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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.
Here’s what you should know before taking out a $100,000 personal loan:
- How to get a $100,000 loan
- Where to get a $100,000 loan
- How fast can you get a $100,000 personal loan?
- How to qualify for a large personal loan
- How much are monthly payments?
- How to get a $100K personal loan with bad credit
- Is a $100K personal loan right for me?
- Alternatives to personal loans
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 offers 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. 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, you’ll accept the offer and the lender will send you money. Some lenders send funds the same day you’re approved, while others can take a week or more. Most lenders deposit funds directly into your bank account.
Where to get a $100,000 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:
| Lender | Fixed rates | Loan amounts | Prequalification | Loan Terms | Origination Fee | Check rates |
|---|---|---|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.49% - 25.29% APR with autopay | $5,000 up to $100,000 | No | Up to 12 years | No | |
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 35.49% APR10 | $5,000 up to $100,000 | Yes | Up to 7 years | No | |
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.96% - 23.48% APR | $20,000 to $200,000 | Yes | 3 to 10 years | Yes | |
LightStream
LightStream personal loans are available from $5,000 to $100,000. LightStream offers loans with repayment terms up to 12 years if you use your loan to pay for home improvements, a boat, or a recreational vehicle. If you’re approved, you could get funds as soon as the same business day.
- Fixed APR: 6.49% - 25.29% APR with autopay with autopay
- Min. credit score: 700
- Loan amount: $5,000 to $100,000
- Loan terms (years): 2, 3, 4, 5, 6, 7 (up to 12 for home improvement and RV/boat loans)
- Time to fund: As soon as the same business day
- Fees: None
- Discounts: Autopay
- Eligibility: Available in all 50 states
- Customer service: Phone, email
- Soft credit check: No
- Loan servicer: LightStream
- Min. Income: Does not disclose
- Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Pros
- Fast loan funding
- 0.50 percentage point autopay discount
- Accepts co-borrowers
Cons
- Only available to borrowers with good or excellent credit
- Doesn’t disclose minimum income requirements
- No prequalification on the LightStream website
SoFi
With SoFi, you can borrow $5,000 to $100,000, with repayment terms from two to seven years. SoFi borrowers also have access to several perks, such as unemployment protection, career coaching, and investing advice.
- Fixed APR: 8.99% - 35.49% APR10
- Min. credit score: Does not disclose
- Loan amount: $5,000 to $100,000
- Loan terms (years): 2, 3, 4, 5, 6, 7
- Time to fund: 3 business days
- Fees: None
- Discounts: Autopay, member rate discount, direct pay discount for credit card consolidation, direct deposit discount
- Customer service: Phone, email, chat
- Soft credit check: Yes
- Min. Income: Does not disclose
- Loan Uses: Solely for personal, family, or household uses
Pros
- Borrower perks like unemployment protection and investing advice
- 0.25 percentage point autopay discount, 0.25 percentage point direct deposit discount, 0.125 percentage point member rate discount, 0.25 percentage point direct pay discount
- No fees
- Accepts co-borrowers (must live at the same address as the primary applicant)
Cons
- Could be hard to qualify if you don’t have good credit
- Doesn’t disclose minimum income requirements
​​BHG Money
BHG Money offers very large loans — up to $200,000. Loan terms are available up to 10 years and you may have an easier time qualifying if your FICO score is in the high 600s. However, the minimum APR is slightly higher than that available with Lightstream or SoFi. Perhaps this is because BHG Money charges an origination fee.
- Fixed APR: 9.96% - 23.48% APR
- Min. credit score: 660
- Loan amount: $20,000 to $200,000
- Loan terms (years): 3 to 10 years
- Time to fund: In as few as 5 days
- Fees: Origination fee, late fee
- Discounts: None
- Customer service: Phone, email
- Soft credit check: Yes
- Min. Income: $100,000 annually
- Loan Uses: Baby or adoption, engagement ring financing, moving or relocation, business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, debt consolidation, or wedding
Pros
- Ultra-large loan amounts, up to $200,000
- 660 minimum credit score
Cons
- Origination fee
- In as few as 5 days to fund
The personal loan companies in the table below compete for your business through Credible. You can request rates from all of these partner lenders by filling out just one form (instead of one form for each) and without affecting your credit score.
| Lender | Fixed rates | Loan amounts | Check rates |
|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.95% - 35.99% APR | $2,000 to $35,000** | |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.79% - 20.84% APR | $10,000 to $50,000 | |
|
|||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.99% - 35.99% APR | $2,000 to $50,000 | |
|
|||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 24.99% APR | $2,500 - $40,000 | |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.95% - 29.99% APR | $3,000 to $40,000 | |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.9% - 35.99% APR | $1,000 to $40,000 | |
|
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|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.49% - 25.29% APR with autopay | $5,000 to $100,000 | |
|
|||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 18.0% - 35.99% APR | $1,500 to $20,000 | |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.49% - 17.99% APR | $600 to $50,000 (depending on loan term) | |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 35.99% APR | $3,500 to $40,000 | |
|
|||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 35.49% APR10 | $5,000 to $100,000 | |
|
|||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.69% - 35.99% APR7 | $1,000 to $50,000 | |
|
|||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 35.99% APR | $1,000 to $50,000 | |
|
|||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.8% - 35.99% APR4 | $1,000 to $50,0005 | |
|
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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.
If your bank or credit union offers personal loans, you might get an interest rate discount as an existing customer, plus an autopay discount if you set up automatic payments directly from your account.
Learn more: If you’re a homeowner, consider tapping into your equity as an alternative to personal 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 loan with LightStream or SoFi, you could get your money the same day you’re approved. On the other hand, a loan from BHG Money or a traditional bank could take up to a week or more to fund.
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.
Remember that 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 on a $100,000 loan at a 10% APR.
You can generally expect to have a lower monthly payment but greater total finance charges if you choose to stretch payments out 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.
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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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:
- Apply with a cosigner. Applying with a cosigner with good credit could improve your chance of approval. Not all lenders allow cosigners on personal loans, but some do. A cosigner can be anyone with good credit (such as a parent, other relative, or trusted friend) who is willing to share responsibility for the loan. Keep in mind that this means they’ll be on the hook if you can’t make your payments.
- Build your credit. If you can wait to get a loan, improve your credit first. This can help with loan approval and reduce your interest rate. There are several ways to build your credit, such as making on-time payments, paying down credit card balances, or using a tool like Experian Boost so that bills like utility or subscription payments are reported to the credit bureaus.
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.
Credible makes it easy to find the right loan for you.
Find My Rate
Checking rates won’t affect your credit
Alternatives to personal loans
If you can’t qualify for a personal loan, or the interest rate is too high, consider other options:
- Home equity loan: This loan 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: 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, usually for a period of years before the repayment period starts. Just remember that your home could be at risk if you can’t make payments.
- Cash-out refinancing: With this option, your existing mortgage is paid off and replaced by a new loan with a higher amount than what you owe on your home. You’ll get the extra money to use as you’d like — minus any closing costs.
- Personal line of credit: A personal line of credit is similar to a HELOC in that you can borrow against it again and again. However, similar to a personal loan, a personal line of credit is unsecured, meaning it doesn’t have your home or any other asset as collateral.
Taylor Medine has contributed to the reporting of this article.
