How to Get a $100,000 Loan

Do you need to borrow $100,000 or more? Maybe you plan to renovate your home or rehab rental real estate. You could also use the money for debt consolidation if you have significant credit card debt or medical bills.

Personal loans are a flexible option if you need to borrow six figures. This guide will cover your options for a $100,000 loan and other avenues to consider.

Who can get a $100,000 loan?

Qualifying for a $100,000 personal loan may not be easy because most personal loans are unsecured—meaning they aren’t backed by collateral. This makes them riskier for lenders, so you must demonstrate you can repay the loan to qualify.

Here are criteria you may need to meet:

• Credit score: Your credit score should be good (670 – 739) to excellent (800 – 850). A high credit score doesn’t guarantee approval, but the higher your score, the better.
• Income: A high income can help you qualify for a $100,000 loan. This shows lenders you have more money coming in to put toward loan payments.
• Debt-to-income ratio (DTI): Lenders like to see a reasonable DTI. Aim for a DTI of 36% or less. This means your monthly debt payments are, at most, 36% of your monthly income.
• Supporting documents: You may need to provide supporting documents, such as pay stubs, bank statements, or investment account statements.

None of these factors guarantee approval, having them in order can increase your chances. The stronger your finances, the better.

Also, remember that even if you can’t qualify for a $100,000 loan, you may qualify for a lower amount. For instance, if your credit score is good but not excellent, you may get an offer for a smaller personal loan.

Borrowers with higher credit scores are seen as more likely to make their payments, which can help them qualify for larger loans. Those with excellent credit scores tend to have the best chance of qualifying for a $100,000 loan.

Where to find a $100,000 personal loan

Most banks and credit unions offer personal loans, and many online lenders specialize in personal lending. You have many options to choose from when seeking a personal loan.

The trick is finding a lender that offers $100,000 loans. Many lenders have loan limits of $50,000 or less. To get a loan that large, you will often need good or excellent credit.

The five lenders below are terrific options for those with a good to excellent credit score. They all offer loans up to at least $100,000. Click the lender’s name in the table for more details about its $100,000 loans,

Lender	Maximum loan amount	Rates (APR)
SoFi	$100,000	8.99% – 25.81%
LightStream	$100,000	7.99% – 25.81%
Credible	$200,000	5.20% – 35.99%
Wells Fargo	$100,000	7.49% – 23.24%
BHG Money	$200,000	12.99% – 22.49%

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SoFi – Best for good credit

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Editorial rating: 5.0 out of 5

• Rates (APR): 8.99% – 25.81%
• Loan amounts: $5,000 – $100,000
• Credit score: 650

SoFi offers personal loans up to $100,000 with competitive rates and minimal fees. The online application is simple, and you can check your rate without affecting your credit score. 

• Credit score category: Excellent, good
• Soft credit pull to check rates? Yes
• Deposit time: As soon as the next day
• Origination fee: 0% – 6%
• Discounts: Autopay, direct deposit
• Repayment terms: 2 – 7 years

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LightStream – Best for excellent credit

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Editorial rating: 4.8 out of 5

• Rates (APR): 7.99% – 25.49%
• Loan amounts: $5,000 – $100,000
• Credit score: 660+

LightStream ranks as our best personal loan for excellent credit and offers a maximum loan amount of $100,000. Highlights of a LightStream personal loan include low fixed rates, no fees, and a Rate Beat program that will beat any rate a competitor offers by 0.10 percentage points. 

If you have excellent or good credit and are looking for a $100,000 personal loan, LightStream is a terrific option. However, if you’re not confident you’ll qualify, you might consider other lenders first. LightStream doesn’t let borrowers prequalify without a hard credit check.

• Credit score category: Excellent, good
• Soft credit pull to check rates? Not available
• Deposit time: As soon as the same day
• Origination fee: 0%
• Discounts: Autopay
• Repayment terms: 24 – 144 months

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Credible – Best marketplace

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Editorial rating: 5.0 out of 5

• Rates (APR): 5.20% – 35.99%
• Loan amounts: $600 – $200,000
• Credit score: 640

Credible isn’t a lender; it partners with lenders to bring you prequalified rates¹. You can compare lenders by APR, loan amounts, and more from one location within Credible’s marketplace. And with the right offer, you can get quick funding or lock in a loan with no origination fee.

