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.
Table of Contents
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 lenders below are options for those with a good to excellent credit score. They all offer loans of at least $100,000.
Credible
Why Credible is the best marketplace
Credible isn’t a lender; it partners with lenders to bring you prequalified rates. You can compare lenders by APR, loan amounts, and more from a single location in Credible’s marketplace. And with the right offer, you can get quick funding or lock in a loan with no origination fee.
- Compare loans from multiple curated lenders
- Get prequalified loan offers in as little as 2 minutes
- Get funded within a few business days
- No option to apply for joint loans
| Rates (APR) | 6.99% – 35.99% |
| Loan amounts | $1,000 – $200,000 |
| Repayment terms | 1 – 10 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: Varies
- Minimum income: Not disclosed
- States: Loan partners may not be available in all states
Repayment terms
Credible loans have repayment terms ranging from one to 10 years. Some lenders may charge a prepayment penalty if you pay your loan off early.
SoFi
Why SoFi is the best personal loan for good credit
SoFi® offers personal loans with competitive rates and minimal fees. The online application is simple, and you can check your rate without affecting your credit score.
- No origination fees, late payment fees, or prepayment penalties
- Check rates in as little as 60 seconds
- Some borrowers may qualify for same-day funding
- Higher minimum loan amount
- Autopay discount is lower than what some lenders offer
| Fixed rates (APR) | 8.99% – 29.99% with all discounts |
| Loan amounts | $5,000 – $100,000 |
| Repayment terms | 2 – 7 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 660
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
SoFi personal loans feature terms from two to seven years. If you enroll in autopay, you’ll get a 0.25% rate discount. There’s no penalty if you decide to pay your loan off early.
LightStream
Why LightStream is the best personal loan for excellent credit
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 beats any competitor rate by 0.10 percentage points.
If you have excellent or good credit, a high income, and are looking for a $100,000 personal loan, LightStream is a great 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.
- Rate match guarantee ensures that you get the best rate possible
- Same-day funding may be available
- Take advantage of a longer repayment term if you need lower payments
- No option to prequalify or check rates with a soft credit pull
- Minimum loan amount is $5,000
| Rates (APR) | 7.49% – 25.49% |
| Loan amounts | $5,000 – $100,000 |
| Repayment terms | 2 – 12 years |
Eligibility requirements
- Soft credit check? No
- Minimum credit score: 660
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
LightStream offers some of the longest repayment terms of any lender, giving you up to 12 years to repay your loan. You can pay your loan off early, without a prepayment penalty and rate discounts can help bring the cost of your loan down.
Wells Fargo
What to know
Wells Fargo offers customizable personal loans up to $100,000 and terms from 12 to 84 months. It skips most typical personal loan fees, including a prepayment penalty, and 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
- No origination fee
| Rates (APR) | 7.49% – 23.24% |
| Loan amounts | $3,000 – $100,000 |
| Repayment terms | 1 – 7 years |
BHG Financial
What to know
BHG Money provides some of the largest personal loans available, with amounts up to $250,000. 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
- Autopay discount
- Longer deposit time (“as few as 5 days”)
- Origination fee of 2% – 4%
| Rates (APR) | 12.99% – 22.49% |
| Loan amounts | $20,000 – $250,000 |
| Repayment terms | 2 – 10 years |
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.
Upstart
Why Upstart is the best personal loan for no credit history
Upstart believes no credit or thin credit shouldn’t prevent you from getting a personal loan. It has no minimum credit score requirement, and your rates are influenced by more than just your credit profile. You can use an Upstart loan to build a positive credit history with on-time monthly payments.
- Funding is available as soon as the next business day
- Borrowers with little to no credit history can still get approved
- No prepayment penalty if you pay your loan off early
- Origination fee of up to 12%
- Limited repayment term options
| Rates (APR) | 7.80% – 35.99% |
| Loan amounts | $1,000 – $75,000 |
| Repayment terms | 3 or 5 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: None
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
Upstart doesn’t offer as many loan terms as other lenders; you’ll pay your loan off over three or five years. You have the option to change your monthly payment due date and prepay your loan in part or in whole at any time, with penalty fee.
