Credible Takeaways
- The fastest way to get a $100,000 loan is with a personal loan, if you can qualify.
- Only a handful of lenders offer $100,000 personal loans.
- A home equity loan may be easier to qualify for (if you have sufficient home equity), but closing the loan could take a month or more.
- To qualify for a $100,000 personal loan, you’ll need good to excellent credit and an income that's sufficient to make payments.
If you need to cover a substantial expense, taking out a personal loan might be a good option. You can use a large loan — such as a $100,000 personal loan — for almost any personal expense, such as consolidating debt, installing a pool, or covering medical bills.
How to get a $100,000 loan
Before you apply for a personal loan — especially one as large as $100,000 — make sure you meet all of the requirements. Here’s how:
- Check your credit score. There’s not a specific credit score needed for a large personal loan. However, most lenders want a borrower with good or excellent credit, which generally means a FICO score of 670 or higher. Check your credit score so you know whether you’re likely to qualify or whether you should work on building your credit first.
- Compare lenders. To start, research and compare multiple lenders. But check out more than just the rate. Consider repayment terms, fees, and eligibility requirements. You can often compare estimated rates by getting prequalified with lenders, which won’t affect your credit score.
- Choose the best option. Remember that the best loan isn’t always the one with the lowest interest rate. A loan could have a low interest rate, but large fees that negate it. Instead, consider the annual percentage rate (APR), which accounts for fees, such as an origination fee, in determining how much it costs to borrow money.
- Complete the application. Once you complete a full application, the lender will conduct a hard credit pull, which provides a comprehensive look at your credit history, and could impact your credit score. Be prepared with documents that verify your income and assets, including pay stubs, tax returns, and bank statements. The lender could ask for additional documentation as well.
- Get your funds. Once the loan is approved, review the loan agreement, and sign if everything looks good. Some lenders can send funds the same day you’re approved, while others may take up to a week. Most lenders deposit funds directly into your bank account.
Learn More: How To Get Approved for a Personal Loan
Important
Prequalification shows possible rates and terms in exchange for information like your date of birth and Social Security number. It’s not an offer of credit, so your final rate may differ.
Where to get a $100,000 personal loan
Options for a $100,000 personal loan are more limited than for smaller loan amounts, but include online lenders as well as traditional banks and credit unions. These online lenders offer $100,000 personal loans, including Credible-partner lenders LightStream and SoFi:
Credible rating
Fixed (APR)
6.99% - 25.49%
Loan Amounts
$5000 to $100000
Min. Credit Score
700
Credible rating
Fixed (APR)
8.99% - 29.99%
Loan Amounts
$5000 to $100000
Min. Credit Score
Does not disclose
Credible rating
Fixed (APR)
-
Loan Amounts
$20000 to $200000
Min. Credit Score
660
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms
LightStream
Best home improvement loans and low rates
LightStream
4.2
Credible Rating
Est. APR
6.99 - 25.49%
Loan Amount
$5000 to $100000
Min. Credit Score
700
Pros and cons
More details
SoFi
Best overall
SoFi
4.9
Credible Rating
Est. APR
8.99 - 29.99%
Loan Amount
$5000 to $100000
Min. Credit Score
Does not disclose
Pros and cons
More details
BHG Money
Best for large personal loans
BHG Money
4
Credible Rating
Est. APR
-
Loan Amount
$20000 to $200000
Min. Credit Score
660
Pros and cons
More details
Wells Fargo
Most financial institutions don’t offer personal loans as high as $100,000. But Wells Fargo does. Funds are usually available the next business day after you're approved, and most approval decisions happen the same day you apply. Wells Fargo charges no origination fees. But you'll need to be a Wells Fargo customer for at least 12 months to qualify.
Tip
If you’re a homeowner, consider tapping into your equity as an alternative to personal loans.
Types of $100,000 loans
There are several types of loans you can get in amounts up to $100,000 — or more. Depending on your financial priorities, you may want to look into one of the following types of loans:
- Mortgage loans: A mortgage is a secured loan that helps you purchase a house. Because your house secures your mortgage, you risk losing your house if you don’t repay the loan. To qualify for a mortgage, you generally need good credit, stable income, and a low to moderate debt-to-income ratio (DTI). Most mortgage loans have terms of 15 to 30 years.
