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How to get a $100,000 personal loan

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It’s relatively simple to find personal loans $10,000, $25,000 or even $50,000 with reasonable interest rates. However, it’s not as easy if you need a $100,000 loan as higher loan amounts are riskier for lenders.

The upside is that some lenders out there may be willing to approve you for a personal loan of $100,000, assuming you meet their requirements. But first, understand what lenders are looking for in applicants and what to expect when you apply to avoid any surprises.

How to determine if you need a $100,000 loan

Most personal loan products don’t have restrictions on how the funds can be used. The lender may ask how you plan to use the loan proceeds to help determine how much to lend you or if the amount you’re requesting is reasonable.

You should also ask yourself the same questions. Do you really need a $100,000 loan, or will a lower amount work? Also, can you afford the payment on a $100,000 loan? If you answer no to one or both questions, it’s best to apply for a smaller personal loan. But if you anticipate you’ll need more soon because you’re renovating your home or planning a big event and haven’t confirmed all the costs, a $100,000 personal loan could be ideal.

Requirements to receive a personal loan

Borrowers with excellent credit scores (720 or higher) have the best chance of getting approved for a $100,000 personal loan. You’ll also likely get the lowest interest rate the lender offers. If you have bad credit, you may still get approved for a loan. However, it will probably be for a lower amount, and you’ll pay an excessive amount of interest.

Lenders also want to know if your income is sufficient to comfortably cover loan payments and other outstanding debt obligations. So, lenders typically reach out to your employer to verify your employment. It’s equally vital that you have steady employment that’s unlikely to end soon.

Beyond proof of income and employment, be prepared to provide proof of identity so the lender can confirm that you are who you say you are. In most cases, your driver’s license, state issued-ID, military ID, passport, birth certificate or Social Security card will suffice. Most lenders require you to present two forms of identification.

You’ll also need to provide proof of address through a utility bill, insurance statement, mortgage statement, lease agreement, bank statement or voter registration card.

Personal loan lenders that offer $100,000 loans

You can secure a $100,000 personal loan from a traditional bank or credit union. Online lenders are also a viable option. They often feature more flexible lending criteria and loan options, a simple application process and fast funding times.

APR range Loan amount range Minimum credit score requirement
LightStream 3.99% – 19.99% (with autopay) $5,000 – $100,000 660
SoFi 6.99% – 22.28% (with autopay) $5,000 – $100,000 680

LightStream

LightStream is a good fit for borrowers who prefer longer repayment terms. You’ll get up to 12 years to repay the loan, and the interest rates are some of the lowest you’ll find amongst lenders offering $100,000 personal loans. Autopay discounts are also available, and you can get funds the same day your loan is approved. LightStream also gives you the option to choose a date in the future that coincides with when you’ll incur the expense(s) to receive the loan proceeds.

SoFi

SoFi is another fee-free lending option to secure a $100,000 personal loan. Borrowers can choose from several loan terms and access various educational resources to help improve their overall financial health. You also can add a cosigner to your loan application to strengthen your approval odds. Plus, unemployment protection is available to cover you if you lose your job and cannot make timely loan payments.

Costs of a $100,000 personal loan in the long term

Your borrowing costs are determined by the loan term and interest rate you receive. As of May 24, 2022, the average personal loan interest rate for borrowers with excellent credit was between 10.3 percent and 12.5 percent, and 17.8 percent to 19.9 percent for borrowers with average credit. The cost of borrowing for consumers with bad credit was much higher, with rates between 28.5 percent and 32 percent.

Here are some examples from our personal loan calculator of what your borrowing costs could look like on a 5-year $50,000 loan by credit rating:

  • Excellent credit (11 percent interest rate): $1,087 monthly payment and $15,227.27 in total interest paid
  • Average credit (18 percent interest rate): $1,270 monthly payment and $26,180.28 in total interest paid
  • Bad credit (30 percent interest rate): $1,618 monthly payment and $47,060.19 in total interest paid

If you’d prefer a more affordable monthly payment, you can request a longer loan term. However, lenders typically charge higher interest rates for extended repayment periods. Below are a few illustrative examples using a 7-year loan term:

  • Excellent credit (12 percent interest rate): $883 monthly payment and $24,141.48 in total interest paid
  • Average credit (19 percent interest rate): $1,080 monthly payment and $40,753.68 in total interest paid
  • Bad credit (31 percent interest rate): $1,463 monthly payment and $72,927.73 in total interest paid

Bottom line

Although getting a $100,000 personal loan can be challenging, some lenders offer loans for this amount. Consider getting a quote from at least three, and compare the interest rates, loan terms and borrowing costs to find the best fit. Most importantly, take a look at your budget to determine if you can comfortably afford to make the monthly loan payments or if you should apply for a smaller loan.

Written by
Allison Martin
Allison Martin's work began over 10 years ago as a digital content strategist, and she’s since been published in several leading financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and Credit.com.
Edited by
Loans Editor