| Lender | Loan Range | Annual Percentage Rate (APR) |
| SoFi | $5,000–$100,000 | 8.99%–29.49% |
| LightStream | $5,000–$100,000 | 7.99%–25.49% |
| BHG Money | $20,000–$200,000 | 13.39%–24.91% |
| Wells Fargo | $3,000–$100,000 | 8.49%–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
Obtaining a personal loan for $100,000 is possible if you need to borrow a large sum and can qualify. You'll likely need exceptional credit, a stable income to support loan payments and a low DTI. Shop around with various lenders to compare rates and terms to narrow down your options.
Is it hard to get a 100k personal loan? ›
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 much would a $100000 personal loan cost per month? ›
Example Monthly Payments on a $100,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 36 months | 15% | $3,467 |
| 48 months | 15% | $2,783 |
| 60 months | 15% | $2,379 |
| 72 months | 15% | $2,115 |
3 more rowsSep 10, 2021
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).
What is the most money you can get on a personal loan? ›
The personal loan amount you can qualify for is typically determined by your credit score, income, debt-to-income ratio and other factors. Although loan amounts vary across lenders, the maximum amount for personal loans typically ranges from $500 to $100,000.
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.
How long does it take to pay back a 100000 dollar 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 is the largest loan ever made? ›
U.K. insurance broker The Ardonagh Group has secured the largest-ever loan from a group of private credit funds led by Ares Management, according to a statement by the lender.
How much is a $10,000 loan over 5 years? ›
Representative 6.1% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 5.9358%, (nominal). This would give you a monthly repayment of £193.02 and a total amount repayable of £11,581.20.
What's the biggest business loan I can get? ›
Bank Term Loans
You might be able to borrow $1 million or more, though you'll need strong business finances to qualify for a large amount. While big banks can offer large business loans, small community banks might have lower loan amounts.
Personal loans for $200,000 are very rare, but some lenders offer $100,000 maximums. Many lenders cap their maximum loan amount at $40,000 or $50,000. The higher your credit score, the more likely you are to qualify for a large personal loan, though it is still possible to get a bad credit loan for up to $100,000.
Is it easy to get a large personal loan? ›
You'll generally need a good or excellent credit score — meaning a FICO score of 670 or higher — to qualify for a large personal loan. Sufficient credit history: It's not just your credit score that lenders look at, but also your credit history.
Can I take out a large personal loan? ›
Fortunately, though, some personal loan lenders offer funding amounts as much as $50,000 (or more in some cases). Just make sure that you aren't applying for more money than you actually need and that you have a plan to pay it back, because you'll need to pay back the amount you borrow in full and with interest.
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.
How much collateral is needed for a personal loan? ›
Most personal loans are unsecured loans, meaning the lender does not require collateral. However, if you have limited credit or low income, you may not qualify for an unsecured personal loan.
How big of a loan can I get with 700 credit? ›
You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
How much does 100k loan cost? ›
What are the monthly repayments on a 100k mortgage? At the time of writing (April 2024), the average monthly repayments on a £100,000 mortgage are £585. This is based on current interest rates being in the 5% range, typical terms at 25 years, and the majority of borrowers opting for a capital repayment mortgage.
How to get $100 000 fast? ›
One of the fastest ways to make your first 100,000 is to diversify your income sources. Don't rely on one single source of income, such as a salary or a business. Instead, create multiple streams of income that can generate cash flow from different sources and in different ways.
