How to get a $100,000 personal loan

It’s relatively simple to find personal loans $10,000, $25,000 or even $50,000 with reasonable interest rates. However, getting a $100,000 loan could be a bit more challenging. Personal loans aren’t secured by any collateral, so higher loan amounts are riskier for lenders.

The upside is that some lenders may be willing to approve you for a personal loan of $100,000, assuming you meet their requirements. You will likely pay a high interest rate on a personal loan of this size, so make sure you need the money and don’t have any better options to get it.

Personal loan lenders that offer $100,000 loans

You can secure a $100,000 personal loan from a traditional bank or credit union and may have a better chance of being approved for a loan of this size if you already have a relationship with a bank. Online lenders are also a viable option. They often feature more flexible lending criteria and loan options, a simple application process and fast funding times.

APR range Loan amount range Minimum credit score requirement LightStream 7.99%-25.49%* with Autopay $5,000-$100,000 695 SoFi 8.99%-25.81%* with Autopay $5,000-$100,000 680 BHG Money 12.99%-22.49% $2,000-$200,000 Not specified Wells Fargo 7.49%-23.24% $3,000-$100,000 Not specified

LightStream

LightStream is a good fit for borrowers who prefer longer repayment terms. You’ll get up to seven years to repay the loan, and if you sign up for autopay you can get a rate discount. Plus, LightStream doesn’t charge additional fees.

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You may also be able to get funds the same day your loan is approved. And LightStream gives you the option to choose a date in the future to receive the loan proceeds.

SoFi

SoFi is an optional fees lending choice to take out a $100,000 personal loan. Borrowers can choose from several loan terms and access various educational resources to help improve their overall financial health.

You can also add a co-signer to your loan application to strengthen your approval odds. And unemployment protection is available to cover you if you lose your job and cannot make timely loan payments.

BHG Money

BHG states that one of its goals is to provide personal loans to help borrowers meet their financial goals. You can view your rate in as little as 30 seconds with a soft credit check that doesn’t affect your score. There are no collateral requirements, and most loans are approved in just 24 hours and funded as soon as five days.

Wells Fargo

Wells Fargo also features personal loans up to $100,000 with fast approval times and flexible repayment terms. Most borrowers get a lending decision the same day, and if approved, you’ll get a repayment period between one and seven years. Even better, you won’t pay origination fees, closing costs or early repayment penalties on personal loans from Wells Fargo.

Requirements to receive a personal loan

Each lender has its own set of eligibility requirements. However, there are a few basics you’ll generally need to get approved for a personal loan.

  • Good credit: Borrowers with excellent credit scores have the best chance of getting approved for a $100,000 personal loan with the lowest interest rate the lender offers.
  • High income: While most lenders don’t publish their income requirements for loans of this size, it’s safe to assume that they’ll want you to have a high income to borrow $100,000 without putting up any collateral.
  • Reasonable DTI: Lenders typically want a debt-to-income ratio below 36 percent, although some will go higher.
  • Proof of identity: In most cases, you will need to provide identifying documents, such as a driver’s license, state-issued or military ID, passport, birth certificate or Social Security card.
  • Proof of address: You’ll also need to provide proof of address through a utility bill, insurance statement, mortgage statement, lease agreement, bank statement or voter registration card.
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Costs of a $100,000 personal loan in the long term

Your borrowing costs are determined by the loan term and interest rate you receive. The average rate for a personal loan typically sits below 11 percent. While institutions don’t usually publish interest rates for $100,000 personal loans, it’s safe to assume they’ll charge an even higher rate than average for such a large unsecured loan.

Use a loan calculator to estimate your borrowing costs. Also, be sure to include the loan origination fee and any other fees the lender may charge.

How to determine if you need a $100,000 loan

If the need isn’t imminent, it may be better to hold off on taking out a $100,000 loan. Saving up in advance can reduce the amount you need to borrow and the interest rate and fees you’ll have to pay.

But if you don’t have time to save, and you can comfortably afford the monthly payments, it may be a good option. This is especially true if you can’t take out a home equity loan or line of credit.