A large personal loan can help you cover a big expense, like a medical bill or home improvement project. Here’s how you can get one. (Shutterstock)
A large personal loan may come in handy in a number of situations. It can help you cover the cost of a medical bill, home improvement project, wedding, or just about any other major expense.
Since large loans are riskier for lenders, they’re usually more difficult to get. The good news is it’s possible to get one if you plan ahead and find the right lender.
If you’re looking for a large personal loan, Credible makes it easy to compare personal loan rates from various lenders, all in one place.
While many lenders offer personal loans of up to $50,000, fewer lend up to $100,000. If you need to borrow a lot of money, you’ll need to shop around and find a lender that offers larger loans. These two Credible partner lenders offer loans of more than $50,000:
LightStream, the online lending division of Truist Bank, offers loans of up to $100,000 to borrowers with good to excellent credit. Its loans come with no fees and a $100 Loan Experience Guarantee, which states that the LightStream application process will be the best you’ve ever experienced. If you’re not satisfied after you receive a LightStream loan, they’ll send you $100.
SoFi was founded by business students from Stanford University in an effort to connect recent graduates with alumni. Today, the company offers fixed- and variable-rate personal loans to borrowers with good, very good, or excellent credit. As a SoFi borrower, you can access a variety of member perks, such as personalized financial advice and invitations to events like happy hours and dinners.
Visit Credible to see your prequalified personal loan rates from various lenders, without affecting your credit score.
If you’d like to apply for a large personal loan, follow these steps:
- Since large loans of more than $50,000 aren’t the norm, you’ll have to do some research and find lenders who offer them. Once you find a few, consider their interest rates, repayment terms, fees, and eligibility requirements.
- Next, choose a large loan that meets your needs. Ideally, it would offer the lowest interest rates and fees as well as the most flexible repayment terms.
- After you decide on a loan, compile the documents you’ll need to apply. These may include a government-issued ID, like a driver’s license or passport, bank statements, pay stubs, and tax forms.
- Most lenders will let you apply online, from the comfort of your own home. When you apply, be sure to answer each question accurately and submit all the required documents.
- If you’re approved, the lender will have you sign an agreement so it can distribute the funds. You’ll typically receive your loan funds via direct deposit into your bank account. Funding times can be anywhere from the same day you get approved to a week after, depending on the lender.
- You’ll be responsible for making on-time monthly payments to repay your loan. To ensure you never miss a payment, you may want to enroll in automatic payments if the lender offers it. Some lenders offer interest rate discounts for setting up autopay, so it’s definitely worth considering.
Generally, lenders prefer borrowers with good credit, so it may be very difficult to get a loan with bad credit. These tips could help you improve your chances of getting a large personal loan:
If you’re ready to apply for a personal loan, Credible lets you quickly and easily compare personal loan rates to find one that fits your unique financial situation.