Find a $70,000 personal loan
Image: 70000Where to get a $70,000 loan
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If you’re planning to take out a $70,000 loan to consolidate debt, fund a major purchase or advance another financial goal, it’s important to weigh your options.
Traditional personal loans tend to have lower rates than credit cards, so they can be an attractive option. But you’ll want to consider your personal finances and what terms you’re likely to qualify for, as well as how payments will fit into your monthly budget.
We’ll review lenders you may want to consider and guide you through the process of applying for a loan.
Monthly payments for a $70,000 personal loan
| Loan duration | Average monthly payments ($70,000 loan) | |||
|---|---|---|---|---|
| Poor credit | Average credit | Good credit | Excellent credit | |
| 1–12 months | $39,998.00 | $34,698.50 | $6,067.00 | $6,672.00 |
| 13–24 months | $3,589.22 | $3,293.27 | $3,223.74 | $3,149.49 |
| 25–36 months | $2,301.35 | $2,321.19 | $2,262.79 | $2,221.75 |
| 37–48 months | $1,912.32 | $1,877.70 | $1,857.04 | $1,805.96 |
Average monthly loan payments are based on aggregate TransUnion credit report data from Credit Karma members with active personal loans as of December 2022
The best $70,000 personal loans
Wells Fargo
You won’t be charged an origination fee or prepayment penalty. And setting up autopay will qualify you for an interest rate discount. But you must already be a Wells Fargo customer to apply for a loan. And while Wells Fargo offers a rate-estimate calculator, it doesn’t provide the option to prequalify, so your only application option comes with a hard credit check.
LightStream
Only borrowers with good-to-excellent credit can qualify with LightStream, but the lender offers competitive interest rates and a rate discount for autopay. Unfortunately, there’s no prequalification process available.
USAA
You can get an autopay discount on your interest rate, and you won’t pay application or prepayment penalty fees. But only USAA members can apply, and membership is limited to veterans, service members and military family members.
SoFi
You may need strong credit to qualify with SoFi. But if you do, you can access specialized perks in addition to competitive rates. And if you lose your job through no fault of your own while you’re paying off a SoFi loan, you may be able to temporarily modify your payments.
How to get a $70,000 loan
Before you take out a loan, you’ll want to consider what you want to finance with the money.
For instance, if you want to renovate your kitchen, you may want to take out a home equity loan instead of a personal loan. But if you don’t own a home and want to consolidate debt, a personal loan will probably make the most sense.
It’s also a good idea to apply for prequalification with several lenders before you make a final decision. Prequalification lets you preview your potential rate and compare loan offers without a hard credit inquiry. Just keep in mind that if you decide to move forward with a lender, they’ll likely run a hard credit inquiry that can affect your scores temporarily.
There are some basic pieces of information you’ll want to have available before you apply, including …
- Paystubs
- W-2s
- Driver’s license/Social Security number/identification
- Monthly expenses, such as housing or other debts
- How much you want to borrow
- Information about any collateral (if you’re applying for a home equity loan, HELOC or secured personal loan)
You may be able to receive your money within a few days if you apply for a personal loan, but your timeline could be a month or more if you want to use your home equity as collateral. (The exact timing will also depend on your bank.)
FAQs about $70,000 loans
The ease of getting a 70,000 loan depends on your credit and a lender’s specific approval requirements. Borrowers with higher credit scores are more likely to be approved for a broader range of loans and with better terms. But certain lenders market to people whose credit is on the lower end of the spectrum, which takes some guesswork out of the application process. Those lenders likely charge higher interest rates and fees to applicants with bad credit. So when shopping for loans, look at a lender’s full range of rates and fees, not just their lowest advertised terms, and use prequalification to get an idea of what those terms might be for you.
70,000 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.