How To Get A $100,000 Personal Loan: Top Tips

ilbusca/ Getty Images; Illustration by Austin Courregé/Bankrate

To get a $100,000 personal loan at the best rates and terms, you’ll need excellent credit, a high income and the right lender. Not all personal loan companies offer six-figure loan amounts. Those that do typically only lend large amounts to borrowers with stellar financial profiles.

A $100,000 personal loan can be a good alternative to a home equity loan. Unlike a home equity loan, it doesn’t add a lien to your home. However, shorter repayment terms and higher rates may strain your budget if you don’t weigh all the advantages and drawbacks of taking out a large personal loan.

Lenders that offer $100,000 personal loans

Only a handful of lenders offer $100,000 loans. The annual percentage rate (APR) and approval requirements vary significantly between lenders, and while you may be able to find this amount with a bank or credit union, you may need to turn to an online lender for funding.

Best personal loans of 2025

Explore Bankrate’s top picks for the best personal loans to find the right lender for you.

Learn more

Bankrate’s view

LightStream offers some of the lowest personal loan rates on the market. The 6.49 percent start rate competes with current home equity loan rates — if you qualify for it. You can choose up to seven years to repay the loan and may get a rate discount if you set your payment up on autopay. LightStream doesn’t charge fees and if you’re qualified, you may receive your funds the same day you apply.

Pros

• Low interest rates
• No fees
• Rate Beat program

Cons

• Must have an established credit history
• No option to prequalify
• High minimum credit score required

Bankrate’s view

With SoFi, you can add a co-borrower when you apply. Combining your income with that of a co-borrower can lower your debt-to-income ratio and make it easier to qualify for a $100,000 loan. This feature makes SoFi a solid choice to get a six-digit loan amount.

Pros

• Joint borrowers accepted
• Autopay discount
• Optional origination fee

Cons

• High maximum APR
• No cosigner option
• Limited customer support hours

Bankrate’s view

If you can’t qualify for a $100,000 loan with LightStream or SoFi, you may want to check out Alliant credit union. You’ll need to become a member to apply, but Alliant is one of the few lenders that offers a 12-month repayment term option — if you are able to afford the monthly payment.

Pros

• Autopay discount available
• No origination fees
• 24/7 customer service

Cons

• Must be an Alliant member
• No listed eligibility criteria
• Co-borrowers not accepted

Bankrate’s view

Wells Fargo also offers personal loans up to $100,000 with competitive rates and flexible terms between 12 and 84 months — a wider range than most lenders offer. As with other lenders on this list, Wells Fargo does not charge origination fees. That’s a big perk, because with a loan this size, an origination fee can seriously cut into the amount you receive.

Pros

• Wide range of loan terms
• Competitive rates
• No origination fees

Cons

• Must be a Wells Fargo customer
• Unclear qualification requirements
• Limited availability

Bankrate’s view

USAA is known for providing financial products to military families. It provides a $100,000 personal loan product with the same wide range of terms as Wells Fargo. However, its minimum APR is higher than other lenders on this list. That could lead to a larger payment than you’d get with other lenders.

Pros

• Flexible term options
• Personal loan refinance program
• Highly-rated mobile app

Cons

• Limited membership options
• High starting APR
• No prequalification

How to get a $100,000 personal loan

Ready to apply for a $100,000 personal loan? Follow these steps:

1. Check your credit: Make sure your score meets the minimum credit score requirements of the lender. Cross-reference your score with several lenders to see where you may be most likely to qualify. 
2. Review the eligibility criteria: You’ll also need to meet other eligibility criteria for a loan. Look at the lenders requirements for income, debt-to-income ratio and any other factors they may assess.
3. Compare lenders: If you can, apply for prequalification with at least three lenders. Look at the offers they give you and compare the overall costs and monthly payments.
4. Submit a loan application: Complete the loan application form, and submit any required documents with it. Many lenders have online loan applications, but you may also be able to apply in-person with some lenders.
5. Sign and receive funds. If your application is approved, sign the required documents to accept the loan. Then, the lender will disburse the loan funds into your bank account. Depending on the lender, this may happen as quickly as the same day.

Common personal loan requirements

Because personal loans are typically unsecured loans, lenders scrutinize your financial health more closely. That means you’ll need a better credit score, higher and more stable income and less total debt than you’d need if you borrowed less than $100,000.

