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Securing the Best $120,000 Personal Loans

In the vast world of personal loans, finding the right fit for your financial needs is crucial. We are here to guide you, whether you have an excellent credit score or you're working on improving it. With us, your quest for a $120,000 personal loan becomes less daunting, more achievable.
Offers: 2
Best Personal Loan Today 27.02.2024*
Personal Loans
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
2000.00 – 100000.00 $

Effective interest rate on the product

6.34 – 35.89 %

Loan term for the financial product

2 months – 72 months
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Wells Fargo
Personal loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product


Loan term for the financial product

12-84 months
$120,000 Loan Calculator
The best personal loan calculator
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The Legal Status of Personal Loans in the USA

In the USA, personal loans are legal and typically used for non-business needs. They must be repaid according to the loan agreement, which includes interest and a repayment timeline. Various laws regulate these loans, including the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Truth in Lending. These laws protect both the lender's interests and the borrower's rights, ensuring fairness and transparency in the lending process.

The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
JG Wentworth
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
OneMain Financial
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
My Funding Choices
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Plain Green Loans
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Advance America
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...

What Are $120k Personal Loans?

A $120k personal loan refers to a financial product allowing individuals to borrow $120,000 from a lender. Personal loans are typically unsecured, meaning they do not require collateral. This type of loan can be used for various purposes, such as debt consolidation, home renovations, medical expenses, or funding a business venture.


  1. Loan Amount. A $120k personal loan offers substantial funds that can be used for various purposes, such as debt consolidation, home improvements, major purchases, or funding a business venture.
  2. Flexible Use. One of the significant advantages of a $120k personal loan is the flexibility in how the funds can be used. Borrowers have the freedom to allocate the funds according to their specific needs and financial goals.
  3. Fixed Interest Rate. Personal loans often come with a fixed interest rate, meaning the interest rate remains unchanged throughout the loan term. This allows borrowers to have predictable monthly payments, making budgeting and planning their finances easier.
  4. Repayment Term. The repayment term for a $120k personal loan can vary, typically ranging from a few years to several years. Lenders offer various term options, allowing borrowers to choose a repayment period that suits their financial situation and repayment capacity.

How Can I Get a $120k Personal Loan?

Apply for a loan

  1. Check Your Credit. Lenders evaluate borrowers based on their credit history and credit score. Ensure that your credit report is accurate and your credit score is in good standing before applying for a loan.

  2. Research Lenders. Look for lenders who offer $120k personal loans and compare their interest rates, terms, and eligibility criteria. Consider both traditional financial institutions and online lenders to find the best fit for your needs.

  3. Gather Documentation. Lenders typically require proof of income, identification documents, and other financial information. Prepare these documents in advance to streamline the application process.

  4. Apply for the Loan. Submit your loan application with the chosen lender. Provide accurate information and complete all necessary forms. Some lenders may perform a hard credit check during the application process.

  5. Review Loan Offers. Once you receive loan offers from different lenders, carefully review the terms and conditions, including interest rates, loan length, and any additional fees or charges.

  6. Accept the Loan. After reviewing the loan offers, choose the one that best suits your needs and accept the loan offer. Read the loan agreement thoroughly and understand the terms and conditions before signing.

Pros and Cons


  1. Access to Funds. A $120k personal loan provides borrowers with substantial money to address their financial needs.
  2. Flexible Use. Borrowers have the freedom to use the loan amount for various purposes, such as consolidating debt or financing major expenses.


  1. Interest Payments. Personal loans come with interest charges, which increase the overall cost of borrowing. Borrowers should consider the interest rate carefully and calculate the total interest payments over the loan term.

Requirements and Conditions

  1. Credit History and Score. Lenders evaluate your creditworthiness by assessing your credit history and credit score. A higher credit score, typically above 700, demonstrates responsible credit management and increases your chances of approval for a $120k personal loan. A clean credit history with minimal negative marks, such as late payments or defaults, is also desirable. However, some lenders may offer loans to borrowers with lower credit scores, but it may result in higher interest rates.

  2. Income and Debt-to-Income Ratio. Lenders assess your income to ensure you have the means to repay the loan. A stable and verifiable income stream is crucial, and your debt-to-income ratio, which compares your monthly debt payments to your income, is taken into account. Generally, lenders prefer a debt-to-income ratio below 43%, including the potential new loan payment.

  3. Employment and Stability. Lenders typically require borrowers to have a steady employment history, often with a minimum employment period (e.g., at least two years). Demonstrating job stability and consistent income can enhance your loan eligibility.

  4. Age and Citizenship. To qualify for a $120k personal loan in the US, you must be at least 18 years old and a US citizen or a permanent resident. Non-US citizens may still be eligible but may need to provide additional documentation.

  5. Loan Purpose and Documentation. You may be required to specify the purpose of the loan, such as debt consolidation, home improvement, or major purchases. Additionally, you will need to provide documentation, including proof of identity, income verification (pay stubs, tax returns), and bank statements.

  6. Collateral and Guarantees. Personal loans are typically unsecured, meaning they do not require collateral. However, borrowers with weaker credit profiles or seeking more favorable terms may opt for secured loans, where collateral (such as a car or savings account) is provided to mitigate the lender's risk.

