Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated top personal loan providers
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Providers RatedOur team researched more than two dozen of the country’s most popular personal lenders, including large online companies like SoFi, big banks like Wells Fargo, and peer-to-peer lenders like Upstart.
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Data Points AnalyzedTo create our rating system, we analyzed each personal loan company’s disclosures, licensing documents, marketing materials, sample loan agreements and websites to understand their loan offerings and terms.
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Loan Features TrackedOur team regularly collects data on each company’s loan offerings and terms, such as minimum and maximum loan amounts, origination fees and discounts.
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Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
How To Get a $100,000 Loan
- Decide what kind of loan you need: An unsecured personal loan is just one option for a loan of this size. Check out all the alternatives before you decide.
- Research lenders: If a personal loan is right for you, take a look at our top four picks.
- Check your eligibility: You’ll typically need a high credit score, high income and little existing debt to qualify.
- Apply for a loan: Ready to apply? Make sure you’ve prequalified and then gather the documents you’ll need so you can apply online. Expect a payout in one to five business days.
Personal Loan Lenders That Offer $100,000 Personal Loans
Personal loans can provide quick and convenient funding, but only a few online lenders and banks offer borrowing amounts as large as $100,000. If you’re shopping for a $100,000 personal loan, here are our top recommendations.
- LightStream: Our Top Pick
- SoFi: Best Customer Service
- Wells Fargo: Best for In-Person Service
- BHG Money: Best for Large Loans
LightStream Our Top Pick
Interest Rate (APR)6.99% to 25.49%Term Options24 months to 144 monthsLoan Size Offered$5k to $100k
Why We Like LightStrea
We like LightStream because it guarantees the lowest rates and doesn’t charge fees. LightStream is an online lending division of the bank Truist and it offers personal loans up to $100,000 for various purposes, such as home remodeling, adoption, medical bills, recreation financing and more. You can receive funding on the same day that you apply if your application is submitted before 2:30 p.m. Eastern. LightStream doesn’t offer pre-qualification, though, and to get their best rates, you’ll need excellent credit.
Pros & Cons
Pros Best rates: LightStream guarantees it will beat the competition’s rates by 0.10%, the only lender on our list with this guarantee. No fees: LightStream charges no origination fees, late payment fees or prepayment penalties. Autopay discount: Get a 0.50% discount for setting up autopay. SoFi only offers 0.25%. Cons Good credit only: Only those with good or excellent credit scores qualify for LightStream loans. No prequalification: There is no option to prequalify, only an application. No co-signer option: LightStream doesn’t allow co-signers, but co-applicants are allowed.
LightStream Eligibility Requirements
LightStream states on its website that it will only approve loans for borrowers who have good or excellent credit, which generally means a FICO score of 670 or above. However, a good credit score does not guarantee approval,asLightStream also considers your overall financial situation, including your credit history, assets (checking, savings, retirement accounts), your payment history, and your debt-to-income (DTI) ratio, which is a measure of your expenses as a percentage of your monthly income.
Editor’s View
It’s annoying that LightStream won’t let you prequalify and check rates, but you don’t have to stop shopping once you apply. You can submit a “Rate Beat Request” online before your loan is funded if you find a better rate elsewhere.
SoFi Best Customer Service
4.9
Interest Rate (APR)8.99% to 29.49%Term Options24 months to 84 monthsLoan Size Offered$5k to $100k
Why We Like SoFi
We like SoFi for its low rates and no required fees (though to get SoFi’s best rates on longer terms you may need to add an origination fee to your loan). Loan terms range from two to seven years, and if approved for a loan, you can get your funds as soon as the same business day. An added bonus if you’re consolidating debt: SoFi will pay your creditors off directly, saving you a few steps. SoFi also provides unemployment protection to eligible borrowers to help modify loan payments with no penalty if you lose your job.