• Credit score: In general, you will need to have good to excellent credit, a FICO score of 680 or higher, to qualify. An excellent credit score paired with a high income will likely give you the fastest path to approval.
• Income: Lenders may set specific income requirements for you to qualify. You’ll need to document a regular stable income, preferably from a salary or full-time hourly employment.
• Debt-to-income ratio: Your DTI is generally one of the more important aspects lenders consider. Most lenders prefer a DTI under 36 percent.
• Proof of identity: You’ll need to provide identifying documents, such as a driver’s license, state-issued or military ID, passport, birth certificate or Social Security card.
• Proof of address: You can document this with a utility bill, insurance statement, mortgage statement, lease agreement, bank statement or voter registration card.

Long-term costs of a $100,000 loan

When you borrow $100,000, it makes sense to focus on how the monthly payment fits your budget. However, if you have the resources to repay the loan sooner, you can save thousands of dollars in interest. Although the lenders on the list above don’t require origination fees, check the fine print on your offer to make sure.

Use a personal loan calculator to estimate your borrowing costs. Experiment with different terms to see how the payment and total interest figures change. This is how much you’d pay monthly and overall on a $100,000 loan, assuming you qualify for the average personal loan interest rate of 12.36 percent.

Lenders know they can make significant money on a $100,000 loan, so they may be willing to compete for your business. Prequalify with several lenders to see which has the lowest APR, including banks, credit unions and online lenders.

Ask your local bank about any incentives they offer if you already have checking or savings accounts. Also, ask online lenders about any price match guarantees they might offer. For example, LightStream’s Rate Beat program will reduce your rate by 0.10 percentage points if you prove a competitor approved them for a better rate before your loan funds.

Once you finalize your paperwork, your loan funds are usually directly deposited into your account. Personal loans typically fund faster than secured large loan products. Many personal loan companies offer same-day or next-day funding. However, before you receive your money, you’ll typically need authorization from your lender to deposit funds and withdraw your payments.

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

Taking out a loan for $100,000 means taking on a considerable amount of debt. This isn’t always a good idea, but it may be the right choice if it can help you over time. Here’s when it might make sense:

• You need to build your credit: Payment history accounts for 35 percent of your credit score. If you don’t have any established payment history, taking out a loan and making on-time payments can help you improve your credit score. However, a smaller loan may be the best way to start this. 
• You’ll make more after using the loan: Remodeling your house can be expensive. However, the right home renovations may mean your property’s value goes up. 
• If you need to consolidate debt: If you already have a large amount of debt, a $100,000 personal loan can help you if you get a lower interest rate. Getting a loan with a lower interest rate means you won’t pay as much interest as you pay down your debt (such as credit card debt). Just remember to consider the costs of opening a new loan.

Alternatives to borrowing $100,000 personal loans

Personal loans are the best high-dollar unsecured lending option. However, if you own a home and have built enough equity, you may be able to borrow $100,000 at a lower rate. On the downside, if you default, you could lose your home. Consider these alternatives:

• Home equity loans: If you want to spread your payment out for terms as long as 30 years, home equity loans are a better fit. You’re eligible for a tax break if you use the funds for home improvements. Keep in mind, home equity loan closing costs usually run about 2 to 5 percent of your loan amount. You’ll also need substantial equity. Lenders typically won’t let you borrow more than 85 percent of your home’s value. 
• Home equity lines of credit (HELOC): A HELOC works like a credit card secured by your home. During the draw period, you can typically use and reuse the funds as often as you wish. Payments are based on how much you use, though you may be able to make interest-only payments during the draw period. That could make payments cheaper than a personal loan. Like a home equity loan, the interest is tax-deductible if you use the funds for home renovation.
• Cash-out refinancing: If your credit scores are too low for personal loans or home equity financing, cash-out refinancing might be right for you. With this type of mortgage, you’ll replace your current mortgage with one that’s $100,000 larger than you owe. You’ll need significant equity since most cash-out refinance programs limit you to borrowing 80 percent of your home’s value. You’ll also pay closing costs of between 2 and 5 percent of your loan amount.

Bottom line

Because a $100,000 personal loan is a significant risk for a lender, they are especially cautious when approving applications. You generally need excellent credit and a high income to support your application.

Before you apply, compare personal loan rates and consider alternatives, such as a home equity loan, home equity line of credit or cash-out refinance. Be careful to weigh your options so you can find the right solution to secure your financial health in the future.