Best $60,000 Personal Loans for Good & Bad Credit

What can a $60,000 personal loan be used for?

A $60,000 personal loan could be used for many things. You may use the loan to finance home improvements, build a granny flat, emergencies, weddings, and more. With a $60,000 personal loan you could install a backyard swimming pool with a wrap-around deck and patio or you could do a full custom kitchen renovation with all the top of the line features. A $60,000 personal loan can accomplish many things and you can use the money however you would like in most cases. You can also split the money up between multiple purposes. For example, maybe your children need new computers for school, you want to consolidate some credit card debt, and you want to have a concrete patio installed. You can do all three with a personal loan of $60,000.

What credit score do you need for a $60,000 personal loan?

If you are looking for a personal loan for such a substantial amount as $60,000, you may want to strive to have a credit score above 700. Some lenders may consider you for the loan with a credit score as low as 680, however, for the best chances of qualifying, lenders may want to see a credit score of 700, 720, or even 750. You should also have a low debt-to-income ratio and sufficient income to cover the monthly payment.

How much would a monthly payment be on a $60,000 loan?

A personal loan of $60,000 is going to come with some higher monthly payments. You will want to make sure that you pick a loan repayment period that gives you the most comfortable monthly payment for your budget, but at the same time, does not cost you a fortune in interest. Common loan repayment periods for a $60,000 personal loan can range from 5-years to 9-years. If you are a borrower with a credit score of 720, you may be able to qualify for a $60,000 personal loan with an interest rate somewhere around 12%. Let us take a look at a few different scenarios that would likely occur based on the loan repayment period that you choose. 

A $60,000 personal loan with a 12% interest rate and a 5-year repayment period may bring your monthly payment to somewhere around $1,335 per month. Over 5-years, you will most likely pay close to $20,080.01 in interest alone. That does not include any late payment penalties and assumes you make every payment in full and on time. 

That same loan over a 7-year period could bring monthly payments to somewhere around $1,059 per month with a total interest amount of $28,969.77 over the life of the loan. Over a 9-year period you may see monthly payments around $911 a month, however, you most likely will pay close to $38,393.83 in interest. As you can see, the interest can become quite substantial the longer you extend the loan repayment period. 

How does APR work on a $60,000 personal loan?

An APR includes both the interest rate and any other applicable fees that the lender may charge for the loan. When you are shopping multiple loan offers side-by-side, you may want to make sure you are comparing the APRs and not the interest rates. It is important to consider the interest rates as well, however, the APR represents the total cost of the loan. 

Where to get a $60,000 personal loan

A $60,000 personal loan is not a small amount of money and you should make sure you shop around a bit before committing to a loan offer. You may want to consider multiple lenders to ensure you are saving the most money possible on a $60,000 personal loan. The best way to consider multiple lenders at the same time is by shopping for a personal loan online. At PrimeRates you can compare personal loan offers without impacting your credit score.

How will a $60,000 loan affect my credit?

A $60,000 personal loan is most likely going to increase your debt-to-income ratio and also put a good amount of debt on your credit report. Both of these are likely to decrease your credit score. However, by making payments on time and in full, you may start to see your credit score increase as the debt is paid down and as the on-time payments are being reported to the credit bureaus. 

Do I get access to all $60,000 right away?

In most cases, it will take at least a few business days for your loan to fund. Once the loan funds, you should receive funds via check or directly into your account. Large personal loans may take longer to fund than small personal loans. Funding times often depend on the lender and also how quickly a borrower provides information requested. Funding times can vary depending on the lender and the situation. You may want to ask the lender when to expect the funds if they do not cover that up front.

How do you apply for a $60,000 personal loan?

In most cases, you will start by submitting an application. If you have already selected a lender you want to work with, you will need to follow their protocol. If you are still in the process of finding the best loan offer, you should visit PrimeRates to check offers.

What documentation is needed to apply for a $60,000 loan?

When you are ready to apply for a $60,000 personal loan, you may need to gather some documents that the lender will want in order to process your loan application. Lenders may typically ask for two forms of identification, proof of residence, along with all the necessary income and employment verification information. 

How long does it take to get approved for a personal loan?

If you are seeking a personal loan through an online lender, you may be able to be approved for a personal loan in just a few hours. If you are seeking a personal loan through your bank or a more traditional financial institution, it could take up to a couple of days to be approved. 

How can I get a $60,000 personal loan fast?

Getting a personal loan fast will likely be more complicated than getting a $6,000 personal loan fast. When it comes to large personal loans, there may be more documentation required. While you may still be able to receive funds within a few business days, it’s not likely you will receive them the same day. The faster you submit any documentation a lender needs, the faster the loan should be funded.

Apply for a $60,000 personal loan

Before applying for a personal loan, you should find out if the lender will do a hard or soft credit pull. If the lender can generate a loan offer with a soft credit pull, your credit should not be affected. If you proceed with the loan offer, you will likely need to allow a hard credit pull. If you are in the shopping stages, you should check offers at PrimeRates. You can receive offers from top national lenders without impacting your credit score.