Few lenders offer personal loans over $50,000. This makes it difficult to find a $80,000 loan. You should always compare at least three lenders, but that may not be possible. This means that even if you apply, you will need to consider a replacement.
Plus, a $80,000 personal loan is a huge responsibility. Before moving forward, assess your needs, calculate monthly loan payments, and decide how to keep up with monthly payments.
Lenders offering $80,000 personal loans
Personal loans of any amount are available from banks, credit unions and online lenders. Each type of lender has advantages and disadvantages that are worth considering. With a loan of this size, it is especially important that you can compare many lenders to ensure qualifications and receive a competitive APR.
|
APR Range |
Loan period |
Minimum credit score |
|
|
Wells Fargo |
6.99%-24.49% | 12-84 months | not specified |
|
Arend |
Starting at 8.99% | 12-60 months | not specified |
|
Lightstream |
6.49%-25.29%* (with autopay) | 24-84 months | 695 |
Best Personal Loans of 2025
Explore the top picks of bank rates for the best personal loans to find the perfect lender for you.
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bank
Banks provide a suitable experience for borrowers who prefer face-to-face support. If you already have an account, you may be able to qualify for a discount, but availability varies from bank to bank.
Credit Union
Credit unions act as non-profit financial institutions and typically provide competitive rates to borrowers. According to the National Credit Union Agency, credit unions earn almost 1% points than bank loans. Memberships tend to be fairly easy to protect, but make sure you are eligible before applying.
Online lender
If high-speed funding is your number one priority, an online lender might be the right choice for you. These institutions often have funds available within the business day of approval. Remember that online lenders do not have branches and do not receive face-to-face support.
How to get a $80,000 personal loan
Getting a $80,000 loan requires more foresight and care than a small loan. If you are ready to secure a $80,000 personal loan, here are the options:
- Check your credits: Your credit profile and score will have a major impact on your approval and loan terms. Checking your score before applying will help you identify the best lender.
- Check the eligibility criteria: The lender will consider actors who exceed their credit score to assess your financial situation.
- Research lender: When comparing the best personal loans, pay close attention to the loan amount limits as you borrow at the high end. Most lenders don’t offer unsecured personal loans for more than $50,000. Once you calculate the numbers and compare lenders, you can apply for funds.
- Submit your loan application: Complete the application thoroughly, including the required documentation. This is the fastest way to get a response regarding your lending decision.
- Complete the transaction: Upon approval, we will review and sign the loan document.
- Receive a loan: Loan proceeds are usually paid electronically into your bank account within a few business days of approval.
General Personal Loan Requirements
Your lender will probably need some general documentation and have the minimum guidelines you need to meet. In general, you need to prove your income through government-issued IDs, pay stubs, tax returns, bank statements, and proof of income via excellent credit scores of over 600.
You’ll also want to calculate the debt-to-income ratio. This compares the amount of debt you have with the total monthly income. Having a stable employment history and a positive credit history can increase your chances of getting loan approval.
Long-term costs of a $80,000 personal loan
A $80,000 loan costs a considerable amount of money, overall, on a monthly payment and interest. You will pay interest on the amount you borrow, which may vary based on the terms and conditions you receive. Even if the average personal loan rate is low, you will still be paying tens of thousands of dollars in interest over the life of the loan.
This is how the loan changes under different terms on a $80,000 personal loan with an interest rate of 12.43%.
| 48 months | 60 months | 72 months | 84 months | |
|---|---|---|---|---|
|
Total monthly payment |
$3,782.20 | $1,797.50 | $1,582.60 | $1,431.70 |
|
Total interest paid |
$10,767.10 | $27,819.28 | $33,901.26 | $40,177.21 |
There are also applicable fees. Some lenders will evaluate origin fees (which may be the total of up to 10% of the total loan amount). This imposes prepayment penalties if you choose to pay early, late payment fees, or shortfall fees for return payments. All of these can add the total cost of a $80,000 loan.
Personal Loan calculators can help you identify how different interest rates and loan terms affect the cost of your loan. You will want to have a solid understanding of the loan and the fees that come with it before signing the contract.
How to determine if you need a $80,000 personal loan
To get a $80,000 loan, if you are struggling to meet your monthly amount, commit to substantial monthly payments over a long period of time, risking the impact of your credit score. Before applying, you need to carefully evaluate the purpose behind your fundraising.
Instances where a $80,000 loan could be a good option:
- Authentic Needs and Credit Building: Consistently meeting your loan repayment requirements will help you strengthen your credit profile over time.
- Return on investment: Investing in important housing improvement projects that can increase the value of your property can lead to a return on investment.
Before committing to a personal loan, make sure you understand your monthly repayment requirements and have a solid plan. To avoid financial set-ups, it is important to be able to comfortably manage monthly installments.
A $80,000 personal loan alternative
If you can’t find a personal loan that suits your needs, it’s best to find an alternative rather than signing off on a loan that could lead to future financial problems. Consider personal loan alternatives, such as tapping on your home equity.
- Home Equity Loan or HELOC: The main advantage of this borrowing option is the ability to earn funds on longer terms than a personal loan allows, but it does not come without risk. Your home must be on the line and have important equity in your home to qualify. Home Equity loans are paid temporarily, but Home Equity Line of Credit (HELOC) allows you to draw multiple times during the set period.
- Cash-out mortgage refinance: Refinancing your cash out requires great fairness in your home as well. You replace your mortgage with one for more than you owe and get a cash difference. This is a potentially expensive option and is not recommended if you are unable to get the same rate or lower rates than your current mortgage.
- Peer-to-peer loans: Unlike personal loans borrowed from financial insulation, peer-to-peer loans operate as a group of investors who lend money. This could increase the odds of approval, but could result in higher interest rates and fees.
Conclusion
There are many reasons why taking away your personal loan makes sense. Personal loans can help you consolidate your debt at a low fee, save interest bundles, and cover large expenses like home renovations, holidays, weddings, and more, but it costs money to take away your $80,000 personal loan. It is important to understand the amount of loan you need and why you need it before applying. A low loan amount will cover your needs and prove to be more appropriate for your financial situation. Additionally, if you choose a smaller amount, you will pay less interest and fees.
