| Lender | Loan Range | Annual Percentage Rate (APR) |
| SoFi | $5,000–$100,000 | 8.99%–29.49% |
| LightStream | $5,000–$100,000 | 6.99%–25.49% |
| BHG Money | $20,000–$200,000 | 13.39%–24.91% |
| Wells Fargo | $3,000–$100,000 | 7.49%–24.49% |
Though all of these lenders will provide personal loans to borrowers with a “good” credit score, which is one from 670 to 739, you’ll likely need a significantly higher credit score to be approved for the largest loans. Similarly, the interest rates on large loans are likely to be much higher than on smaller loans, even if you have a good credit score.
How to Get a $100,000 Personal Loan
Getting a personal loan for $100,000 is similar to getting any personal loan. The difference is that you’ll typically need a high credit score, a high income, and perhaps an existing relationship with your lender to be approved.
Here are the main steps for getting a large personal loan:
- Determine how much money you need: If you can apply for a loan for less than $100,000 by finding money from other sources, you are more likely to be approved.
- Review your finances: A large loan will have high monthly repayments over a long period, so make sure you can easily afford them.
- Research and compare lenders: Your options for a loan of $100,000 are fairly limited, but make sure you compare your offers. Even a small difference in the interest rate could be substantial in terms of the total interest cost.
- Pre-qualify: Most lenders will allow you to pre-qualify for a loan via a soft credit check.
- Apply: You can generally apply online for personal loans, but for large loans, you may need to speak to your lender or provide extra documentation.
How Much Does a $100,000 Personal Loan Cost Over Time?
The cost of any personal loan over time mainly depends on two factors: the interest rate and the loan term (length of the loan). Loans with a high interest rate and a long term cost more, and vice versa.
You can use Investopedia’s personal loan calculator to compare the total costs of loans with different interest rates and terms.
Let’s take two examples and calculate the cost of the loans.
Scenario 1: $100,000 Over 2 Years at 15%
A loan for $100,000, paid back over just two years, would have a high monthly repayment of $4,848.66 per month, so you would need a high income to afford these repayments. However, paying back this loan over such a short period means that you’ll lower the total cost you’ll pay in interest, which will be $16,367.96.
Scenario 2: $100,000 Over 4 Years at 10%
If you take out the same loan, but pay it back more slowly, your monthly repayments will be lower at $2,536.26 per month. However, even if you get a better interest rate of 10%, you’ll pay more interest over the lifetime of the loan, with a total cost of $21,740.40.
How Do People Use Personal Loans?
Investopedia commissioned a national survey of 962 U.S. adults between Aug. 14, 2023, to Sept. 15, 2023, who had taken out a personal loan to learn how they used their loan proceeds and how they might use future personal loans. Debt consolidation was the most common reason people borrowed money, followed by home improvement and other large expenditures.
Alternatives to a $100,000 Personal Loan
If you need to borrow a large amount of money, you can consider other sources of funding in addition to a personal loan. If you can get a secured loan, you will likely have better rates.
For example, home equity loans and home equity lines of credit (HELOCs) use your home equity to back a large-size loan or line of credit. If you have a substantial amount of money saved in a tax-advantaged retirement account like a 401(k) or an individual retirement account (IRA), you can potentially borrow money from it. You could also borrow money from any cash value you accrued with a permanent life insurance policy.
How Fast Can You Get a $100,000 Personal Loan?
With a high credit score and income, you might be approved for a $100,000 loan the same day you apply. However, lenders sometimes do extra credit and financial checks for large loans, which can slow the process.
Can You Get a $100,000 Personal Loan With Bad Credit?
You cannot get a $100,000 loan with bad credit. To get a large personal loan, you will need a good credit score. The exact score you will need will vary by lender.
What Is the Largest Personal Loan Possible?
Most lenders don’t offer loans above $100,000, and many don’t offer loans of more than $30,000 or $50,000. However, private banks that cater to wealthy individuals might offer personal loans of $100,000 or more.
How Big of a Loan Is Too Much?
The size of loan that is right for you depends on your finances and your needs. Any personal loan that you will struggle to meet the repayments for is too large. If you fail to repay the loan, your credit score will suffer and you will find it more difficult to get approved for loans in the future.
The Bottom Line
Loans larger than $100,000 are not common. When you need to make a large purchase, other loan products such as a mortgage may be more suitable than a personal loan. If you do need $100,000 or more in financing, and you don’t qualify for a personal loan, you can consider alternatives like home equity loans or home equity lines of credit (HELOCs), or borrowing from your retirement account.
FAQs
It is possible to get a $100,000 personal loan, but it's difficult. Lenders don't typically offer loans as large as $100,000, with most banks and credit unions offering a maximum of $50,000. To qualify for a $100,000 personal loan, you'll need a credit score of 720 or above and a high income.
