Need to borrow a lot of money? Get a $ 100,000 personal loan – Forbes Advisor


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If you need to borrow a lot of money, it can be difficult to find a lender who meets your needs and who is willing to provide you with funds at a reasonable interest rate. While many financial institutions offer personal loans up to $ 50,000, fewer loans up to $ 100,000. In addition, only the most qualified applicants will be eligible for these larger and riskier loans.

Before applying for a $ 100,000 loan, make sure you understand the qualification requirements, application procedures, and current vendors.

Related: Compare personal loan rates

How do you qualify for a personal loan of $ 100,000?

To qualify for a $ 100,000 personal loan, make sure you have a strong credit profile and are low risk to the lender. Typically, a qualified applicant for a large loan has a FICO credit score of at least 720. However, potential borrowers with a score of 750 or higher are more likely to qualify for the best rates.

Qualified applicants should also demonstrate stable employment and sufficient income to comfortably cover loan repayments and other debt services. Lenders will look at your income to determine if you qualify.

How to get a $ 100,000 personal loan

If you need a $ 100,000 personal loan, take the time to improve your credit rating and find the most competitive lenders. Follow these steps to get started:

1. Check your credit score

Large loans are generally more difficult to obtain than those with smaller limits. To qualify for a $ 100,000 personal loan, you must have a score of at least 720, although a score of 750 or higher is ideal. Before applying for a large personal loan, check your credit score so you know what loan terms you are likely to qualify for.

To do this, use a free online credit service. Some credit card companies also offer cardholders access to credit score tracking tools, so take advantage of the resources available to learn as much as possible about your score.

If your score is not as high as you would like and you don’t need a loan right away, take the time to improve your credit score before applying to a lender. The fastest way to build credit varies by borrower, but you can start by checking your credit report through for accuracy and report any errors to reporting offices.

2. Compare lenders and interest rates

While many financial institutions offer loans of up to $ 50,000, not all lenders offer loans of $ 100,000. So, when shopping for a $ 100,000 personal loan, research lenders or read further in this article to determine which ones are ready to extend what you need. Likewise, compare each lender based on the range of interest rates available, qualifying requirements, and whether there are any closing costs or other fees.

Many online lenders offer a prequalification process that allows potential borrowers to see what interest rate and terms they can qualify for only by using a flexible credit check, which has no impact on your score. While not all major lenders allow potential borrowers to prequalify, it can help you compare lenders to find the most compelling deals.

3. Gather the required documentation

Before applying for a loan, compile the required documents that you will need to complete your application. This will reduce the time it takes to prepare your application and make it easier for the lender to assess your creditworthiness. Some of the most common documents required for a personal loan application include:

  • Proof of identity, such as a driver’s license, passport or birth certificate
  • Employer and income verification including pay stubs, tax returns and W-2s
  • Proof of address confirmed by a utility bill, proof of insurance, a lease or rental contract or a voter card

4. Apply online or in person

Once you have found a lender who offers large loans at competitive rates, begin the official application process. Online lenders generally provide a streamlined online application; however, a representative may need to call you for additional information before finalizing your request. Other lenders, especially traditional banks, may require customers to apply in person at a local branch.

5. Pay off your loan

Once the lender has disbursed your loan funds, you are responsible for making monthly payments on time. To make sure you don’t miss any payments, set up automatic payment through the lender’s online payment portal. Some lenders may even offer a discount on the automatic payment rate or require automatic payment. So make sure you understand the requirements before your first payment is due.

Where to get large personal loans

Online lenders are the best place to start your search for a large personal loan. Not only do they offer more streamlined application and approval processes, but they are also often more likely to lend large amounts of money than their traditional competitors. That said, if you already have a relationship with a local financial institution, it is worth educating yourself about the availability of large personal loans.

Related: Where to get a personal loan

Consider these lenders if you need to borrow a large amount.