Pros & Cons
Pros Same-day funding: You can get your loan funded as soon as the same day you apply. Pre-qualify online: Check your rate and term online before you apply without impacting your credit score. Unemployment protection: SoFi offers the ability to pause your loan payments and get coaching if you lose your job, benefits no one else on the list offers. Cons Higher minimum rates: SoFi’s lowest APY is higher than other picks on our list, so if you have excellent credit, look elsewhere. Must keep loan in good standing: You need to make on-time payments and keep up with your loan in order to qualify for unemployment protection.
SoFi Eligibility Requirements
To qualify for a personal loan with SoFi, you generally need a strong credit score of 670 or higher. You also must be a U.S. citizen, permanent resident or non-permanent resident, be at least 18 years old and reside in an eligible state. SoFi also looks at your financial history and your DTI ratio in its underwriting process.
Editor’s View
While fees aren’t fun, it’s worth running the numbers to see if adding an origination fee to your SoFi loan will save you money in the long run. It’s kind of like buying points on a mortgage – you might pay a little upfront to secure lower monthly payments over time. With a $100,000 loan, this can add up to a lot.
Wells Fargo Best for In-Person Service
4.3
Interest Rate (APR)7.49% to 23.24%Term Options12 months to 84 monthsLoan Size Offered$3k to $100k
Why We Like Wells Fargo
We like that Wells Fargo offers large personal loans of up to $100,000 with no origination fees, no closing fees and no prepayment penalties. If you’re a current Wells Fargo customer with an account that’s at least a year old, you can prequalify and get a rate quote with no initial impact on your credit. Once approved, you can typically have the loan funds in your account by the next business day.
Pros & Cons
Pros Auto-pay discount: Wells Fargo provides a 0.25% discount if you pay with auto-pay via your linked Wells checking account. Fast money: Wells Fargo reports that 95% of approved customers received funds by the next business day in the first quarter of 2024. Lowest Max APY: This bank offers the lowest maximum APY of any lender on the list, less than 24%. Cons Customers only: Only customers who have had Wells Fargo accounts for a year or more are eligible to apply. Late fees: If your payment is late by more than 10 days, you’ll be charged $39.
Wells Fargo Eligibility Requirements
In order to apply for a Wells Fargo personal loan, you need to have been a customer with the bank for at least a year. Wells Fargo typically accepts borrowers with fair to excellent credit (or at least a 630 FICO score). Your interest rate is based on your credit history, loan amount and your loan term.
When you apply, you’ll need your Social Security number or Individual Tax Identification Number as well as all your monthly sources of income and your monthly housing payment amount.
Editor’s View
If you already have a Wells Fargo checking account, it’s worth applying and seeing if you qualify. Your history with the company may help you get approved for the large loan you’re seeking.
BHG Money BEST FOR EXTRA-LARGE LOANS
3.9
Interest Rate (APR)13.39% to 24.91%Term Options36 months to 120 monthsLoan Size Offered$20k to $200k
Why We Like BHG Money
BHG Money, an online subsidiary of BHG Financial, is a non-bank direct lender offeringpersonal loans ranging from $20,000 to $200,000 – by far the largest loan available on this list. We like this institution’s larger loan amounts and terms of up to 10 years with no prepayment penalty. You can estimate your loan rateby prequalifying inas few as 30 seconds. Note that BHG Money doesn’t provide personal loans in Illinois or Maryland. Also be aware that the institution charges origination fees of 3% to 4% and it takes at least five business days to receive your loan funds.
Pros & Cons
Pros Large loan amounts: BHG Money offers personal loans of up to $200,000, the largest loan amount of our top picks. Flexible terms: Pay off your loan in as few as three or as many as 10 years. 7-day a week service: Apply online or via phone seven days a week. Cons High minimum APY: BHG Money offers the highest minimum annual percentage rate on our list, currently well above 13%. Slower funding: It’s the slowest funder of our picks, taking five or more business days to send you money. No reporting to credit agencies: The institution does not report loan accounts to credit agencies, so if you pay your loan back on time, it will not improve your credit score.
