How to Get Large $10,000 to $100,000 Personal Loan in 2022

ElitePersonalFinance
Last Update: July 1, 2022 Loans

Do you need a large personal loan of $10,000, $50,000 or $100,000? If so, we have great news. There are many options. And all of the lenders on our list offer unsecured loans, allowing you to use the proceedis for debt consolidation, home improvements, credit card refinance, unexpected expenses, etc.

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The Best Large Personal Loans 2022: Key Findings

Loan Amounts:

You can obtain a $100k to $250k personal loan in 2022, but the highest limits and the lowest rates require a perfect credit score. Therefore, bad credit borrowers should apply for less and improve their credit scores before inquiring about a large loan.

Interest Rates:

Most $100k to $250k applicants obtain APRs of 5.99% to 15%. However, this guide will show you how to lower your APR.

Credit Scores:

You often need a credit score of at least 700 to obtain a $100,000 personal loan.

Income Requirements:

You must have a monthly income of $3,305 to qualify for a $100,000 personal loan. But cosigner, secured, or collateral loans can help you succeed. Large loans are considerable commitments, so ensure you can repay the funds and analyze your cash flow to determine the impact of financial emergencies.

Due Diligence:

Please read the agreement carefully before signing, and don’t be afraid to ask questions. Moreover, you can consult a lawyer for additional assistance.

Obtaining the Lowest Rates:

Shopping around is the easiest way to land the lowest rate after considering these variables. And our marketplace is an excellent place to start your search.

The Best Large Personal Loans 2022

There are hundreds of lenders in the marketplace. But some don’t provide enough financing to meet applicants’ needs. Therefore, we created this guide to show you how to get a personal loan of $100k. Our picks for the best large personal loans in 2022 include:

Lender: Loan Amount: APR: Min. Credit Score: Type: Best For:
Even Financial $1,000 – $250,000 3.99% – 35.99% 550 Loan Comparison Site Obtaining the best APR
SuperMoney $600 – $100,000 4.99% – 35.99% 600 Loan Comparison Site Comparing multiple offers
SoFi $5,000 – $100,000 6.99% – 21.28% 680 Online Lender No-fee personal loans
LightStream $5,000 – $100,000 2.49% – 19.99% 660 Online Lender Strong credit profiles
Wells Fargo $3,000 – $100,000 5.74% – 19.99% 660 Bank Wells Fargo customers
U.S. Bank $1,000 – $50,000 5.99% – 18.49% 660 Bank U.S. Bank customers
Upgrade $1,000 – $50,000 5.94% – 35.97% 560 Online Lender High DTI ratios
LendingTree $1,000 – $50,000 2.49% – 35.99% 600 Loan Comparison Site Obtaining a low APR
BestEgg $2,000 – $50,000 5.99% – 35.99% 550 – 600 Online Lender Wide range of credit scores
TD Bank $2,000 – $50,000 6.99% – 18.99% 700 Bank Good to excellent credit scores
Pentagon Federal Credit Union $600 – $50,000 4.99% – 17.99% 650 Credit Union High DTI ratios
Alliant Credit Union $1,000 – $50,000 6.24% – 27.24% 640 Credit Union Fast funding
Navy Federal Credit Union $250 – $50,000 7.49% – 18.00% Not Listed Credit Union Service members and affiliates
FreedomPlus $7,500 – $50,000 7.99% – 29.99% 620 Online Lender Debt consolidation
Upstart $1,000 – $50,000 3.09% – 35.99% 300 Peer-to-Peer Lender Low credit scores, high DTI ratios
Laurel Road $5,000 – $45,000 7.00% – 24.75% 660 – 700 Online Lender Debt consolidation
LendingClub $1,000 – $40,000 7.04% – 35.89% 600 Peer-to-Peer Lender Good credit scores, low DTI ratios
Happy Money $5,000 – $40,000 5.99% – 24.99% 550 Peer-to-Peer Lender A stable credit history
Prosper $2,000 – $40,000 7.95% – 35.99% 640 Peer-to-Peer Lender Obtaining multiple personal loans
Marcus by Goldman Sachs $3,500 – $40,000 6.99% – 19.99% 660 Online Lender No-fee personal loans
LendingPoint $2,000 – $36,500 9.99% – 35.99% 580 Online Lender $25,000 annual incomes
PersonalLoans $1,000 – $35,000 5.99% – 35.99% 580 Loan Comparison Site Short and long-term personal loans
PNC Bank $1,000 – $35,000 5.99% – 35.99% 660 Bank Online and in-person service

How We’ll Help You Land a $100,000 Personal Loan

Obtaining the best $100,000 personal loan requires research and careful planning. And we’re always searching the lending market to determine which companies offer the best bargains. As a result, this guide will help you with every step, regardless of your prior knowledge. So whether it’s contrasting similar products or calculating your monthly payments, we’ll show you how to get a large personal loan of $100k.

We begin by reviewing the pros and cons of several large personal loans. Then, we’ll discuss how to qualify for the cheapest rates. In addition, we’ll show you the importance of your credit score and debt-to-income (DTI) ratio and how to calculate other critical credit metrics. Also, we’ll explain financing solutions for bad credit borrowers and highlight comparable products to a $100,000 personal loan.

Furthermore, we analyzed more than 100 companies to determine the best advice for how to get a $100k loan. Many of the lenders on our list have high minimum credit score requirements, so large loans often require good or excellent credit. However, some bad credit lenders extend high-dollar financing, but the elevated APRs and fees often make the products tough to afford. Therefore, while we believe our reviews include a comprehensive assortment of the best $100k personal loans available, they’re not suitable for all borrowers.

Our marketplace also has options for borrowers of all credit scores. You can view dozens of products from lenders with the cheapest rates. Moreover, inquiring won’t hurt your credit score, and applying to several lenders helps you land the lowest APR.

Even Financial

Loan Amount: $1,000 – $250,000
APR: 3.99% – 35.99%
Min. Credit Score: 550
Approval: 1 – 7 Days
Terms: 6 – 144 Months
Fees:
  • Loan origination fees vary by lender
  • Late payment fees vary by lender
  • Most lenders don’t charge prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 550
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Fill out your information through Even Financial’s online portal
Average Borrower Profile:
  • Even Financial connects borrowers with personalized financial product offers from banks and other lenders
  • If you have bad, fair, good, or excellent credit, financing options are available
Best For: Obtaining the best APR
Check rates

Even Financial is one of the most trusted loan comparison sites because it works with all lenders and presents their offers in one place. No other lender offers huge personal loans of more than $100,000. However, Even Financial can land you $250,000. Lenders on the platform have strict requirements for $250k loans, but $10k, $30k, $50k, or even $100k should be more accessible.

But why can Even Financial offer so much?

The reason is the loan comparison site partners with more than 300 of the largest lenders. Therefore, hundreds of companies see your application and come back with offers. That’s why we rank lending platforms so high on our list. Comparing multiple offers saves you time and money and requires the least effort.

Another attractive quality is Even Financial works with bad credit borrowers. For example, the minimum credit score requirement is 550, and applying through the site helps you avoid costly, high-risk lenders that scam trusting people. However, bad credit borrowers likely won’t qualify for a $100,000 personal loan.

But Even Financial’s competitive APRs range from 3.99% to 35.99%. Moreover, you can use the proceeds for debt consolidation, credit card refinancing, home improvement projects, healthcare, and unexpected expenses. Therefore, we highly recommend the platform.

In addition, you will find more excellent options through our EPF Marketplace.

Pros:

  • Even Financial partners with lenders offering huge personal loans, up to $250,000.
  • Good credit APRs start at 3.99%.
  • Even Financial partners with 300 of the largest direct and indirect lenders in the U.S.
  • You only need a credit score of 550 to apply.
  • You see personalized offers instantly after completing your application.
  • There is no hard credit check when inquiring.
  • Viewing several offers in one place helps you land the cheapest rate.
  • You save time versus applying separately at many lenders.
  • There are no obligations.
  • You may receive instant approval.

Cons:

  • You can’t apply with a credit score less than 550.
  • Even Financial is not a direct lender.
  • There are no COVID-19 programs.