SoFi is an online loan platform specializing in unsecured personal loans between $ 5,000 and $ 100,000. Loans are available in all states except Mississippi, and borrowers can take advantage of loan terms ranging from two to seven years and interest rates that start around 6% and go up to around 20. %. Borrowers should have a credit score of at least 680.

Potential borrowers can use SoFi’s online prequalification tool to see what interest rate they might qualify for. Once approved, financing usually takes a few days, especially for loans over $ 20,000. A SoFi personal loan can be a good option for highly qualified borrowers who are more likely to access the most competitive interest rates.


As the consumer credit arm of Truist (formerly SunTrust), LightStream offers personal loans up to $ 100,000, a fully online application process, and same day financing. Interest rates on personal loans start around 4% and go up to around 20%; terms of office range from two to seven years.

LightStream recommends a minimum credit score of 660, but it does not offer a prequalification option. Same day financing may be available for approved borrowers, making it a good choice for borrowers with high credit scores who need cash fast.

Wells fargo

Wells Fargo offers personal loans from $ 3,000 to $ 100,000. APRs (Annual Percentage Rates) start around 6% for the most qualified applicants and go up to around 25%. Flexible loan terms are available from one to seven years.

Wells Fargo does not publish credit score requirements, but current bank customers can pre-qualify for personal loans using the bank’s online platform. Other applicants should visit a branch to inquire about loan options. Once approved, borrowers can access the funds the same day or the next day. This makes Wells Fargo a good option for existing bank customers with high credit scores who want to receive their loan funds quickly.

Related: The best personal loans of 2021

What are the monthly payments on a $ 100,000 loan?

The monthly payments for a $ 100,000 loan vary depending on your interest rate and the length of your loan. However, you can easily determine the monthly loan payments using the Forbes Advisor personal loan calculator.

Take the example of a borrower who takes out a loan of $ 100,000 with an interest rate of 10% and a term of five years (60 months). In this case, the borrower would have a monthly payment of $ 2,124.70. Alternatively, if the loan has a much shorter term, say three years, the monthly payment would be $ 3,226.72.

Can You Get a $ 100,000 Loan With Bad Credit?

Getting a large loan with bad credit can be a challenge as most lenders are reluctant to take on unnecessary risk. However, potential borrowers with bad credit – or no credit history – can still access funds, although they are not likely to get a loan of $ 100,000.

Lenders who have less stringent borrowing criteria and those who use alternative data when assessing applications offer bad credit personal loans. Often times, these lenders take into account other factors such as utility payments and bank account information. Keep in mind, however, that many lenders who cater to less qualified borrowers limit loan amounts and charge higher interest rates.

Borrowers can also get a personal loan with bad credit by pledging collateral. This reduces risk to the lender and can help less creditworthy borrowers who still have enough income to cover loan payments and equity in assets, like a home, qualify.

Other ways to get $ 100,000 in funding

If a personal loan is not an option, there are other ways to get $ 100,000 in financing. There are options for people with equity in their home or other real estate, including:

  • Home equity loan. A home equity loan is a lump sum loan secured by the borrower’s home equity. This involves taking out a second mortgage by borrowing against that equity. Because the loan is secured, the lender faces less risk than with unsecured loans. Consider a home equity loan if you need a lump sum amount of money and have substantial equity in your home.
  • Home Equity Line of Credit (HELOC). Like a home equity loan, a HELOC allows borrowers to use the equity in their home to access a line of credit, which they can use as needed and only pay interest on the funds they borrow. . If you have a lot of equity in your home and need funds over a long period of time, rather than all at once, a HELOC may be a good option.
  • Cash-out refinancing. Unlike home equity loans and HELOCs, cash-out refinancing does not involve a second mortgage. Instead, the borrower refinances their mortgage for more than the outstanding balance of the original mortgage and gets the difference in the form of a lump sum payment. This can be a good option if you have a high credit score and substantial equity in your home.

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