$60K Loans

What are the best $60,000 loans? 

$60,000 is a larger sum of money to borrow. While some lenders can offer personal loans up to $100,000, you may want to explore various loan options. Shopping loan offers and loan types can help you determine what’s best for your needs and situation. 

Personal loans are unsecured, therefore, they are not backed by collateral. The appeal of not providing collateral can attract borrowers, but the reduced risk can come at a cost. Some borrowers in pursuit of a $60,000 loan may prefer a secured loan, as they may come with longer repayment periods and lower rates. 

Here are some of the best types of loans for $60,000:

• Home equity loan: Home equity loans are secured loans, typically backed by the equity in one’s home. Most lenders require borrowers to have at least 20% equity in their home to qualify. The process of obtaining a home equity loan can be more complicated and longer than an unsecured loan. During the underwriting process the lender will likely need the collateral appraised. Additionally, there are more legalities when backing a loan with collateral. Similar to a personal loan, home equity loans are generally funded as a lump sum. Rates can be fixed or variable. To obtain a home equity loan you can shop online, but some prefer to visit their local bank or credit union. 
• Home equity line of credit: A home equity line of credit is a revolving line of credit secured by the equity in your home. Business owners or entrepreneurs often use these types of loans to fund business ventures. Additionally, they can be used to fund expenses or milestones in life. From education for you or your family to weddings or family reunion vacations, life can get expensive at times. With access to a revolving line of credit, you can access the cash you need, when you need it. Borrower’s can draw up to the credit limit and only need to repay what they borrow. 
• Personal loan: The biggest upside to a personal loan is it usually does not require collateral. Compared to secured loans, personal loans can be funded faster. Personal loans are usually based on creditworthiness. To qualify for large personal loans, you’ll likely need a good credit score and solid income. The lender needs to be confident enough about the likelihood that you’ll repay the loan on-time. Afterall, they don’t have collateral to seize if you don’t. 

How do you compare $60k personal loans?

First, you’ll need to decide what type of loan you want to pursue. If you choose to pursue a personal loan you can visit or contact local banks or credit unions to receive pre qualified offers. For a more convenient option, visit Acorn Finance to check rates from our network of top national lenders. 

What are $60k loans?

A $60k loan is a loan in the amount of $60,000. The “k’ stands for thousand. Therefore, there’s no difference between a $60k and $60,000 loan. 

How do $60k personal loans work?

Personal loans are installment loans. Typically, they are funded as a lump sum with a predetermined repayment period. Payments are usually fixed, meaning they will not fluctuate. Personal loans have few spending restrictions which gives borrowers flexibility. In a nutshell, here are 5 steps that outline how a personal loan works. 

1. Prequalification
2. Offer acceptance
3. Approval
4. Funding
5. Repayment

When are $60,000 loans worth it?

$60,000 loans can come in a variety of loan types. The type of $60,000 loan that’s right for you depends on your needs, qualification, and what you’re comfortable with. Before determining what type of loan to pursue, you should know what you need the loan for. If the loan is worth it largely depends on the purpose of the loan in addition to your financial situation and your ability to repay it. 

Allocating your funds in a positive way can help justify the loan. How you define positive can vary, but here are some common uses of a personal loan:

1. Home improvements: Home improvements can increase your home’s value and your quality of life. While some home improvements may be optional, others may catch you by surprise. Whether you have time to plan or not, you may need financing to make home improvements. For your personal home, vacation home, or rental property, you can use a personal loan to fund improvements. For emergency purposes, personal loans can be an ideal option since they can offer fast funding times. At Acorn Finance, our network of lending partners specialize in home improvement loans. With access to offers up to $100,000, depending on credit score, you can check rates in seconds. Checking rates at Acorn Finance does not impact credit score. Home improvements can include remodeling a bathroom, converting a basement, HVAC repairs, new appliances, and so forth. 
2. Debt consolidation: As we try to keep up with life, debt can pile up. At some point you may feel buried. As you fight for a light at the end of the tunnel, debt consolidation may be an avenue to help you pay down debt faster. Personal loans can be used for debt consolidation and are often referred to as debt consolidation loans. Debt consolidation loans allow consumers to roll open credit lines or debts into a new loan. Some lenders can offer direct payment to creditors, meaning the lender will pay off the existing debt directly to the lender. The borrower will then make payments to the new lender. The goal of debt consolidation is to help consumers save money and find the ability to pay down loans. Credit card debt can feel like a never-ending cycle. Personal loans on the other hand have a fixed monthly payment and predetermined repayment period, so you’ll know exactly what to expect.
3. Starting a business: Business ownership is part of the American dream. However, getting funding to chase your dreams can be complicated, especially in the infant stages. Personal loans or assets can be used to obtain funding to start a business. 
4. Education: Investing in your future is a no brainer. Taking out a loan to fund living expenses or education costs to create more opportunities for your life is easy to justify. However, always consider the payment commitment that comes along with the loan. Just because you obtain education does not mean you will get the job you plan for. 