The impact of COVID-19:

Even Financial doesn’t have COVID-19 programs because it’s a connecting service. The companies on the platform have different policies, so it’s prudent to check with your lender directly to determine hardship policies.

SuperMoney

Loan Amount: $600 – $100,000
APR: 4.99% – 35.99%
Min. Credit Score: 600
Approval: 1 – 7 Days
Terms: 1 – 10 Years
Fees:
  • Loan origination fee of 1% – 8%
  • Late payment fees vary by lender
  • Most lenders don’t charge prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 600
  • Have a DTI ratio that doesn’t exceed 40%
  • Have recurring employment income or government benefits
  • Fill out your information through SuperMoney’s online portal
Average Borrower Profile:
  • SuperMoney connects borrowers with personalized financial product offers from banks and other lenders
  • If you have fair, good, or excellent credit, financing options are available
Best For: Comparing multiple offers
Check rates

SuperMoney rivals Even Financial because it’s a prudent pathway to finding a $100,000 personal loan. In addition, it is one of the most trusted loan comparison sites because it works with all lenders and presents their offers in one place. Its marketplace helps you find attractive offers, but everyone won’t qualify for the highest amounts. However, obtaining a $25,000 or $50,000 personal loan is more manageable.

When you fill out SuperMoney’s application form, you see personalized offers from the best lenders. And like Even Financial, inquiring doesn’t result in a hard credit check, so there is nothing to lose by applying.

But what if you have bad credit?

The good news is that SuperMoney doesn’t list a minimum credit score requirement, so borrowers with poor credit are welcome to apply. However, the best offers often go to borrowers with a credit score of at least 620.

For example, the loan comparison site partners with Marcus by Goldman Sachs, Upgrade, and BestEgg. And since SoFi is on the platform, you can apply for a $100k personal loan in minutes. In addition, SuperMoney’s dashboard is one of the best because it lists lenders’ loan amounts, APRs, terms, and unique factors like fees and cosigner possibilities. You can also browse customer reviews to see which companies are the most reputable. Also, you can filter your search results by credit score and income to find the lenders most willing to work with you.

You can borrow $600 to $100,000, with APRs of 4.99% to 35.99% and one to 10-year terms. Furthermore, while SuperMoney is a highly rated resource and should be on your radar, the best way to find a $100,000 personal loan is to apply at SuperMoney and Even Financial. Doing so widens your search without hurting your credit score. As a result, we highly recommend them.

Pros:

  • SuperMoney partners with lenders that offer big personal loans up to $100,000.
  • APRs are competitive.
  • Installment loans have low monthly payments and terms up to 10 years.
  • There is no hard credit check when inquiring.
  • SuperMoney partners with major U.S. lenders and will show you how to get a loan of $100k.
  • You can apply with bad credit.
  • You see personalized offers instantly after completing your application.
  • Viewing several offers in one place helps you land the cheapest rate.
  • SuperMoney has excellent customer service.

Cons:

  • SuperMoney is not a direct lender.
  • Approval rates vary.
  • The loan origination is often 5%.
  • There are stricter requirements for loans over $50,000.

The impact of COVID-19:

SuperMoney doesn’t have COVID-19 programs because it’s a connecting service. The companies on the platform have different policies, so it’s prudent to check with your lender directly to determine hardship policies.

SoFi

Loan Amount: $5,000 – $100,000
APR: 6.99% – 21.28%
Min. Credit Score: 680
Approval: 1 – 7 Days
Terms: 2 – 7 Years
Fees:
  • There are no loan origination fees
  • There are no late payment fees
  • There are no closing fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 680.
  • Be employed, have an employment offer that starts in 60 days, or have recurring income from other sources.
  • Fill out your information through SoFi’s online portal
Average Borrower Profile:
  • Has a FICO Score of 753
  • Has gross income of $151,144
  • Has free cash flow of $5,696 per month
  • Borrows $31,634
  • Excellent credit scores incur an APR of 6.59%
  • Good credit scores incur an APR of 15.56%
Best For: No-fee personal loans
Check rates

SoFi is one of the best direct lenders to find a $100,000 personal loan. Moreover, SoFi doesn’t charge any origination, closing, prepayment, or late payment fees. You can borrow 5,000 to $100,000, with 6.99% to 21.28% APRs and two to seven-year terms. And since SoFi’s loans are unsecured, you don’t have to post collateral. Also, SoFi conducts a soft credit pull, so you can apply for a $100k personal loan without impacting your credit score.

Therefore, SoFi is an excellent place to conduct your search. It is highly reputable and one of the most respected online lenders. However, unlike Even Financial, SoFi provides financing while the other companies connect you with third-party lenders. The difference doesn’t change our advice, and you can get a $100k loan from all three. But it’s essential to keep in mind.

Pros:

  • SoFi offers large personal loans up to $100,000.
  • APRs start at 6.99%.
  • SoFi doesn’t charge any origination, closing, prepayment, or late payment fees.
  • Borrowers in all states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

SoFi’s Special Handling Team offered assistance to borrowers struggling to make their loan payments during the pandemic. If you find yourself in a similar situation, you can contact SoFi at 1-855-456-7634 to learn more about the options available.

LightStream

Loan Amount: $5,000 – $100,000
APR: 2.49% – 19.99%
Min. Credit Score: 660
Approval: 1 – 7 Days
Terms: 3 – 12 Years
Fees:
  • There are no loan origination fees
  • There are no late payment fees
  • There are no closing fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 660
  • The maximum DTI ratio is often 45%
  • Have recurring employment income or government benefits
  • Fill out your information through LightStream’s online portal
Average Borrower Profile:
  • Has stable income
  • Has few or no delinquencies
  • Has a long credit history across many accounts
  • Has liquid assets, savings, or retirement assets
  • Does not overuse revolving credit lines
Best For: Strong credit profiles
Check rates

LightStream is a direct lender, offering large loans of $5,000 to $100,000. Your proceeds come from Truist Bank, and attractive APRs range from 2.49% to 19.99%, with three to 12-year terms. Also, there are no origination, prepayment, application, or late payment fees.

However, LightStream has higher qualification standards. For example, your credit score should be at least 660, and you should show long credit history, with activity across accounts like credit cards, mortgages, and auto loans. In addition, LightStream sees steady income and successful repayment as attractive. A savings account is also helpful, and you must demonstrate a high and stable income. But LightStream doesn’t disclose its income and DTI ratio requirements, and the latter is often 45%. Moreover, a higher income and lower DTI ratio improve your chances of qualifying.

You can use the loan proceeds for debt consolidation, home renovation, and other purposes. However, LightStream prohibits using the funds for business purposes, and APRs vary depending on the type of loan.

Important information:

LightStream conducts a hard credit check upon application, so inquiring will impact your credit score. In addition, there are no prequalification opportunities; after approval, you have 30 days to make your final decision.

LightStream disclosures:

You need to know a company’s policies to know how to get a big loan of $100,000. LightStream lists 660 as its minimum credit score. But its disclosures state scores of 690 or higher receive the best rates.

Best rate guarantee:

LightStream will decrease your APR by one-tenth of the competitor’s amount if you obtain a cheaper rate elsewhere. The policy applies to unsecured fixed-rate personal loans with identical amounts, terms, usages, and repayment methods. Furthermore, there is a $100 rebate if you return the loan within 30 days.

Pro tip:

Consider LightStream if you meet the strict requirements. You can also call the lender and discuss the optimal credit metrics to obtain the best rates.

Pros:

  • LightStream is a reliable direct lender where you can get a $100,000 personal loan.
  • The lender provides low APRs.
  • There is a 0.50% auto-pay discount.
  • LightStream doesn’t charge any origination, closing, prepayment, or late payment fees.
  • You can apply for unsecured, secured, and cosigner loans.
  • LightStream reports your payment history to the three main credit bureaus.
  • COVID-19 programs are available.

Cons:

  • Bad credit borrowers won’t qualify.
  • When you inquire, there is a hard credit check and no pre-qualification option.
  • You can’t change the payment date.
  • LightStream won’t send debt consolidation loans directly to creditors.

