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If you need to cover a substantial expense, a personal loan could be a good option. You can use a large loan — such as a $100,000 personal loan — for almost any significant expense, such as consolidating debt, installing a pool, or covering sudden medical bills.
Here’s what you should know before taking out a $100,000 personal loan:
- Where to get a $100,000 loan
- Use $100k personal loan calculator first
- How to apply for a $100,000 personal loan
- Factors to consider when comparing loans
- Alternatives to personal loans
- Is a $100,000 loan right for you?
Where to get a $100,000 loan
Below you’ll 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 $100,000 personal loans:
| Lender | Fixed rates | Loan amounts |
|---|---|---|
 View details | 3.99% - 19.99% APR | $5,000 up to $100,000 |
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 View details | 5.99% - 18.83% APR | $5,000 up to $100,000 |
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- Lightstream offers personal loans from $5,000 to $100,000. Repayment terms generally range from two to seven years, though you could have up to 12 years to repay LightStream home improvement loans.
- SoFi could be a good option if you’re looking for debt consolidation loans or other types of personal loans. You can borrow $5,000 to $100,000, with repayment terms from two to seven years.
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 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 | 5.99% - 29.99% APR | $5,000 to $35,000 |
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 View details | 6.99% - 24.99% APR | $2,500 to $35,000 |
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 View details | 7.99% - 29.99% APR | $10,000 to $35,000 |
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 View details | 10.68% - 35.89% APR | $1,000 to $40,000 |
LendingClub personal loans review †Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary. |
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 View details | 15.49% - 35.99% APR | $2,000 to $25,000 |
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View details | 3.99% - 19.99% APR | $5,000 to $100,000 |
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 View details | 6.99% - 19.99% APR1 | $3,500 to $40,0002 |
1Rate reduction of 0.25% 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 | 18.00% - 35.99% APR | $1,500 to $20,000 |
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 View details | 5.99% - 24.99% APR | $5,000 to $40,000 |
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 View details | 6.49% - 17.99% APR | $600 to $20,000 (depending on loan term) |
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 View details | 6.95% - 35.99% APR | $2,000 to $40,000 |
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View details | 5.99% - 18.83% APR | $5,000 to $100,000 |
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 View details | 6.94% - 35.97% APR | $1,000 to $50,000 |
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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 15% and 36 monthly payments of $33 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. 5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. 6If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. 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. Citibank offers personal loans up to $30,000, though you might be able to borrow more if you visit a local branch. Some credit unions also provide large personal loans.
If your bank or credit union offers personal loans, you might get an interest rate discount as an existing customer. Many lenders also offer autopay discounts if you let them automatically withdraw your monthly loan payment from a checking account or savings account.
Where to get a $100k personal loan for bad credit
Because a $100,000 personal loan is such a large amount of money, lenders will typically only approve candidates who have very good or excellent credit as well as a steady source of income. If your credit is poor or fair — generally meaning it’s below 670 — it could be difficult to find a lender willing to work with you.
If you have less-than-stellar credit, you could consider applying for a smaller amount with a lender that offers bad credit loans. Or if you can wait before borrowing, it could be a better idea to focus on improving your credit score before applying.
A few ways to build your credit include:
- Making all of your bill payments on time
- Paying down existing debt
- Limiting new credit inquiries
Even if you don’t need a cosigner to qualify, having one might get you a lower interest rate than you’d get on your own.
If you decide to take out a personal loan, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
$100k personal loan calculator
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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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 $100,000 personal loan
Applying for a personal loan — even one as large as $100,000 — is generally a straightforward process. Just follow these four steps:
- Compare lenders: To start, research and compare as many lenders as possible to find the right loan for you. Be sure to compare not only interest rates but also repayment terms and any fees charged by the lender.
- Choose the option you like most: After comparing lenders, pick the loan that best fits your needs.
- Fill out the application: You’ll need to complete a full application and submit any required documentation, such as pay stubs or tax returns.
- Get your funds: If you’re approved, you’ll need to sign for the loan so the lender can send you the money. Many lenders will deposit the funds directly into your bank account.
How fast can you get a $100,000 personal loan?
The time to fund for a $100,000 personal loan mainly depends.
For example, if you take out a loan with LightStream, you could get your money the same day you’re approved. With SoFi, you could get your money within three business days.
Other lenders might take several days to disburse your funds.
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 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, as well as any fees your lender charges.
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 term for a personal loan usually falls somewhere between two to seven years.
Long-term personal loans could be a more affordable option, although you’ll end up paying more in interest over time.
3. Monthly payment
A lower monthly payment doesn’t mean a loan will cost you less. In fact, it’s typically 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.
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.
- 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.
Alternatives to 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.
If you can’t qualify for a personal loan that size or the interest rate seems too high, here are some other options to consider:
- Home equity loan: This is secured by the equity in your home. Like a personal loan, you’ll get the funds from a home equity loan as a lump sum. Keep in mind that if you can’t keep up with your payments, you could lose your home.
- Home equity line of credit (HELOC): This also allows you to access the equity in your home. Unlike a home equity loan, a HELOC is a type of revolving credit — meaning you can repeatedly draw on and pay off your credit line. Just remember that your home could be at risk if you can’t make your payments.
- Cash-out refinancing: With this, your existing mortgage is paid off and replaced by a new loan with a higher loan amount than what you owe on your home. You’ll get the extra amount to use as you’d like — minus any closing costs.
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.
Is a $100,000 loan right for you?
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.
Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
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Keep Reading: HELOC vs. Home Equity Loan
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.
