Last Updated: Aug 30, 2024
Qualifying for a $70,000 loan might be tricky — particularly if you don’t have good credit. Only a small subsection of personal loan lenders offer loans this large, and the ones that do often have relatively stringent requirements.
But a $70,000 loan can be found. In this article, the MarketWatch Guides team will introduce the four best lenders offering $70,000 personal loans, jumpstarting your research. We’ll also cover how to secure your funding and alternative ways to finance your goals if a personal loan isn’t the right fit for you.
- Weigh your options: Consider all your options in addition to personal loans. More commonly, people use home equity loans to borrow amounts of this size.
- Compare lenders: We’ve researched the top lenders in the nation to give you our choices for larger loans. Consider the requirements, rates and terms of each one.
- Evaluate your situation: For a loan this large, you’ll need to meet some fairly stringent criteria.
- Prequalify: Choose a few lenders you might like to use and fill out their prequalification forms. Most lenders have these on their websites so that you can get an estimate without affecting your credit score.
- Apply: Once you’ve settled on a lender, finish the application process. The lenders on our list allow you to apply online, but some may require you to finish up in person.
The Best Lenders for a $70,000 Personal Loan
Many financial institutions offer personal loans, but not all options are created equal. Here are the best lenders for a $70,000 personal loan:
- LightStream: Our top pick
- SoFi: Best for customer service
- Wells Fargo: Best for in-person service
- BHG Money: Best for extra-large loans
LightStream
Our Top Pick
4.4
Affordability: 33/35
Loan Features: 29/35
Customer Experience: 18/20
Company Reputation: 10/10
Interest Rate (APR)6.99% to 25.99%Term Options2 years to 12 yearsLoan Size Offered$5k to $100k
Why We Like LightStream
There’s a lot to like about the LightStream personal loan. If you qualify, you can borrow as much as $100,000 and have up to 12 years to pay off your debt. However, there is quite a bit of variation in rates: Your personal loan rate could be under 8% or over 25%, depending on your creditworthiness.
Pros & Cons
Pros Discount: LightStream offers a 0.50% interest rate autopay discount. No fees: LightStream doesn’t charge any fees or prepayment penalties for its personal loans. Fast funding: Same-day funding is possible for most borrowers. Cons No prequalification: You can’t prequalify for the loan before officially applying. Limited usage: You can’t use your loan proceeds to pay for college or invest. Difficult to qualify: LightStream’s stringent credit score requirements may make it more difficult to qualify.
LightStream Eligibility Requirements
LightStream only works with borrowers with good to excellent credit, indicated by a credit score of 670 or higher. The lender also likes to see a long track record of responsible debt management, a nest egg of assets and sufficient income to service your debts (current and future). Borrowers with the best credit scores will likely get the best rates, but those with lower scores could pay higher rates than are common for credit cards.
SoFi
Best Customer Service
4.4
Affordability: 30/35
Loan Features: 29/35
Customer Experience: 19/20
Company Reputation: 10/10
Interest Rate (APR)8.99% to 29.49%Term Options2 years to 7 monthsLoan Size Offered$5k to $100k
Why We Like SoFi
SoFi is a customer-centric lender that offers phone support seven days a week. The lender also provides a unique unemployment protection program: If your loan is in good standing when you lose your job, SoFi will pause or modify your monthly payment and help you look for a new job for up to 12 months.
Pros & Cons
Pros Easy prequalification: You can prequalify in 60 seconds and may be able to get your funds the same day. No fees: You won’t pay fees for SoFi loans, including late fees. Rate discount: SoFi offers a 0.25% autopay interest rate discount and an additional 0.25% off for having direct deposit with a SoFi checking or savings account. Cons Slightly higher interest rates: SoFi’s rates start slightly higher than LightStream’s, and end slightly higher, as well. Lack of term options: The longest repayment term available is seven years, whereas LightStream offers options of 10 years and 12 years. Limited usage: You can’t use a SoFi personal loan to buy real estate or fund a business.
SoFi Eligibility Requirements
SoFi requires a credit score of at least 680 to qualify for a personal loan, according to a representative we spoke with. You must also have a job, an employment offer for work to begin within 90 days or sufficient income from another source. In addition, you’ll need to be a United States citizen or an eligible permanent resident or non-permanent resident alien.
