While few lenders offer loans over $50,000, a handful of banks and online lenders offer $100,000 business loans. But to qualify for a loan of this size, you typically need a good or excellent credit score over 670 and enough income to cover large monthly payments.
$100,000 personal loan lenders
Use our table to find a loan available to your credit type in your state. Select Compare for up to four lenders to weigh their benefits side by side and hit Go to site to check your rate.
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 — ideally below 20%
- Collateral, if applicable
- Active bank account
How to increase your chances of approval and get lower rates
With loan amounts this high, it’s a good idea to have some tactics in mind to increase your approval odds and qualify for a lower interest rate. Here are a few suggestions:
- Apply with a coborrower for more cash. If your income isn’t meeting requirements or is all tied up in other monthly payments, then having a co-borrower helps. Also called a co-applicant or joint applicant, both borrowers combine their income 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. 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 over 20% of their credit limit or other debts close to the end of term, pay those down as much as possible or completely off if you can. This can increase your credit score and reduce your DTI to help approval odds.
- Secure your loan with collateral. Unsecured loans aren’t backed by anything, making them a little riskier to a lender. If you can, 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 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.
|Product||Maximum amount||APRs||Terms||Collateral required?||Learn more|
|Wells Fargo personal loan||$100,000||7.49% to 23.24%||12 to 84 months||Unsecured|
|First Republic Bank Eagle Gold Loan||$250,000||Based on WSJ Prime Rate||Up to 60 months||Unsecured|
|M&T Bank Cash-Secured Loan||$100,000||4.24% to 6.49% APR||12 to 120 months||Secured|
|Umpqua Bank personal loan||$100,000||Starting at 10.21%||Up to 48 months||Secured and unsecured|
Can I get a loan for $100,000 with bad credit?
Unfortunately, qualifying for an unsecured $100,000 personal loan with poor credit is difficult. Lenders typically have higher credit score cutoffs for the largest loans available — even if they don’t advertise it online.
However, applying with some collateral can increase your chances of qualifying with bad credit. If you have a negative mark on your credit report that you can easily explain away, consider applying with a local bank or credit union, which tends to have more flexible credit requirements than big banks or online lenders.
How much does a $100,000 loan 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 an even better chance of scoring a low rate if you qualify for this loan amount. For example, BHG Money offers personal loans well above $100,000 to borrowers with at least a 700 credit score, but rates start at 11.96%.
During an economic boom, lenders typically offer the lowest rates on the highest loan amounts. However, lenders sometimes raise rates on high loan amounts when the economy is unpredictable because they stand to lose more if you default on the loan. That’s because they stand to lose more if you default on the loan. On top of that, the longer the term you choose, the higher that rate will be. As an example, let’s take a look at how much a $100,000 loan might cost you each month and in total, depending on the term:
|Loan term||Starting APR||Starting monthly payment||Starting interest cost|
Going for a long loan term may be tempting on a $100,000 but be wary of the total cost. To get a lower rate and out of debt more quickly, go for the shortest term you can comfortably afford.
Calculate your loan repayments
Use our loan repayment calculator to compare loan terms, interest rates and amounts to see what fits within your budget.
$100,000 loan repayment calculatorCalculate how much you could expect to pay each month
|Loan terms (in years)|
Fill out the form and click on “Calculate” to see your estimated monthly payment.
orCompare personal loans
Based on your loan terms
How to apply for a $100,000 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.
- 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.
- 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 can comfortably afford your loan’s monthly payments — and help narrow your choice of lenders.
- Submit your paperwork. Your lender will want 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 can 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 of years — different jobs, 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 paying 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 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 monthly 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, debt consolidation involves getting one large loan to pay off numerous debts, efficiently combining them into one monthly payment. And if you get a low rate, 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:
- 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
More guides on Finder
Upgrade vs. Upstart: Which is better?
Compare Upgrade and Upstart personal loan features, benefits and differences.
LightStream vs. SoFi: Which is better?
Compare LightStream vs. SoFi: Find which lenders offer the right personal loans for you.
Best Egg vs. Upstart: Which is better?
Best Egg vs. Upstart: Compare personal loan options to find out which lender meets your financial needs best.
Upstart vs. SoFi: Which is better?
Compare rates, fees, amounts, and funding speeds of two top online lenders to find the best personal loan for you.
SoFi vs. LendingClub: Which is better?
Is SoFi or LendingClub a better fit for your borrowing needs? From APRs to turnaround time, we give a full comparison of their personal loans.
Best debt consolidation loans of November 2023
Compare 11 lenders to find one that’s a good fit for your needs.
Transform Credit personal loans review: Borrow up to $7,000 even with bad credit
Fast funding even with poor credit — but you’ll need a cosigner.
Loans like Lendio
Compare top business loan marketplaces similar to Lendio to find the one that could work for your business.
Swift Capital business advance review
Find out what Swift Capital can offer your business, with advances from $5,000 to $500K and short repayment periods that come with weekly repayment.
LightStream personal loans review
Financing up to $100,000 — but only for borrowers with good credit.
Ask an Expert