• Credit score category: Excellent, good
• Soft credit pull to check rates? Yes
• Deposit time: 1 – 7 business days
• Origination fee: 0% – 12%
• Discounts: Autopay, loyalty programs
• Repayment terms: 1 – 10 years

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Wells Fargo

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Editorial rating: 4.5 out of 5

• Rates (APR): 7.49% – 23.24%
• Loan amounts: $3,000 – $100,000
• Credit score: Not specified

Wells Fargo offers customizable personal loans up to $100,000 and terms from 12 to 84 months. The lender skips most typical personal loan fees, including a prepayment penalty. 

It offers an autopay discount if you pay with a qualifying Wells Fargo account. Most customers can expect a same-day decision, and fast funding is available.

• Soft credit pull to check rates? Yes
• Deposit time: 1 – 3 business days
• Origination fee: None
• Discounts: Autopay
• Repayment terms: 12 – 84 months

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BHG Money

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• Rates (APR): 12.99% – 22.49%
• Loan amounts: $20,000 – $200,000
• Credit score: Not specified

BHG Money provides some of the largest personal loans available, with amounts up to $200,000. You can’t get a small-dollar loan from this lender, and it doesn’t offer the lowest rates. 

Still, it typically provides approvals within 24 hours, and you’ll pay no application or prepayment fees. If you’re looking for a large personal loan, BHG Money might be on your list.

• Soft credit pull to check rates? Yes
• Deposit time: As few as 5 days
• Origination fee: 2% – 4%
• Discounts: Autopay
• Repayment terms: 3 – 10 years

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Can you get a $100,000 personal loan with bad credit?

It can be difficult to get such a large loan if you have fair or bad credit. Many financial institutions use high origination fees and interest rates to mitigate their risk, meaning you’ll pay more to borrow if your credit is less than great.

None of the fair-credit lenders and bad-credit lenders we’ve reviewed offer loans as high as $100,000. We recommend requesting a smaller loan amount or considering the alternative options we cover below.

However, if you have bad or fair credit and still want a personal loan, a few options are available. You can consider one of these lenders depending on where you fall in that range.

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Bad credit

• Upstart – Best for thin (little to no) credit
  • Editorial rating: 4.8 out of 5
  • Largest loan amount: $50,000
  • Minimum credit score: 300
  • Repayment terms: 3 or 5 years
  • View rates

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• LendingPoint – Best for changing your payment date
  • Editorial rating: 4.9 out of 5
  • Largest loan amount: $36,500
  • Repayment terms: 2 – 6 years
  • View rates

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Fair credit

If you have fair credit, you can apply with any of the bad-credit lenders above, plus these three:

• Upgrade – Best for fair credit
  • Editorial rating: 4.9 out of 5
  • Largest loan amount: $50,000
  • Minimum credit score: 560
  • Repayment terms: 2 – 7 years
  • View rates

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• Achieve – Best for choosing payment date
  • Editorial rating: 4.8 out of 5
  • Largest loan amount: $50,000
  • Minimum credit score: 620
  • Repayment terms: 24 – 60 months
  • View rates

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• Happy Money – Best for credit card debt
  • Editorial rating: 4.8 out of 5
  • Largest loan amount: $40,000
  • Minimum credit score: 640
  • Repayment terms: 24 – 60 months
  • View rates

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How much is the monthly payment on a $100,000 loan?

The exact cost of a $100,000 personal loan varies with the term of the loan and the APR. Longer terms and higher rates lead to higher total interest paid, while shorter terms and lower rates lead to lower costs.

This table shows how the interest rate and term affect the cost of a $100,000 loan. The lowest payment in our example scenarios is $1,332. If you have more specific numbers, you can also run them through our personal loan calculator.