The impact of COVID-19:

While LightStream doesn’t list any specific policies or contact information to help struggling borrowers, customers should be able to inquire about their options by logging into their LightStream account.

Wells Fargo

Loan Amount: $3,000 – $100,000
APR: 5.74% – 20.99%
Min. Credit Score: 660
Approval: 1 – 7 Days
Terms: 1 – 7 Years
Fees:
  • Late payment fee of $39
  • Insufficient funds fee of $39
  • There are no loan origination fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 660
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Apply online or at a Wells Fargo branch
Average Borrower Profile:
  • Excellent credit scores often obtain APRs of 5.74% to 8.22% on a three-year term
  • Good credit scores often obtain APRs of 9.47% to 11.96% on a three-year term
  • Fair credit scores often obtain APRs of 11.96% to 14.46% on a three-year term
Best For: Wells Fargo customers
Check rates

Wells Fargo is the only bank where you can get a $100k loan, and competitive APRs range from 5.74% to 20.99%. However, you may need proof of income and a high credit score to qualify. Wells Fargo’s loans are unsecured, but secured and cosigner options are available.

However, the bank doesn’t work with bad credit borrowers, and you typically need a credit score of 660 or more to qualify. Therefore, the other companies on our list are better if you have poor credit. But you can use Wells Fargo’s loans for debt consolidation, credit card refinancing, home improvement projects, healthcare, and unexpected expenses.

Important information:

Wells Fargo conducts a hard credit check upon application, so inquiring will impact your credit score. In addition, the bank’s disclosures state that only 10% of applicants receive the lowest rates. Also, there are no prequalification opportunities, so always read the fine print.

Who is Wells Fargo best for?

Wells Fargo is perfect if you have a high credit score and monthly income and need a large loan for debt consolidation. Also, it’s beneficial if you’re already a Wells Fargo customer.

Wells Fargo vs. other lenders:

Wells Fargo differs from Even Financial and LightStream because it’s a bank and not a loan comparison site or online lender. You can borrow $3,000 to $100,000, with APRs of 5.74% to 20.99% and one to seven-year terms. However, you can only apply online if you’re a Wells Fargo customer. In contrast, the bank has 7,200 in-person locations across the United States, so you can head to a branch to inquire about a $100,000 personal loan.

However, Wells Fargo offers one to three-year maturities for $3,000 to $4,999 loans and one to seven-year maturities for $5,000 to $100,000 loans. And there are no origination or prepayment fees. But there are $39 fees for late payments and insufficient funds.

Finally, Wells Fargo offers a 0.50% APR discount for Prime, Portfolio, and Private checking account holders. Furthermore, a 0.25% interest rate discount goes to customers across 11 different accounts. As a result, you should find an affordable $100k personal loan at Wells Fargo.

Pros:

  • Wells Fargo offers huge personal loans up to $100,000.
  • APRs are competitive.
  • You can apply for unsecured, secured, and cosigner loans.
  • Wells Fargo doesn’t charge origination or prepayment fees.
  • Some customers receive APR discounts.
  • Funding can arrive in as little as one day.
  • You can adjust your payment dates.
  • Customers receive free FICO Score analysis.
  • Wells Fargo reports your payment history to the three main credit bureaus.
  • You can manage your loan through Wells Fargo’s mobile app.
  • COVID-19 programs are available.

Cons:

  • There are $39 fees for late payments and insufficient funds.
  • Bad credit borrowers won’t qualify.
  • Wells Fargo requires a high income and credit score to get the lowest rates, and only 10% of applicants meet the requirements.
  • When you inquire, there is a hard credit check and no pre-qualification option.
  • You can’t apply online if you’re a new customer.

The impact of COVID-19:

Wells Fargo offers hardship exemptions to personal loan borrowers affected by the pandemic. You can contact a representative via phone or manage your account online. However, the critical point is you don’t need to make payments during the deferral period. For more information, please read Wells Fargo’s COVID-19 relief FAQs.

U.S. Bank

Loan Amount: $1,000 – $50,000
APR: 5.99% – 18.49%
Min. Credit Score: 660
Approval: 1 – 7 Days
Terms: 1 – 7 Years
Fees:
  • Late payment fee of $10
  • There are no loan origination fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 660
  • The maximum DTI ratio is often 60%
  • Have recurring employment income or government benefits
  • Fill out your information through U.S. Bank’s online portal
Average Borrower Profile: U.S. Bank doesn’t disclose average personal loan statistics
Best For: U.S. Bank customers
Check rates

U.S. Bank can help you obtain a large loan of $50k. But can I get a personal loan of $100,000? Unfortunately, current customers can borrow $1,000 to $50,000, with APRs of 5.99% to 18.49% and one to seven-year terms. However, new customers’ loans have $25,000 maximums with five-year terms, so U.S. Bank is best for current members. Moreover, the lowest APRs go to customers who borrow $10,000 or more for one to three years and have a credit score of at least 800. In addition, you need to set up automatic payments through a U.S. Bank or external checking or savings account. However, you can qualify without auto-pay, and the minimum credit score requirement is 660.

Also, there are no origination or prepayment fees, but late payments will cost you $10. However, U.S. Bank has branches and ATMs in more than 40 states, so you should be able to apply in most regions.

Overall, U.S. Bank is a solid option because you can apply in minutes, and there is a 0.50% APR discount when you enroll in auto-pay. Furthermore, U.S. Bank conducts a soft credit check upon application, so inquiring won’t hurt your credit score.

Pros:

  • U.S. Bank offers big personal loans up to $50,000.
  • APRs start at 5.99%.
  • U.S. Bank doesn’t charge origination or prepayment fees.
  • Borrowers in most states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • There are late payment fees.
  • New customers can’t borrow more than $25,000.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

U.S. Bank created forbearance programs for borrowers affected by the pandemic. The policies covered multiple financial products, including large personal loans. To inquire about current policies, you can call U.S. Bank’s pandemic hotline at 1-888-287-7817. You can also obtain assistance by calling 1-800-872-2657 or emailing mobile@usbank.com

Upgrade

Upgrade Disclaimer: *Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s lending partners.

Loan Amount: $1,000 – $50,000
APR: 5.94% – 35.97%
Min. Credit Score: 560
Approval: 1 Day
Terms: 2 – 7 Years
Fees:
  • Loan origination fee of 2.9% – 8%
  • Late payment fee of $10, after a 15-day grace period
  • Insufficient funds fee of $10
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 560
  • Have a DTI ratio that doesn’t exceed 75%
  • Have recurring employment income or government benefits
  • Fill out your information through Upgrade’s online portal
Average Borrower Profile:
  • Has a credit score of 678
  • Has an annual income of $78,000
  • Borrows $10,000
  • Finances over 40 months
Best For: High DTI ratios
Check rates

You shouldn’t expect to obtain a $100,000 loan from Upgrade. However, Upgrade is a direct lender, and you can get a $1,000 to $50,000 personal loan. Moreover, the minimum credit score requirement is 560, and you can get APRs of 5.94% to 35.97% and two to seven-year terms. Therefore, Upgrade is one of the few bad credit lenders we recommend, and its metrics merit putting it high on our list.

However, borrowers with credit scores of at least 700 often receive the best rates. In addition, you can obtain personalized offers and discounts depending on your credit score, income, and other criteria. Also, there are options for unsecured, secured, and cosigner loans. Furthermore, you can use the proceeds for debt consolidation, home improvements, credit card refinance, unexpected expenses, etc.

Upgrade disclosures:

Upgrade co-founder and CEO Renaud Laplanche said rent payments and other alternative metrics are not part of the company’s approval criteria. Instead, Upgrade’s goal is to keep people from borrowing more than they can afford by “having a pretty high bar in terms of how much free cash flow you really have at the end of the month.”

Upgrade vs. other lenders:

Upgrade doesn’t serve customers in Washington, D.C., Iowa, and West Virginia. So you should consider another lender if you live in these states. Also, Upgrade differs from SoFi because you incur origination and late payment fees. The former is 2.9% to 8% of the amount borrowed, while the latter is $10 after a 15-day grace period. Likewise, a $10 insufficient funds fee applies, but there are no prepayment penalties.

