How to Get a $60,000 Personal Loan
Updated: September 19, 2023
Advertising & Editorial Disclosure
There are many uses for a $60,000 personal loan. You can use it to refinance credit card debt, pay for an emergency, renovate your home, purchase several expensive items and more. In fact, it can even be used to pay for educational expenses, depending on the lender.
However, getting a personal loan may be difficult if you aren’t aware of lenders’ requirements or don’t understand the application process. You can typically get a $60,000 personal loan from banks, credit unions or online lenders, but ultimately, whether you can get this amount will depend on your credit history. If you don’t have a strong financial history, you might not be eligible for this loan amount.
To determine if a personal loan is the best option for you, it’s important to understand the advantages and disadvantages of a $60,000 personal loan.
Pros & Cons of a $60,000 Personal Loan
While personal loans can help you out if you’re in a bind, there are pros and cons to obtaining one. Knowing both will help you determine if a $60,000 personal loan is suitable for your circumstances.
Advantages of $60,000 Personal Loans
- It can be used for almost anything: A personal loan can help pay for a renovation project, a medical emergency, credit card debt, etc. Some lenders place restrictions on the usage of funds, so it’s important to check with your lender about any limitations before you apply.
- It can extend payments for large purchases: It’s possible to pay back personal loans over a long period of time, making it ideal for expensive purchases, like home renovation projects, furniture, vacations or events.
- It can consolidate existing debt: If you owe money on credit cards or other loan products, you may be able to take out a personal loan to pay them off at a lower interest rate.
- It can help you build credit: Making timely and regular loan payments can help you improve your credit rating.
- It can offer lower interest: Compared to credit cards, personal loan terms may come with lower interest rates, depending on your credit score.
Disadvantages of $60,000 Personal Loans
- It may require collateral: Some personal loans, like secured loans, require collateral. This gives lenders more security, but can be challenging to provide if you have no assets.
- It locks you in a contract: Loans lock you into a payment schedule for a set period of time. While you may be able to pay it off earlier, you might have to pay a prepayment penalty fee.
- It may be difficult to get: Credit history is a major factor when it comes to obtaining a personal loan. You may struggle to obtain a $60,000 personal loan if you have a poor credit history or don’t have a co-signer.
- It increases your debt: Depending on how you intend to use it a $60,000 personal loan may put you further in debt. If you aren’t prepared to take on the financial responsibility to repay it, you may want to reconsider your options.
- It could negatively affect your credit score: Failure to make timely payments will negatively impact your credit score, making it difficult to apply for other lines of credit in the future.
$60,000 Personal Loan Lenders
You can obtain a $60,000 personal loan through a bank, credit union or online lender. Each lender has slightly different requirements, so it’s important to compare rates, eligibility criteria and loan terms to find the best one for your needs.
How to Apply for a $60,000 Personal Loan
Know what to expect if you are applying for a $60,000 personal loan. While the application process itself varies from lender to lender, the following steps generally apply when trying to get a personal loan.
Check your credit score
Your credit score will significantly impact your eligibility for a $60,000 personal loan. If your credit score is poor and you aren’t actively taking steps to improve it, you may reconsider applying for a personal loan.
Get pre-qualified
The best way to assess your loan eligibility with a specific lender is through its prequalification process. During this step, lenders will give you an idea of the rates and terms that you’ll receive. However, it’s important to note that these terms are subject to change when you actually apply.
Compare quotes
Before applying, you should carefully consider lenders for their interest rates, repayment terms and fees to find the best fit and deal for your situation.
Choose a loan offer
After you’ve identified all of your lender options, you can pick the one that works best for you. Ensure that you meet the lender’s eligibility criteria and that you understand all the terms of your loan agreement.
Submit application
Once you’ve chosen a lender, it’s time to submit your application. This can be done either online, in person or over the phone, depending on the lender you choose. To expedite the application process, you should have all the required information and documents prepared in advance.
Receive and use funds
After your loan application is approved, your funds will be disbursed at the discretion of your lender. Some lenders disburse funds the same day, while others may take up to a few weeks.
Frequently Asked Questions About $60,000 Personal Loans
Depending on your loan terms, a $60,000 personal loan may take several years to repay, and failure to repay could spell negative consequences for your financial future.
At MoneyGeek, we strive to provide borrowers with the knowledge needed to confidently undertake this financial commitment. That’s why, in addition to our guide, we answered the most commonly asked questions about personal loans.
This depends on your financial situation and credit history. If your credit history is good and you’re in a place where you can repay a $60,000 personal loan easily, then you are likely to get approved. However, if you have a poor credit history, you might receive unfavorable rates or be rejected outright.
Credit score requirements vary by lender. Some lenders, like some online lenders, don’t require a credit history or score at all, but other lenders, such as banks, may require a minimum credit score. Ask your desired lender what their minimum requirement is prior to applying.
This depends on how you intend to use the loan and your current financial habits. If you’re looking to refinance other debt, then a $60,000 personal loan might be a good idea if you can get a lower interest rate and make your monthly payment. Conversely, a $60,000 personal loan might not be best if you aren’t confident you’ll be able to make timely payments.
This depends on the lender. Some lenders offer same-day approval and funding, while others may take a longer time to process your loan request.
If you have a good credit history, then yes. However, it’s important to only take out the amount you need to avoid, at best, paying extra in interest, or, at worst, defaulting on a loan.
Alternatives depend on what you need the loan for and how quickly you can repay it. If you need to make several large purchases, you could opt to use a combination of credit cards. Be prepared to pay these cards off immediately, as high interest and fees can lead to challenging debt. A home equity line of credit is an option for larger amounts, but be sure to review the terms. If you need a smaller amount, you can also consider borrowing from friends and family.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
our editorial policies and expert editorial team.