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 constr🧸uction project.
A $100,000 loan is typically the la🎶rgest 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’s๊ how to get a $100,000 personal loan and what the process entails.
- What are the eligibility requirements?
- Lenders that offer six-figure personal loans
- How to apply for a personal loan
- How long will you have to repay a $100,000 loan?
- How fast can you get a large loan?
What are the eligibility requirements for a $100,000 loan?
You may find that the 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:
- Excellent credit score: Lenders look for high credit scores when evaluating loan applicants, since a high credit score can indicate a higher probability that you’ll repay your loan on time. The higher your credit score, the better chance you have of qualifying for larger loan amounts and better interest rates. A credit score between 670 and 739 can widen your options when it comes to lenders, and provide opportunities for lower interest rates.
- Stable employment history: Lenders want to see that you have consistent income to afford your loan payments.
- Low debt-to-income ratio: Your debt-to-income (DTI) ratio compares how much money you earn each month to how much you owe to creditors. Lenders like to see that there’s room in your budget for your loan payments, so the lower your DTI ratio, the better.
Lenders that offer $100,000 personal loans
Many lenders offer personal loans, but the interest rates and terms they feature can vary widely. Th📖is 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 ൲easy, thanks to online lenders who make it possible to get prequalified quic🅺kly 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,𓆏000 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 |
Is a $100,000 personal loan right for me?
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 yo🐷u borrow with a loan can be a helpful alternative.
How to apply for a $100,000 personal loan
All lenders have unique application processes, but you can generally expect to take the following steps wh💟en 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 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.
How long will you have to repay a $100,000 loan?
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 som🐠e loans can have longer terms.
Among Credible partner lenders:
- LightStream offers repayment terms up to 120 months if you use the loan funds for home improvements.
- SoFi offers terms spanning a maximum of 84 months.
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 rate♔s 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 |
How fast can you get a $100K personal loan?
The lender, loan size, and the way funds are disbursed can impact how long it takes for yoꦍu 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. Yo꧟u can ask the lender in advance about the documents you need to have so you can aꦗvoid unnecessary delays.