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When taking out a large loan, finding the right lender, loan terms, and interest rate can save you a lot of money. Here’s a quick primer on how to get a $100k loan.
In this post:
- Where to get a $100,000 loan
- Factors to consider when comparing loans
- Cost to repay a $100k personal loan
- How to apply for a personal loan
- Alternatives to personal loans
Where to get a $100,000 personal loan
Below you will find some of your options to find a $100,000 loan
Online lenders
Online lenders can be a good place to look for a large personal loan.
Credible is partnered with two online personal loan lenders that offer large personal loans:
- LightStream and SoFi offer personal loans up to $100,000
| Lender | Fixed rates | Loan amounts |
|---|---|---|
 View details | 3.49% - 19.99% APR | $5,000 up to $100,000 |
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 View details | 5.99% - 17.53% APR | $5,000 up to $100,000 |
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If you’d consider a loan for a little less, you can check out our other partner lenders
The personal loan companies in the table below compete for your business through Credible, allowing you to compare prequalified personal loan rates from all of them by filling out a single form and without affecting your credit score.
| Lender | Fixed rates | Loan amounts |
|---|---|---|
 View details | 9.95% - 35.99% APR | $2,000 up to $35,000** |
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. |
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 View details | 6.49% - 29.99% APR | $5,000 to $35,000 |
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 View details | 15.49% - 35.99% APR | $2,000 up to $25,000 |
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View details | 3.49% - 19.99% APR | $5,000 up to $100,000 |
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 View details | 6.99% - 19.99% APR1 | $3,500 to $40,0002 |
1Rate reduction available for AutoPay. 2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt. 3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details. |
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 View details | 5.99% - 24.99% APR | $5,000 up to $35,000 |
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 View details | 6.95% - 35.99% APR | $2,000 up to $40,000 |
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View details | 5.99% - 17.53% APR | $5,000 to $100,000 |
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 View details | 7.99% - 35.97% APR | $1,000 up to $35,000 |
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 View details | 8.13% - 35.99% APR4 | $1,000 to $50,0005 |
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 20% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 5Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa.The minimum loan amount in MA is $7,000. The minimum loan amount in OH is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100. 6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law. |
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Banks and credit unions
Most financial institutions don’t offer personal loans as high as $100,000.
But if you’re looking for a $100,000 personal loan from a bank, you could try Wells Fargo, which has higher limits than most banks. Citizens and Citi might offer personal loans of up to $50,000, as will some credit unions.
If your bank or credit union offers personal loans, it might give an interest rate discount to existing customers. Many lenders offer autopay discounts if you allow them to withdraw your monthly loan payment from a checking account or savings account.
Learn more: If you are a homeowner with equity in your home, you can also consider some alternatives to personal loans.
Factors to consider when comparing loans
A $100,000 personal loan can be used to undertake major home renovations, pay off medical bills, and even for debt consolidation — all without putting your home up as collateral. But before pursuing such a large personal loan, you should do your research and take these factors into consideration:
1. Interest rate
The interest rate on a loan is one of the most important factors to consider when shopping for a loan. It’s what you’ll pay in interest charges each year, expressed as a percentage.
Shopping for a loan would be simple if you could just look for the loan with the lowest rate. But your total interest payments will also depend on how long you take to pay back your loan, and any fees your lender charges.
To help you understand the impact of any additional fees and expenses over the life of your loan, lenders are required to factor them into another calculation called the annual percentage rate, or APR.
Like the interest rate, the APR is just one factor that determines your overall repayment costs.
2. Repayment term
Another crucial factor that affects your overall repayment cost is your repayment term, or how long you will have to pay back your loan. The loan length for personal loans usually falls somewhere between a two to seven year term. The longer you take to pay back your loan, the more interest charges you’ll pay.
But many people can’t afford to pay back a $100,000 loan in two years because the monthly payments would be too high.
3. Monthly payment
A lower monthly payment doesn’t mean a loan will cost you less. Often, it’s the opposite: To get a lower monthly payment, you’ll have to choose a longer repayment term, which will increase the total amount you’ll repay.
It’s important to understand the relationship between the interest rate, repayment term, and monthly payment:
- The shorter the repayment term, the lower the interest rate offered by most lenders
- The longer the repayment term, the lower the monthly payment
As a rule of thumb, you can often save money by choosing a loan with the shortest repayment term that you can still afford to make the monthly payment on.
4. Total repayment costs
Once you’ve found a loan that’s right for your situation, review the federal Truth in Lending Act (TILA) disclosure provided by your lender when you apply.
These are the numbers to look for:
- The finance charge: This represents the total repayment cost of your loan, including interest and fees.
- Total payments: This shows the total amount of all the payments you’ll make to pay off your loan — the loan principal plus finance charges.
Cost to repay a $100k personal loan
To illustrate the relationship between the loan repayment term, interest rate, and monthly payment, we’ve put together the table below. The interest rates in the table are hypothetical, for purposes of illustration only.
What the table demonstrates is that you can expect to have a lower monthly payment but greater total finance charges if you choose to stretch your payments out over a longer period of time. You can use our personal loan calculator to run your own numbers.
| Repayment term | Interest rate | Monthly payment | Total interest |
|---|---|---|---|
| 2 years | 6% | $4,432 | $6,369 |
| 3 years | 7% | $3,088 | $11,158 |
| 4 years | 8% | $2,441 | $17,182 |
| 5 years | 9% | $2,076 | $24,550 |
| 7 years | 10% | $1,660 | $39,450 |
How to apply for a personal loan
Paying down existing debt (like credit card debt or other loans) and checking your credit report for errors before you apply for a loan can help you qualify for a better interest rate. Once you’ve done what you can to raise your credit score, get prequalified rates from multiple lenders who employ a soft credit history check.
Once you’ve found a loan with an interest rate, repayment term, and monthly payment that’s right for you, you’ll file an application that gives the lender permission to do a “hard” credit check. A voluntary hard credit inquiry that’s initiated when you apply for a loan might not affect your FICO score at all. If it does, it will typically take less than five points off.
Lenders might also ask for documentation that verifies your identity and income. Often you’ll be able to upload these documents online.
Learn More: How to Get a Personal Loan
Alternatives to large personal loans
With the new options provided by online lenders, it’s now possible for a qualified borrower to get unsecured personal loans of $35,000, $50,000 or even $100,000 without putting their home up as collateral.
But what if you can’t qualify for a personal loan that size or the interest rate seems too high?
For homeowners who have equity in their homes, a home equity loan or home equity line of credit can be an option. Cash-out mortgage refinancing can also provide access to funds.
In many cases, a loan that’s secured by your home will come with a lower interest rate. You’ll still have to demonstrate that you have sufficient income to repay a home equity loan, but the minimum credit score requirements might be more relaxed than for large personal loans.
Whether you’re taking out an unsecured personal loan or a loan secured by your home, make sure to do your homework and find the right lender, and choose the loan terms and monthly payment that fits your budget.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
