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How to find an $80,000 personal loan


Taking out an $80,000 personal loan makes sense in some cases, but it’s a big responsibility. If you’re considering a loan like this, take stock of your needs to make an effective plan for the future. Know how much your monthly payment will be and understand how you will pay for it.

Talk to several lenders if you decide to take out a personal loan. You can find the best deals by shopping around. Every penny you save is useful when you take out a loan.

How to determine if you need an $80,000 loan

When you take out an $80,000 personal loan, you also agree to pay the associated fees and interest. You need to understand how much of a loan you need and why you need it before you decide to get one.

There are many reasons why taking out a personal loan can make sense. Personal loans can help you consolidate debt and get a better interest rate. They can also help fund major expenses like home renovations, vacations, or weddings.

When considering a loan, think about how it can help you earn money in the future. Using a loan to fund a vacation won’t make you more money in the future, but using $80,000 to fund home renovations can help you increase the equity in your home. Think economically and make a smart plan. There are creative ways to finance major purchases without requiring you to take out a loan. Consider these options when considering taking out a large personal loan.

It would be worth it if you could settle for a smaller loan. A smaller loan means less interest over time and likely lower fees, which can help you save money exponentially.

Conditions to benefit from a personal loan

When you apply for a personal loan, the lender must ensure that you are likely to repay it. They look at several factors to determine your eligibility — credit history, debt-to-income ratio (DTI), income, monthly expenses, and assets.

Every lender is different, but there are standard thresholds for credit score and DTI for any loan. Lenders generally require at least a 610 credit score and look for a DTI of 40% or less. You may have to look a little further to find a loan if you don’t match these qualifications.

You can prepare for the application process by checking your credit score and gathering all documents to verify this information. You can get a free credit report each year at annualcreditreport.com. Documents you will probably need include personal ID, employment and income verification – such as a pay stub, address verification, and your loan application.

Personal lenders who offer loans of $80,000

There are several types of lenders for personal loans. You can check out banks or credit unions or online for online lenders and peer-to-peer lenders. Each type of lender has different pros and cons, and you may be able to find better rates from different lenders. It’s always a good idea to talk to a few lenders before making a final decision on your loan.

Here are some lenders we like that offer $80,000 loans:

BHG Money 10.49% – 29.99% $1 – $200,000 Not disclosed
LightStream 5.73% – 19.99% $5,000 – $100,000 Not disclosed
Sofia 7.99% – 23.43% $5,000 – $100,000 Not disclosed
Wells Fargo 5.99% – 21.74% $3,000 to $100,000 Not disclosed

BHG Money

Bankers Healthcare Group, or BHG Money, offers personal loan options up to $200,000 with no collateral required. Regardless of your credit score, this lender does its best to create a personal loan plan that’s right for you. Repayment periods for BHG Money personal loans are shorter than many other lenders by three to ten years, so you can expect monthly payments to be quite high. However, this means you won’t accrue as much interest over the life of the loan.


Need a loan for something? LightStream offers “loans for just about anything,” including large personal loans. The Rate Beat program allows you to get an interest rate 0.10% lower than any interest rate you are approved for with another lender.

You can apply online in minutes for one of their loans, and if you’re approved, you can have funds in your account the same day.


SoFi offers personal loans with low fixed interest rates and many online options to help you check your rate quickly or get your questions answered. This lender offers personal loans that will help you do anything from consolidating student debt to paying IVF treatments.

Wells Fargo

Wells Fargo offers personal loan options with flexible payment terms. You can make a plan to repay your loan with a repayment term ranging from 12 months to 84 months. If you already have an account with Wells Fargo, you may qualify for a discount on your loan interest rate.

Costs of a long-term $80,000 personal loan

Getting an $80,000 personal loan is not free. You will have to pay interest on the loan over time and any lender fees that are included with the loan. You usually have to pay an origination fee when opening a personal loan, which often ranges from 1-8% of the total. With an $80,000 loan, even a 1% origination fee adds up to an additional $8,000.

In some cases, lenders waive all or part of these fees.

Other fees you might encounter with a personal loan are prepayment penalties, late payment fees, and insufficient funds fees. A prepayment fee is charged by some lenders when you prepay the loan. You are responsible for late payment fees when you miss your monthly payment due and insufficient funds fees when your account does not have enough funds to cover the cost of your monthly payment.

Plus, your total interest on the loan adds up over time. Interest cost is usually built into your monthly payment, but it’s always a good idea to know how much interest will cost over the life of the loan. Use a loan calculator to understand how different interest rates and loan terms affect the cost of long-term lending. Before signing a loan, understand all costs, including fees and interest.

At the end of the line

Taking out an $80,000 personal loan isn’t just free money. You have to repay it and pay interest in addition to the loan amount. You also need to consider any lender fees you may have to pay.

Asking the lender lots of questions and reading the fine print will give you the information you need to decide if you want to borrow from them. Know where to look for good rates and terms, and understand exactly what you’re getting into when you sign up for a loan.