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$100,000 personal loans

Where and how to apply, how much it costs and what to watch out for.

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When you’re looking to take out a $100,000 loan, you need to find a lender that offers more substantial personal loans. Many personal loan lenders cap their borrowing amount at $50,000 or $75,000, but it is possible to find higher limits. However, there are stricter lending criteria and you’ll need to be wary of longer loan terms that can increase the total cost.

Six steps to get a personal loan of up to $100,000

  1. Research your options. Look at what different lenders have to offer as not all lenders offer loans of $100,000.
  2. Know your credit score. Your credit score affects the interest rate for most personal loans. Knowing where you stand before you apply means you can narrow down the options to loans for which you are likely to receive approval.
  3. Keep your budget in mind. Take time to examine your income and expenses, and decide how much you can afford in monthly repayments. From there, you can find the most favourable terms for the amount you need within that limit.
  4. Ask questions. Before you apply or after you receive an offer, don’t hesitate to ask questions. You can contact lenders over the phone or online via email or live chat.
  5. Assemble your paperwork. If possible, discover what the lender requires beforehand. At a minimum, you need your income information, photographic ID, proof of address and bank statements when applying to a lender you don’t have a relationship with. When applying through your current bank, you will usually not need as many documents.
  6. Apply online. Most personal loans can be applied for online on the lender’s website. You need to provide your personal details, the amount you want to borrow, the purpose of the loan, your income details, debts and expenses.

Where can I get a $100,000 loan?

You may be able to get a personal loan of $100,000 through the New Zealand bank that you currently use for other financial products such as credit cards or a mortgage. Alternatively, you can apply through one of the following non-bank lenders:

What do I need when applying for a $100,000 loan?

There’s always a level of scrutiny you open yourself up to when applying for finance. The lender may look at:

  • A reason for borrowing. The reason that you need $100k could be for renovating your home, growing your business or consolidating debt. What you’re using the loan for is a good indicator of the risk to the lender. You could be considered less of a risk if the lender believes the reason is responsible. For example, a $100,000 personal loan to start a business may be viewed as riskier than one to make home renovations, and you may have restrictions around the type of business expenses you can spend the loan on.
  • A good credit score. The interest rate that the lender offers you is affected by your credit score and your credit history in general. A $100,000 loan requires a higher credit score than what is required for a $5,000 loan.
  • Income and employment. Lenders want to see that you can afford your debt obligations, including the new loan if you receive approval. You can demonstrate this ability with a stable employment history and a substantial salary.
  • Security. In most cases, a $100,000 loan will require some kind of security to use as collateral against the loan, such as property you own.

How much does a $100,000 loan cost?

The total cost of the loan depends on the interest and loan term the lender offers, plus any applicable fees. These can include an establishment fee, broker fee or platform fee, plus ongoing monthly maintenance fees.

Interest rates are often given as a range, so you may not know what rate you are eligible for until you apply. As previously mentioned, you could get a lower interest rate if you have a good to excellent credit score and an established credit history. The longer your loan term, the more interest you will have to pay.

Cost example 1: $100,000 loan with a 5-year term at 10.95% p.a. from Stadium Finance

Weekly paymentTotal amount repaidTotal interest & fees
$503.47$130,897.86$30,897.86

Cost example 2: $100,000 loan with a 3-year term at 11.25% p.a. at Lending Crowd

Monthly paymentTotal amount repaidTotal interest & fees
$3,317.67$119,436.12$19,436.12

*The above costs were taken from loan calculators on the lender’s website. Actual costs may differ upon application.

What to consider when applying for a $100,000 loan

  • The fine print. Be sure to read the terms and conditions of the loan agreement. Ask questions if you don’t understand something. You need to know about repayment options, penalties and your rights as a borrower.
  • Additional costs. Consider any fees or charges beyond the interest rate, eg upfront fees like a loan establishment cost. Keep a lookout for penalty fees for things like early repayment or late payments, as these penalties could be costly.
  • Long loan terms. It might be tempting to get a loan with a longer term to give you lower monthly repayments, but you will pay more in the long run. Go for the shortest loan term you can afford, but ensure that you are not going to struggling with your regular expenses and living costs.
  • Loan amount. Contemplate whether you need to borrow the full $100,000. For example, if you only need $86,000, not borrowing the extra $14,000 could save you a lot of money on interest.
  • Other borrowing options. If you don’t find a personal loan offer that suits your needs, you have other borrowing options. Compare alternatives such as refinancing your mortgage or a line of credit.

What do I need to know about my credit report and score?

Why is my credit score important?

Your credit score is the first thing most lenders look at, and it is based on your credit history. Since you’re applying for a large personal loan, having a good to excellent credit rating increases your chances of approval. Different lenders, credit bureaus and other institutions have various credit rating systems, but an excellent score is over 800.

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; how often you make on-time payments and whether you have ever defaulted on a loan.

You are entitled to a free credit report from each of the three credit bureaus: Ilion, Centrix and Equifax. Lenders look at the activity on these reports to see if there are any red flags that your credit score doesn’t make apparent.

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

Large personal loans require good to excellent credit. Your chance of qualifying for a $100,000 without a strong credit history and high credit score is relatively low.

However, if you think your score should be higher than it currently is, you can check the account listings and payment history in your credit report. There may be errors on your credit report that are hurting your score. Contact the credit bureau who issues the report to have any errors fixed. If all the information is accurate, you should start taking steps to improve your credit score.

Bottom line

For large personal loans, comparing your options is the key to getting the lowest rate and best terms. Even a slight increase in the interest rate could mean a significant jump in the overall cost.

If you’re unsure about the terms and conditions, you can ask questions and even consider consulting with a professional or a trusted friend.

Frequently asked questions

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