Where can I get a personal loan of $ 80,000?


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It is possible to get a personal loan of $ 80,000, but larger loans can come at higher costs, so be sure to compare APRs and loan terms carefully before choosing the right one for you. (iStock)

If you’re looking to consolidate your credit card debt or finance a major home renovation, you can look to a personal loan. Unsecured personal loans offer a flexible way to borrow money at fixed and stable rates without risking your property as collateral. Some lenders offer personal loans of $ 80,000 or more, although you need good to excellent credit to borrow such a large amount.

Before taking out an $ 80,000 personal loan, think about all of your options to find the loan that’s right for you. Here’s where to look for an $ 80,000 loan and some things to consider before getting a large personal loan.

Where can I get a personal loan of $ 80,000?

The personal loan market has grown rapidly in recent years, reaching a record high of $ 323 billion in the third quarter of 2020, according to data from Experian. With this growth, more and more lenders are offering personal loans. Here’s where to find an $ 80,000 personal loan.

  • Online lenders – Businesses specializing in personal loans, such as Avant, Payoff and Upstart, allow borrowers to apply for a loan and receive money within days. With online lenders, it’s relatively easy to compare interest rates and fees – and many of these lenders allow you to get a personalized loan estimate in minutes.
  • Banks and credit unions – Traditional institutions can also offer unsecured personal loans, and many have an online application process. These institutions can offer the advantage of allowing you to meet in person with a loan officer to discuss your financial situation. Some banks and credit unions may also offer discounts if you have a checking account or other product with them.

Credible allows you to compare personal loan rates from various lenders in minutes.

Things to Consider When Comparing $ 80,000 Loans

Before committing to a personal loan, get quotes from several different lenders to find out the rates and terms they offer. Here are some things to compare:

  • APR – APR stands for annual percentage rate and takes into account the interest rate and any fees charged. This represents the cost of your loan. Most personal lenders advertise their APRs, and looking at them rather than just the interest rates provides a better comparison.
  • Costs – Personal loans often come with a origination fee, usually a percentage of the loan amount that is deducted before the money arrives in your bank account. With a good credit score, you should be able to find a lender who doesn’t charge a set-up fee. You should also be able to avoid administration fees and the like.
  • Repayment period – This is the length of time you have to repay the loan. The duration of personal loans can be as short as a year and as long as 10 to 12. With a personal loan of $ 80,000, you will probably want to find a lender that offers longer repayment terms to lower your monthly payment. Keep in mind, however, that a longer loan term will increase the amount you will ultimately pay in interest.
  • Monthly payment – The amount of your loan, the interest rate and the repayment period determine your monthly payment. Make sure you know the monthly payment for each loan you are considering and see if it fits your budget.
  • Total cost of the loan – All of the above will contribute to the total amount you will pay for your personal loan. Higher interest rates and longer terms will increase the amount of interest you pay over time, which means you pay a higher amount to borrow money.

How much will an $ 80,000 personal loan cost?

The cost of your $ 80,000 personal loan will depend on the APR and the repayment term. You can use a personal loan calculator like this one from Credible to figure out what your monthly payments will be and the total cost based on the terms you are considering.

People with better credit will generally be entitled to a lower APR than people with bad credit. This is because lower credit scores represent a greater risk for the lender, and companies charge higher rates to compensate.

If you have excellent credit, you may be eligible for APRs as low as 2.5% to 5%. If your credit is fair to poor, your APR can reach 20% or more. This difference in interest rates can cause the amount you pay to increase dramatically. For example, an $ 80,000 personal loan with a 3% APR repaid over five years would have a monthly payment of $ 1,437. Over the course of the loan, you would pay $ 86,249. With an APR of 19%, your monthly payment on that same five-year loan would be $ 2,075 and your total cost would be $ 124,514.

Loan terms can also make a big difference. Longer terms will have lower monthly payments, but will result in larger total payments over the life of the loan. Here’s how your costs break down in two different scenarios: an $ 80,000 personal loan with a 10% APR and a three-year term versus a five-year loan.

Three-year term

  • Monthly payment – $ 2,581
  • Total cost – $ 92,929

Five-year term

  • Monthly payment – $ 1,700
  • Total cost – $ 101,985

Compare personal loan rates using Credible without affecting your credit score.

$ 80,000 personal loan lenders to consider

Although a number of financial institutions offer personal loans, not all will lend you $ 80,000. Here are two credible partner lenders to consider who offer $ 80,000 personal loans.


LightStream offers loans of up to $ 100,000 with no upfront costs and longer loan terms than most competitors.

  • Loan amounts: $ 5,000 to $ 100,000
  • Repayment Terms : Two to seven years (12 years for renovation loans)
  • Average financing period: From the same working day
  • Who could it be good for: People looking for lower monthly payments over a longer period of time


SoFi offers unemployment protection, which means your payments will be suspended if you lose your job – and you may also be eligible for career coaching.

  • Loan amounts: $ 5,000 to $ 100,000
  • Repayment Terms : Two to seven years
  • Average financing period: From three working days
  • Who could it be good for: People who want career support and job loss protection

The next lender is not a credible partner, but still offers $ 80,000 personal loans and is worth a look.

Wells fargo

Wells Fargo offers a wide variety of loan sizes, fast, no-cost financing.

  • Loan amounts: $ 3,000 to $ 100,000
  • Repayment Terms : One to seven years
  • Average financing period: From the same day or the next working day
  • Who could it be good for: People who want to pay off their loan faster

Other lenders may also offer $ 80,000 personal loans, so it’s important to shop around and compare your options. If you’re ready to find a personal loan that’s right for you, compare personal loan rates in minutes using Credible.

Alternatives to a personal loan of $ 80,000

If you need $ 80,000 for a real estate project or to consolidate your debt, a personal loan is not your only option. Here are a few more to consider.

Home equity loan

A home equity loan is paid in a lump sum and the amount you can borrow is based on the equity in your home. (Home equity is the difference between the value of your home and the amount you owe on your mortgage.) Home equity loans typically have a fixed rate, which means you’ll have the same monthly payment for the entire period. duration of your loan. Because these loans are secured by your home, they tend to have lower interest rates. But you risk losing your home to foreclosure if you can’t make your payments.


Homeowners can also take out a home equity line of credit, or HELOC, which is another loan based on the equity in your home. These loans work more like a credit card. When you purchase a HELOC, you enter the draw period and can spend up to your credit limit as needed. Then you will enter the repayment period, paying back the money you borrowed with interest. These loans usually have variable rates, which means that your monthly payment will change over the course of your loan. HELOCs are also secured by your property.

Refinancing of collection

With withdrawal refinancing, you take out a new mortgage that pays off and replaces your original mortgage. Your new mortgage is more than you currently owe, and the difference comes back to you in cash. These loans have lower interest rates than the other options, although you will usually pay a substantial amount in closing costs.

Add a co-signer

If you are having trouble qualifying for an $ 80,000 personal loan, you may consider finding a trusted friend or relative to co-sign your loan. They will also be responsible for repaying the loan if you are unable to make your payments. But if they have strong credit, it can help you qualify for a loan or for a low rate.

Borrow less

A personal loan of $ 80,000 can be difficult to obtain. Consider applying for a smaller loan if you are having difficulty finding a lender for the full amount.


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