenders that promise guaranteed approval and upfront fees. Doing this can minimize your chances of becoming a victim of a personal loan scam.

Below are two lenders and an online platform that partners with financial institutions to offer personal loans up to $60,000. You can click the lender’s name in the table for more details about its $60,000 loan.

Company	Rates (APR)	Loan amounts
Credible	7.49% – 35.99%	$600 – $200,000
LightStream	7.49% – 25.49%	$5,000 – $100,000
SoFi	8.99% – 29.49%	$5,000 – $100,000

Credible – Best marketplace

View Rates

LendEDU rating: 5.0 out of 5

• Compare multiple lenders
• Quick, easy online application
• User-friendly platform

Credible is the best marketplace for securing a $60,000 personal loan because it provides borrowers with a comprehensive and user-friendly comparison tool to see prequalified rates from multiple lenders¹.

LightStream – Best for excellent credit

View Rates

LendEDU rating: 4.8 out of 5

• Low rates for excellent credit
• No origination or prepayment fees
• Fast funding after approval

LightStream is the prime choice for individuals with credit scores of 740 and above looking to secure a $60,000 personal loan. This lender distinguishes itself through its competitive interest rates and flexible loan terms. We’re fans of LightStream’s straightforward no-fee structure, which ensures borrowers aren’t caught off-guard by unexpected costs. 

The company’s approach is built around rewarding responsible credit behavior with favorable loan conditions, including some of the lowest interest rates in the market.

Another hallmark of LightStream is its commitment to customer satisfaction, underscored by its Rate Beat program and Loan Experience Guarantee. This dedication to exceeding borrower expectations makes LightStream a standout choice for those with excellent credit. 

SoFi – Best for good credit

View Rates

LendEDU rating: 5.0 out of 5

• No origination fees or prepayment penalties
• Flexible repayment options
• Member benefits, including financial planning

SoFi is our leading lender for individuals with credit scores of 670 or better aiming to obtain a $60,000 personal loan. Known for its holistic approach to lending, SoFi goes beyond mere financial transactions to offer a suite of benefits that enhance the borrower’s financial well-being. This includes unemployment protection, financial advising, and member events, making it much more than a lending platform. 

SoFi’s emphasis on building a community and supporting its members throughout their financial journey sets it apart from traditional lenders. SoFi offers competitive rates, transparent terms, and no fees for loan origination, prepayment, or late payments. 

SoFi offers good-credit borrowers attractive loan terms and a range of resources to manage their finances. SoFi is an excellent choice, offering a blend of favorable loan conditions and comprehensive financial support.

How to get a $60,000 personal loan 

You’ll need to meet the lender’s eligibility requirements to get a $60,000 personal loan. These requirements vary but often include:

• Minimum credit score requirement. You generally need good credit—often defined as a FICO score 670 or higher—to qualify for a $60,000 loan.
• Annual income. The lender will evaluate your income to decide whether you make enough to repay the loan.
• DTI below a certain threshold. Lenders will also consider how your current debt load compares to your gross monthly income to assess whether you can afford to take on additional debt.

Follow these steps to apply for a personal loan:

1. Check your credit score. Review your credit score to assess your chances of qualifying for a large personal loan. 
2. Prequalify. If available, prequalify with a lender online. Prequalifying for a loan doesn’t mean you’ll get approved, but it helps you compare your options without affecting your credit score. This step only takes a few minutes.
3. Submit a complete loan application. After you’ve found the best lender for you, submit a loan application. The lender may ask you to provide these documents so it can verify your income: your bank statements, recent pay stubs, and W-2s.
4. Repay your loan. Pay your loan as promised to avoid late penalties and possible damage to your credit profile.

How to repay a $60,000 personal loan 

After you get funds, you’ll repay the personal loan in fixed monthly installments, including interest. 

Many personal loan companies don’t charge prepayment penalties. As a result, you could make extra payments to save on interest. 

