Get a $100,000 personal loan

Eligibility requirements for a $100,000 loan

For large loans around $100,000, you may come into more stringent lender requirements than with smaller loans. Your income, credit reports and score are major players in your eligibility — but exact stipulations vary by lender.

Requirements for a $100,000 can include:

• Excellent credit, 670 or higher
• Steady source of income, usually from full-time employment
• Ability to afford monthly payments
• Low debt-to-income (DTI) ratio
• Collateral, if applicable
• Active bank account

How to increase your changes of approval and get lower rates

With loan amounts this high, it’s a good idea to have some tactics in mind if you want to increase your approval odds, and qualify for a lower interest rate. Here are a few suggestions:

• Have a cosigner. If your credit score is hindering your borrowing opportunities, then having a cosigner with a good credit score can help. With two people backing the loan — with the cosigner promising to repay if you can’t — it can increase your approval odds or get you a lower rate.
• Co-borrower for more cash. If your income isn’t meeting requirements, or the income you do have is all tied up in other monthly payments, then having a co-borrower with income helps. Also called a co-applaint, both borrowers combine their income together to meet requirements and/or lower a DTI ratio.
• Clean up your credit reports. You have three different credit reports from the three credit bureaus. You can request each of them every 12 months for free, and it doesn’t harm your credit score to review your own credit history. Review and resolve errors, delinquencies, late payments or other potential issues to make sure you’re putting your best foot forward.
• Pay down other expenses. If you have credit cards that are over 20% of their credit limit, or other debts that are close to the end of term, try to pay those down as much as possible or pay them completely off if you can. This can increase your credit score and/or reduce your DTI ratio to help approval odds.
• Have some collateral. Unsecured loans aren’t backed by anything, and that makes them a little riskier to a lender. If you’re able, you put something up for collateral on the personal loan, like a savings account or vehicle — but only do this if you’re sure you can repay the loan or you risk losing the asset.

What banks and credit unions offer $100,000 personal loans?

These banks and credit unions have personal loan options of $100,000 or more.}

Can I get a loan for $100,000 with bad credit?

Unfortunately, qualifying for an unsecured $100,000 personal loan with poor credit may be difficult. With a loan amount of that size, lenders are likely to give your creditworthiness a lot of weight.

However, applying with some collateral or having a cosigner can increase your chances of qualifying with bad credit. Or at the very least, look for lenders that are more willing to work with fair credit, such as Credible.

How much will it cost?

The total cost of your loan depends on the interest rate and loan term you’re offered. Because $100,000 loans are typically limited to borrowers with excellent credit — and may require collateral — you have a better chance of scoring a low rate. This helps 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 means 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% interest rate — the average rate for personal loans according to Experian.

Calculate your loan repayments

Use our loan repayment calculator to play around with loan terms, interest rates and amounts to see what fits within your budget.

Steps to apply for a $100,00 loan

It’s difficult to qualify for such a large amount without preparation. Follow these steps and double check your information to make the process quick and painless.

1. Check your credit score and reports. Request your credit reports and review your credit score before applying. This can help you narrow down lenders that can work within your credit situation.
2. 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.
3. 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.
4. 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.
5. 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.

How to pay off $100,000 in debt

A $100,000 personal loan probably isn’t something you can pay off in less than one year. And if you can, that’s great, but for many borrowers, a loan amount of this size can take a few years. And a lot can change in a couple years — jobs can change, new family additions, bigger house payment, or maybe you just want to be debt free.

No matter the reason, here are some ways you can resolve a $100,000 loan faster than expected:

• Refinancing. Credit scores aren’t written in stone. If your credit score has increased since the start of the $100,000 loan, you may be able to qualify for refinancing and get a lower rate, saving you money on the loan long-term, and maybe even pay it off faster.
• Bi-weekly payments. This early-payoff method involves making two half payments each month; once at least 15 days before the payment is due, then the rest on the due date. This decreases interest charges and therefore, saves you cash without spending any extra money each month.
• Round up the payments. If you have a $305 monthly payment on the $100,000 loan, you can round up to $350 — or more. An extra $45 each month means paying $540 more each year, which reduces interest charges and could end the loan much sooner than planned
• Debt consolidation. If you have other debts, like credit cards or other personal loans, then debt consolidation may be worth looking into. It involves getting one large loan to pay off numerous debts, efficiently combining them into one monthly payment. The payment might be high, but it’s less to juggle each month. And if you get a low rate on the debt consolidation loan, it could mean saving money on interest long-term.

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.

Other loan amounts

• $10,000
• $15,000
• $20,000
• $35,000
• $50,000
• $75,000