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Guide to Getting $75,000 Personal Loans

Guide to Getting a $75,000 Personal Loan
Sulaiman Abdur-Rahman
Sulaiman Abdur-RahmanUpdated February 27, 2023
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Getting a $75,000 personal loan may require good credit and sufficient income. A personal loan for $75,000 can be used for large expenses, including home remodeling projects and covering emergency medical expenses.A personal loan $75,000 disbursement can arrive in your bank account on the same day your loan is approved. Below we highlight how to get a $75,000 personal loan for family, personal, or household purposes.

Is It Possible to Get a Secured Personal Loan for $75,000?

Yes, it’s possible to get a secured personal loan for $75,000. A secured personal loan requires the borrower to pledge an asset as collateral as a condition of loan approval. Any asset you own — such as real estate, cars, and fine jewelry — can serve as collateral on a secured personal loan.Hard money personal loans are secured personal loans that typically help borrowers buy residential or commercial property. The collateral for a $75,000 hard money loan is the asset financed by the loan.Here are other ways you may get a secured personal loan for $75,000:Lenders may seize your collateral if you default on a secured personal loan.

Can I Get a $75,000 Unsecured Personal Loan?

Yes, it’s possible to get a $75,000 unsecured personal loan. An unsecured personal loan without collateral may require good credit and steady income. How to get a $75,000 personal loan without pledging collateral may require that the borrower meet strict underwriting standards. In addition to having sufficient income and good credit, you may need a debt-to-income ratio below 36% to get a personal loan for $75,000.

Can You Get a Personal Loan for $75,000 With Bad Credit?

Getting a personal loan $75,000 disbursement from a bank can be hard with bad credit. A bad credit score could be any score at or below 600. Subprime credit scores range from 501 to 600, and deep subprime credit scores range from 300 to 500. Credit scores between 601–850 could be considered nonprime, prime, or super prime depending on where you fall, according to Experian. Having bad credit, however, is not necessarily game over. Pledging an asset as collateral or applying for a joint personal loan may help you get approved for large personal loans.

Where Can I Get a $75,000 Personal Loan?

Below we highlight some financial institutions where you may get personal loan amounts of $75,000 or higher:

Online Lenders

Online lenders may offer $50,000 personal loans, and some of them may offer $75K or even $100K personal loans. Online lenders can be fintech companies that partner with banks, private lenders, or depository institutions that offer consumer loans online.  


Banks may offer personal loans up to $75K or higher. A bank is a regulated financial institution and depository that operates with a national bank charter or state-based charter.Recommended: Guide to Loans for Swimming Pools

How to Get a $75,000 Personal Loan

You may get a $75,000 personal loan by submitting an application and meeting a lender’s underwriting standards for approval. How do personal loans work? A lender provides the borrower with a lump sum of money and expects the borrower to repay the loan over a set term.A $75,000 personal loan can have a repayment term ranging from 12 months to 12 years, depending on the lender. Getting approved for a large personal loan with bad credit can be difficult but not necessarily impossible.Personal loans can provide you with fast access to cash but may also have interest rates as high as 35.99%. There are additional pros and cons of personal loans you may want to consider.Shopping around and comparing personal loans interest rates can help you find the right personal loan for you.

Things to Do to Get a $75,000 Personal Loan

Personal loan approval is never guaranteed, but here are some tips that may help you get approved for a loan that’s right for you:

Compare Rates

You can shop around and compare rates when looking for the right personal loan for you. The annual percentage rate or APR tells you how much the loan costs to borrow in terms of finance charges. The APR can comprise interest and upfront fees.

Compare Terms

You can shop around and compare terms when looking for the right personal loan for you. Repayment terms on a $75K personal loan can range from 12 months to 12 years, depending on the lender. A longer term may have a lower monthly payment than a shorter term, but you may pay more interest over the life of the loan.

Monthly Payments

Applying for a $75,000 personal loan offering the lowest monthly payment for you may help you get your application approved. A longer repayment period can translate into a lower monthly payment but more interest costs over the life of the loan.

Total Repayment Cost

You can review the total repayment cost of a $75K loan to see if the loan is right for you. The total repayment cost may comprise the principal loan amount, upfront fees, and interest charges. You may decline any personal loan offer that’s not right for you.If you sign and accept a loan offer, lenders may charge late fees if you fail to make a regular payment by its due date. Paying off a personal loan early may minimize your total interest costs if the loan doesn’t include a prepayment penalty.Recommended: Guide to $50,000 Personal Loan

Qualifying for Large Personal Loans

Below we highlight some of the requirements you may need to meet to qualify for large personal loans:

Required Credit Score

You may need a prime credit score of 661 or higher to qualify for large personal loans. Banks, credit unions, and private lenders may set their own underwriting standards for approval. 

Get the Required Documentation

You may need to provide proof of identity and proof of income to qualify for large personal loans. A current driver’s license may serve as proof of ID, and recent pay stubs may serve as proof of income. Proof of collateral ownership may need to be provided to qualify for a secured personal loan.Recommended: Applying for a Personal Loan Online vs In-Person

Pros and Cons of $75,000 Personal Loan

The below table highlights some of the pros and cons of a $75K personal loan:
Provides a lump sum of money to be repaid over a set termAPR can be relatively high
Funds may be provided on the same day that your application is approvedBorrowers may need good or excellent credit to qualify
You can use the funds to cover large expenses, including home remodeling projects and unexpected medical expenses Large loan approval can raise your debt-to-income ratio substantially, which can make it harder for you to borrow in the future

Cost to Repay a $75,000 Personal Loan

The below table highlights the costs of a $75,000 personal loan with a 13.99% APR:
Principal loan amount$75,000
Term7 years
Monthly payment$1,405.09
Total interest$43,027.27
Total cost$118,027.27

Comparing Personal Loan Rates With Lantern

Personal loans may provide you with quick funding to cover planned and unplanned expenses. If you’re interested in $75K personal loans or large personal loans between $50K and $100K, Lantern by SoFi can help. You may compare personal loan offers and choose the loan that’s right for you.Compare personal loans interest rates with Lantern.

Frequently Asked Questions

What credit score do I need for a $75,000 loan?
Can I get a personal loan for $75,000?
Can I get a $75,000 unsecured personal loan?
Photo credit: iStock/FG Trade

About the Author

Sulaiman Abdur-Rahman

Sulaiman Abdur-Rahman

Sulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and served as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.
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