Find a $100,000 personal loan
Image: 100000Where to get a $100,000 loan
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If you’re planning to take out a $100,000 loan to consolidate debt, fund a major purchase or advance another financial goal, it’s important to weigh your options.
Traditional personal loans tend to have lower rates than credit cards, so they can be an attractive option. But you’ll want to consider your personal finances and what terms you’re likely to qualify for, as well as how payments will fit into your monthly budget.
We’ll review lenders you may want to consider and guide you through the process of applying for a loan.
Monthly payments for a $100,000 personal loan
| Loan duration | Average monthly payments ($100,000 loan) | |||
|---|---|---|---|---|
| Poor credit | Average credit | Good credit | Excellent credit | |
| 1–12 months | $28,752.50 | $10,301.00 | $8,591.40 | $8,862.00 |
| 13–24 months | $4,478.58 | $4,465.78 | $4,575.20 | $4,448.94 |
| 25–36 months | $3,152.47 | $3,153.35 | $3,125.02 | $3,104.06 |
| 37–48 months | $2,570.48 | $2,592.97 | $2,579.67 | $2,545.54 |
The best $100,000 personal loans
Wells Fargo
You won’t be charged an origination fee or prepayment penalty. And setting up autopay will qualify you for an interest rate discount. But you must already be a Wells Fargo customer to apply for a loan. And while Wells Fargo offers a rate-estimate calculator, it doesn’t provide the option to prequalify, so your only application option comes with a hard credit check.
SoFi
You may need strong credit to qualify with SoFi. But if you do, you can access specialized perks in addition to competitive rates. And if you lose your job through no fault of your own while you’re paying off a SoFi loan, you may be able to temporarily modify your payments.
USAA
You can get an autopay discount on your interest rate, and you won’t pay application or prepayment penalty fees. But only USAA members can apply, and membership is limited to veterans, service members and military family members.
LightStream
Only borrowers with good-to-excellent credit can qualify with LightStream, but the lender offers competitive interest rates and a rate discount for autopay. Unfortunately, there’s no prequalification process available.
How to get a $100,000 loan
Applying for a $100,000 loan can take some work, but it’s worth the effort if you can save money by consolidating debt at a lower rate or finance home renovations that increase your home value.
Start by collecting basic information about your finances, such as …
- W2s
- Recent paystubs
- Identification/Social Security number/driver’s license
- Desired loan amount
- Monthly expenses, such as housing costs and debt
- Information about any collateral you want to use
From there, it’s a good idea to apply for prequalification. This lets you preview your potential rate without a hard credit inquiry. It will also give you a good idea of which lender may be the best fit for you.
Once you decide to move forward and officially apply though, the lender will likely perform a hard credit inquiry that can have a temporary effect on your credit scores.
If you apply for a personal loan, you may be able to access money within a few days.
But home equity loans or HELOCs can take up to a month or more to disburse funds. (Loans that tap your home equity usually have lower rates than unsecured personal loans, so it may be worth the wait.)
FAQs about $100,000 loans
$100,000 loans may be available to borrowers with different kinds of credit histories, but each lender will have its own requirements for approval. It’s worth keeping in mind that the best loan terms usually go only to people with excellent credit. If a lender advertises rates starting in the single digits, try to find out their full range of available rates and fees to get a better sense of their offerings.
Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.