Pros & cons of $60k Personal Loans:

Pros 

• Fixed monthly payments (simplifies managing the loan)
• Funded as a lump sum
• Few spending restrictions
• Funding in as little as 1-2 business days (although funding times can vary)
• Get prequalified in seconds 
• Opportunity to build/boost credit score

Cons

• Interest and fees
• Taking on debt
• Risk of impacting credit score if payments are missed or loan is defaulted on

Why choose Acorn Finance for comparing $60k personal loans?

The higher the loan amount, the more the loan will likely cost. Therefore, the importance of comparing loans becomes even more important. Take advantage of our convenient portal with vetted and trusted top lending partners. With well-known names, you can expedite your way to finding the right $60,000 dollar personal loan. Check loan offers up to $100,000, depending on credit score. Our network of lending partners specialize in home improvement loans, but they can help with other needs as well. Our lending partners offer personal loans with few spending restrictions. 

Pros and cons of lenders $60k Personal Loans:

LightStream

Minimum qualifications: 

• Minimum credit score requirement of 660 or above 
• Minimum income requirement of $50,000/year

Pros:

• No origination fees
• Funding as soon as one business day on approved loans, although funding times can vary
• Competitive loan offers
• Allows co-signer
• Large personal loans available 
• Flexible repayment periods up to 12 years

Cons:

• Strict qualification requirements
• No access to pre-qualify through the LightStream website (When applying directly, you can get pre-approved but not pre-qualified, therefore, you may be subject to a hard credit pull. To get pre-qualified with LightStream, check offers through Acorn Finance to see if you qualify.)
• No direct payment to creditors for debt consolidation loans

SoFi

Minimum qualifications:

• Minimum credit score requirement of 680 or above 
• Minimum income requirement of $50,000/year

Pros:

• Flexible loan amounts and repayment terms
• No origination fees
• Competitive interest rates
• Funding as soon as one business day on approved loans, although funding times can vary
• Allows cosigner applications
• Unemployment protection available

Cons:

• High credit score requirement
• Approvals may take 3 days or more

Best Egg

Minimum qualifications:

• Minimum credit score requirement of 600 or above 
• No minimum income requirement 

Pros:

• Fair credit scores can qualify
• No minimum income requirement
• Same or next day funding available, although funding times can vary

Cons:

• Not available in some states
• Origination fees between 0.99% and 6.99%
• Higher APRs

Prosper

Minimum qualifications:

• Minimum credit score requirement of 600 or above 
• No minimum income requirement 

Pros:

• Low threshold for credit score
• No minimum income requirement
• Flexibility to change payment dates
• Offers peer-to-peer lending

Cons:

• Long funding times
• Origination and late fees may apply
• No rate discount for autopay is available
• Restrictive repayment periods
• Funding may take about 5 business days 

Upgrade

Minimum qualifications:

• Minimum credit score requirement of 560 or above 
• No minimum income requirement

Pros:

• Low credit score requirement
• No early payoff penalty
• Joint applications allowed
• Funding as soon as one business day on approved loans, although funding times can vary

Cons:

• Origination fees between 2.9% to 8%
• Higher APRs, especially for subprime borrowers

Axos Bank

Minimum qualifications:

• Minimum credit score requirement of 700 or above 
• Minimum income requirement $48,000/year

Pros:

• Low origination fees
• Mobile app to manage loans
• Fast funding times
• Funding as soon as one business day on approved loans, although funding times can vary

Cons:

• High credit score requirement
• Origination fee up to 2%

OneMain Financial

Minimum qualifications:

• Minimum credit score requirement of 600 or above 
• Minimum income requirement $7,200/year

Pros:

• Low credit score requirement
• Offers secured loan option
• Low income requirement
• Flexibility to choose your payment date
• Fast funding times

Cons:

• High interest compared to similar lenders
• Origination fee between 1% – 10% (or flat fee up to $500 depending on state)

LendingPoint

Minimum qualifications:

• Minimum credit score requirement of 600 or above 
• Minimum income requirement $30,000/year

Pros:

• Low origination fees
• Relaxed credit score and income requirements
• Same or next-day funding is available, although funding times can vary

Cons:

• No joint applications

• High loan costs
• Short repayment periods 

Lending USA

LendingUSA is best for one-time purchases or uses, such as cosmetic surgery financing, pet financing, funeral financing, and more. LendingUSA offers loans for a variety of industries. Loans can be obtained through the LendingUSA website or through a merchant partner that refers to LendingUSA. 

One of the main highlights of LendingUSA is their offer to pay off a loan balance within 6 months. By doing so, 

no interest will be charged to the principal. However, LendingUSA may be better suited for smaller loan amounts. 

Reprise Financial

Reprise Financial can help borrowers find personal loan offers that meet their needs. In order to help borrowers obtain funds quickly, Reprise works to streamline the personal loan process. With customized payment options and fixed rates, check personal loan offers at Reprise Financial. 

Similar to Acorn, one of the main highlights of Reprise financial is the ability to shop and compare offers. 

Universal Credit

For borrowers with bad credit, Universal Credit may be your golden ticket to the funds you need. With a minimum credit score requirement of only 560, Universal Credit is a top choice for subprime borrowers. While loan costs may be higher, they usually are when it comes to borrowing money with bad credit. 

One of the main highlights of Universal Credit is their relaxed requirements. Bad credit borrowers often face fewer choices for loans. Finding the right lender to work with is key to getting the loan you desire.