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Get a $100,000 personal loan
Browse top online lenders and banks — and learn how to qualify.
In most cases, you'll need good to excellent credit — usually a score of 670 or higher — to qualify for a $100,000 personal loan. Learn more about your options and calculate how much a loan might cost you.
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Where to get a $100,000 personal loan
Only a select few online lenders, like SoFi and LightStream, offer $100,000 personal loans. However, you may be able to find this amount with a select few banks and credit union — although you may need to provide collateral.
What banks and credit unions offer $100,000 personal loans?
These banks and credit unions have personal loan options of $100,000 or more.
| Product | Maximum amount | APRs | Terms | Collateral required? | Learn more |
|---|---|---|---|---|---|
First Republic Bank Eagle Gold Loan | $250,000 | Variable, based on prime rate plus a margin | Up to 5 years | Unsecured | |
M&T Bank Cash-Secured Loan | $100,000 | 4.24% to 6.49% | Up to 10 years | Secured | |
Umpqua Bank secured personal loans | No set maximum | Starting at 4.16% | 1 to 5 years | Secured | |
Wells Fargo unsecured personal loans | $100,000 | Starting at 5.74% | 1 to 7 years | Unsecured |
How much does a $100,000 loan cost?
The total cost of your loan will depend on the APR and loan term you’re offered. Because $100,000 loans are limited to borrowers with excellent credit — and may require collateral — you have a better chance of scoring a low APR. This will help keep your total cost down, but you should still expect relatively high monthly payments because of the large principal.
Some lenders may offer long loan terms, but be wary. This may lower your monthly payment, but it will mean you pay more in interest over the life of your loan. Here are three examples of how much your loan might cost with a 9.41% APR.*
2 years | $4,587.31 | $10,095.41 |
5 years | $2,095.79 | $25,747.44 |
7 years | $1,629.79 | $36,902.60 |
*We chose 9.41% APR because it is the average interest rate for personal loans, according to data from a 2019 Experian study.
Use our calculator to determine how much your monthly payment will be and estimate the total cost of your loan.
$100,000 loan repayment calculator
Calculate how much you could expect to pay each month
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How to qualify for a $100,000 personal loan
It’s difficult to qualify for such a large amount without preparation. Follow these steps and double check your information to ensure you put your best foot forward when you apply.
- Know your credit score. Your credit score will significantly affect your APR and play a key role in the approval process. If you don’t have excellent credit, work on improving it before applying for a personal loan of $100,000.
- Keep your budget in mind. Go over your income and expenses to determine how much you can afford each month. This will help you find the most favorable terms — and avoid breaking the bank.
- Compare lenders. Although the selection is limited, take the time to compare lenders and see which ones offer the best APR. Keep a close eye on whether lenders offer secured or unsecured loans, especially if you don’t have the assets to use as collateral.
- Apply for preapproval. If it’s available, apply for preapproval to see what rates you might get without affecting your credit. This will let you know if you’ll be able to comfortably afford your loan's monthly payments — and help narrow your choice of lenders.
- Submit your paperwork. Your lender will want to see proof of income, assets, employment, current debts and residence. When you’re ready to submit a full application, make sure you have everything handy to keep the process quick.
- Sign your loan agreement. If approved, review your loan agreement and sign it. Most lenders will be able to fund your loan within one to two business days, although some may take a week or more.
You can also review our guide on how to apply for a personal loan for more details on what lenders look for in a well-rounded borrower.
5 common requirements
While eligibility criteria varies by lender, you typically need to meet the following requirements to qualify for such a $100,000 loan:
- Excellent credit
- Steady source of income, usually from employment
- Ability to afford monthly payments
- Low debt-to-income ratio
- Collateral, if applicable
A bank or credit union may also require you to have an active checking or savings account to qualify.
How can I get a low APR?
$100,000 personal loans typically come with a low APR — largely because you need excellent credit to qualify. But to squeeze the best deal out of your lender, use these three tips:
- Opt for a secured loan. Secured loans generally have lower APRs than unsecured loans because they pose less risk to the lender. If you can, use a savings account, CD or other assets as collateral when you apply.
- Include all income and assets. Your lender will want to see that you have the ability to repay $100,000 plus interest. List all income and assets on your application to give yourself the best chance of being approved for a low rate.
- Add a coapplicant. Not many lenders accept cosigners, but there are a few willing to work with coapplicants — someone who shares joint access and responsibility to the loan. If you include a coapplicant with excellent credit and a high income when you apply, you may receive a rate close to the lender’s minimum.
What to watch out for
While all personal loans come with risk, borrowing $100,000 can put pressure on your finances. So before you sign a loan contract, keep these precautions in mind:
- Fine print. Your loan agreement will list the fees, interest rate, term and total repayment — along with other costs and limits on how you use your funds. Ask questions if you don’t understand something. You’ll want to know about prepayment options, penalties, the lender’s privacy policy and your rights as a borrower.
- Additional costs. Consider any fees or charges beyond the interest rate. Origination fees are usually included in the APR, but there may be additional fees for early repayment or late payments.