- Home equity-based loans: Home equity loans and home equity lines of credit (HELOCs) allow you to tap into the equity you’ve built up in your home. A HELOC is a form of revolving credit, while a home equity loan is a more traditional installment loan. Both are secured by your home, and like with a mortgage, you risk foreclosure if you can’t make payments. But because HELOCS and home equity loans are secured, rates tend to be lower than on personal loans, and credit requirements may be less stringent.
- Personal loans: A personal loan is typically an unsecured loan you can use to pay for a variety of personal expenses, such as medical bills, home improvements, weddings, and more. Because they aren’t secured by collateral, personal loans can be harder to qualify for. A few lenders offer loan maximums of $100,000 or more, and repayment terms are often between 2 and 7 years.
- Business loans: Business loans can be secured or unsecured. As the name suggests, you can use them to pay for a variety of business expenses, like buying business inventory or real estate. It’s worth noting there are different types of business loans with varying loan amounts, qualification requirements, and repayment terms.
Before moving forward with any of these $100,000 loans, consider some of their pros and cons:
Certain types of mortgages may not require good credit | Rates tend to be lower than on unsecured loans | You can use them for a wide variety of expenses | May have lower interest rates — especially secured business loans — than personal loans | |
Loan will become due if you sell | May have higher borrowing costs than other types of financing | Not all types of businesses are eligible for certain loans |
How fast can you get a $100,000 personal loan?
The time to fund a $100,000 personal loan can vary from one lender to the next. For example, if you take out a personal loan with LightStream or SoFi, you could get your money the same day you’re approved. On the other hand, a personal loan from BHG Money or a traditional bank could take up to a week or more to fund.
And if you're seeking a mortgage or home-equity based financing, the loan could take over a month to close.
While you don’t have control over when a lender will disburse your funds, a couple of ways to avoid any delays include:
- Filling out your application as accurately as possible
- Providing required documentation in a timely manner
How to qualify for a large personal loan
Each lender has its own eligibility requirements for personal loans, and the qualifications are often more restrictive for a loan as large as $100,000. However, there are some general requirements to expect:
- Good or excellent credit score: One of the most important factors lenders will look at is your credit score. You’ll generally need a good or excellent credit score — meaning a FICO score of 670 or higher — to qualify for a large personal loan.
- Sufficient credit history: It’s not just your credit score that lenders look at, but also your credit history. Lenders usually want to see several years of credit history with a good payment history, free of defaults and delinquencies.
- Reliable income: To show you can repay your personal loan, you must show that you have a reliable source of income that is sufficient to make monthly payments. While income most often comes from a job, you might also qualify if you receive alimony, retirement income, rental income, or regular investment income.
- Low debt-to-income ratio (DTI): Lenders want to see a low DTI, which refers to the percentage of your monthly income that goes toward debt. Your DTI — including all monthly debt payments — should be lower than 40% to 43%.
- Proof of assets: For such a large loan, some lenders may want to see a certain amount of assets in addition to your income and a low DTI. For example, LightStream requires that borrowers have shown an ability to save through retirement accounts and liquid assets.
Learn More: Personal Loan Requirements
Remember
Each lender has its own requirements for large personal loans. Before you apply for a loan, double-check the lender's requirements.
How much are monthly payments?
The monthly payment on a $100,000 personal loan depends on your interest rate and the repayment term you choose. For example, over a seven-year term, you would pay $39,450 in interest and a $1,660 monthly payment on a $100,000 loan at a 10% APR. At an APR of 20%, you'd have a $2,221 monthly payment and pay $86,532 in interest.
You can generally expect to have a lower monthly payment but pay more in interest if you choose to stretch payments over a longer period. The reverse is true as well. By reducing the repayment term, you can reduce total interest charges, but will increase your monthly payment.
If you decide to take out a personal loan, use a personal loan calculator to determine interest charges over time.
