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 $100,000. This guide will cover your options for a $100,000 loan and other avenues to consider.
In this guide:
- Where to find a $100,000 loan
- How to get a $100,000 loan
- Costs of a $100,000 personal loan
- Factors to consider
- Other ways to get a $100,000 loan
Where to find a $100,000 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 lender below is a terrific option for those with a good to excellent credit score. It offers loans up to $100,000.
LightStream
- Rates (APR): 7.49% – 24.49%
- 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.
- Credit score category: Excellent, good
- Soft credit pull to check rates? Not available
- Deposit time: As soon as the same day
- Origination fee: 0%
- Late fee: None
- Discounts: 0.50% interest rate reduction for enrolling in autopay
- Repayment terms: 24 – 144 months
Getting a $100,000 loan if you have fair or 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.
Pros & cons of a $100,000 personal loan
Pros
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Use the money to consolidate loans or finance large projects
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No collateral required
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Apply online or in person
Cons
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Can be challenging to find a lender willing to offer $100,000 or more
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The loan will be expensive unless you repay it fast
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You might need collateral
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Personal loan rates can be higher than certain other loans, such as home equity loans
How to get a $100,000 loan
The exact process to get a $100,000 loan varies by lender, but you’ll find several similarities.
First, you’ll choose a lender and fill out a loan application. This means figuring out how much you want to borrow and providing personal information. You will also submit to a credit check in most cases.
The lender reviews your application and approves or denies it. 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. 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. Some 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’ll have 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 it learns from your credit report to make its lending decision.
How much will a $100,000 personal loan cost?
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. If you have more specific numbers, you can also run them through our personal loan calculator.
| APR | Term | Monthly payment | Total amount repaid |
| 6% | 5 years | $1,933 | $115,997 |
| 6% | 10 years | $1,110 | $133,225 |
| 10% | 5 years | $2,125 | $127,482 |
| 10% | 10 years | $1,322 | $158,581 |
Consider these 4 factors when comparing personal loans up to $100,000
Borrowing $100,000 is a massive commitment. It will likely take years to pay the loan off, so ensure that you choose the best option. When comparing loan offers, consider these factors:
- APRs: Unlike simple interest rates, annual percentage rates account for fees. APRs can help you understand the loans’ comparative costs.
- Term lengths: Longer repayment terms give you more time to make payments and result in lower monthly payments. However, you’ll wind up paying more interest, making it important to strike a balance.
- Your monthly payment: If you can’t afford the monthly payment on a loan, you should not take out that loan. You also don’t want to overpay by choosing a long term with a low monthly payment. Aim for a monthly payment you can meet that doesn’t result in an unnecessarily long loan term.
- Prepayment penalties: Some lenders charge a fee if you pay your loan back ahead of schedule. Early payments can be an effective way to reduce interest payments, but some lenders charge these penalties to help recover their lost profits. If you plan on repaying a loan early, choose a lender without these penalties.
Other ways to get a $100,000 loan
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 loans exist, but you can also opt for a home equity loan, home equity line of credit (HELOC), or other type of secured loan.
Home equity loan
A home equity loan lets you use the value of 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. If you can’t pay, your lender could foreclose on your home.
Home equity loans are popular because they can come with low rates—but also more paperwork, higher fees, and a longer wait than a personal loan.
HELOC
A home equity line of credit lets you turn your home into a source of cash. You can use a HELOC like a credit card: take cash when needed, and leave it unused otherwise.
HELOCs are useful because you don’t need to borrow all $100,000 at once. If you’re doing home improvements and need $20,000 today, $50,000 next month, and $30,000 several months later, you can use a HELOC to take out the cash when needed and save on interest.
HELOCs have lower interest rates than other loans, but you’re putting your home at risk, as with a home equity loan. They can also have annual fees and higher paperwork requirements than other types of loans.
Cash-out refinance
If you own your home, you can use a cash-out refinance to turn some of your equity into spendable cash. Unlike a HELOC or home equity loan, refinancing doesn’t give you a new loan. Instead, you refinance your mortgage at a new rate and payment term but for a larger amount than you owe on the home.
You’re taking out a second mortgage to pay off your current mortgage and pocketing the difference between what you borrow and owe. Use this cash-out refinance calculator to see how much you could get.
This won’t add a monthly payment to your budget, but you’ll increase your mortgage balance—and, unless you refinanced at a much lower rate, your monthly mortgage payment. It often adds to the time it will take to pay off your home.