When it comes to securing a sizable personal loan for your financial needs, a $100,000 loan can be a game-changer. Whether you're looking to fund a major home renovation, consolidate high-interest debt, or tackle a significant expense, this substantial loan amount can provide the financial flexibility you require. However, securing a $100,000 personal loan is not as straightforward as obtaining a smaller loan. In this comprehensive guide, we'll delve into the key factors you need to consider, the lenders offering such loans, and the steps to get approved.
Key Takeaways
- Very few lenders offer $100,000 personal loans, and those that do have strict eligibility requirements.
- Carefully consider the costs and alternatives to $100,000 personal loans before you apply.
- Tapping into your home's equity may be another way to borrow a large amount, but you risk losing your home.
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.
| Lender |
APR range |
Loan amount range |
Loan terms |
Minimum credit score |
| LightStream |
6.99%-25.29%* (with AutoPay) |
$5,000–$100,000 |
24–84 months |
695 |
| SoFi |
8.99%-29.49% (with autopay) |
$5,000–$100,000 |
24–84 months |
No requirement |
| Alliant |
Starting at 8.99% |
$1,000–$100,000 |
12–60 months |
Not Specified |
| Wells Fargo |
6.99%-24.49% |
$3,000–$100,000 |
12–84 months |
Not Specified |
| USAA |
9.99%-18.51% |
$1,000–$100,000 |
12–84 months |
Not Specified |
LightStream
**Rating: 4.7 stars out of 5**
Bankrate’s view: LightStream offers some of the lowest personal loan rates on the market. The 6.94 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
SoFi
**Rating: 4.7 stars out of 5**
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
Alliant
**Rating: 4.6 stars out of 5**
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
Wells Fargo
**Rating: 4.5 stars out of 5**
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
USAA
**Rating: 4.3 stars out of 5**
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
Because personal loans are typically [unsecured loans](https://www.bankrate.com/loans/personal-loans/unsecured-loans-definition/), 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 debt-to-income ratio (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 valid identification documents, such as your driver’s license or passport.
Alternatives to $100,000 Personal Loans
The personal loan isn't the only way to borrow a large amount. If you're trying to figure out whether a personal loan is right for you, consider these alternatives:
- Home equity loans
- Personal lines of credit or home equity lines of credit (HELOCs)
- [Peer-to-peer lending](https://www.bankrate.com/investing/p2p-lending/peer-to-peer-lending-benefits-and-risks/)
Home Equity Loan vs Personal Loan
A home equity loan is a secured personal loan that allows you to use your home's value as collateral. You'll have to take out a second mortgage on the home, which carries its own set of risks.
- Advantages:
- Borrow larger amounts
- Tend to carry lower interest rates due to being secured by your home's value
- Disadvantages:
- Your home serves as collateral, so you risk losing it if you don't repay the loan on time and in full
- You'll pay mortgage interest rates, which can be higher than personal loans
Product Summary: Personal Loans vs. Other Large Loan Options
| Comparison of Large Loan Options |
|---|
| Loan Type |
Criteria for Comparison |
| Interest Rates (%) | Repayment Terms (Months) | Risk to Borrower's Assets |
| $7.99 - 30.65 | 12 - 84 months | No Asset Risk (Unsecured) |
| Home Equity Loan |
$5.97 - 10.96 | 12 - 30 years | Highest Asset Risk (Secured) |
| Peer-to-Peer Lending |
$15.68 - 37.99 | 24 - 60 months | No Asset Risk (Unsecured) |
The Final Verdict: Should You Take Out a $100,000 Personal Loan?
The decision to take out a $100,000 personal loan is not one you should make lightly. Consider your current financial situation and whether the benefits outweigh the risks. A large personal loan can be an excellent solution if you need to borrow money quickly without putting up collateral or if you have a solid credit history.
| Personal Loan Product Table |
|---|
| Lender Name |
Product Details |
| Dosage (€) | Interest Rate (%) | Monthly Payment (€) | Total Cost (€) | Loan Term (Months) | Status | Currency Conversion Note |
| $5,000 - $100,000 | 6.94% - 25.29% | Varies based on loan amount and term selected | Varies significantly depending on interest rate and repayment period | 24 - 84 months | Active | Note: Dosages are converted from USD to EUR at a conversion rate of €0.9 for demonstration purposes only. |
Conclusion
The process of securing a $100,000 personal loan is not for the faint-hearted but with careful planning and due diligence, it can be achieved. Ensure you fully understand all costs associated with such a large loan and consider alternative solutions before proceeding. Always remember to shop around and compare different lenders' offerings to secure the best deal that suits your financial circumstances.
*(All figures mentioned are illustrative and may not reflect current market conditions or specific lender policies).*