Overall, Upgrade has one of the lowest minimum credit score requirements on our list and rivals companies like Even Financial and Happy Money. Therefore, if you’re wondering how to get a loan of $50k, start with Upgrade.

Pros:

  • Upgrade is a direct lender offering big personal loans up to $50,000.
  • There are competitive APRs.
  • There are no upfront or prepayment fees.
  • Upgrade conducts a soft credit check upon application, which won’t hurt your credit score.
  • There are APR discounts for debt consolidation loans.
  • There is a 0.50% auto-pay discount.
  • You can apply for unsecured, secured, and cosigner loans.
  • You can change your payment date.
  • Some applicants obtain fast approval.
  • Upgrade works with unemployed persons.
  • Upgrade reports your payment history to the three main credit bureaus.
  • COVID-19 programs are available.

Cons:

  • Upgrade has a loan origination fee of 2.9% to 8%
  • Upgrade charges late payment and insufficient funds fees.

The impact of COVID-19:

Upgrade assists borrowers suffering due to COVID-19. You may qualify for a temporary reduction in your monthly payments or a modification extending the loan’s length. You can learn more here. Likewise, you can also call Upgrade at 1-844-319-3909 or email support@upgrade.com.

LendingTree

Loan Amount: $1,000 – $50,000
APR: 2.49% – 35.99%
Min. Credit Score: 600
Approval: 1 Day
Terms: 1 – 5 Years
Fees:
  • Loan origination fee of 0% – 3%
  • You may incur late payment fees
  • Most lenders don’t charge prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 600
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Fill out your information through LendingTree’s online portal
Average Borrower Profile:
  • Excellent credit scores borrow $20,128 at an APR of 8.83%
  • Good credit scores borrow $9,818 at an APR of 17.54%
  • Full-time employees borrow $11,016
  • Self-employed persons borrow $12,266
  • Part-time employees borrow $7.944
  • Unemployed persons borrow $8,254
  • The majority of personal loans are used for credit card refinancing and debt consolidation
Best For: Obtaining a low APR
Check rates

LendingTree is like Even Financial because it’s a loan comparison site where APRs start at 2.49%. However, the former can help you find a $100,000 personal loan, while LendingTree’s products max at $50k. Specifically, you can borrow $1,000 to $50,000, with ARPs of 2.49% to 35.99% and one to five-year terms. In addition, the minimum credit score is 600. However, inquiring through all three companies should increase your chances of landing the cheapest loan.

Also, you can apply for home improvement, business, credit card refinance, and debt consolidation loans through LendingTree. And the company notes that most borrowers take out large personal loans for credit card refinancing and debt consolidation. Therefore, you can get a $50k personal loan, and LendingTree will connect you with a best-in-class lender.

Pros:

  • LendingTree partners with lenders that offer big personal loans up to $50,000.
  • APRs start at 2.49%.
  • Using LendingTree is a quick way to find a $50k personal loan.
  • Borrowers in all states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • Fees vary by lender.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

Since LendingTree is a comparison site, it doesn’t issue loans directly. Moreover, the lenders on LendingTree’s platform determine their deferral and forbearance policies independently. As a result, you need to contact your lender directly to determine the available options. For more information, LendingTree created an exhaustive list outlining lenders’ recent policies.

BestEgg

Loan Amount: $2,000 – $50,000
APR: 5.99% – 35.99%
Min. Credit Score: 550 – 600
Approval: 1 Day
Terms: 3 – 5 Years
Fees:
  • Loan origination fee of 0.99% – 5.99%
  • Late payment fee of $15
  • Insufficient funds fee of $15
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 550 – 600
  • Have a DTI ratio that doesn’t exceed 35% – 43%
  • Have recurring employment income or government benefits
  • Fill out your information through Best Egg’s online portal
Average Borrower Profile: BestEgg doesn’t disclose average personal loan statistics
Best For: Wide range of credit scores
Check rates

BestEgg is another top lender that doesn’t reach the $100,000 personal loan limit. However, you can borrow $2,000 to $50,000, with APRs of 5.99% to 35.99% and three to five-year terms. As a result, a $50k personal loan is an excellent second option if you don’t qualify for $100k. Also, BestEgg’s minimum credit score requirement ranges from 550 to 600, but you need a FICO Score of 700 and an annual income of $100,000 to qualify for the lowest APRs. Also, there are $15 fees for late payments and insufficient funds, and financing may only be available in 47 states.

BestEgg notes that Massachusetts loans start at $6,500, New Mexico and Ohio at $5,000, and Georgia at $3,000. Therefore, minimums are higher in these states. In addition, you can take out multiple loans, but the consolidated total can’t exceed $50,000.

Overall, BestEgg can help you get a $50k personal loan. The only downside is that maturities of four years or greater incur at least 4.99% origination fees.

Pros:

  • BestEgg offers huge personal loans up to $50,000.
  • APRs start at 5.99%.
  • Borrowers in most states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • A good credit score is necessary to qualify for the highest loan amounts.
  • BestEgg charges late payment and insufficient funds fees.

The impact of COVID-19:

BestEgg doesn’t disclose any relief programs related to COVID-19. However, if you need to speak with someone about your situation, you can call a BestEgg personal loan agent at 1-855-282-6353 or send an email to Loan_assistance@mybestegg.com

TD Bank

Loan Amount: $2,000 – $50,000
APR: 6.99% – 18.99%
Min. Credit Score: 700
Approval: 1 – 7 Days
Terms: 1 – 5 Years
Fees:
  • Late payment fee of 5% of the amount due, or $10, whichever is less
  • There are no loan origination fees
  • There are no prepayment fees
  • There are no application fees
  • There are no insufficient funds fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 700
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Apply online or at a TD Bank branch
Average Borrower Profile: TD Bank doesn’t disclose average personal loan statistics
Best For: Good to excellent credit scores
Check rates

TD Bank is a well-known institution that issues large loans. However, while you can’t apply for a $100,000 personal loan, you can borrow $2,000 to $50,000, with APRs of 6.99% to 18.99% and one to five-year terms. Also, there are no origination, prepayment, application, or insufficient funds fees. And there is a 0.25% APR discount if you open a TD Bank checking or savings account and enroll in auto-pay. However, TD Bank’s late payment fee is the lesser of 5% of the amount due, or $10. The only downsides are TD Bank issues loans in 16 states, and you need a minimum credit score of 700 to qualify. But the lender has 1,100 branches, and you can apply in-person or online. Therefore, TD Bank is an excellent resource for obtaining a $50k personal loan if you value face-to-face interaction.

Pros:

  • You can get a $50k personal loan.
  • APRs start at 6.99%.
  • TD Bank doesn’t charge origination, prepayment, or insufficient funds fees.
  • Applying won’t affect your credit score.

Cons:

  • There are fees for late payments.
  • You can’t apply in all states.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

TD Bank provided pandemic assistance by allowing qualifying borrowers to defer their loan payments. However, the programs were specific to HELOCs and mortgages. If you want to inquire about personal loan assistance, you should contact a representative at 1-800-937-5020.

Pentagon Federal Credit Union

Loan Amount: $600 – $50,000
APR: 4.99% – 17.99%
Min. Credit Score: 650
Approval: 1 – 7 Days
Terms: 1 – 5 Years
Fees:
  • Late payment fee of $29
  • Insufficient funds fee of $30
  • There are no loan origination fees
  • There are no prepayment fees
  • There are no application fees
Qualification Criteria:
  • Be a member
  • Be at least 18 years of age
  • Have a credit score of at least 650
  • The maximum DTI ratio is often 50%
  • Have recurring employment income or government benefits
  • Fill out your information through Pentagon Federal’s online portal
Average Borrower Profile:
  • Excellent credit scores often obtain APRs of 4.99% to 5.99%
  • Good credit scores often obtain APRs of 7.99% to 9.99%
  • Fair credit scores often obtain APRs of 11.99% to 17.99%
Best For: High DTI ratios
Check rates

Pentagon Federal is a reputable credit union that issues loans for home improvement projects, debt consolidation, auto, medical, and leisure expenses. Unfortunately, its funding cap is $50,000, so you can’t obtain a $100,000 personal loan. But APRs range from 4.99% to 17.99%, and one to five-year terms are available. In addition, there are no origination, application, or prepayment fees. But there is a minimum credit score requirement of 650, and you must become a Pentagon Federal member to apply. However, you can achieve this by opening a Pentagon Federal savings account and depositing $5. And after that, a $50k personal loan can move into your account.

Also, late payment charges are $29, and there is a $30 insufficient funds fee. Thus, Pentagon Federal has good and bad qualities. But you can inquire without worry because applying won’t hurt your credit score. Therefore, Pentagon Federal should be atop your list if you prefer to obtain financing from a credit union.

Pros:

  • Pentagon Federal offers big personal loans up to $50,000.
  • APRs start at 4.99%.
  • Pentagon Federal doesn’t charge origination or prepayment fees.
  • Borrowers in all states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • There are insufficient funds and late payment fees.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

During the pandemic, forbearance programs were available to borrowers struggling to make their loan payments. If you’re still suffering from financial disruptions, you can contact Pentagon Federal’s Financial Hardship Center at 1-800-247-5626 and inquire about possible solutions.

Alliant Credit Union

Loan Amount: $1,000 – $50,000
APR: 6.24% – 27.24%
Min. Credit Score: 640
Approval: 1 – 7 Days
Terms: 1 – 5 Years
Fees:
  • There are no loan origination fees
  • There are no prepayment fees
Qualification Criteria:
  • Be a member
  • Be at least 18 years of age
  • Have a credit score of at least 640
  • Have recurring employment income or government benefits
  • Fill out your information through Alliant Credit Union’s online portal
Average Borrower Profile: Alliant Credit Union doesn’t disclose average personal loan statistics
Best For: Fast funding
Check rates

Alliant Credit Union is another place where you can get a $50k personal loan because financing ranges from $1,000 to $50,000, with APRs of 6.24% to 27.24% and one to five-year terms. Moreover, there are no origination or prepayment fees. Also, the loan is unsecured, so you don’t need to post collateral. And since Alliant Credit Union conducts a soft credit check, applying won’t impact your credit score. Furthermore, the application process is quick, and same-day funding is often available.

However, you must have a minimum credit score of 640 and be a member to qualify. And that means having an account with Alliant Credit Union for at least 90 days. But since the institution services clients in all states, opening a checking or savings account shouldn’t be too difficult.

In addition, Alliant Credit Union doesn’t list insufficient funds or late payment fees. But it’s best to check with the lender to avoid any surprises. Overall, you can’t apply for a $100,000 personal loan, but Alliant Credit Union’s product is second best.

Pros:

  • Alliant Credit Union offers huge personal loans up to $50,000.
  • APRs start at 6.24%.
  • Alliant Credit Union doesn’t charge origination or prepayment fees.
  • Borrowers in all states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • There may be insufficient funds and late payment fees.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

Alliant Credit Union doesn’t list any forbearance programs related to COVID-19. However, you can call 1-800-328-1935 to inquire about potential hardship policies.

Navy Federal Credit Union

Loan Amount: $250 – $50,000
APR: 7.49% – 18.00%
Min. Credit Score: Not Listed
Approval: 1 – 7 Days
Terms: Up to 5 Years
Fees:
  • Late payment fee of $29
  • There are no loan origination fees
  • There are no prepayment fees
Qualification Criteria:
  • Be a member
  • Be at least 18 years of age
  • Have recurring employment income or government benefits
  • Fill out your information through Navy Federal Credit Union’s online portal
Average Borrower Profile: Navy Federal Credit Union doesn’t disclose average personal loan statistics
Best For: Service members and affiliates
Check rates

Like Pentagon Federal and Alliant, Navy Federal Credit Union can help you land a $50k personal loan. You can borrow as little as $250, with APRs of 7.49% to 18%, and terms max at five years. However, these rates are for maturities up to three years. And if your loan term ranges from 37 months to five years, the APR range is 14.79% to 18%. Also, home improvement loans’ terms extend to 15 years. In addition, Navy Federal Credit Union doesn’t charge origination or prepayment fees. But there is a $29 charge for late payments.

The downside is the company issues loans in 34 states, so it’s not available nationwide. Furthermore, you must become a member. And that means being an Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, or Space Forces associate. You can also be an enlistee’s family or household member, and Department of Defense employees and affiliates are welcome.

Thus, Navy Federal Credit Union is best for service members and their affiliates, and everyone can’t apply. However, the APRs are reasonable, and $50k is a solid fallback option if you don’t qualify for a $100,000 personal loan through other lenders.

Pros:

  • Navy Federal Credit Union offers large personal loans up to $50,000.
  • APRs start at 7.49%.
  • Navy Federal Credit Union doesn’t charge origination or prepayment fees.

Cons:

  • There are fees for late payments.
  • A good credit score is necessary to qualify for the highest loan amounts.
  • You can’t apply in all states.

The impact of COVID-19:

Navy Federal Credit Union provided loan extensions, payment deferrals, and increased credit limits for borrowers affected by the pandemic. To learn more, you can call the company at 1-888-842-6328 or send a secure message through your online banking portal.

FreedomPlus

Loan Amount: $7,500 – $50,000
APR: 7.99% – 29.99%
Min. Credit Score: 620
Approval: 1 – 7 Days
Terms: 2 – 5 Years
Fees:
  • Loan origination fee of 1.99% – 4.99%
  • Late payment fee of 5% of the amount due, or $15, whichever is greater.
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 620
  • Have a DTI ratio that doesn’t exceed 40%
  • Have recurring employment income or government benefits
  • Fill out your information through FreedomPlus’ online portal
Average Borrower Profile:
  • Has a credit score of 700
  • Has an annual income of $120,000
  • Borrows $19,000
  • Has a DTI ratio of 23%
  • Incurs a 4.99% loan origination fee
  • Achieves a 7.99% APR with excellent credit and a loan amount of less than $12,000 on a three-year term
Best For: Debt consolidation
Check rates

FreedomPlus offers a $50k personal loan in most states. However, you can’t apply in Colorado, Connecticut, Wisconsin, Wyoming, West Virginia, Hawaii, Kansas, New Hampshire, North Dakota, Nevada, Oregon, or Vermont. Therefore, consult the other lenders on our list if you live in one of these regions.

In contrast, FreedomPlus lets you borrow $7,500 to $50,000, with APRs of 7.99% to 29.99% and two to five-year terms. Moreover, if you opt for a debt consolidation loan and send 85% of the proceeds to a creditor, you can reduce your APR by up to 4%. In addition, if you have $25,000 to $40,000 in retirement assets, you can lower your APR by up to 5%. You don’t need to post the funds as collateral. However, the buffer increases your creditworthiness and helps you land a lower rate.

The only drawbacks are FreedomPlus’ origination fee is 1.99% to 4.99%, and there is a late payment fee of 5% of the amount due, or $15. However, if you’re pursuing debt consolidation, FreedomPlus is an excellent option for a less than $100,000 personal loan.

Pros:

  • FreedomPlus offers big personal loans up to $50,000.
  • APRs start at 7.99%.
  • You receive APR discounts with debt consolidation loans.
  • Retirement assets help you land APR discounts.
  • Applying won’t affect your credit score.

Cons:

  • There are fees for loan origination and late payments.
  • You can’t apply in all states.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

While FreedomPlus doesn’t list any specific hardship policies, you can contact the loan company via phone at 1-800-297-5879 or send an email to CustomerSupport@FreedomPlus.com to learn more about the options available.