  7. State-Specific Regulations. Loan regulations and requirements may vary by state. Some states have specific restrictions on interest rates, loan terms, or maximum loan amounts. It's important to familiarize yourself with the laws and regulations in your state when seeking a $120k personal loan.

Best Places to Get $120k Personal Loans Today 27.02.2024


Apply for a loan

When seeking a $120,000 personal loan, it's important to note that online lenders typically have maximum loan limits, often around $100,000. However, some online lenders may offer higher loan amounts depending on their lending criteria and evaluation of your creditworthiness. Exploring multiple online lending platforms is advisable to find lenders who can accommodate your loan request. Remember to exercise caution when dealing with online lenders and thoroughly research their credibility and customer reviews. Verify their licensing and accreditation to ensure they are legitimate and adhere to industry regulations. Protect your personal and financial information by only providing it to reputable lenders through secure platforms.


M&T Bank

Apply for a loan

M&T Bank offers a personal loan option for individuals seeking significant funding for various purposes. As an established financial institution, M&T Bank provides borrowers with access to competitive interest rates, flexible repayment terms, and a streamlined application process. M&T Bank's personal loans typically require applicants to meet certain eligibility criteria, including a satisfactory credit history, stable income, and a reasonable debt-to-income ratio. Meeting these requirements demonstrates your ability to repay the loan amount over the agreed-upon term. The application process for a personal loan with M&T Bank involves providing the necessary documentation, such as proof of identity, income verification, and details of the purpose of the loan. Once your application is submitted, M&T Bank will review your information and make a decision regarding your loan request.

First Citizens Bank

Apply for a loan

When seeking substantial funding, First Citizens Bank provides a personal loan option with competitive interest rates, flexible repayment terms, and a streamlined application process. First Citizens Bank sets specific eligibility criteria, including satisfactory credit history, stable income, and a reasonable debt-to-income ratio, to ensure your ability to repay the loan amount over the agreed-upon term. To apply, you'll need to complete an application form and submit supporting documents such as identification, income verification, and details about the loan purpose. Once submitted, First Citizens Bank will review your information and make a decision on your loan request.

Ways to receive the money

  1. Direct Deposit. Many lenders offer the convenience of direct deposit. In this method, the loan amount is electronically transferred directly into your bank account. This allows for quick and easy access to the funds, typically within one to two business days after loan approval.

  2. Check. Some lenders may provide the option to receive the loan amount via a check. The check can be deposited into your bank account or cash it at your bank or a check-cashing service. It's important to note that cashing a check may involve fees depending on the institution.

  3. Wire Transfer. If you need immediate access to the funds or prefer to have them transferred directly to another bank account, you can request a wire transfer from the lender. Wire transfers are typically faster than traditional methods but may involve additional fees.

  4. Prepaid Debit Card. Certain lenders offer the choice of receiving the loan amount on a prepaid debit card. The funds are loaded onto the card, which can then be used like a regular debit card for purchases or ATM withdrawals. Prepaid debit cards can be convenient if you don't have a bank account or prefer to keep your loan funds separate from your primary account.

Things to pay attention to

  1. Borrowing Limits. Understand the borrowing limits set by the lender. Not all lenders may offer a $120k personal loan, or they may have specific criteria that you must meet to qualify for the loan amount. Ensure the lender can accommodate your borrowing needs.
  2. Interest Rates. Understand the interest rates associated with the loan. A lower interest rate can save you money over the loan term, while a higher rate will increase the total cost of borrowing. Compare rates from different lenders and consider factors that may affect your rate, such as your credit score and loan term.
  3. Loan Term. Evaluate the loan term, which refers to the length of time you have to repay the loan. Longer terms may result in lower monthly payments but higher overall interest costs. Shorter terms may have higher monthly payments but lead to lower total interest expenses. Choose a term that aligns with your financial goals and repayment capabilities.
  4. Fees and Charges. Inquire about any upfront fees, origination fees, or prepayment penalties associated with the loan. These additional costs can significantly impact the overall cost of borrowing. Compare fee structures from different lenders to choose the most cost-effective option.
  5. Repayment Schedule. Review the repayment schedule provided by the lender. Understand the frequency of payments (monthly, bi-weekly) and ensure they align with your cash flow and budget. Consider the total number of payments and the total repayment amount over the loan term.
  6. Prepayment Options. Determine if the loan allows for prepayment without penalties. Having the flexibility to make additional payments or pay off the loan early can save you money on interest and help you become debt-free sooner.
  7. Lender Reputation. Research the reputation and credibility of the lender before committing to a loan. Read reviews, check their accreditation, and ensure they have a track record of providing transparent and reliable lending services.

How to repay a $120k personal loan

  1. Create a Budget. Start by creating a detailed budget that outlines your income and expenses. Allocate a portion of your monthly income specifically for loan repayment. Ensure that your budget allows for both your regular living expenses and the loan repayment amount.

  2. Follow the Loan Repayment Schedule. Adhere to the loan repayment schedule provided by the lender. Make your payments on time each month to avoid late fees or penalties. Consider setting up automatic payments or reminders to ensure you never miss a payment.

