$75,000 Personal Loans

How do I apply for a $75,000 loan?

While you may feel like applying for a large loan like $75,000 would have a different process, lenders do not have any additional hoops for you to jump through just because you want to borrow more money than the average borrower. Here’s what you need to do:

1. Ensure you qualify: First, make sure you’re in a position to qualify. Do you have Good or Excellent credit? If it’s not as good as it could be, do you have a co-signer? You need to make sure your debt-to-income ratio is less than 20% (so less than $20,000 if you earn $100,000), and ensure you’ve got a good income to show you can afford the loan and your living expenses.
2. Decide how long you want to borrow for: Both options we’ve included above offer the same terms, 2-7 years, though LightStream offers longer terms if you’re using the money for home improvements. If you do plan to use the money for home renovations, consider if you’d prefer a longer term than 2-7 years.
3. Analyze interest rates: Your next step is to consider what interest rate you’d be willing to pay. If your credit score is “Good”, you may not qualify for the most affordable rates, so be realistic about what the loan may cost and whether that’s something you’re happy to pay.
4. Compare loans: Compare the loans available to you and consider if they have any other additional perks that make one loan more attractive to you than others.
5. Apply: Finally, it’s time to apply. All you need to do is click through to their site and fill in their application form accurately. Most lenders now give you an automatic yes or no, but some may need some extra information from you before they’re able to confirm that they’ll lend to you.
6. Wait for your funds: Depending on your lender, it can take up to a week for you to receive your funds, though most are much faster. Once you’ve got your loan, you’re free to spend it as necessary.

What other options are there if I need to borrow $75,000?

We know there aren’t that many lenders offering $75,000, so here are some other ways to raise the money you need:

• Borrow $35,000 - $50,000 (the limit of most lenders) and dip into your savings
• If in the position to do so and you’re applying on the behalf of a family purchase, you and your partner could each borrow $35,000 (see our personal loans for plenty of options) to borrow $70,000
• Borrow using a secured loan - if you have a house or another valuable asset you can get a secured loan using it as collateral to get the funding you need. It is much easier to get secured loans for larger amounts

Borrowing $75,000 can be a challenge, but the two lenders we’ve listed above are great options and offer you fast funding.