How hard is it to get a 100k personal loan? ›
You'll generally need a good to exceptional credit score and a steady income to get a $100,000 personal loan. Your income should prove that you can afford to repay the loan on time in addition to your other living expenses and existing debts.
How much would a $100,000 personal loan cost per month? ›
$100,000 loan FAQ
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.
What credit score is needed for a 100k loan? ›
Check Your Credit Score
To qualify for a $100,000 personal loan, you should have a score of at least 720, though a score of 750 or above is ideal. Before you apply for a large personal loan, check your credit score so you know what kind of loan terms you're likely to qualify for.
What banks offer a 100k personal loan? ›
The best $100,000 personal loans
- Wells Fargo. You won't be charged an origination fee or prepayment penalty. ...
- SoFi. You may need strong credit to qualify with SoFi. ...
- USAA. You can get an autopay discount on your interest rate, and you won't pay application or prepayment penalty fees. ...
- LightStream.
For a $100,000 loan over a two-year term, you'll have to have more than $4,000 in extra income that you can put toward the loan. A relatively low debt-to-income (DTI) ratio: Most lenders look for borrowers who have a debt-to-income (DTI) ratio of less than 36%. 2.
What's the biggest personal loan I can get? ›
Personal loan amounts vary widely among lenders. While some lenders allow you to borrow up to $100,000, others offer loans only up to $20,000. Most base your maximum loan amount on financial factors, like your annual income, your credit score and your repayment history.
What is the payment on a $100,000 loan? ›
Monthly payments for a $100,000 mortgage
| Annual Percentage Rate (APR) | Monthly payment (15-year) | Monthly payment (30-year) |
|---|
| 6.25% | $857.42 | $615.72 |
| 6.50% | $871.11 | $632.07 |
| 6.75% | $884.91 | $648.60 |
| 7.00% | $898.83 | $665.30 |
5 more rowsTo borrow a lot of money, you'll need a very good credit score, generally defined as a FICO® score of 740 or higher. You'll also need a stable employment history and income that's high enough to make the payments. Lenders also look at how much you make and other debts you owe.
How long does it take to pay off a 100K loan? ›
How long does paying off $100K in student loans take? Although the standard repayment plan is typically 10 years, some loans and repayment plans have longer terms, so you could be repaying for 20 or even 30 years.
You can loan £100k with an unsecured loan if you have a strong credit score. In most cases, the funds will be paid to you. However, if you have a bad or less than perfect credit score, you can use your home or property as collateral.
Which loan is easy to borrow? ›
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
How can I get $100,000? ›
7 tips for getting your first $100,000
- Figure out how much money you can safely save each month. ...
- Automate your savings. ...
- Maximize your employer-sponsored savings and investment accounts. ...
- Save your tax refunds and work bonuses. ...
- Pay off existing debt. ...
- Seek a raise or some other way to increase your income.
Although loan amounts vary across lenders, the maximum amount for personal loans typically ranges from $500 to $100,000. In some cases, you may qualify for a loan larger than what you need. Before accepting any loan, consider what you can afford to repay and be sure you don't borrow more than what you can manage.
Is it hard to get a $10,000 personal loan? ›
The main factor in determining if you qualify for a $10,000 personal loan is your credit history. You'll need a credit score of at least 670 before you apply. Lenders look at your debt-to-income ratio when deciding approval. A DTI ratio of 36% or lower is ideal.
What's the average payment on a $10000 personal loan? ›
Here's how much you'd pay each month for a $10,000 personal loan
| 8.00% |
|---|
| Two-Year Repayment | $452.27/month, $854.55 in interest over time |
| Five-Year Repayment | $202.76/month, $2,165.84 in interest over time |
| Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time |
Jan 17, 2024
You can loan £100k with an unsecured loan if you have a strong credit score. In most cases, the funds will be paid to you. However, if you have a bad or less than perfect credit score, you can use your home or property as collateral.
How long does it take to pay back a 100000 loan? ›
How long does paying off $100K in student loans take? Although the standard repayment plan is typically 10 years, some loans and repayment plans have longer terms, so you could be repaying for 20 or even 30 years.
How high is too high for a personal loan? ›
Although loan amounts vary across lenders, the maximum amount for personal loans typically ranges from $500 to $100,000. In some cases, you may qualify for a loan larger than what you need. Before accepting any loan, consider what you can afford to repay and be sure you don't borrow more than what you can manage.
What credit score do I need for a $10000 personal loan? ›
To increase your chance of qualifying for a $10,000 unsecured loan, you should have a credit score of 600 or higher. Some lenders start their minimum credit score requirements at 600, however, there are some lenders that require a credit score in the high 600s or low 700s.