- Long loan terms. It might be tempting to get a loan with a long term to lower your monthly payments, but you’ll pay more in the long run. Choose the shortest loan term you can afford to limit the amount you pay in interest.
What do I need to know about my credit report and score?
Your credit score is a number that represents your creditworthiness based on five factors: payment history, amounts owed, length of credit history, new credit and types of credit used.
Why is my credit score important?
Your credit score is the first thing most lenders will look at. Especially since you’re applying for a large personal loan, having a good to excellent credit to increase your chances of approval.
Different lenders, credit bureaus and other institutions have various credit rating systems, but a good credit score is typically in the high 600s.
Credit reports vs. credit scores
Your credit report is different from your credit score. Your report is a detailed record of your credit history, including open accounts, credit inquiries and how often you make on-time payments.
You’re entitled to a free credit report from each of the three credit bureaus every year: Experian, Equifax and TransUnion. Lenders may look at the activity on these reports to see if there are any red flags that might not be apparent from your credit score.
Bottom line
For a personal loan this size, comparing your options is key to getting the lowest rate and best terms you’re eligible for. Even a slight increase in the APR you’re offered could mean a significant jump in the overall cost. But because your options are limited, it pays to learn more about personal loans so you can make the best decision for your finances.
Frequently asked questions
Our answers to common questions about $100,000 personal loans.
What interest rates can I expect on a $100,000 loan?
Because you will need good to excellent credit to qualify for most $100,000 loans, you may be able to score a relatively low interest rate. However, this isn't guaranteed. Apply for preapproval with multiple lenders to see what you qualify for.
How quickly can I get a $100,000 personal loan?
Some lenders like LightStream can fund your loan on the same day you apply. But in most cases, expect your lender to take at least one to two business days to process your application and fund your loan.
Can I get a large personal loan with bad credit?
Large personal loans typically require good to excellent credit. Your chances of qualifying for a $100,000 without a strong credit history and high credit score are fairly low. Take the time to improve your credit and decrease your total debt before applying.
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Hello,
I am looking to take out a personal loan of 100k to start my business. My plan is to use part of this money to purchase a home at auction then flip it. The proceeds can pay the loan off with some left over. My credit score is high 700s, I am a landlord for a home in CA which rent covers the mortgage + . My annual income is 100k and 1 credit card. Do you think this is a good avenue to take? Your opinion is appreciated.
Hi Lauren,
Thanks for getting in touch with finder. I hope all is well with you. :)
As a comparison website, we are not allowed to provide personalized advice. However, there are other things you need to consider when starting your business and if getting a personal loan is a good thing or not. What I can suggest is for you to speak to a financial expert or adviser. You may also do your own research. Gather as much information as possible before making a decision.
If you are looking for personal loans, please use the table on this page to compare your options. We also have a list of business loans if that’s what you need.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I have quite a bit of debit, about $45,000 (that’s all loans & CC’s excluding my mortgage). I want to get a 100,00 loan to pay off all my debit and use the remaining for home improvements. Is that a smart way to go about it or does that affect the banks decision when a loan is being used for multiple things?
If I can get the loan, my only payments would be my mortgage and the loan.
Hi Sug,
Thanks for getting in touch with finder. I hope all is well with you. :)
Generally, banks don’t control how you spend your personal loan money. However, there are some types of loans that you specifically agreed with the bank how you will use the money.
Now, with regards to how it affects your loan, it depends. Banks may also consider how you will spend the money. Nevertheless, there are other more important factors banks consider. For example, they will take a look at your credit score, assess your income, liabilities, and debt, and your general financial situation.
We do have a guide to help you learn more about how you can improve your personal loan eligibility. On this guide, you will learn the five main factors lenders consider and what you’ll need to qualify.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
My husband and i need to consolidate our debt, need 100k. Credit scores high 600’s for both. Can my father cosign with us? He is willing and had high credit score in the
800’s.
Hi Basdco,
Thanks for your inquiry.
You may compare your debt consolidation options and check alternative lenders who may better suit your needs. Please note that each lender has its own eligibility requirements which you need to meet before you may be considered for a loan.
Hope this information helps
Cheers,
Arnold
I am looking for a 100,000 personal loan to consolidate my debts. Turned down by sofi because of outstanding student loans for my kids. My only payments would be this loan and my mortgage. Credit score fir myself and spouse both above 730. Any suggestions.
Hi George,
Thank you for your question. We are a comparison website and general information service, we’re more than happy to offer general advice.
Since SoFi didn’t approve your loan application and it’s one of the few lenders that offer personal loans for as much as $100,000, your options may be limited. One idea is to look into student loan refinancing so that you can pay down your kids’ student debt faster and have a stronger application for future loans. To improve your chances of being approved in the future, you could also look into increasing your credit score even further or applying with a cosigner.
Applying with a bank could be another option for larger personal loans.
Lastly, you can compare maximum loan amounts and eligibility requirements of various lenders to see if any are a better match for you.
Feel free to reach out to us again should you have any other questions.
Best regards,
Aliyyah