| 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
To get a $100,000 personal loan at the best rates and terms, you'll need excellent credit, a high income, and the right lender. Not all personal loan companies offer six-figure loan amounts. Those that do typically only lend large amounts to borrowers with stellar financial profiles.
How hard is it to get a 100k personal loan? ›
You'll generally need a good to exceptional credit score, generally between 670 and 850, and a steady income to get a $100,000 personal loan.
What credit score do you need for a $100,000 loan? ›
To qualify for a $100,000 personal loan, you'll need a credit score of 720 or above and a high income. Large unsecured loans tend to be expensive because they have high interest rates and long loan terms.
What is the monthly payment on a $100,000 personal loan? ›
Example Monthly Payments on a $100,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $9,026 |
| 24 months | 15% | $4,849 |
| 36 months | 15% | $3,467 |
| 48 months | 15% | $2,783 |
3 more rowsSep 10, 2021
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.
What is the minimum income for a 100K loan? ›
A $100,000 mortgage comes with a monthly payment around $840. Your lender will look for income in the $28,000 range to make that monthly payment, assuming you don't have debt already from a car payment or student loan, for example.
What credit score do I need for a $10000 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 is the maximum personal loan you can get? ›
Personal Loan Maximums
For lenders, personal loans are riskier because they have no collateral to use to recoup losses if you fail to make payments. The majority of lenders state that their maximum personal loan amount is $50,000, though some will go as high as $100,000.
How to get approved for a large personal loan? ›
Good to excellent credit
The minimum FICO credit score varies but is at least 680 for all lenders Bankrate reviewed. An excellent score of 800 paired with high income will likely give you the fastest path to approval and access to lenders' lowest rates.
What is the biggest loan you can get from a bank? ›
Key takeaways. Personal loan amounts vary by lender, but some lenders allow consumers to borrow up to $100,000. The amount a lender may approve you to borrow will depend on various factors, such as your credit score, income and debt-to-income ratio (DTI).
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.
What is the payment on a $100000 loan for 15 years? ›
If your lender offered you a 7% annual percentage rate (APR) on a 15-year loan for $100,000, you could expect your monthly payment — principal and interest — to be about $898. If you had a 30-year loan with a 7% APR, a $100,000 mortgage payment could be about $665 per month.
Which bank has the lowest interest rate for a personal loan? ›
Lowest interest rates charges by banks on their personal loans:
- Karur Vsya Bank:Interest rate on secured loan is 11 percent per annum and 13 percent per annum on unsecured personal loans. ...
- Yes Bank: Yes Bank charges an interest rate that starts with 10.49 percent per annum. ...
- Milestone Alert!
In most cases, you just need a good credit score and proof of income to get a personal loan. Although getting a personal loan is relatively simple, there are some steps you can take to choose the right personal loan and increase your approval chances.
Can you get a personal loan of $100,000? ›
Check Your Credit Score
Large loans are typically more difficult to qualify for than those with smaller limits. 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.
What is the highest unsecured loan I can get? ›
An unsecured loan can be a flexible way of getting money that a credit card alone can't give you. It's also a good option if you don't own your home. Unsecured loans are typically for smaller amounts, usually between £1,000-£25,000, whereas a secured loan can be for up to £100,000 or more.
How much does it cost a month to borrow 100k? ›
Monthly payments on a $100,000 mortgage by interest rate
At a 7.00% fixed interest rate, a 30-year $100,000 mortgage may cost you around $665 per month, while a 15-year mortgage has a monthly payment of around $899.
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.
What's the biggest personal loan I can get? ›
High loan amounts: Personal loan amounts are available for up to $100,000, higher than many lenders. Various term lengths: Term lengths range from one year to seven years, offering extra flexibility.
What credit score do you need to get a $30,000 loan? ›
Requirements to receive a personal loan
This allows them to look at your history from the past seven years and see whether you've typically made payments on time. For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.