Related: Average Personal Loan Rates
How to get a $100K personal loan with bad credit
You’ll typically need good to excellent credit to qualify for a personal loan — usually considered to be a FICO score of 670 or higher — as well as sufficient income to make monthly payments.
While there are some lenders that offer personal loans for bad credit, these loans usually have higher interest rates compared to good credit loans. And they likely won’t be available for loan amounts as high as $100,000.
If you have poor credit, consider the following:
- Explore secured loan options: Secured loans, or collateral loans, are often easier to get than unsecured loans. They require you to put up collateral, making them less risky for the lender. If you’re comfortable backing a loan with collateral, it may help you qualify for bigger, less expensive loans.
- Consider credit unions and community banks: Credit unions and community banks tend to be more member-focused than other types of lenders. This means they may be more likely to offer loans to borrowers with bad credit. But keep in mind that credit unions require you to be a member to get a loan, and you may have to meet certain eligibility requirements to do so.
- Apply with a cosigner or co-borrower: Getting a loan with a cosigner or co-borrower can improve your chances of qualifying for a $100,000 loan, particularly if you have bad credit or don’t meet a lender’s minimum income requirements. A co-borrower shares responsibility for payment and access to the funds, while a cosigner takes responsibility if you don’t pay, but doesn’t have access to the money. If you miss payments or default, it’ll hurt your cosigner’s credit as well as yours, and not all lenders allow cosigners.
- Improve your credit score: Improving your credit score takes time and patience, but it’s a smart thing to do if you’re not in a hurry to get a loan. You can build your credit by making consistent, on-time payments paying down credit card balances, and using a tool like Experian Boost so that bills like utility or subscription payments are reported to the credit bureaus.
Tip
You may also see a quick boost to your score by correcting any errors on your reports, or by signing up for a service that credits you for things like utility and rent payments.
Is a $100K personal loan right for me?
If you need a large influx of cash, a personal loan can be an excellent way to get one. Personal loans can generally be used for almost any purpose, including debt consolidation, home renovations, financial emergencies, and more.
A $100,000 loan may be a good option if you’re consolidating debt with an even higher interest rate or you know there will be a financial return (as in the case of major home renovations).
But $100,000 is a large sum of money, and the monthly payments can easily cost thousands of dollars. If you lose your job or face a financial setback, you could struggle to repay your loan and ruin your credit. Additionally, you may be looking at years of putting other financial goals on the back burner.
As with any personal loan, a large personal loan may not be worth it if the expense isn’t truly necessary.
Tip
Before taking out a personal loan, consider whether another type of loan is a better fit. For example, a home equity line of credit (HELOC) or home equity loan might be a better option for home renovations.
Personal Loans Calculator
If you decide to take out a personal loan, use a personal loan calculator to determine interest charges over time.
$100,000 loan FAQ
How much would a $100,000 loan cost per month?
The monthly cost of a $100,000 loan will depend on your interest rate, fees, and the repayment term. You can plug these numbers into a personal loan calculator to get an idea of what your monthly payment will be. For example, say your $100,000 loan has an APR — which includes interest and upfront fees — of 19.00% and a term of seven years. In this case, your monthly payment will be $2,161. However, if you qualified for a rate of 14.00%, your monthly payments on the seven-year loan would be $1,874.
How hard is it to get a $100,000 dollar loan?
It depends on the lender’s eligibility requirements, the type of loan, and your financial situation. Lenders each have their own credit score minimums, income requirements, and more. Different loan types might also have varying standards. For instance, because secured loans require collateral, they tend to be easier to qualify for. Generally, for such a large loan, you need to have great credit, a stable income, and a low DTI.
What is a secured vs. unsecured personal loan?
Secured personal loans require you to put up collateral in exchange for the loan, and unsecured loans don’t. Collateral is generally a physical or liquid asset — like a car, home equity, or a savings account. If you default on a secured loan, you risk losing the collateral. Because secured loans give lenders more assurance they’ll at least partially recoup their losses should you default, they tend to be easier to qualify for than unsecured loans.
Read More:
