How to Get $10,000 to $100,000 Big Money Personal Loan in 2021?

ElitePersonalFinance
Last Update: June 15, 2021 Loans

There shouldn’t be a problem to qualify for a $1,000 or $5,000 unsecured personal loan in 2021, even if you are with bad credit. But if you are looking for large unsecured personal loans like $10k, $25k, or up to $100k, things change. Don’t get us wrong. Getting such an amount is absolutely possible, and we will show you how and where to get those big amount loans. We will show you even how to get up to a $250,000 personal loan. What we try to explain is that things are different. There are requirements that you have to meet.

Like in every loan, your credit report, DTI ratio, and income are the most important factors. But you will have to prove a higher credit report and higher income. If the amount is high, like $100,000, some lenders will require you to secure your loan or add a cosigner. Now, we move on fast to show you the best lenders that will be willing to give you that amount.

Where to Get Large Personal Loans from $30,000 to $100,000?

The main places people would look for are online lenders, banks, and credit unions. In this business, there are more niche types of lenders that we will look at. These are:

  • Loan comparison sites.
  • Peer-to-peer platforms.
  • Direct and non-direct lenders.
  • Big loan marketplaces.

Pro Tip: People looking for large loans should carefully research many different options, to find the best offer. Below we will show you the best companies that offer big loans.

ElitePersonalFinance has created one of the largest marketplaces. There we list all loans in one place.

EvenFinancial

Loan amounts $1,000 – $250,000
Typical APR 2.49% – 35.99%
Min Credit Score 550
Time to funding < 1 Day
Loan terms 2 – 7 Years
Origination fee N/A
Debt-to-income ratio N/A
Check rates

In case we are looking for a big personal loan, EvenFinancial should be at the top. They are not a direct lender. They are a connection service between lenders and borrowers. They work with all big names lenders.

Let us ask you a question. How much was the highest personal loan amount that you have seen? $50,000 $100,000, how much? And the right answer was $100,000. None online lenders, banks, or credit unions have offered over $100k loans. EvenFinancial changes this. Now you can apply for large-amount loans of up to $250,000. That is the highest amount that people can find. The requirements for a $250k loan wouldn’t be easy, but getting something like $20k, $50k, and up to $100k would be times easier.

EvenFinancial partner with a large network of over 300 lenders. And here we have to say that we have good news for people with bad credit. EvenFinancial have many bad credit lenders in their network.

EvenFinancial allows you to use the loan for any purposes like covering some unexpected expenses, debt consolidation, credit card refinancing, home improvements, etc. You shouldn’t worry about where you will be spending the money.

Once you apply with them, your details will be sent to all lenders at once. By the way, this is another reason we love connection services or loan comparison sites. They save time, actually a lot of time. How much time you’d spend to apply with over 300 lenders? How much time would you spend only to find them and verify that they are legitimate? Don’t worry about that. EvenFinancial have already made this for you.

Pros:

  • High loan amount of up to $250,000 available.
  • APR for people with good credit starts at 2.49%.
  • They partner with over 300 of the largest lenders in the United States.
  • Bad credit lenders are available in their network.
  • Only a 550 credit score is required to apply.
  • Personalized offers are available instantly after you complete the application.
  • No hard inquiry on the application process.
  • No obligations.
  • You save a lot of time.
  • You receive multiple offers at once, which helps you get the best.

Cons:

  • People with very bad credit of less than 550 can’t apply.
  • Not a direct lender.

The bottom line:

EvenFinancial is a loan comparison site. Loan comparison sites are one of the best choices because they allow people to get multiple offers at one place. This helps them make the best choice and save a lot of time.

Loan comparison sites work with many online lenders, banks, and credit unions, making them attractive places to borrow.

ElitePersonalFinance has a full list of all big loan comparison sites in our marketplace.

SuperMoney

Loan amounts $1,000 – $100,000
Typical APR 5.99% – 35.99%
Min Credit Score 0
Time to funding < 1 Day
Loan terms 1 – 10 Years
Origination fee N/A
Debt-to-income ratio N/A
Check rates

SuperMoney is another big loan comparison site. Although they are not a direct lender, people can find so many attractive offers on their marketplace. They offer up to $100,000 personal loans. A $100k loan is offered doesn’t mean that all people would be approved for such a high amount, but getting an amount like $10,000 or $25,000 will be easier.

To apply at SuperMoney, you have to complete their registration form. In seconds you will receive personalized offers from the lenders in their marketplace.

Like EvenFinancial, SuperMoney partners with many big lenders. They don’t perform a hard inquiry on the application process, so there will be no reason not to try them now.

What about bad credit? Again, we have good news here. SuperMoney doesn’t list any minimum credit score requirements, which means that all people can apply, even those with really bad credit. SuperMoney works with bad credit lenders, but they are not the best in this business. Although people with 0 credit scores can apply, a credit score of 620 will help you get many more attractive offers.

Pros:

  • Up to $100,000 large unsecured personal loans available.
  • Installment loans with low monthly payments of up to 10 years.
  • No hard inquiry on the application process.
  • SuperMoney partners with the largest lenders in the United States.
  • Bad credit is OK.
  • Personalized offers are available instantly after the application process.
  • You receive multiple offers at once, which helps you get the best.
  • Great customer service.

Cons:

  • Not a direct lender.
  • The approval is not guaranteed.
  • Big loans of over $50,000 have higher requirements.

LightStream

Loan amounts $5,000 – $100,000
Typical APR 2.49% – 19.99%
Min Credit Score 660
Time to funding Several Days
Loan terms 2 – 7 Years
Origination fee N/A
Debt-to-income ratio N/A
Check rates

LightStream is a direct lender, offering big loans ranging between $5,000 to $100,000. Their funds come from Truist Bank. LightStream offers one of the best APRs in the big loans business, from 2.49% to 19.99%, but they have high credit requirements. To apply with LightStream, your credit score should be at least 660. LightStream also will review your credit history. They expect to see multiple accounts, which have been successfully paid over the last few years. Savings accounts are an advantage but not required. You also have to prove a high and stable income.

LightStream doesn’t disclose their minimum income and DTI ratio, but as expected, a higher income and lower DTI ratio will always work for you with all lenders.

LightStream’s loans can be used for any purpose, like debt consolidation, extra expenses, etc. However, there are individual interest rate ranges for each type of loan. LightStream restricts using their loan for your business.

Important! LightStream will perform a hard credit inquiry on the application process. Be careful with that! However, the lender uses a soft credit check to pre-qualify applicants through NerdWallet.

Pros:

  • Direct lender.
  • A high amount of loans of up to $100k.
  • Great APR from 2.49% to 19.99%.
  • Partner with Truist Bank.
  • Long repayment terms from 2 to 7 years. For home improvement – up to 12 years.
  • No origination fee, late fee, or prepayment penalty fee.
  • 30 days decision period, whether you will get the loan.
  • $100 back for unhappy customers who have given back their loans for less than 30 days.

Cons:

  • Not available to people with bad credit.
  • Not carefully disclosed: income, DTI ratio required to get the loan.
  • A hard inquiry on the application process.
  • A few years of good credit history is required.

Wells Fargo

Loan amounts $3,000 – $100,000
Typical APR 5.74% – 24.49%
Min Credit Score Not Disclosed
Time to funding Several Days
Loan terms 1 – 5 Years
Origination fee N/A
Debt-to-income ratio N/A
Check rates

Wells Fargo offers bank loans between $3,000 to $100,000. Bank loans typically are high amount loans, coming with very low APR, but have high requirements. Banks sometimes will require you to secure your loan or add a cosigner. Bank loans are not a great pick for people with a low credit score. The same things we can say about Wells Fargo.

A $10,000 personal loan with an APR of 5.74% applies for a 3-year term and includes a relationship discount of 0.25%. This is their top offer at the moment.

Wells Fargo’s rates range between 5.74% to 24.49% APR, which is great. The repayments vary between 2 to 7 years.

Can you get a high amount of unsecured loans with Wells Fargo?

Wells Fargo offers both secured and unsecured loans. Wells Fargo doesn’t answer exactly how much of an unsecured loan you can get, but here is how things look roughly. If you are looking for loans like $10k, $15k, $35k, it should be possible to be approved for an unsecured if your credit and income are high enough. But if you are looking for a large-amount loan like $50k to $100k, you will be required to secure it.

If you secure your loan, your APR will be capped at 19.5%.

Important! Wells Fargo performs a hard credit check, and there are no prequalification tools.

Pros:

  • Up to $100k loans.
  • Low APR of 5.74% to 24.49% on unsecured loans.
  • APR of up to 19.5% for secured loans.
  • Bank loan.
  • Direct lender.
  • Their loans can be used for many purposes. Debt consolidation is the best!
  • No origination and prepayment fees.

Cons:

  • Wells Fargo can require you to secure your loan if it is too big, like over $30k.
  • Loans are not available for people with bad credit.
  • The required income, DTI ratio, and credit are not disclosed.
  • A late fee of $39.

Here is the full list of all recommended large loan companies:

Loan Company: Min. Credit Score: APR: Amount: Type:
EvenFinancial 550 2.49% – 35.99% $1,000 – $250,000 Loan Comparison Site
SuperMoney 0 5.99% – 35.99% $1,000 – $100,000 Loan Comparison Site
LightStream (Truist Bank) 660 2.49% – 19.99% $5,000 – $100,000 Online Lender
SoFi 680 5.99% – 18.85% $5,000 – $100,000 Online Lender
Wells Fargo Not Disclosed 5.74% – 24.49% $3,000 – $100,000 Bank
Upgrade 600 5.94% – 35.97% $1,000 – $50,000 Online Lender

How to Qualify for a High Amount Personal Loans like $30k to 100k?

The main factors that all lenders use to determine your creditworthiness are your credit score, income, and DTI ratio. However, some lenders also use additional factors. For an amount like $500 or $1,000, probably these factors will be ignored, but those looking for over $10k loans should pay attention to them.

Each lender has different criteria, which makes our efforts to give you exact numbers impossible. But we will try to give an effective answer to this question.

What Credit Score is Expected to Get Approved on a Large Loan?

About your credit score, the things are obvious. More is always better. People with higher credit scores receive higher amounts of loans and pay fewer interest rates. Very roughly, our advice will be to apply with at least a 670 credit score or to wait until it increases to this value.

People with less than 670 will have problems getting approved for large loans, or even if they get approved, they will pay higher fees. But in case we talk about a big amount, the expected losses will be huge.

Example with $1,000 loan:

$1,000 loan with an APR of 5% for 1 year.  You pay $27.29 interest.

$1,000 loan with an APR of 10% for 1 year.  You pay $54.99 interest.

The difference is only $27.70. That’s not too much.

Example with $100,000 loan:

$100,000 loan with an APR of 5% for 10 years.  You pay $27,279 interest.

$100,000 loan with an APR of 10% for 10 years.  You pay $58,581 interest.

As you can see, only a 5% difference in the interest rate costs you $31,302 total interest paid for 10 years. Your average losses per year are $3,130.

Let’s increase the APR again to 15%.

$100,000 loan with an APR of 15% for 10 years.  You pay $93,429 interest. This adds additional $34,848 loses.

What Income and DTI Ratio is Expected to Get Approved on a Large Loan?

Your amount should be enough to prove your ability to pay the loan without any problems. Many lenders also pay attention to your workplace and working history. Some lenders restrict people who have recently started their careers. Some lenders list their minimum criteria on their sites. Other not, but this doesn’t mean that they don’t exist.

You Debt-to-Income Ratio or DTI ratio is your monthly debt payments divided by your gross monthly income. Some lenders list their DIT ratio requirements on their sites, others not. As a general rule, less is always better.

ElitePersonalFinance recommends not to exceed 40%.

But here is a catch. It’s not all about your debts like loans, credit cards, monthly fees, mortgages, etc. It’s also up to how many monthly fees you pay in total.

Example:

You make $25k per year. This makes about $2k monthly income. So, a 40% DTI ratio would mean that you pay $800 monthly on all of your loans. In this case, you have a great chance to get approved, even on a large amount loan. But, lenders also try to evaluate your real ability to pay their loan.

Now, let’s also add some money for your living expenses, then $500 rent, $300 insurance. In this case, you will probably have difficulties paying your loan.

That’s why lenders try to evaluate your actual monthly costs, which are different from your debt payments. Wells Fargo, one of our top recommendations for a $100k personal loan, calculates it differently.

The bottom line:

If you want to prove that you can pay your loan on time, you have to add all your monthly payments and prove that you have some free case after paying all of your fees, including the loan you apply for.