BHG Money Eligibility Requirements
To be approved for a BHG Money loan, you will likely need a FICO score of 660 or higher. The lender will also consider your credit history, income, loan purpose and debt-to-income ratio. In your application, you’ll need to specify what type of personal loan you’re applying for: debt consolidation, home improvement or a life event loan.
Editor’s View
BHG is better known for its business loans, but if you’re financing a large project, you won’t find a lender that offers a larger unsecured personal loan.
Steps To Get a $100,000 Personal Loan
To get a $100,000 personal loan, make sure you’re clear on what you’ll use your loan for. The type of loan you’re applying for will often affect your term and rates. In a MarketWatch Guides survey, the top three reasons borrowers took out a $100,000 loan were for home improvements, debt consolidation and medical expenses.
Next, check your credit score. While the credit score you see may vary from what the lender sees, this can help you get an idea of where you stand. Since a $100,000 personal loan is a higher borrowing amount, you may need a better credit score to qualify with some lenders. In our survey, the average credit score of people who took out loans between $95,000 and $100,000 was 692.
If your credit score is on the lower side, you may want to check out our Best Bad Credit Personal Loans page for more options.
Also, consider the current state of your finances such as your current debt, expenses, income and your overall ability to repay a $100,000 loan. The most common repayment term in our survey was six years.
After checking your credit and considering your financial situation, you’ll be ready to start shopping for loans and submit an application. The steps to do so include the following:
- Compare lenders and prequalify: Shop around and get prequalified to compare loan rates and terms. Prequalifying is quick and won’t impact your credit score. It also helps ensure that you’re getting the best deal for your situation.
- Apply and submit supporting documents: Once you’ve narrowed down the best loan option for your needs, submit an application with the required documentation, which usually includes your recent pay stubs or tax return for proof of income, driver’s license, bank account details and employer information. “Ultimately, lenders want to see you have the means and commitment to make payments,” Yuval Elkeslasi, a private mortgage lender at Hard Money Lenders IO, told MarketWatch Guides. “So documenting your financial stability with bank statements, asset info and income proof can go a long way to substantiate your case.”
- Review loan terms and sign the loan agreement: After you submit the application, it will be processed, and you’ll receive an approval decision. If you’ve been approved, you can review the final loan terms, sign the agreement and receive your loan funds. The time it takes to process your loan and receive your funds can vary depending on the lender. Some lenders are able to provide a same-day decision and can send your funds on the same day or the next business day. Other lenders may take a few business days to provide funds.
Requirements for a $100,000 Personal Loan
Specific requirements for a personal loan will vary, as each lender sets its own eligibility guidelines. You’ll generally need a good to exceptional credit score, generally between 670 and 850, and a steady income to get a $100,000 personal loan. Your income should prove that you can afford to repay the loan on time in addition to your other living expenses and existing debts. In our survey, 74% of those who took out $95,000 to $100,000 never missed a payment, but one in four borrowers missed at least one.
Lenders will look at your debt-to-income (DTI) ratio, which is your total monthly debt payments divided by your gross monthly income. A higher DTI ratio increases risk for the lender and indicates that you may have trouble repaying the loan. Your ability to meet the lender’s requirements can have a direct impact on your interest rate, maximum borrowing amount and loan terms.
>> Related:Learn more about personal loan requirements
Things To Consider When Applying
Obtaining a personal loan for $100,000 is possible if you need to borrow a large sum and can qualify. While you’ll likely need exceptional credit, Javarah “Jay” Joseph, wealth and insurance expert and founder of Jay’s Money Secrets, told MarketWatch Guides that lenders look at more than just your credit score. “To secure favorable terms, make timely payments, diversify your accounts and limit credit inquiries. Seek out institutions offering rate deductions for responsible financial behavior," Joseph said. Lenders also look for a stable income to support loan payments and low DTI ratios. Shop around with various lenders to compare rates and terms to narrow down your options.
