Taking out an $80,000 personal loan could be sensible in some cases, but it is a large responsibility. Before moving forward, assess your needs, know how much your monthly payment will be and understand how you will pay it. It’s equally important to shop around with multiple lenders to ensure you get the best deal on a personal loan.

Personal loan lenders that offer $80,000 loans

There’s no shortage of providers offering personal loans. To get started, you can look at banks, credit unions, online lenders and peer-to-peer lenders.

Each type of lender comes with benefits and drawbacks worth considering. You may also discover some lenders offer more attractive rates than others. That said, it’s vital to explore several options before making a final decision on which lender is best for your financial situation.

Here are a few lenders that offer $80,000 loans:

APR range Loan amount range Minimum credit score requirement
BHG Money 11.96%-24.91% $20,000-$200,000 Not specified
LightStream 7.49% to 25.49%* with Autopay $5,000-$100,000 695
Sofi 8.99%-29.49% $5,000-$100,000 680
Wells Fargo 7.49%-23.24% $3,000-$100,000 Not specified

BHG Money

Bankers Healthcare Group, or BHG Money, has personal loan options for up to $200,000 with no collateral required. No matter your credit score, this lender does its best to create a personal loan plan that works for you.

Repayment periods for BHG Money personal loans are shorter than many other lenders at three to ten years, so you can expect monthly payments to be fairly high. However, this means you won’t accrue as much interest over the life of the loan.

LightStream

LightStream offers “loans for practically anything,” including large personal loans. Plus, the Rate Beat Program allows you to get an interest rate that’s 0.1 percent lower than any interest rate you are approved for on a comparable loan product with another lender.

You can apply online in just a few minutes for one of their loans. If approved, you may get funds in your account as soon as the same day.

SoFi

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

There are optional origination or prepayment fees. Same-day funding is also available to select borrowers, and you’ll get a 0.25 percent interest rate discount when enrolling in autopay.

Wells Fargo

Wells Fargo features personal loan options with flexible repayment terms. You’ll get a repayment period between 12 and 36 months for loans up to $4,999. But if you borrow between $5,000 and $100,000, the maximum loan term extends to 84 months.

Interest rate discounts of 0.25 percent or 0.5 percent are also available to current account holders. Most loan applicants receive a decision the same day and funding within one to three business days.

Requirements to receive a personal loan

The eligibility guidelines for personal loans vary by lender. Still, there are general requirements to keep in mind as listed below:

  • Credit score: The lowest interest rates are reserved for borrowers with good-to-excellent credit. If you don’t have perfect credit, you’ll generally need a credit score of at least 620 to be eligible for a personal loan. Expect steep borrowing costs if the lender does approve you with a lower credit score since they’re assuming a greater risk.
  • Income and employment: The lender wants reassurance that you have the means to repay the loan. So, you’ll also need consistent and verifiable income and employment.
  • Debt-to-income (DTI) ratio: Your DTI is the percentage of your monthly gross income that’s used to cover debt obligations. Most lenders prefer a DTI of 50 percent or lower for approval. But a higher DTI could indicate you’re overextended with other debt obligations and aren’t a good fit for a personal loan.

You can prepare for the application process by checking your credit score and gathering all the documents to verify this information. You can get a free credit report each year on annualcreditreport.com. Documents you will likely need include personal identification documents, employment and income verification — like a pay stub, address verification and your loan application.

Costs of an $80,000 personal loan in the long term

Getting an $80,000 personal loan isn’t free. You’ll pay interest on the amount you borrow along with any applicable fees the lender charges. Some lenders assess origination fees — typically between one and percent of the loan amount — prepayment penalties if you choose to pay the loan off early, late payment fees and insufficient funds fees for returned payments.

Use a loan calculator to understand how different interest rates and loan terms affect the cost of the loan in the long term. Before signing off on any loan, understand all the costs, including any fees and interest.

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

There are many reasons why taking out a personal loan might make sense. Personal loans can help you consolidate debt and save a bundle in interest or cover large expenses, like home renovations, vacations, or weddings.

However, taking out an $80,000 loan comes at a cost. So, it’s vital to understand how much of a loan you need and why you need it before applying. You may find that a lower loan amount covers your needs and is more suitable for your financial situation. Plus, you’ll pay less in interest in fees over the loan term.