APR	Term	Monthly payment	Total amount repaid
10%	5 years	$2,125	$127,482
10%	10 years	$1,332	$158,581
20%	5 years	$2,649	$158,963
20%	10 years	$1,933	$231,907

How to choose the right lender for a $100,000 loan

Borrowing $100,000 is a massive commitment. It will likely take years to repay, so ensure you choose the best option. When comparing loan offers, consider these factors:

• APRs:  Compare rates from multiple lenders. Choosing a loan with a lower APR will lead to a more affordable payment and a lower cost overall.
• Term lengths:  Look for a lender with a wide range of terms available. This will help you find a term that works for your budget.
• Minimum credit score: Some lenders provide a minimum credit score required to qualify for a personal loan. Look for lenders that align with your credit score.
• Deposit time: Many lenders will deposit funds into your account within a week. But if you need money sooner, look for lenders with faster funding.

Primary financial risks: Our expert weighs in

Erin Kinkade

CFP®

In my opinion, the primary risks are increasing your DTI and the obligation to repay the loan. If you have other financial goals in the near future, such as buying a home or car, and wouldn’t qualify if you increased your DTI by taking out a $100,000 loan, be aware of that. Time the payoff so you can achieve your other financial goals. The other main risk is not meeting the obligation of repaying the loan, which could lead to a poor credit score and credit history. This could preclude you from meeting your financial goals and affect other areas of your life. I recommend researching so you understand how DTI affects your overall financial condition, including the ability to repay the loan by making on-time payments.

Other ways to borrow $100,000

It can be hard to find a lender willing to loan you $100,000 without collateral—especially without a solid credit history.

However, you may have other options if you can’t find a personal loan for $100,000. It can be easier to get a loan if you opt for a secured loan, meaning you’ll provide collateral.

• Secured personal loan: With secured personal loans, you provide collateral (such as your home or savings) to get a larger loan or a lower rate.
• Home equity loan: This lets you use the equity you’ve built in your home to secure a loan. You can often borrow more money at a lower rate than most other loans, but you’ll put your home on the line.
• HELOC: A home equity line of credit lets you turn your home equity into a source of cash. You can use a HELOC like a credit card: Take cash when needed, and leave it unused otherwise.
• Cash-out refinance: If you own your home, you can use a cash-out refinance to turn some of your equity into spendable cash. This option lets you refinance your mortgage at a new rate and payment term but for a larger amount than you owe on the home. You get the difference in cash.

Which $100,000 loan is right for you?

You may have several options to obtain a $100,000 loan, so you’ll need to consider the features of each kind of loan and whether it works for your situation.

Here are examples of times when you might need financing and which loan type to consider.

If you…	Choose…	Why?
Are remodeling your home	A home equity loan or HELOC	Lower rates The interest you pay might be tax-deductible if you itemize your deductions
Are getting married	A wedding loan or personal loan	Rather than risking your home to pay for a wedding, you might still qualify for relatively low rates with a personal loan
Want to consolidate credit card debt	A debt consolidation loan or balance transfer credit card	Both options should offer lower APRs than a credit card, and you don’t risk your personal property by putting up collateral

Our expert’s advice

Erin Kinkade

CFP®

I suggest taking the loan only if it’s a need, not a want. This will depend on your circumstances, but I recommend not making the decision in haste or desperation. Weigh the pros and cons with a goal of resulting in an overall economic benefit to you.

How to apply for a $100,000 personal loan

The exact process to get a $100,000 loan varies by lender, but you’ll find several similarities.

1. Choose a lender and apply. Determine how much money you’ll need, and fill out the application. The lender will then run a credit check in most cases.
2. The lender reviews your application. The lender will approve or deny your application according to its approval criteria. If you’re approved, the lender will send you an offer with interest rates and term options. You can choose the loan that best meets your needs.
3. Get your funds. Once you accept the loan, the lender will deposit the cash into your checking account. Depending on the lender, the decision process can take as little as one business day or as long as two weeks.

Certain lenders specialize in quick approvals, while others take more time to make decisions. If time is a concern, look for online lenders specializing in quick approval.

What you’ll need to apply

When you apply for a personal loan, you must provide personal information and documentation. Lenders need to know your financial situation to make a lending decision, so try to leave your potential lenders with as few questions as possible.

When you fill out an application, you can expect to provide information such as:

• Your name
• Your address
• Government ID and ID numbers (driver’s license number, Social Security number)
• Your employer
• Your living situation (Do you rent or own? What’s your monthly housing payment?)
• Your annual income and proof of that income
• The loan purpose

Your lender will combine the information that you provide with information from your credit report to make its lending decision.

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¹ Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.