Find a $45,000 personal loan
Image: 00How (and where) to get a $45,000 personal loan
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Taking out a $45,000 loan can be a smart move if it helps you achieve a financial goal.
But you’ll want to make sure you understand what type of personal loan is best for your situation and how those monthly payments will fit into your budget.
We’ll walk you through our recommendations for lenders to consider and how to apply for a loan.
Average monthly payments for a $45,000 unsecured loan by loan duration and credit score range
| Loan duration | Poor credit | Average credit | Good credit | Excellent credit |
|---|---|---|---|---|
| 1–12 months | $9,999.00 | $9,273.00 | $3,890.38 | $3,883.80 |
| 13–24 months | $2,105.54 | $2,104.00 | $2,087.65 | $2,059.77 |
| 25–36 months | $1,529.39 | $1,520.69 | $1,490.35 | $1,443.17 |
| 37–48 months | $1,268.10 | $1,248.60 | 1,204.90 | $1,158.44 |
Average monthly loan payments update regularly based on aggregate TransUnion credit report data from Credit Karma members with active personal loans.
The best $45,000 personal loans
Achieve
If you qualify, there are several less-common rate discounts available through Achieve, like a co-borrower or a direct-pay discount. But the loans do come with origination fees, so you should factor that into the total cost. Achieve lets you start the loan process online, but you’ll have to continue your application by email or phone.
Alliant Credit Union
Alliant Credit Union might be a solid choice if you’d like a personal loan with flexible repayment terms and the potential for a same-day loan. (Depending on your bank, there may be a wait before you can access your cash.) But you must meet certain membership criteria to join this credit union and apply for a loan.
Laurel Road
Laurel Road offers an entirely online process, and if you set up automatic payments from your bank account, you’ll earn a rate discount. Plus, it doesn’t charge origination or prepayment fees. But loan term options are limited.
Upstart
Upstart considers your education and employment in addition to your credit, so it may be a good option if your credit isn’t great. But borrowers with bad credit could end up paying higher interest rates, and Upgrade charges an origination fee that adds to the cost of the loan.
U.S. Bank
U.S. Bank offers unsecured personal loans, and you’ll typically find out whether your loan is approved quickly. U.S. Bank doesn’t charge any origination fees or prepayment penalties. To find the best options, you may want to become a U.S. bank customer before applying for a personal loan.
How to get a $45,000 loan
Before searching for a $45,000 loan, it’s a good idea to check your credit scores and reports. Understanding your credit situation can help give you a sense of your ability to get a $45,000 loan and the kinds of loans that might be available to you.
After checking your credit, you can begin to shop around for a loan. It might be helpful to see what your bank or credit union has to offer, but it’s best to compare potential options from various lenders so you can find the best rates and terms for you.
If a lender offers prequalification, you can see the terms you might be offered without affecting your credit. Just keep in mind that you might need to provide personal information required to run a soft inquiry on your credit reports. And there’s no guarantee your estimated terms will be your final ones.
Once you’ve researched available loans, you can start to assess the best option for you. Making sure your lender will offer you a loan at your preferred amount is a necessity, but the lender might also have eligibility requirements and state availability restrictions that determine your ability to apply, including your intended use for the funds. You might also want to consider how fast the lender may send you your funds after approval.
Your potential interest rate, the length of the loan and any fees will affect the overall cost. We recommend using a loan calculator to determine how much you might end up paying over the life of the loan.
FAQs about $45,000 loans
Your ability to get a $45,000 loan typically depends on your credit profile and a lender’s requirements for approval. For instance, a borrower with bad credit may only be able to get approved from a lender that specifically advertises loans for people with less-than-perfect credit. Applicants with lower credit scores will likely get offers with higher interest rates and fees than people with stronger credit scores get.
$45,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don’t have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind. It’s a good idea to apply to prequalify with various lenders so you can shop around and compare potential offers without a hard credit inquiry that can temporarily hurt your credit scores.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.