How to Get a $100,000 Personal Loan Fast

If you need to cover a substantial expense, taking out a personal loan might be a good option. You can use a large loan — such as a $100,000 personal loan — for almost any personal expense, such as consolidating debt, installing a pool, or covering medical bills.

How to get a $100,000 loan

Before you apply for a personal loan — especially one as large as $100,000 — make sure you meet all of the requirements. Here’s how:

• Check your credit score. There’s not a specific credit score needed for a large personal loan. However, most lenders want a borrower with good or excellent credit, which generally means a FICO score of 670 or higher. Check your credit score so you know whether you’re likely to qualify or whether you should work on building your credit first.
• Compare lenders. To start, research and compare multiple lenders. But check out more than just the rate. Consider repayment terms, fees, and eligibility requirements. You can often compare estimated rates by getting prequalified with lenders, which won’t affect your credit score. 
• Choose the best option. Remember that the best loan isn’t always the one with the lowest interest rate. A loan could have a low interest rate, but large fees that negate it. Instead, consider the annual percentage rate (APR), which accounts for fees, such as an origination fee, in determining how much it costs to borrow money.
• Complete the application. Once you complete a full application, the lender will conduct a hard credit pull, which provides a comprehensive look at your credit history, and could impact your credit score. Be prepared with documents that verify your income and assets, including pay stubs, tax returns, and bank statements. The lender could ask for additional documentation as well.
• Get your funds. Once the loan is approved, review the loan agreement, and sign if everything looks good. Some lenders can send funds the same day you’re approved, while others may take up to a week. Most lenders deposit funds directly into your bank account.

Learn More: How To Get Approved for a Personal Loan

Where to get a $100,000 personal loan

Options for a $100,000 personal loan are more limited than for smaller loan amounts, but include online lenders as well as traditional banks and credit unions. These online lenders offer $100,000 personal loans, including Credible-partner lenders LightStream and SoFi:

Wells Fargo

Most financial institutions don’t offer personal loans as high as $100,000. But Wells Fargo does. Funds are usually available the next business day after you're approved, and most approval decisions happen the same day you apply. Wells Fargo charges no origination fees. But you'll need to be a Wells Fargo customer for at least 12 months to qualify.

Types of $100,000 loans

There are several types of loans you can get in amounts up to $100,000 — or more. Depending on your financial priorities, you may want to look into one of the following types of loans:

• Mortgage loans: A mortgage is a secured loan that helps you purchase a house. Because your house secures your mortgage, you risk losing your house if you don’t repay the loan. To qualify for a mortgage, you generally need good credit, stable income, and a low to moderate debt-to-income ratio (DTI). Most mortgage loans have terms of 15 to 30 years.
• Home equity-based loans: Home equity loans and home equity lines of credit (HELOCs) allow you to tap into the equity you’ve built up in your home. A HELOC is a form of revolving credit, while a home equity loan is a more traditional installment loan. Both are secured by your home, and like with a mortgage, you risk foreclosure if you can’t make payments. But because HELOCS and home equity loans are secured, rates tend to be lower than on personal loans, and credit requirements may be less stringent.

• Personal loans: A personal loan is typically an unsecured loan you can use to pay for a variety of personal expenses, such as medical bills, home improvements, weddings, and more. Because they aren’t secured by collateral, personal loans can be harder to qualify for. A few lenders offer loan maximums of $100,000 or more, and repayment terms are often between 2 and 7 years.
• Business loans: Business loans can be secured or unsecured. As the name suggests, you can use them to pay for a variety of business expenses, like buying business inventory or real estate. It’s worth noting there are different types of business loans with varying loan amounts, qualification requirements, and repayment terms.

Before moving forward with any of these $100,000 loans, consider some of their pros and cons:

How fast can you get a $100,000 personal loan?

The time to fund a $100,000 personal loan can vary from one lender to the next. For example, if you take out a personal loan with LightStream or SoFi, you could get your money the same day you’re approved. On the other hand, a personal loan from BHG Financial or a traditional bank could take up to a week or more to fund.

And if you're seeking a mortgage or home-equity based financing, the loan could take over a month to close. 