For example, imagine you take out a three-year, $60,000 personal loan at 8%. If you pay an extra $100 per month to the principal balance, you’d pay off the loan two months ahead of schedule and save $360.36 in interest.

What are the payments on a $60,000 personal loan?

Your monthly payments for a $60,000 personal loan depend on factors including your APR and repayment term. 

The longer your repayment term, the lower your monthly payment. However, you’ll pay more interest over the life of the loan. On the other hand, short-term loans come with higher monthly payments but lower overall borrowing costs.

Below are the monthly payments and total interest costs for a $60,000 loan with different rates and terms.

Loan term + rate	Monthly payment	Total interest	Total loan cost
3 years at 8%	$1,880	$7,687	$67,687
5 years at 10%	$1,275	$16,489	$76,489
7 years at 11%	$1,027	$26,297	$86,297

You can use our personal loan calculator to estimate your monthly payments and total borrowing costs.

Some lenders may charge a higher minimum advertised rate if you choose a personal loan limit above a certain amount. But remember: The rate you’ll receive if approved will vary depending on your credit profile and income.

Pros and cons of a personal loan for $60,000

Before you apply for a $60,000 personal loan, consider the advantages and disadvantages.

Pros

• Fast funding times

  Some lenders can deposit funds into your account as early as the same business day.

• Flexible loan purpose

  You can generally use personal loan funds for any legal purpose, but some lenders may restrict you from using funds for post-secondary education expenses.

• Broad range of repayment terms

  Depending on the loan purpose, some lenders allow you to repay loans over up to 12 years.

Cons

• Large monthly payments

  A $60,000 personal loan will come with high monthly payments, which could make it harder to tackle other personal finance goals.

• More limited choices

  Many lenders offer personal loans up to $50,000, but fewer offer loans of $60,000 or higher.

• Potential harm to your credit

  If you don’t repay the loan on time, it could cause significant damage to your credit score.

Other ways to borrow $60,000 

A personal loan isn’t the only way to borrow $60,000. You could also use other financial products, including:

• Business loans. If you need to borrow $60,000 to cover business expenses, a business loan could help. Depending on the type of business loan you apply for, it could take up to 45 days to receive funds.
• Home equity loans. Home equity loans are similar to personal loans in that they come with fixed rates and you repay the loan in monthly installments. However, the downside is that a lender can take your home if you default.

Note that if you’re having trouble applying for a personal loan on your own, some lenders allow you to add a co-borrower or cosigner, including the three we mentioned above.

FAQ

What is the minimum credit score required to qualify for a $60,000 personal loan?

To qualify for a $60,000 personal loan, you likely need a good to excellent credit score of 670 or higher. However, terms can vary among lenders, so it’s important to check the specific requirements.

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

Yes, you can still apply for a $60,000 personal loan if you’re self-employed or have irregular income. Lenders may ask for additional information—for example, tax returns, bank statements, or business financial documentation—to verify your income.

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

Upon approval, most lenders can transfer funds as fast as one business day. However, the exact timeline can vary depending on the lender.

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

You can use most $60,000 personal loans for almost any legal purpose. These can include debt consolidation, home improvements, or large purchases. However, some lenders may have restrictions, so check with your lender.

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

If you miss a payment on a loan, additional interest and fees may apply. Your credit score might also take a hit. Contact your lender as soon as possible if you’re struggling to keep up with payments.

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

You can usually pay off your personal loan early, but some lenders may charge an early repayment fee. Before applying for a loan, ensure you understand the lender’s policy regarding early payoff.

How do lenders determine the interest rate for a $60,000 personal loan?

Interest rates on personal loans are determined by a variety of factors, including your credit score, income, debt-to-income ratio, and the loan term you select.

Recap of lenders offering $60,000 personal loans

Lender	Rates (APR)	Loan amounts
Credible	7.49% – 35.99%	$600 – $200,000
LightStream	7.49% – 25.49%	$5,000 – $100,000
SoFi	8.99% – 29.49%	$5,000 – $100,000

---

¹ Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.