Upstart

Loan Amount: $1,000 – $50,000
APR: 3.09% – 35.99%
Min. Credit Score: 300
Approval: 1 – 7 Days
Terms: 3 – 5 Years
Fees:
  • Loan origination fee of 0% – 8%
  • Late payment fee of 5% of the amount due, or $15, whichever is greater, after a 15-day grace period
  • Insufficient funds fee of $15
  • Paper documents fee of $10
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 300
  • Have a DTI ratio that doesn’t exceed 45% to 50% (excluding rent/mortgage)
  • Have not filed for bankruptcy in the last 12 months
  • Have no current delinquencies on your credit profile
  • Have less than six credit inquiries on your profile in the last six months (excluding mortgages, auto and student loans)
  • Have recurring employment income or government benefits
  • Fill out your information through Upstart’s online portal
Average Borrower Profile:
  • Borrows roughly $8,600.
  • Incurs an APR of 23.98% on a five-year term
  • Achieves approval nearly twice as often than traditional lenders with a FICO Score of 620 to 660
  • The CFPB found Upstart’s AI risk model approves 27% more borrowers and they incur APRs 16% lower than traditional lenders
Best For: Low credit scores, high DTI ratios
Check rates

Upstart is one of the best fair and bad credit lenders on our list because its minimum credit score is 300. Moreover, Upstart is a peer-to-peer (P2P) lender that uses artificial intelligence (AI) and alternative data to assess credit risk. So your education and job history can tilt the scale in your favor.

You can’t apply for a $100,000 personal loan. But Upstart provides financing of $1,000 to $50,000, with APRs of 3.09% to 35.99%, and three to five-year terms. There are no prepayment fees. However, Upstart levies a 0% to 8% origination fee, and insufficient funds cost $15. Also, paper documents cost $10, and the late payment fee is 5% of the amount due, or $15.

Also, borrowers in Georgia ($3,100), Hawaii ($2,100), Massachusetts ($7,000), New Mexico ($5,100), and Ohio ($6,000) have higher personal loan minimums. And Upstart states the average five-year loan incurs an APR of 23.98%.

Pros:

  • You can get a $50k personal loan.
  • APRs start at 3.09%.
  • Upstart’s AI algorithm increases approval rates.
  • Borrowers in all states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • There are origination, late payment, insufficient funds, and paper document fees.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

If you need to pause your loan payments because of the pandemic or due to other financial difficulties, you can submit an online request through Upstart’s website. In addition, you can also call the lender at 1-855-451-6753.

Laurel Road

Loan Amount: $5,000 – $45,000
APR: 7.00% – 24.75%
Min. Credit Score: 660 – 700
Approval: 1 – 7 Days
Terms: 3 – 5 Years
Fees:
  • Late payment fee of 5% of the amount due, or $28, whichever is less.
  • There are no loan origination fees
  • There are no closing fees
  • There are no application fees
  • There are no prepayment fees
Qualification Criteria:
    • Be at least 18 years of age
    • Have a minimum credit score of 660 with a co-signer
  • With no co-signer, have a minimum credit score of 700
  • Have a DTI ratio that doesn’t exceed 43%
  • Have recurring employment income or government benefits
  • Have no bankruptcies over the last four years
  • Fill out your information through Laurel Road’s online portal
Average Borrower Profile: Laurel Road doesn’t disclose average personal loan statistics
Best For: Debt consolidation
Check rates

Laurel Road can’t land you a $50k or $100,000 personal loan, but the lender fits our next tier of companies. For example, you can borrow $5,000 to $45,000, with APRs of 7% to 24.75% and three to five-year terms. There are no origination fees, and student loan refinancing is also an option.

If you’re an unemployed doctor or dentist, loans range from $30,000 to $45,000. However, you can borrow up to $80,000 if you graduate within 12 months and have an employment contract. In addition, home improvement and debt consolidation loans max at $45,000, while $35,000 is the cap for auto, business, green, and moving expense loans. But since Laurel Road conducts a soft credit pull, applying has no impact on your credit score.

The downsides are you need a minimum credit score of 700 without a cosigner. But with a cosigner, the mandate drops to 660. Also, late payment charges are 5% of the amount due, or $28.

Pros:

  • Laurel Road offers large personal loans up to $45,000.
  • APRs start at 7%.
  • Laurel Road doesn’t charge origination or prepayment fees.
  • Doctors and dentists can land up to $80,000.
  • Borrowers in all states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • There are late payment fees.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

Laurel Road’s forbearance programs helped customers pause their loan payments for up to three months. However, if you’re still experiencing financial difficulties, Laurel Road encourages borrowers to contact its servicing partner Mohela at 1-877-292-6845.

LendingClub

Loan Amount: $1,000 – $40,000
APR: 7.04% – 35.89%
Min. Credit Score: 600
Approval: 1 – 7 Days
Terms: 3 – 5 Years
Fees:
  • Loan origination fee of 3% – 6%
  • You may incur late payment fees
  • There are no application fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 600
  • Have a DTI ratio that doesn’t exceed 36% – 43%
  • Have recurring employment income or government benefits
  • Fill out your information through LendingClub’s online portal
Average Borrower Profile:
  • Has a credit score of 700
  • Has an annual income of $100,000
  • Borrows $15,800
  • Finances over a three-year term
  • Incurs an APR of 15.95%
  • Incurs a 5% loan origination fee
Best For: Good credit scores, low DTI ratios
Check rates

LendingClub is below Laurel Road because its loans max at $40,000. Therefore, a $100,000 personal loan isn’t attainable. But applying for $1,000 to $40,000 is a solid fallback option. In addition, APRs range from 7.04% to 35.89%, and three to five-year terms are available. Moreover, LendingClub’s minimum credit score requirement of 600 is relatively lower than other companies on our list. But financing is unavailable in Iowa.

Also, LendingClub differs from Laurel Road because it’s a P2P lender. So instead of providing direct financing, LendingClub matches you with investors eager to extend credit. However, the end product is the same, and your proceeds are unaffected.

LendingClub’s loan origination fee ranges from 3% to 6%, and late payment fees often apply. And the company’s disclosures state the lowest APRs go to borrowers with the best credit metrics. Therefore, a good credit history, a low DTI ratio, and an above-average credit score will help you obtain the cheapest rates.

Pros:

  • LendingClub offers big personal loans up to $40,000.
  • APRs start at 7.04%.
  • Borrowers in all states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • There are origination and late payment fees.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

LendingClub offered delayed payment programs to members in financial need during the pandemic. If you want to apply for relief, you can call LendingClub’s special care line at 1-877-644-4446.

Happy Money

Loan Amount: $5,000 – $40,000
APR: 5.99% – 24.99%
Min. Credit Score: 550
Approval: 1 – 7 Days
Terms: 2 – 5 Years
Fees:
  • Loan origination fee of 0% – 5%
  • There are no late payment fees
  • There are no application fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 550
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Have no current delinquencies
  • Have a credit history of at least three years
  • Fill out your information through Happy Money’s online portal
Average Borrower Profile:
  • Has a credit score of 710
  • Has $2,000 in cash flow per month
  • Has a DTI ratio of 40%
Best For: A stable credit history
Check rates

Like LendingClub, Happy money is a P2P lender where you can land a $40k personal loan. Financing ranges from $5,000 to $40,000, with APRs of 5.99% to 24.99%, and two to five-year terms. Moreover, Happy Money doesn’t charge prepayment or late payment fees, and its minimum credit score requirement of 550 is one of the lowest on our list. Therefore, Upstart, Even Financial, and Happy Money are three of the best companies for fair and bad credit borrowers. Also, debt consolidation loans have APR discounts of 0.25% to 1%. So you save money by refinancing existing credit.

Conversely, origination fees range from 0% to 5%, and you need a three-year credit history with no current delinquencies to qualify. In addition, you can’t apply in Massachusetts or Nevada, and loan minimums are $5,100 in New Mexico and $6,100 in Maryland. As a result, Happy Money may not be suitable for all borrowers.

Pros:

  • Happy Money offers large personal loans up to $40,000.
  • APRs start at 5.99%.
  • You receive APR discounts with debt consolidation loans.
  • There are no prepayment or late payment fees.
  • Applying won’t affect your credit score.

Cons:

  • You can’t apply in all states.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

Happy Money has relief programs that can help borrowers dealing with COVID-19 disruptions or other means of financial hardship. To inquire about the available options, you can call Happy Money at 1-949-346-8740 or send an email to success@happymoney.com.

