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Several lenders offer $60,000 loans, but the right option for you depends on your financial situation.
If you qualify, a personal loan can come with competitive interest rates and minimal or no fees. But finding the right fit depends on several factors, including your credit profile.
We’ve selected our favorite lenders that offer $60,000 loans, along with a simple guide to applying for personal loans to help you in your shopping process.
Monthly payments for a $60,000 personal loan
Loan duration
Average monthly payments ($60,000 loan)
Poor credit
Average credit
Good credit
Excellent credit
1–12 months
$29,998.00
$34,598.50
$5,123.33
$5,106.43
13–24 months
$2,900.68
$2,827.02
$2,755.40
$2,708.56
25–36 months
$2,012.87
$1,999.23
$1,955.59
$1,892.46
37–48 months
$1,658.62
$1,648.31
$1,611.85
$1,549.82
The best $60,000 personal loans
How to get a $60,000 loan
FAQs about $60,000 loans
The best $60,000 personal loans
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.
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.
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How to get a $60,000 loan
Applying for a $60,000 loan can take some work, but it’s worth the effort if you can save money by consolidating debt at a lower rate or finance home renovations that increase your home value.
Start by collecting basic information about your finances, such as …
From there, it’s a good idea to apply for prequalification. This lets you preview your potential rate without a hard credit inquiry. It will also give you a good idea of which lender may be the best fit for you.
Once you decide to move forward and officially apply though, the lender will likely perform a hard credit inquiry that can have a temporary effect on your credit scores.
If you apply for a personal loan, you may be able to access money within a few days.
But home equity loans or HELOCs can take up to a month or more to disburse funds. (Loans that tap your home equity usually have lower rates than unsecured personal loans, so it may be worth the wait.)
FAQs about $60,000 loans
Is a $60,000 loan hard to get?
Your ability to get a $60,000 loan typically depends on your credit profile and a lender’s requirements for approval. For instance, a borrower with bad credit may only be able to get approved from a lender that specifically advertises loans for people with less-than-perfect credit. Applicants with lower credit scores will likely get offers with higher interest rates and fees than people with stronger credit scores get.
Can you get a $60,000 loan with bad credit?
Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.
In order to qualify for a $60,000 personal loan, you should have a credit score of 680 or higher. However, if you have a credit score below 700, you should add a cosigner to your application or look into a secured personal loan to increase your chance of approval.
In order to qualify for a $60,000 personal loan, you should have a credit score of 680 or higher. However, if you have a credit score below 700, you should add a cosigner to your application or look into a secured personal loan to increase your chance of approval.
For example, for a $60K personal loan, for a term of 30-years with an annual percentage rate of 6% , the estimated monthly payment would be about $360, while a 15-year loan at an annual percentage rate of 3.5% would have an estimated monthly payment of about $429.
Online lenders, credit unions and banks all provide personal loans for debt consolidation. Online lenders cater to borrowers with all ranges of credit. Most online lenders let you pre-qualify so you can compare personalized rates and terms with no impact to your credit score.
You'll have the best chance of getting approved with an excellent credit score, such as one above 800. You may struggle to find a lender that will approve a $50,000 loan for folks with poor or bad credit. A "poor" credit score is considered 580 or under. Most lenders require at least a "fair" score of around 670.
You'll typically need good to excellent credit to qualify for a $50,000 loan, though there are some options available if you have less-than-stellar credit. Kat Tretina is a freelance writer specializing in personal finance. Her work has been published in The Wall Street Journal's Buy Side, U.S. News, and Money.com.
If you don't meet a lender's income requirements, you may qualify for a traditional unsecured personal loan if you have a creditworthy co-signer apply with you. A co-signer is usually a relative or friend with a high credit score and a reliable source of income.
Know your credit history: Because $60,000 is such a large sum of money and there are fewer lenders that offer such large loans, you'll find it's harder to qualify for. You'll typically need good or excellent credit (a FICO score of 670 or higher) and may need to meet certain income requirements.
If you want to borrow £60k, you will most likely be looking at taking out a secured loan. Secured loans, also known as homeowner loans, allow you to borrow higher amounts by securing the debt against your property.
If you take a loan for five years and your interest rate is 4%, your monthly payment for a $40,000 loan will be $737. Remember that the longer the loan period, the more money you will overpay to the bank.
Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.
Debt consolidation works by combining all your debt (credit cards accounts, store accounts, personal loans, and payday loans into a single loan. Usually, this debt consolidation loan will have a longer loan term, which brings monthly instalments down, making them more affordable.
You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
The rule of 2.5 times your income stipulates that you shouldn't purchase a house that costs more than two and a half times your annual income. So, if you have a $50,000 annual salary, you should be able to afford a $125,000 home. Explore what your mortgage payment might be with today's rates.
Lenders have varying criteria for borrowers seeking a $50,000 loan, but in general, the process is similar to smaller loans. Borrowers will need to provide proof of employment or income, a favorable debt-to-income ratio and a credit score and history that meets the lender's minimum qualifications.
Is National Debt Relief legit? National Debt Relief is an accredited member of the American Association for Debt Resolution (AADR). It has been around since 2009 and has helped over 600,000 individuals reduce their debt. It also has an A+ rating from the BBB (Better Business Bureau).
HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours. If you've wondered how to get an instant loan, wonder no more.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.
What minimum credit score is needed to buy a car? There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.
How much of a home loan can I get on a $60,000 salary? The general guideline is that a mortgage should be two to 2.5 times your annual salary. A $60,000 salary equates to a mortgage between $120,000 and $150,000.
What is the monthly payment on a $60,000 student loan? The monthly payment on a $60,000 student loan ranges from $636 to $5,387, depending on the APR and how long the loan lasts. For example, if you take out a $60,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $636.
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