How to Lower Your DTI Ratio?

Small loans, leads to the low monthly payment. So the DTI required will be easy to achieve, even for those with low income. However, if we apply for large loans, the DTI can grow, even over the limit allowed by the lender, which can lead to disapproval.

Fortunately, there are great ways to manipulate your DTI ratio, and all of them are completely legit!

Increase your income.

More income will lower your DTI ratio.

Lower the amount of the loan.

Lowering the loan amount will lower your monthly payments, which will positively affect your DTI ratio.

Increase the repayment period of the loan.

On a $100,000 loan, with an APR of 5% for 10 years, your monthly payments will be $1,060.

On a $100,000 loan, with an APR of 5% for 5 years, your monthly payments will be $1,887.

Say that your income is $3,000 per month.

In the first case, your DTI ratio will be 35%, which is not bad, and you have a great chance to be approved.

Your DTI ratio will be 63% in the second case, which is too high to be approved.

Consolidate your loans in one.

All debts make your total debt. People who have more loans or credit cards, show consider refinancing them in this big loan.

Example:

You make $2,000 per month. You apply for a loan with $800 monthly fees, making a DIT ratio of 40%. But if you also pay 500 for other loans or credit cards that you have, your DTI ratio will be 65%. In this case, it will be smart to consider consolidating all of them.

What Will be My Monthly Payments and What Income is Expected to Prove if I Want to Apply for a Large Amount Loan?

Your DTI ratio is one of the most important factors. Your DTI ratio and income will make the highest amount possible to be approved on a big loan.

As we said, it wouldn’t be possible to answer this question exactly because each lender has different criteria.

In the table below, we will give an example of different loans. We will consider an APR of 10% and 40% DTI ratio required.

Loan Amount: Terms: Monthly Payment: Minimum Income Required:
$100k 10 Years $1,322 $3,305
$100k 5 Years $2,125 $5,313
$50k 10 Years $661 $1,653
$50k 5 Years $1,062 $2,655
$35k 5 Years $744 $1,860
$25k 5 Years $531 $1,328
$25k 3 Years $807 $2,018
$10k 3 Years $323 $808

Where Can I Find a Correct Loan Calculator?

You can find many loan calculators by searching online. If you want, you can use our 100% correct calculator.

Can I Get Multiple Loans if I’m Not Happy With The Amount That I Have Been Approved On?

You want to get a $100,000 loan. You apply at multiple places, and the highest offers that you receive are $50,000. The question is, can you get $50,000 + $50,000 loans from different lenders.

A tricky question! Many people ask it. In brief, the right answer is yes. Most lenders don’t put restrictions on how many credit lines people have.

As a quick example, we can mention one of our studies, which has found that the average number of credit cards per person in America in 2021 is 3.

The first and most important question that you have to answer if you plan to get multiple loans is you will be able to pay them. And if the answer is no, or not sure, then think again. Getting a big amount, whether from one or multiple loans, can make you big trouble. Not paying a $100,000 loan is not like not paying a $1,000 loan. In the second case, you will probably find options to get out of the problem easier.

You have to pay attention to your changes in your DTI ratio after you get more loans. Say, for example, that you get a $50k loan, and now your DTI ratio is 30%. Say that you get another loan of $50k, and now your DTI is 60%. 60% is too high, and it can conflict with the first lender’s rules. Whether this is true or not and the consequences for you are up to each lender’s terms. In most cases, people who pay their loans won’t run into any problems because that is what lenders want – their monthly payments on time. But the question is, what would happen if you stop paying your loans. We highly recommend that you ask all of your lenders for your plans and read the contracts carefully. That way, you will avoid trouble.

The bottom line here is, what if you pay your loans on time, even if you have slightly crossed the line? In most cases, nothing should happen. But this is not guaranteed. Again, ask!

The next thing that we don’t recommend is that you don’t open too many credit lines. Too many credit lines are a negative factor. This makes you a higher risk.

Say, for example, that you have 1 loan of $100,000.

Say now that you have 2 loans of $50,000. There, the APR and terms are the same, so your total monthly payments are absolutely the same.

Say now that you have 10 loans of $10,000. There, the APR and terms are the same, so your total monthly payments are absolutely the same. OK, but in this case, even if the numbers are the same, you can be considered high risk.

So, try to lower your loans.

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