Prosper

Loan Amount: $2,000 – $40,000
APR: 7.95% – 35.99%
Min. Credit Score: 640
Approval: 1 Day
Terms: 3 – 5 Years
Fees:
  • Loan origination fee of 2.41% – 5%
  • Late payment fee of 5% of the amount due, or $15, whichever is greater
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a FICO Score of at least 640
  • Have less than five inquires into your credit profile over the last six months
  • Have a positive annual income
  • Have a DTI ratio that doesn’t exceed 50%
  • Have at least three open accounts listed on your credit report
  • Have not filed for bankruptcy over the preceding 12 months
  • Fill out your information through Prosper’s online portal
Average Borrower Profile:
  • Has a credit score of 714
  • Has a loan-to-income ratio of 5.34%.
  • Borrows $13,446
  • Incurs an APR of 13.49%
  • Has a DTI ratio of 16.90%
Best For: Obtaining multiple personal loans
Check rates

Prosper is like our other second-tier companies because you can’t apply for a $100,000 personal loan. However, more options are better than less, so our goal is to present a long list of products available. With Prosper, you can borrow $2,000 to $40,000, with APRs of 7.95% to 35.99% and three to five-year terms. In addition, you can take out more than one loan, but the $40k personal loan maximum still applies. First, the initial loan payments must be current, and the loan must be outstanding for six months. Second, you can’t have any charge offs with Prosper or be more than 15 days delinquent on loans granted within the last 12 months.

Furthermore, Prosper is a P2P lender, and applying creates a loan “listing” within its marketplace. Then, investors make offers, and you can choose what’s suitable. And inquiring does not require a commitment, so checking your rate won’t affect your credit score.

Finally, Prosper’s investors levy an origination fee of 2.41% to 5%, and late payment charges are 5% of the amount due, or $15 after a 15-day grace period.

Pros:

  • Prosper offers big personal loans up to $40,000.
  • APRs start at 7.95%.
  • Borrowers in all states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • There are origination and late payment fees.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

While Prosper offers borrowers a 15-day grace period before levying late payment fees, assistance is available if you suffer from financial hardship. Prosper recommends that you contact the loan company at 1-800 843-1662, or via email at covidhelp@prosper.com.

Marcus by Goldman Sachs

Loan Amount: $3,500 – $40,000
APR: 6.99% – 19.99%
Min. Credit Score: 660
Approval: 1 – 7 Days
Terms: 3 – 6 Years
Fees:
  • There are no loan origination fees
  • There are no late payment fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 660
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Fill out your information through Marcus by Goldman Sachs’ online portal
Average Borrower Profile: Marcus by Goldman Sachs doesn’t disclose average personal loan statistics
Best For: No-fee personal loans
Check rates

Marcus by Goldman Sachs is an excellent choice for no-fee financing. Unfortunately, you can’t obtain a $100,000 personal loan, but there are no origination, prepayment, or late payment fees. You can also reduce your APR by 0.25% by linking your checking account and enrolling in auto-pay. And if you stay current on your loan for 12 months, you earn one month of no payments with zero interest.

You can borrow $3,500 to $40,000, with APRs of 6.99% to 19.99% and three to six-year terms. However, loans with longer maturities often incur higher APRs. The minimum credit score to qualify is 660, but Marcus by Goldman Sachs’ high-end APR is one of the lowest on our list. Therefore, it’s a solid option if you have fair credit.

Overall, Marcus by Goldman Sachs is one of the few lenders that doesn’t charge fees. As a result, it’s an excellent pathway to refinance more expensive debt.

Pros:

  • Marcus by Goldman Sachs offers big personal loans up to $40,000.
  • APRs start at 6.99%.
  • There are no origination or late payment fees.
  • Borrowers in all states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

While Marcus by Goldman Sachs’ policies remained consistent throughout the pandemic, help was available to borrowers in need. If you confront similar issues today, you can discuss the problem with Marcus by Goldman Sachs by calling 1-844-627-2872 and speaking with a representative.

LendingPoint

Loan Amount: $2,000 – $36,500
APR: 9.99% – 35.99%
Min. Credit Score: 580
Approval: 1 – 7 Days
Terms: 2 – 5 Years
Fees:
  • Loan origination fee of 0% to 6%
  • Late payment fee of up to $30
  • Insufficient funds fee of $20
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 580
  • Have a DTI ratio that doesn’t exceed 50%
  • Have an annual income of at least $25,000
  • Fill out your information through LendingPoint’s online portal
Average Borrower Profile:
  • Has a credit score of 673
  • Has an annual income of $80,000
Best For: $25,000 annual incomes
Check rates

LendingPoint is lower on our list because financing maxes at $36,500. So it’s less than other large lenders. However, you can obtain a $30k personal loan, so it’s helpful to know. Financing ranges from $2,000 to $36,500, with APRs of 9.99% to 35.99%, and two to five-year terms. Moreover, applying won’t hurt your credit score, and you can inquire worry-free.

But you need a minimum credit score of 580 and an annual income of at least $25,000 to qualify. However, its 50% DTI ratio maximum is more liberal than most lenders. Therefore, LendingPoint is another excellent option for fair and bad credit borrowers.

The drawbacks are that its origination fee ranges from 0% to 6%; plus, there is a $20 insufficient funds fee, and late payments cost up to $30. Also, LendingPoint doesn’t issue loans in Nevada or West Virginia. So if you live in these states, please consider another lender on our list.

Pros:

  • LendingPoint offers large personal loans up to $36,500.
  • APRs start at 9.99%.
  • Borrowers with relatively high DTI ratios can qualify.
  • Applying won’t affect your credit score.

Cons:

  • There are origination, late payment, and insufficient funds fees.
  • You can’t apply in all states.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

LendingPoint doesn’t reference any specific hardship policies. However, you can call the lender at 1-888-969-0959 or email customerservice@lendingpoint.com to learn more about your options.

PersonalLoans

Loan Amount: $1,000 – $35,000
APR: 5.99% – 35.99%
Min. Credit Score: 580
Approval: 1 Day
Terms: 90 Days – 6 Years
Fees:
  • Loan origination fee of 1% – 5%
  • You may incur late payment fees after 15-day grace period
  • Most lenders don’t charge prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 580
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits.
  • Do not have a pattern of late payments, bankruptcies, or charge offs
  • Fill out your information through PersonalLoans’ online portal
Average Borrower Profile:
  • PersonalLoans connects borrowers with personalized financial product offers from banks and other lenders
  • If you have bad, fair, good, or excellent credit, financing options are available
Best For: Short and long-term personal loans
Check rates

PersonalLoans is another high-quality comparison site like Even Financial, and SuperMoney. However, its funding maximum is much lower, so you can’t apply for a $100,000 personal loan. But lenders on the platform offer $1,000 to $35,000, with APRs of 5.99% to 35.99%, and 90-day to six-year terms.

Typical borrowers have a minimum credit score of 580 and at least $2,000 per month in income. And your earnings can consist of employment, self-employment, or government benefits. But fees vary by lender, and you see the specifics during the application process. Though PersonalLoans states origination fees range from 1% to 5%.

Overall, PersonalLoans does the work for you since it’s easy to analyze multiple quotes in one place. Therefore, you can spend less time researching and more time doing the things you love. However, if a $100k personal loan is non-negotiable, you may prefer the comparison sites at the top of our list.

Pros:

  • PersonalLoans partners with lenders that offer large personal loans up to $35,000.
  • APRs start at 5.99%.
  • Using PersonalLoans is a quick way to find a $30k personal loan.
  • Borrowers in all states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • Fees vary by lender.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

Since PersonalLoans is a comparison site, it doesn’t issue loans directly. Moreover, the lenders on PersonalLoans platform determine their deferral and forbearance policies independently. As a result, you need to contact your lender directly to determine the available options.