Wells Fargo
Best for In-Person Service
4.0
Affordability: 35/35
Loan Features: 26/35
Customer Experience: 17/20
Company Reputation: 0/10
Interest Rate (APR)7.49% to 23.24%Term Options12 months to 84 monthsLoan Size Offered$3k to $100k
Why We Like Wells Fargo
As one of the largest banks in the U.S., Wells Fargo offers a huge range of financial services and more than 5,000 branch locations across the country. This means that a Wells Fargo representative can likely help you complete your personal loan application in a bank branch, and you can also visit a physical location if you have concerns about your loan throughout the repayment term. It also offers competitive rates and a wide range of loan amounts from $3,000 to $100,000.
Pros & Cons
Pros Flexible due dates: Wells Fargo gives you the ability to change your payment due date by calling customer service. Prequalify: You can prequalify for a Wells Fargo personal loan before submitting a formal application. Large loan amounts: You can get a loan of up to $100,000 and repayment terms as short as one year. Cons Longer funding times: It may take three business days (or longer) to receive your loan money after an approved application. Many lenders offer same-day funding. Fees: You may be charged a late fee if you miss a payment. Must be a customer: You must be a Wells Fargo customer for at least a year before applying.
Wells Fargo Eligibility Requirements
When we spoke to a Wells Fargo representative, they stated that the bank doesn’t have a specific credit score criteria they use. Instead, the bank focuses on your financial picture as a whole. This usually means they’ll consider things like credit history, your existing debt and employment in addition to your score. You’ll also need to have a Wells Fargo account for at least a year to be eligible to apply for a personal loan.
BHG Money
3.9
Affordability: 25/35
Loan Features: 19/35
Customer Experience: 16/20
Company Reputation: 10/10
Interest Rate (APR)11.96% to 24.91%Term Options36 months to 120 monthsLoan Size Offered$20k to $500k
Why We Like BHG Money
If you need an extra-large personal loan, BHG Money may be your solution. You can get a loan up to $200,000, by far the largest on this list.
Pros & Cons
Pros Extensive customer service: Customer service is available seven days a week. No fees: Your personal loan comes with no application fees or prepayment penalties. Flexible repayment terms: BHG Money offers repayment terms up to 10 years, longer than the industry norm. Cons Inconvenient application process: The application process involves 10 to 15 minutes on the phone, while most companies offer a completely online application that takes less time. Long funding time: It may take longer than five days to receive your money. Limited availability: BHG Money personal loans are not available in Illinois or Maryland.
BHG Money Eligibility Requirements
Like other lenders on our list of $70,000 personal loans, BHG Money doesn’t share its eligibility criteria on its website. However, the lender does say it considers other factors besides your credit score when making a lending decision. You can also prequalify online or over the phone to gauge your approval odds. To do this, you’ll need to provide your personal information and income.
How to get a $70,000 Personal Loan
While getting a $70,000 personal loan may seem challenging, it doesn’t have to be. Follow these tips to secure the money you need:
Applying for a $70,000 Personal Loan
You can break applying for a $70,000 personal loan into several steps:
- Get your finances in order. Review your credit report and dispute any errors you spot. If your credit score is on the low side, take steps to improve it.
- Research and compare lenders. Research lenders and compare all of your options. Then choose the loan that best aligns with your circ*mstances and goals.
- Prequalify for your loan. Some lenders will let you prequalify for a loan before officially applying. Doing so won’t hurt your credit score and can help you determine if you’re a good candidate for a large personal loan.
- Submit your official application. You may be able to complete the entire application online, or you might have to speak to a bank representative over the phone. In any case, follow the lender’s instructions carefully to expedite the process.
- Sign the loan agreement and receive your money. If your application gets approved, you’ll have to sign some paperwork. Review all of the terms carefully before signing. Then, you should have your funds soon.
Note: Sometimes, lenders require you to submit supporting documentation for your personal loan application. Generally, these documents will relate to proving your income and may include pay stubs, W-2s or tax returns.
The length of the application process varies from lender to lender. Some financial institutions handle the entire transaction online and can give you a lending decision almost instantly. If approved, they can deposit your funds into your bank account on the same day. Others can take several days to process your application and another several days to send your money. If you need cash quickly, a lender such as LightStream or SoFi may be your best bet.