  3. Make Extra Payments. If your loan allows for prepayment without penalties, consider making extra payments whenever possible. By paying more than the minimum required amount, you can reduce the principal balance faster and save on interest over the loan term.

  4. Prioritize High-Interest Debt. Consider prioritizing those payments if you have other outstanding debts with higher interest rates, such as credit card debt. By paying off high-interest debts first, you can save money in the long run and reduce your overall debt burden.

  5. Avoid Missed Payments. Missing loan monthly payments can negatively impact your credit score and result in late fees. Make loan repayment a priority and ensure you have sufficient funds available each month to cover the payment. If you're facing financial difficulties, communicate with your lender to explore possible solutions.

  6. Reduce Expenses. Look for areas where you can cut back on expenses to free up more funds for loan repayment. This may involve reducing discretionary spending, renegotiating bills, or finding ways to save on everyday expenses.

  7. Seek Professional Advice. If you're facing financial challenges or struggling to manage your loan repayment, consider seeking advice from a financial advisor or credit counseling service. They can provide personalized guidance and help you develop a tailored repayment plan.


  1. Home Equity Loan or Line of Credit. If you own a home and have accumulated equity, you can explore a home equity loan or line of credit. These options allow you to borrow against the value of your home and typically offer lower interest rates than personal loans. However, remember that your home is collateral, so defaulting on payments could result in the loss of your property.

  2. Credit Cards. Depending on your credit limit and available balance, using credit cards for smaller expenses or consolidating smaller debts might be an alternative. However, be cautious of high-interest rates associated with credit cards, which can make the cost of borrowing significantly higher in the long run.

  3. Personal Line of Credit. A personal line of credit is a flexible borrowing option that allows you to access funds up to a predetermined credit limit as needed. You only pay interest on the amount you borrow, making it a convenient option for managing unpredictable expenses. However, interest rates may be higher than those of traditional personal loans.

  4. Peer-to-Peer Lending. Peer-to-peer lending platforms connect borrowers directly with individual investors. These platforms can offer competitive interest rates and more flexible borrowing terms compared to traditional financial institutions. However, eligibility criteria and interest rates may vary across platforms, so it's important to assess the terms and fees involved carefully.

  5. Retirement Account Loans. If you have a 401(k) or an individual retirement account (IRA), you may have the option to borrow against the funds within the account. This can provide you with quick access to money without affecting your credit score. However, specific guidelines and potential tax implications are associated with borrowing from retirement accounts, so consult a financial advisor before considering this option.

Editorial opinion

Taking out a $120k personal loan should be approached with careful consideration and a thorough understanding of your financial situation. While personal loans can provide the necessary funds for various purposes, assessing your ability to repay the loan and weighing the associated costs and risks is essential.

Firstly, evaluating your financial stability and determining if borrowing such a substantial amount aligns with your long-term financial goals is crucial. Consider whether the loan is necessary and if alternative options may be more suitable for your needs. Exhausting other avenues, such as savings, budgeting, or exploring smaller loan amounts, is advisable before committing to a large personal loan.

Secondly, the interest rates and terms of the loan are significant factors to consider. High-interest rates can significantly increase the total cost of borrowing and put a strain on your finances. Therefore, it's essential to compare offers from different lenders, carefully read the loan agreement, and understand the repayment schedule before making a decision.

Lastly, taking on a significant personal loan requires disciplined financial management and a realistic repayment plan. Analyze your cash flow and ensure that you can comfortably meet the monthly payments without compromising your basic living expenses or other financial obligations. It's important to stay committed to the repayment schedule and avoid missing payments, as it can negatively impact your credit score and lead to additional fees.

Ultimately, the decision to take out a $120k personal loan should be made after careful consideration of your financial circumstances, exploring alternative options, and ensuring a realistic repayment plan. It's crucial to prioritize responsible borrowing and ensure that the loan aligns with your overall financial well-being. Consulting with a financial advisor can provide valuable insights and guidance throughout the decision-making process.


At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

To learn more about $120,000 loans and best practices, check out some of the following resources:



What are the monthly payment options for a $120k personal loan?

Monthly payments for a $120k personal loan can range depending on the loan length and interest rate.

For example, the monthly payment options for a $120k personal loan with a 15% interest rate and a loan term of 7 years would be $2,316. It's important to note that this is an estimation and does not include any additional fees or charges that may be associated with the loan. The actual monthly payment amount may vary depending on the specific terms and conditions of the loan agreement.

Is a down payment required for a $120k personal loan?

Personal loans typically do not require a down payment as they are unsecured.

What is the typical loan length for a $120k personal loan?

The loan length for a $120k personal loan can vary, ranging from a few years to several years. The specific loan length depends on the borrower's preferences and the lender's terms.

How does my credit history affect my $120k personal loan eligibility?

Lenders consider your credit history when evaluating your eligibility for a personal loan. A good credit history improves your chances of approval and may result in better interest rates.

Can I use a $120k personal loan to pay off my credit card debt?

Yes, a $120k personal loan can be used to consolidate and pay off high-interest credit card debt, potentially saving you money on interest payments.