Most personal loan lenders limit the amount you can borrow. It's common for lenders to offer loans up to $40,000 or $50,000, for example. While these loan limits are high enough for most people looking for financing, there may be times when you need to borrow a bigger amount.
So what should you do if you need to borrow a lot of money? First and foremost, you need to make sure you're a well-qualified borrower. You'll need a great credit score and proof you've got enough income.
You'll also need to explore different loan options for securing enough financing, including:
- Finding personal loan lenders that loan higher amounts
- Taking out multiple loans
- Taking out specific types of loans that allow you to borrow larger sums
How can you borrow a lot of money?
Your options for borrowing a lot of money vary depending on your current financial situation, the assets you own, and your qualifications. Some of the options available to you include the following.
A personal loan from a lender offering high-dollar loans
There are lenders out there that offer large personal loans. Some lenders will let you borrow up to $50,000, and a select few offer $100,000 or more. If you can find a high-dollar personal loan from a lender that will approve you, this can be the simplest way to borrow a lot of money.
Comparing personal loan lenders
When you're looking for a big loan, don't just focus on the loan amount -- also pay attention to the interest rate. You don't want to borrow a lot of money, then get stuck with a high interest rate. To get started comparing lenders, check out our expert-compiled list of best personal loan lenders.
Multiple loans
Getting multiple loans from different lenders is another option if you need to borrow a lot of money. Instead of getting one $80,000 loan, for example, you might get two $40,000 loans from different lenders.
There are a few downsides to this. First, it could be hard to qualify for the second loan. Lenders will look at your debt-to-income ratio, which is the percentage of your income that goes toward debt. Lenders typically want to see a debt-to-income ratio of 35% to 40% or less.
Getting a second personal loan could be especially difficult if you recently got approved for the first one. The second lender may be wary that you're getting in over your head if you borrowed another big sum of money recently.
Using this method also means you'll have multiple payments -- and lenders -- to deal with. This can make repayment more of a hassle.
Credit card with 0% intro period
If you need to borrow a lot of money and you're confident you can repay it within 12 to 21 months, consider a credit card with a 0% intro offer. Keep in mind, though, that taking on a credit card balance will increase your credit utilization ratio, which could lower your credit score.
Home equity loan
You may be able to qualify more easily for a larger loan that isn't a personal loan. If you're a homeowner with a lot of equity in your home, for example, you might be able to qualify for a large second mortgage or home equity loan. Or you might take on a cash-out refinance loan.
However, your ability to do this is restricted by the equity you have in your home.
Let's say you're allowed to borrow up to 80% of your home's equity. If your home is worth $300,000 and you owe $100,000 on your current mortgage, you have $200,000 in equity. You would be able to borrow $160,000, or 80% of your equity.
Compare the best personal loans
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
| Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
|---|---|---|---|---|
Apply Now for SoFi Personal Loans Rating image, 5.0 out of 5 stars. 5.0/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Fixed: 8.99%-29.99% APR (with all discounts) | $5,000 - $100,000 | 680 | Apply Now for SoFi Personal Loans |
Apply Now for Upstart Rating image, 4.0 out of 5 stars. 4.0/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.20% - 35.99% | $1,000 - $50,000 | None | Apply Now for Upstart |
Apply Now for Citi® Personal Loan Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 10.49% to 19.49% | $2,000 - $30,000 | 720 | Apply Now for Citi® Personal Loan |
Can you qualify to borrow a lot of money?
How much personal loan you qualify for depends on a number of factors. When you borrow a large sum of money, you present a greater risk to the lender. After all, if you default on a $40,000 loan, the lender stands to lose less than if you default on a $100,000 loan. Because of the risk that high-dollar loans present, many lenders only give these loans to the most well-qualified borrowers. Research on personal loans show those with higher credit scores take out larger loans and have greater outstanding balances.
To borrow a lot of money, you'll need a very good credit score, generally defined as a FICO® score of 740 or higher. You'll also need a stable employment history and income that's high enough to make the payments.
Lenders also look at how much you make and other debts you owe. If your debt-to-income ratio is too high, lenders won't approve you.
If you cannot get approved for a large enough loan on your own, you may be able to increase your chances of getting financing by having a cosigner apply for funding with you. The cosigner's credit and income will also be considered because the cosigner shares legal responsibility. If they are well-qualified, it could improve your loan approval chances.
Final thoughts
Think carefully about whether borrowing such a substantial sum really is a good idea. After all, a larger loan means you'll have much larger monthly payments. And you'll pay a lot more in interest over the life of the loan.
Unless borrowing such a big amount is truly necessary -- and you're confident you can afford the payments on it without adversely affecting other financial goals -- you may wish to scale down your expectations and borrow less.
Still have questions?
Here are some other questions we've answered:
- What is the biggest personal loan you can get?
- How many personal loans can you have at once?
- What is a good credit score for a personal loan?
Related Loan Topics
The Ascent's best personal loans
Looking for a personal loan but don’t know where to start? Our favorites offer quick approval and rock-bottom interest rates. Check out our list to find the best loan for you.
Best personal loans
FAQs
To borrow a large sum of money, you'll need an excellent credit score, a stable employment history, and proof that you have enough income to make your payments. Having a relationship with the bank or credit union you're seeking a loan from may help. If you own a home, borrowing against your home equity may be an option.
While it's possible to borrow $100,000 or more if you're creditworthy, many lenders have limits of $40,000 to $50,000. The average balance on unsecured personal loans was $9,896 as of 2022.
Your monthly payment will depend on the annual percentage rate (APR) and the loan term. If you took out a five-year $100,000 loan at 12% APR, your monthly payment would be $2,224.44.
Our Loans Experts
By:Christy Bieber
Writer
Christy Bieber is a full-time personal finance and legal writer with more than a decade of experience. She has a JD from UCLA as well as a degree in English, Media and Communications with a Certificate in Business Management from the University of Rochester. In addition to writing for The Ascent and The Motley Fool, her work has also been featured regularly on MSN Money, CNBC, and USA Today. She also ghost writes textbooks, serves as a subject matter expert for online course design, and is a former college instructor.
By:Robin Hartill, CFP
Writer
Robin Hartill, CFP®, is a personal finance writer and editor whose work frequently appears in various national publications. She wrote the syndicated “Dear Penny” financial advice column for four years.
Fact CheckedAshley Maready
Writer and Editor
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