While you don’t have control over when a lender will disburse your funds, a couple of ways to avoid any delays include:

• Filling out your application as accurately as possible
• Providing required documentation in a timely manner

Learn More: Best Emergency Personal Loans

How to qualify for a large personal loan

Each lender has its own eligibility requirements for personal loans, and the qualifications are often more restrictive for a loan as large as $100,000. However, there are some general requirements to expect:

• Good or excellent credit score: One of the most important factors lenders will look at is your credit score. You’ll generally need a good or excellent credit score — meaning a FICO score of 670 or higher — to qualify for a large personal loan.
• Sufficient credit history: It’s not just your credit score that lenders look at, but also your credit history. Lenders usually want to see several years of credit history with a good payment history, free of defaults and delinquencies.
• Reliable income: To show you can repay your personal loan, you must show that you have a reliable source of income that is sufficient to make monthly payments. While income most often comes from a job, you might also qualify if you receive alimony, retirement income, rental income, or regular investment income.
• Low debt-to-income ratio (DTI): Lenders want to see a low DTI, which refers to the percentage of your monthly income that goes toward debt. Your DTI — including all monthly debt payments — should be lower than 40% to 43%.
• Proof of assets: For such a large loan, some lenders may want to see a certain amount of assets in addition to your income and a low DTI. For example, LightStream requires that borrowers have shown an ability to save through retirement accounts and liquid assets.

Learn More: What Are the Requirements for a Personal Loan?

How much are monthly payments?

The monthly payment on a $100,000 personal loan depends on your interest rate and the repayment term you choose. For example, over a seven-year term, you would pay $39,450 in interest and a $1,660 monthly payment on a $100,000 loan at a 10% APR. At an APR of 20%, you'd have a $2,221 monthly payment and pay $86,532 in interest. 

You can generally expect to have a lower monthly payment but pay more in interest if you choose to stretch payments over a longer period. The reverse is true as well. By reducing the repayment term, you can reduce total interest charges, but will increase your monthly payment.

If you decide to take out a personal loan, use a personal loan calculator to determine interest charges over time.

Related: Current Personal Loan Interest Rates

How to get a $100K personal loan with bad credit

You’ll typically need good to excellent credit to qualify for a personal loan — usually considered to be a FICO score of 670 or higher — as well as sufficient income to make monthly payments.

While there are some lenders that offer personal loans for bad credit, these loans usually have higher interest rates compared to good credit loans. And they likely won’t be available for loan amounts as high as $100,000.

If you have poor credit, consider the following:

• Explore secured loan options: Secured loans, or collateral loans, are often easier to get than unsecured loans. They require you to put up collateral, making them less risky for the lender. If you’re comfortable backing a loan with collateral, it may help you qualify for bigger, less expensive loans.
• Consider credit unions and community banks: Credit unions and community banks tend to be more member-focused than other types of lenders. This means they may be more likely to offer loans to borrowers with bad credit. But keep in mind that credit unions require you to be a member to get a loan, and you may have to meet certain eligibility requirements to do so.
• Apply with a cosigner or co-borrower: Getting a loan with a cosigner or co-borrower can improve your chances of qualifying for a $100,000 loan, particularly if you have bad credit or don’t meet a lender’s minimum income requirements. A co-borrower shares responsibility for payment and access to the funds, while a cosigner takes responsibility if you don’t pay, but doesn’t have access to the money. If you miss payments or default, it’ll hurt your cosigner’s credit as well as yours, and not all lenders allow cosigners.
• Improve your credit score: Improving your credit score takes time and patience, but it’s a smart thing to do if you’re not in a hurry to get a loan. You can build your credit by making consistent, on-time payments paying down credit card balances, and using a tool like Experian Boost so that bills like utility or subscription payments are reported to the credit bureaus.

Related: Ways To Improve Your Personal Loan Application

Is a $100K personal loan right for me?

If you need a large influx of cash, a personal loan can be an excellent way to get one. Personal loans can generally be used for almost any purpose, including debt consolidation, home renovations, financial emergencies, and more.

A $100,000 loan may be a good option if you’re consolidating debt with an even higher interest rate or you know there will be a financial return (as in the case of major home renovations).

But $100,000 is a large sum of money, and the monthly payments can easily cost thousands of dollars. If you lose your job or face a financial setback, you could struggle to repay your loan and ruin your credit. Additionally, you may be looking at years of putting other financial goals on the back burner.

As with any personal loan, a large personal loan may not be worth it if the expense isn’t truly necessary.

Personal Loans Calculator

If you decide to take out a personal loan, use a personal loan calculator to determine interest charges over time.

Read More:

• How Much of a Personal Loan Can I Get?
• What Can't You Use a Personal Loan For?
• Best Personal Loans for Good Credit
• Best Personal Loans for Fair Credit
• Best Personal Loans for Excellent Credit
• Best Banks for Personal Loans
• Best Online Loans