If you feel a personal loan may not be the best fit, consider alternative options like a home equity loan or peer-to-peer lending, but investigate the risks and rewards of each. Consult with a financial adviser to gain more insight on how to make the best decision for your needs and current financial situation.
Alternatives to a $100,000 Personal Loan
A personal loan isn’t always the best way to receive funds for everyone. If you find that there are more drawbacks than benefits when it comes to getting a personal loan right now, here are some alternatives to consider.
Home Equity Line of Credit
A home equity line of credit (HELOC) allows you to borrow money against the equity you’ve built in your home. HELOCs usually have a variable interest rate and are a secured loan option that uses your home as collateral. Upon approval, you can draw from a line of credit as needed similar to using a credit card. After the draw period ends, you’ll need to start paying back the funds you borrowed.
HELOCs also typically have upfront costs and fees, such as origination and appraisal fees. The biggest risk of failing to repay a HELOC is that the lender could foreclose on your home if you fail to make payments.
>> Related:Learn more about what is a HELOC
Home Equity Loans
A home equity loan is similar to a HELOC in that it is a secured loan that uses your home as collateral. However, home equity loans have a fixed interest rate and provide a lump sum loan amount that you’ll repay in monthly installments. A home equity loan also comes with some upfront costs since you’ll most likely need to get your home appraised. Repayment terms typically range from five to 20 years, and home equity loans may have a lower interest rate than other types of loans.
>> Related:Learn more about the best home equity loan rates
Peer-to-Peer Lending
Peer-to-peer (P2P) lending allows you to borrow money directly from investors rather than borrowing from a bank or online lender. Some peer lending platforms may not allow you to borrow as much as $100,000, but you can still use the loan funds for expenses like home improvements, debt consolidation, family planning or major life events.
Similar to a personal loan, you can check your loan rates or get prequalified quickly online. P2P lenders may also be more willing to work with borrowers who have fair or bad credit, although this can often result in paying a higher interest rate. P2P loans may also have fees, such as an origination fee that frequently ranges from 1% to 8%.
>> Related:Learn more about peer-to-peer lending
Frequently Asked Questions About $100,000 Personal Loans
The amount of time it takes to pay off a $100,000 loan varies depending on your repayment term. In our survey, the average repayment term was six years. When you take out a personal loan, most lenders let you choose your repayment term— usually somewhere between five to10 years.Keep in mind that the longer your repayment time, the more total interest you’ll pay on your loan. Additionally, many lenders don’t charge prepayment penalties if you want to make extra payments to repay your personal loan before your term ends which can save you interest.
To borrow $100,000, you’ll probably need a good or excellent credit score (FICO scores of 670 to 850) to qualify, although one-third of borrowers in our survey got loans with fair or poor credit. Generally, though, the higher your credit score, the better your terms and APY will be.
In our list of recommended lenders, BHG Money offers unsecured personal loans of up to $200,000. Keep in mind that you may not qualify for a lender’s maximum borrowing amount, and getting approved isn’t guaranteed.
If you have a lower credit score, it may be harder to qualify for a loan amount as large as $100,000. Avant is one lender that offers personal loans up to $35,000 and most of the customers they approve have an average credit score of 600 to 700. While qualifying for a loan with Avant may be easier, Avant also charges higher interest rates and charges an administration fee up to 4.75%.
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
Choncé MaddoxContributing Writer
Choncé is a freelance personal finance writer who enjoys writing about mortgages, credit cards, loans and helping people achieve financial wellness.
Kelly LarsonSenior Editor
Kelly is an editorial leader and collaborator with over 13 years of experience creating and optimizing data-driven, reader-focused digital content. Before joining our team, Kelly was the cross-niche editor and Branded Content Lead at personal finance and fintech site Finder.