Prosper
Why Prosper is the best peer-to-peer lender
As a peer-to-peer lender, Prosper connects borrowers directly with individual investors rather than traditional banks to fund loans. It’s one of the best personal loan options for borrowers with less-than-perfect credit. A 560 credit score could be enough to get approved, and loan rates are competitive. However, Prosper doesn’t offer same-day funding, so you could wait a little longer to get access to funds once approved than with several other lenders.
- Lower minimum credit score requirement compared to other lenders
- No prepayment penalties
- Choose your repayment term
- No same-day funding
- 1.00% – 7.99% origination fee
| Rates (APR) | 8.99% – 35.99% |
| Loan amounts | $2,000 – $50,000 |
| Repayment terms | 2 – 5 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 560
- Minimum income: Not disclosed
- States: Not available in Iowa and West Virginia
Repayment terms
Prosper loans have repayment terms ranging from two to five years, with no prepayment penalty if you decide to pay your loan off early. It doesn’t offer rate discounts for autopay, though you may choose automatic payments to ensure you don’t miss a due date.
If you have fair credit, you can apply with the lenders above, plus these two.
Upgrade
Why Upgrade is the best personal loan for fair credit
Upgrade offers fair interest rates to people with fair credit who need a personal loan. You get the benefit of flexibility since you can choose your monthly payment and loan term, and Upgrade offers multiple rate discounts to help you save on interest.
- Choose your monthly payment and loan term
- Joint applications accepted
- Loan funds may be available in as little as 1 day
- Smaller loan maximum limit
- 1.85% to 9.99% origination fee
| Rates (APR) | 8.49% – 35.99% |
| Loan amounts | $1,000 – $50,000 |
| Repayment terms | 2 – 7 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 580
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
Upgrade loans have repayment terms from two to seven years, and your monthly due date is adjustable to fit your budget. A short-term financial hardship program is available if you’re temporarily unable to manage payments.
Happy Money
Why Happy Money is the best personal loan for credit card debt
Happy Money is one of the best personal loans for credit card debt consolidation. If approved, you can send payments to your creditors from the loan proceeds and watch those balances disappear. Happy Money has no late fees, returned payment fees, annual fees, or prepayment penalties.
- Send payments directly to creditors
- Choose your loan repayment term and due date
- Free monthly credit score monitoring
- Origination fee from 1.5% to 5.5%
- Not available for uses other than credit card debt
| Rates (APR) | 12.45% – 17.99% |
| Loan amounts | $5,000 – $40,000 |
| Repayment terms | 2 – 5 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 640
- Minimum income: Not disclosed
- States: Loans not offered in Nevada or Massachusetts
Repayment terms
Happy Money lets you choose personal loan terms ranging from two to five years, so you can get a payment that reflects your budget. There are no prepayment penalties, and you won’t be charged a fee if your payment is late. Happy Money doesn’t offer rate discounts at this time.
How much is the monthly payment on a $100K 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.
In my opinion, the primary risks are an increase in 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 failing to repay 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 to understand how DTI affects your overall financial condition, including your ability to repay the loan through on-time payments.
Erin Kinkade, CFP®
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. The best choice depends on how you plan to use the money and how comfortable you are with collateral.
| If you… | Consider | Why it may fit |
|---|---|---|
| Are remodeling your home | Home equity loan or HELOC (Best home equity loans; Best HELOCs) | Lower interest rates than personal loans; interest may be tax-deductible if used for home improvements |
| Are paying for a wedding or large event | Personal loan or wedding loan | No collateral required; predictable fixed payments |
| Want to consolidate credit card debt | Debt consolidation loan or balance transfer credit card | Lower APRs than most credit cards; simplifies multiple payments into one |
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.
Erin Kinkade, CFP®
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.
- 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.
- 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.
- 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.
Recap of lenders offering $100K+ loans
About our contributors
-
Written by Bob HaegeleBob Haegele has been a freelance personal finance writer since 2018. In January 2020, he turned this side hustle into a full-time job. He is passionate about helping people master topics such as investing, credit cards, and student loans.
-
Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.