Large personal loans can help you finance many different purchases. For example, you might want to use the funds to cover wedding costs or a construction project.
A $100,000 loan is typically the largest personal loan amount available, and your income, credit score, and current debt can all impact your eligibility. You need a good credit score to qualify for large loan amounts with a decent interest rate, though a cosigner or co-borrower could help.
Here’s how to get a $100,000 personal loan and what the process entails.
You may find that the er requirements to qualify for a large loan are harder to meet than those for a small loan. You generally need the following to qualify for a large personal loan:
Related: Learn more about getting a personal loan on Credible.com
Many lenders offer personal loans, but the interest rates and terms they feature can vary widely. This is why it’s critical to shop around with a few different lenders before choosing one. That way, you can make sure you’re getting the best possible terms for your unique financial situation, and can choose a loan that works well for your budget.
Shopping around is easy, thanks to online lenders who make it possible to get prequalified quickly and apply online. In addition, many online lenders offer fast funding — some can even distribute loan funds the same day you’re approved. Though it may be more common to expect your loan to be funded in a matter of a few business days.
The following Credible partner lenders offer $100,000 loans:
| Lender | Fixed rates | Loan amounts |
|---|---|---|
| LightStream | 5.99% – 22.49% APR | $5,000 up to $100,000 |
| SoFi | 7.99% – 23.43% APR | $5,000 up to $100,000 |
While large personal loans can help bridge the gap when you’re in a tough financial situation, it’s best to avoid borrowing so much money. The cost of repayment can be high, and if you choose a long loan term, you could spend years making payments.
If you’re not sure if a personal loan is right for you, consider delaying borrowing money if possible, and saving up instead. Even reducing the amount of money you borrow with a loan can be a helpful alternative.
All lenders have unique application processes, but you can generally expect to take the following steps when seeking a personal loan:
- Review your credit report. Before you apply for a loan, it’s a good idea to monitor your credit report and credit score. You can review your credit report for free weekly at AnnualCreditReport.com through the end of 2023.
Knowing your credit score can help you better understand what types of loans you can qualify for. You can also review your credit report to see where you can make improvements before applying for a loan. This is especially important since large personal loans typically require good to excellent credit scores (670 and above).
Contact the appropriate credit bureau to correct any mistakes you find on your reports, as this can raise your credit score. - Have your documentation ready. You typically must provide proof of your identity (like a passport or driver’s license) and verification of your address (like a mortgage statement or utility bill) when you apply for a personal loan. You may also need proof of income (like pay stubs). Having this documentation handy can speed up the application and approval process.
- Shop around. You can benefit greatly by shopping around to see which lenders can offer you the best rates and terms. Getting prequalified is a great way to see what loan products — and loan amounts — you’re likely to qualify for without hurting your credit score. Be sure to consider any fees or discounts as you compare lenders.
- Apply. Once you’re ready, formally apply for the loan. At this point, you’ll typically need to undergo a hard credit check. Once you receive an offer that meets your needs, you can decide whether to accept it.
- Improve your application, if necessary. If you’re rejected by lenders, you might consider adding a cosigner or co-borrower to your application to improve your chances of approval. You may also want to consider delaying borrowing money until you’ve improved your credit score significantly. Then, you can apply for a personal loan with a higher credit score, increasing your odds of getting approved with a lower interest rate.
- Accept the loan offer. If the lender approves your application, review the offer. If you agree to the terms, accept the offer. You may be able to set up direct deposit to receive your funds.
Personal loan lenders can offer a variety of loan terms, so how long you have to repay a $100,000 loan depends on your specific lender. Typically, personal loans have repayment terms ranging from 12 to 60 months, but some loans can have longer terms.
Among Credible partner lenders:
With a longer repayment term, your monthly payments are lower, but you’ll pay more interest over the life of the loan. Meanwhile, a shorter repayment term will have higher monthly payments, but you’ll pay less in overall interest.
The following table provides a few examples of how monthly payments and the total cost of borrowing for a $100,000 loan can change based on different interest rates and loan terms:
| Interest rate | Repayment term | Monthly payment | Total loan cost |
|---|---|---|---|
| 10% | 60 months | $2,125 | $127,482 |
| 10% | 36 months | $3,227 | $116,161 |
| 15% | 60 months | $2,379 | $142,739 |
| 15% | 36 months | $3,467 | $124,795 |
The lender, loan size, and the way funds are disbursed can impact how long it takes for you to get your loan. With that in mind, the personal loan approval and funding process generally takes one to six business days. However, some lenders offer same-day funding when you’re approved Monday to Friday.
To help speed up the process, have copies of the required documents on hand when you apply. You can ask the lender in advance about the documents you need to have so you can avoid unnecessary delays.
Related: Learn more about getting a personal loan on Credible.com