How Do I Borrow $60,000?

Borrowing $60,000 may take months to accomplish.

A sum of $60,000 is a large chuck of change, even by today's standards. If you want to borrow this amount, there are a couple of keys that will allow you to do so. The first is having a solid credit history that shows your willingness and ability to repay debt. The second key is to have collateral, an item of value that can be used to repay the loan. Without a solid credit history and collateral, it may be impossible to borrow this kind of money. With them, you can borrow easily.


Step 1

Check your credit report. You can obtain your credit report from Equifax, Experian and TransUnion -- the three credit reporting firms in the United States. When you check your report, you are looking for any overdue bills that have not been paid or adverse credit situations. These need to be rectified before attempting to get a $60,000 loan. Your credit report will also show creditors who else you owe money to, a factor that will determine loans.

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Step 2

Take an inventory of items that could be put up for collateral. This should include real estate, vehicles and business interests. Keep in mind that the amount of collateral is what the item is worth on the market minus what you still owe for the item. For instance, if you purchased a $200,000 home, owe $150,000 on it and could sell it for $170,000, your collateral is about $20,000, not $200,000. The closer your total amount of collateral gets to $60,000, the better.


Step 3

Count your cash and accounts that can become liquid if needed. This amount will also be beneficial to creditors by showing that you will be able to handle the loan payments, even if your income is eliminated from the equation. It also shows a certain amount of fiscal responsibility when you have access to thousands of dollars and a solid credit history.

Step 4

Shop for a loan. If you have a solid credit history and a substantial amount of collateral along with a cache of cash, you have some leverage in the terms of the loan. You are also in demand to lenders who need to loan their supply of money. One of the major factors in deciding which lender you work with is the terms of the loan. Terms consist of the interest rate, time to repay and closing fees and costs.


Step 5

Complete all of the necessary paperwork. Take your time with the documents to ensure that you complete them accurately and correctly. Mistakes on forms can doom loan proceedings. Have a professional such as an accountant or a lawyer examine the documents.