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If you’re planning to take out a $100,000 loan to consolidate debt, fund a major purchase or advance another financial goal, it’s important to weigh your options.
Traditional personal loans tend to have lower rates than credit cards, so they can be an attractive option. But you’ll want to consider your personal finances and what terms you’re likely to qualify for, as well as how payments will fit into your monthly budget.
We’ll review lenders you may want to consider and guide you through the process of applying for a loan.
Monthly paymentsfor a $100,000 personal loan
Loan duration
Average monthly payments ($100,000 loan)
Poor credit
Average credit
Good credit
Excellent credit
1–12 months
$28,752.50
$10,301.00
$8,591.40
$8,862.00
13–24 months
$4,478.58
$4,465.78
$4,575.20
$4,448.94
25–36 months
$3,152.47
$3,153.35
$3,125.02
$3,104.06
37–48 months
$2,570.48
$2,592.97
$2,579.67
$2,545.54
The best $100,000 personal loans
How to get a $100,000 loan
FAQs about $100,000 loans
The best $100,000 personal loans
Wells Fargo
You won’t be charged an origination fee or prepayment penalty. And setting up autopay will qualify you for an interest rate discount. But you must already be a Wells Fargo customer to apply for a loan. And while Wells Fargo offers a rate-estimate calculator, it doesn’t provide the option to prequalify, so your only application option comes with a hard credit check.
SoFi
You may need strong credit to qualify with SoFi. But if you do, you can access specialized perks in addition to competitive rates. And if you lose your job through no fault of your own while you’re paying off a SoFi loan, you may be able to temporarily modify your payments.
USAA
You can get an autopay discount on your interest rate, and you won’t pay application or prepayment penalty fees. But only USAA members can apply, and membership is limited to veterans, service members and military family members.
LightStream
Only borrowers with good-to-excellent credit can qualify with LightStream, but the lender offers competitive interest rates and a rate discount for autopay. Unfortunately, there’s no prequalification process available.
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How to get a $100,000 loan
Applying for a $100,000 loan can take some work, but it’s worth the effort if you can save money by consolidating debt at a lower rate or finance home renovations that increase your home value.
Start by collecting basic information about your finances, such as …
From there, it’s a good idea to apply for prequalification. This lets you preview your potential rate without a hard credit inquiry. It will also give you a good idea of which lender may be the best fit for you.
Once you decide to move forward and officially apply though, the lender will likely perform a hard credit inquiry that can have a temporary effect on your credit scores.
If you apply for a personal loan, you may be able to access money within a few days.
But home equity loans or HELOCs can take up to a month or more to disburse funds. (Loans that tap your home equity usually have lower rates than unsecured personal loans, so it may be worth the wait.)
FAQs about $100,000 loans
How hard is it to get a $100,000 loan?
$100,000 loans may be available to borrowers with different kinds of credit histories, but each lender will have its own requirements for approval. It’s worth keeping in mind that the best loan terms usually go only to people with excellent credit. If a lender advertises rates starting in the single digits, try to find out their full range of available rates and fees to get a better sense of their offerings.
Can you get a $100,000 loan with bad credit?
Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.
To qualify for a $100,000 personal loan, you'll need a credit score of 720 or above and a high income. Large unsecured loans tend to be expensive because they have high interest rates and long loan terms.
To qualify for a $100,000 personal loan, you'll need a credit score of 720 or above and a high income. Large unsecured loans tend to be expensive because they have high interest rates and long loan terms.
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.
You can loan £100k with an unsecured loan if you have a strong credit score. In most cases, the funds will be paid to you. However, if you have a bad or less than perfect credit score, you can use your home or property as collateral.
The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of loan. For an FHA loan, the minimum credit score is usually around 580.
Different minimums may apply across the various institutions that offer personal loans in the $10,000 range. Those with a 640 or higher credit score are likely to find a number of options for a $10,000 personal loan; those with higher scores may have more options as well as more favorable terms.
Wells Fargo. Most financial institutions don't offer personal loans as high as $100,000. But Wells Fargo does. Funds are usually available the next business day after you're approved, and most approval decisions happen the same day you apply. Wells Fargo charges no origination fees.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
#1. Check your credit score. While most lenders prefer good to excellent credit scores, some lenders specialize in helping borrowers with bad credit. ...
Lenders look for your monthly payment to be lower than 28% of your gross monthly income. A 100K mortgage payment at 7% interest on a 30-year term is $665.30. For this payment to be less than 28% of your monthly income, your monthly income needs to be over $2,376, assuming you have no debt.
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.
You will likely need a credit score of at least 660 for a $100,000 personal loan. Most lenders that offer personal loans of $100,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
Personal loan amounts generally range from as low as $1,000 to as high as $100,000. The exact range varies from lender to lender. For example, among the best personal loan lenders, there are lenders that offer loans from $1,000 to $50,000, $2,000 to $30,000, and $5,000 to $100,000.
To get a $100K credit limit from a credit card, you'll need to have an excellent credit score, a lot of income and little debt. You will also need to pick a credit card that is known for offering high credit limits to well-qualified applicants.
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
If you're more interested in a personal loan, you could borrow up to $100,000. The best personal loans for an 800 credit score are from LightStream because they offer $5,000 - $100,000 in funding with APRs of 7.49% - 25.99% and repayment periods of 24 - 84 months.
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