Getting a $100,000 personal loan is possible, but it takes a strong credit profile, a hefty income and some patience, since most banks and credit unions cap unsecured personal loans well below that figure. Only a handful of lenders will go as high as six figures, and they charge accordingly.
In Brief
- Most personal loan providers max out around $50,000, so a $100,000 loan narrows your options considerably.
- Lenders generally want a credit score of 720 or higher along with a substantial income before approving a loan this large.
- Interest rates on large unsecured loans tend to run higher than on smaller loans, even for borrowers with strong credit.
- A $100,000 loan can cost anywhere from about $16,000 to more than $21,000 in interest, depending on the rate and term you choose.
- Secured alternatives such as home equity loans, HELOCs or a 401(k) loan may offer better terms if you don't qualify for a personal loan this size.
Why a $100,000 Personal Loan Is Hard to Find
Personal loans are unsecured, meaning there's no collateral backing them up. That makes them riskier for lenders than something like a mortgage or an auto loan, where the bank can repossess the asset if you stop paying. Because of that added risk, lenders are cautious about handing out six figure sums to borrowers, particularly those without an existing account history.
Most banks and credit unions cap their personal loan offerings at $50,000. A borrower hoping to land a $100,000 personal loan will need to search out one of the smaller group of lenders willing to go that high, and even then, approval isn't guaranteed just because the lender advertises loans in that range.
What It Takes to Qualify
Qualification standards get tougher as the loan amount climbs. Lenders generally look for the following before approving a loan anywhere near $100,000:
- A high credit score: Many lenders will approve personal loans for borrowers with scores between 670 and 739, but loans above $50,000 typically call for something closer to 720 or higher. Exact thresholds vary by lender.
- Substantial income: Lenders need proof you can handle the payments. On a $100,000 loan repaid over two years, for example, you'd need more than $4,000 in extra monthly income available to put toward the debt.
- A manageable debt to income ratio: Most lenders prefer a debt to income ratio under 36%.
- Documentation: Expect to provide pay stubs or bank statements, plus a photo ID and proof of address.
Where Six Figure Personal Loans Are Actually Available
Few lenders publicly offer loans reaching $100,000. Among those that do, rates and ranges vary quite a bit, as shown below.
| Lender | Loan Range | Annual Percentage Rate (APR) |
|---|---|---|
| SoFi | $5,000 to $100,000 | 8.99% to 29.49% |
| LightStream | $5,000 to $100,000 | 6.99% to 25.49% |
| BHG Money | $20,000 to $200,000 | 11.96% to 25.31% |
| Wells Fargo | $3,000 to $100,000 | 7.49% to 24.49% |
These lenders will consider applicants with a