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How to Get a $200,000 Personal Loan
Very few lenders offer $200K personal loans, but you have some options.
It can be difficult to find lenders that offer $200,000 personal loans. Most lenders cap personal loans at around $40,000 or $50,000, although some go as high as $100,000. But for $200K, there are a few lenders to choose from and alternative options such as a home equity loan.
$200,000 personal loan lenders
Compare these lenders that offer personal loans up to $200,000 with competitive rates and loan terms.
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What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
How to get a $200,000 personal loan
Follow these steps to get a $200K loan:
- Calculate what you can afford. Look at your budget to see how much you can afford each month. This will give you an idea of which loan term makes the most sense.
- Research lenders. Find lenders that offer $200,000 loans, keeping in mind that the pool may be small and you may have to consider alternatives, such as home equity financing or other options.
- Compare lenders. Once you’ve identified a few lenders, compare rates, fees and loan terms to find the best deal.
- Get prequalified. If possible, get prequalified to see what kinds of rates and terms you might qualify for.
- Apply for the loan. Fill out your loan application, supplying the necessary documentation. Depending on the lender, you could hear a decision the same day you apply and receive funding within days.
Eligibility requirements for a $200K loan
Requirements to qualify for a loan of this size are typically stricter than for smaller loan amounts because of the greater risk to the lender. In general, here are the criteria lenders will look at:
- Credit score. You’ll likely need a credit score of at least 670 to qualify for a $200,000 loan, but borrowers with scores over 700 are more likely to get the best rates.
- Proof of income. Lenders want to see that you make enough money to repay the loan, so minimum income requirements for a $200K loan may be high.
- Low DTI. In general, lenders prefer borrowers with a debt-to-income (DTI) ratio of no more than 43%, but a loan of this size may require a lower DTI to qualify.
Which financial institutions offer $200,000 loans?
There are only a few lenders with $200,000 personal loans, so we also added lenders that offer loans up to $100K. This way, you may consider getting multiple personal loans that total the amount you’re after.
| Product | Maximum amount | APRs | Terms | Collateral required? | |
|---|---|---|---|---|---|
| BHG Financial personal loan | $200,000 | 11.96% - 25.31% | 3 to 10 years | Unsecured | |
| Credible personal loans marketplace | $200,000 | 6.94% to 35.99% | Varies by lender | Unsecured | |
| iMerge Financial personal loans | $200,000 | Varies by lender | Varies by lender | Unsecured | |
| Thomaston Savings Bank secured collateral loa | $200,000 | Pledged account rate + 2.75% | Up to 360 months | Unsecured | |
| Wells Fargo | $100,000 | 6.99% to 24.49% | 12 to 84 months | Unsecured | |
| SoFi | $100,000 | 8.99% to 29.99% fixed APR | 2 to 7 years | Unsecured | |
| LightStream | $100,000 | 6.94% to 25.29% | 24 to 240 months | Unsecured |
How much does a $200,000 personal loan cost?
In general, you can expect to pay an interest rate between 6% and 36% for a $200K personal loan, with the lowest rates going to borrowers with credit scores of 700 or more. If your income and credit score are high and your DTI is low, you may be able to qualify for the best rates.
You may also have to pay an origination fee of up to 10% of the loan amount. For a $200,000 loan, that’s a hefty $20,000, which is typically deducted from the loan amount at closing. You may be able to waive or reduce the fee in some cases, or you can shop for lenders with no origination fees.
It’s also a good idea to be aware of any other fees the lender could charge, such as late fees or penalties for insufficient funds. And, ask about prepayment penalties if you plan to repay the loan early.
Calculate your monthly loan payment
Use our personal loan calculator to compare monthly loan payments and the loan’s total cost based on different interest rates and loan terms.
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How long does it take to get a $200K personal loan funded?
While some personal loans can be funded within a day or two, a loan of this size could take a little longer. In general, the underwriting process may be more rigorous because it’s a higher risk for the lender. For example, BHG Financial offers $200,000 loans and says you could see funding in as few as five days, which — loosely translated — means it could take at least a week or more.
Can I get a loan for $200,000 with bad credit?
A $200K loan may be out of reach for borrowers with bad credit. Personal loans are generally unsecured and, therefore, riskier for a lender. If your credit profile shows you aren’t a reliable borrower, you may be out of luck.
However, if you have high-value collateral to offer or can get a cosigner with excellent credit, you may be able to get a loan of that size even with poor credit.
How to pay off $200,000 in debt
Chances are you won’t be able to pay off $200K in a few months, but there are several ways to save on interest, shorten the loan term or both.
- Refinance. If interest rates drop or your credit score goes up — or both! — you may be able to save on interest by refinancing at a lower rate.
- Increase your payments. Paying more than your regular monthly payment reduces your interest charges and shortens your loan term.
- Split payments. Making a half payment at least 15 days before it’s due and the other half by the due date will save on interest charges without shelling out any extra cash.
- Allocate windfalls to the principal. Use any extra money you come into — such as a tax refund or work bonus — to reduce the principal, save on interest and shorten the loan term.
Alternatives to $200K personal loans
Since it can be difficult to find a personal loan for $200,000, you may want to consider other options to borrow that much money.
- Home equity financing. If you have a significant amount of equity in your home, you may be able to raise $200,000 with a home equity loan or a home equity line of credit — just don’t forget to factor in closing costs.
- Borrow against investments. You could potentially raise $200K with a securities-based line of credit or a margin loan if you have enough eligible investments in a brokerage account.
- Business loans. If you were planning to use the loan proceeds to start or expand your business, there are way more lenders that offer business loans for $200,000 and more.
- Inheritance loans. A very specific borrowing solution is an inheritance loan, but they’re typically expensive and difficult to find, and you can only get one if you’re waiting for money that’s currently in probate.
Frequently asked questions
Can I take out multiple personal loans to borrow $200,000?
Theoretically. While there’s no law against having more than one personal loan, it can be difficult to qualify for more than one at a time. After all, the more debt you have, the riskier you look to a lender. However, if you have excellent credit, a very high income and a low DTI ratio, you may be able to qualify for two or more loans that equal $200,000.
What credit score do you need for a $200K loan?
For a loan of this size, you likely need a minimum credit score of at least 670. To get the best rates, however, you’ll typically need a credit score well over 700.
What’s the biggest personal loan I can get?
The biggest loan you can get depends largely on your credit score, income and DTI ratio. You can only qualify for a loan amount that a lender thinks you can pay back. For some individuals, that amount could be $100,000 — for others, it might only be $2,000.
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