Requirements for a $70,000 Personal Loan
Eligibility criteria for a $70,000 personal loan vary from lender to lender. However, you can expect all lenders to assess your ability to repay the debt by reviewing your credit score, income level and debt-to-income (DTI) ratio.
Typically, lenders like to see a good or excellent credit score (670+) because it demonstrates responsible debt management. They also want you to have as low of a DTI ratio as possible (with 40% generally being the cap) because it indicates you have sufficient cash flow to repay your creditors.
A lender may deny your application if you don’t meet its requirements. However, if the lender decides to take a chance on you, you might have to pay a higher interest rate to offset its risk.
>> Related: Learn more about the requirements to get a personal loan
Alternatives to a $70,000 Personal Loan
A $70,000 personal loan could help you achieve your goals, but it’s not the only financing option available.
Home Equity Line of Credit
A home equity line of credit (HELOC) is one way to tap into your home equity, with many lenders letting you borrow up to 85% of your equity. A HELOC works a lot like a credit card. Your lender will set a credit limit for purchases. If you keep the balance paid down, you can use the line of credit as often as you like during the draw period, which generally lasts 10 years.
While a HELOC can be a flexible way to cover your expenses, it’s not without risks. The line of credit is a secured debt, with your property as the collateral. That means the lender could foreclose on your home if you fail to repay what you owe.
>> Related: What is a HELOC?
Home Equity Loans
A home equity loan is another popular way to borrow from your property’s value. However, it works more like a personal loan than a credit card. After approval, you’ll receive a lump sum and have up to 30 years to repay the loan. Generally, you’ll enjoy a fixed interest rate for the life of the loan, keeping your monthly obligation stable throughout the repayment term.
Like a HELOC, a home equity loan is a secured loan that uses your property as collateral, which means it may be subject to foreclosure if you default. However, on the plus side, since lenders typically view secured debt as less risky than unsecured debt, you may get a lower interest rate than you would with a personal loan (which would likely be unsecured).
>> Related: What is a Home Equity Loan?
Peer-to-Peer Lending
Peer-to-peer (P2P) lending happens on a platform that connects you with lenders and lets you conduct transactions independently of the traditional banking system. There may be fewer eligibility requirements to borrow from a peer (poor to fair credit may be accepted), but you might have to pay expensive fees to get your money. Since P2P lending is still relatively new, you should perform extra due diligence to ensure you do business on a legitimate platform and with a reputable lender.
>> Related: What is Peer-to-Peer Lending?
The Bottom Line
Taking out a $70,000 personal loan can help you achieve important goals, however doing so is a major decision that can have a lasting impact on your finances for years.
It’s wise to take your time and choose the best lender for your situation. You should also consider whether you can realistically handle a new, significant debt or if borrowing less money would be better in the long run.
A financial advisor, planner or other money expert can help you make the right choice for today and for your future.
FAQ
It can take several years to pay off a $70,000 personal loan. The time it will take you depends on your repayment term and your ability to make extra loan payments.
Typically, you need a good credit score (670 or better) to qualify for a $70,000 personal loan. $70,000 is a lot of money, and since the loan is unsecured, your lender needs assurance through a positive credit history.
Currently, the biggest personal loan you can get is through BHG Money. If you qualify, you can get a loan amount up to $200,000.
The easiest loan to get approved for is through a lender that doesn’t place much emphasis on financial requirements like credit score. However, it’s a good idea to boost your credit score as much as possible as it may be very difficult to qualify for a $70,000 personal loan with bad credit.
Methodology: Our System for Ranking the Best Personal Loans
Our team put together a comprehensive100-point rating systemto evaluate personal loan companies. We gathered data points from 28 of the most prominent lenders in the US and analyzed disclosures, licensing documents, sample loan agreements, marketing materials and websites. Our rating system takes into account four broad categories.
- Affordability(35%): How expensive each company’s loans are to pay back.
- Loan features(35%): The breadth of loan terms and features available to prospective customers.
- Customer experience(20%): Ease of application, prequalification and customer service interactions.
- Company reputation(10%): An exploration of lenders’ Better Business Bureau files, customer reviews and outstanding regulatory actions.
Our top-rated lenders may not be the best fit for all borrowers. To learn more,read ourfull personal loans methodology.
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
If you have feedback or questions about this article, please email the MarketWatch Guides team at [email protected].