PNC Bank

Loan Amount: $1,000 – $35,000
APR: 5.99% – 35.99%
Min. Credit Score: 660
Approval: 1 – 7 Days
Terms: 6 Months – 5 Years
Fees:
  • Late payment fee of 10% of the amount due, or $40, whichever is greater, after a 15-day grace period
  • Insufficient funds fee of $36
  • There are no loan origination fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 660
  • The maximum DTI ratio is often 45%
  • Have recurring employment income or government benefits
  • Apply online or at a PNC Bank branch
Average Borrower Profile: PNC Bank doesn’t disclose average personal loan statistics
Best For: Online and in-person service
Check rates

PNC Bank’s loan limit is lower than Wells Fargo and TD Bank, but it’s possible to obtain a $10k or $30k personal loan. For example, financing ranges from $1,000 to $35,000, with APRs of 5.99% to 35.99%, and six-month to five-year terms. Also, PNC Bank’s disclosures reference APRs of 5.99% to 28.74% for $15,000 to $36,000 personal loans with three-year terms. So the upper limit varies depending on the amount borrowed, and the bank states that “well-qualified” applicants receive the lowest rates. But like TD Bank and Wells Fargo, you can decrease your APR by 0.25% by opening a PNC Bank checking account and enrolling in auto-pay. Furthermore, there are no origination or prepayment fees.

However, PNC Bank levies a $36 insufficient funds fee, and late payment charges range from 10% of the amount due to $40. But with more than 2,600 branches in 29 states, you can apply in-person or online. Therefore, Wells Fargo is your best bet for a $100,000 personal loan, while TD Bank and PNC Bank provide partial financing of $50k and $35k, respectively.

Pros:

  • PNC Bank offers big personal loans up to $35,000.
  • APRs start at 5.99%.
  • PNC Bank doesn’t charge origination or prepayment fees.
  • Borrowers in all states are welcome to apply.
  • Applying won’t affect your credit score.

Cons:

  • There are insufficient funds and late payment fees.
  • A good credit score is necessary to qualify for the highest loan amounts.

The impact of COVID-19:

PNC Bank supported its customers during the pandemic by offering assistance to those suffering from financial hardship. To apply, you can submit your application through PNC Bank’s online portal.

Where Can I Get a $100K Personal Loan?

If you want to know how to get a big loan over $100,000, the best places are online lenders, banks, and credit unions. For example, online lenders offer large amounts, and many approve borrowers with bad credit. In contrast, banks provide significant financing but have stricter approval criteria. And only those with high credit scores and income qualify. In addition, some banks require a cosigner or collateral. Credit unions are the third option because they offer large loans with some restrictions. But they help people with bad credit too.

Overall, the wisest choice is to shop around. Only by applying will you know for sure. Furthermore, lenders are highly competitive, and inquiring won’t hurt your credit score. Thus, you have nothing to lose by inquiring.

Also, loan comparison sites are excellent solutions. They don’t issue loans directly but connect you with companies that provide large financing. And since submitting several applications wastes time, comparison sites show you multiple offers in one place. In addition, they partner with online lenders, banks, and credit unions., so that’s why we began our reviews with Even Financial.

What If I Need $250,000?

Lenders on Even Financial’s platform provide financing up to $250,000, so you can get a $100k loan. But the requirements below are the same for $100k and $250k loans.

For example, you need a good to excellent credit score to qualify, and your monthly free cash flow must exceed your monthly debt payments. If not, a deficit compromises your repayment ability, and lenders view the shortfall as too risky. Thus, borrowing what you can afford fosters a harmonious relationship between you and the lender.

Furthermore, we’re often asked if it’s wise to split a large personal loan of $100k across multiple lenders. It’s possible to obtain several $10k personal loans to meet your desired amount. However, please think twice before going down this road. First, lenders often conduct hard credit pulls when finalizing your loan applications. So obtaining several personal loans will result in multiple inquiries that hurt your credit score. As a result, the downgrades could result in higher APRs. Second, lenders analyze your outstanding debts. And when they see large amounts on your credit profile, they’ll view you as riskier. Therefore, they may increase your loan’s fees and APRs and provide less flexible terms.

Overall, borrowing too much is like living an extravagant lifestyle. If an emergency strikes, your budget may be so tight you can’t stay current on your obligations. And this is the quickest way to ruin your credit.

How to Apply For Large Loans Up to $100,000

If you want to know how to get a loan of $100k, we recommend you consider the big monthly payments and ensure you have the free cash flow necessary to remain current. In addition, read the terms carefully, confirm the details, and ask your lender if anything is unclear. Finally, borrowers with weak credit scores should improve the metric before applying. Please consult our guide on unique factors that determine credit risk.

Here is a careful process:

Shop around:

Large loans are substantial commitments, so spend time researching the best lenders for the lowest monthly payments. And this includes banks, credit unions, online lenders, and loan comparison sites. Doing so will save you money. Remember, large loans’ monthly payments are sensitive to small changes in APRs. So the difference between a 5% and a 10% rate can substantially impact your monthly outlay. Therefore, we recommend you submit several applications and bargain hard for the lowest APR. In the end, you’ll be glad you did.

Narrow your search:

After some preliminary research, narrow your lender list by the essential metrics. For example, you want the loan with the lowest APR and fees to reduce out-of-pocket expenses. Similarly, the monthly payments should fit your budget. So if the loan has a low APR, but the duration is too short, it’s unaffordable. In contrast, a longer maturity with a marginally higher APR may have lower monthly payments. Overall, consider your cash flow and take the time to weigh the pros and cons. Doing so results in less stress.

Sign on the dotted line:

Once you find the perfect loan, finalize the agreement. But know that a hard inquiry should follow. In addition, ensure all the paperwork is in order and that the official document matches the negotiated terms. Also, ask about anything you don’t understand before you sign.

How to Choose the Best $100K Personal Loan

These are the metrics we use to determine the best $100k personal loans.

Research time:

There is a tradeoff between finding the cheapest $100,000 personal loan and the time commitment to land the best deal with the lowest monthly payments. Loan comparison sites like Even Financial provide personalized results from the largest and most trusted lenders in the U.S. And they can show you how to get a large personal loan of $100k if you have little prior knowledge of financial products.

Low APRs:

A low APR reduces your finance charges and your monthly payments. And borrowers with good and excellent credit often obtain 10% or less APRs. Thus, submitting several applications and letting lenders compete for your business is prudent. Moreover, inquiring won’t impact your credit score, so shopping around is wise.

Appropriate repayment terms:

A low APR doesn’t help if you can’t manage the monthly payments. So please conduct a cash flow analysis and ensure your monthly disposable income exceeds your monthly debt payments. Also, consider a cash buffer in case uncertain expenses arise. For example, if a storm damages your home, your vehicle breaks down, or a medical emergency strikes, you want to have enough free cash flow to stay current on your $100k personal loan.

How to Get a Large Personal Loan Of $100K

You can apply for a $100,000 personal loan in a few minutes or less. And we tested the theory by checking our rate at SoFi. First, you input your name, state, email address, and consent for SoFi to conduct a soft credit pull. However, this won’t impact your credit score, so no harm is done.

Next, enter your desired loan amount and tell SoFi how you plan to use the proceeds. For example, you can select home improvement, major purchase, credit card payoff, or others. We chose loan consolidation.

Next, enter your preferred monthly payment or skip the section. Then, SoFi asks for your date of birth, citizenship status, home address, and zip code. In addition, the lender wants to know if you rent, own your home, or live with friends/relatives. After that, it’s time to enter your annual income.

Finally, SoFi asks if you want to apply with a cosigner. The lender notes huge cosigner loans are often 25% larger and include 0.50% APR discounts. However, we chose a sole application.

And that’s all there is to it. The application process took less than two minutes, and there is no obligation to accept an offer. In addition, SoFi may lower the offer if you don’t qualify for the amount requested. Also, a hard credit inquiry will commence if you choose to go forward with the large loan, which will impact your credit score. However, the policy is standard across most loan companies.

What Credit Score Do I Need For a Large Personal Loan?

The higher the credit score, the better. At least 700 is preferable; if you fall below, you should increase it and inquire later. Borrowers with high credit scores receive the most significant amounts and the lowest rates. Therefore, if your credit score is below 700, it’s best to start small and apply for big personal loans later. Remember, bad credit borrowers receive higher APRs and incur more fees, making large loans less affordable. For example, the sunk costs on small but high-interest loans are manageable. In contrast, the excess expenses on large loans with higher APRs are significant. So even if you know how to get a large personal loan of $100,000, it may not be suitable.

Please see below:

Example with a $1,000 loan:

  • $1,000 loan with an APR of 5% for one year. You pay $27.29 in interest.
  • $1,000 loan with an APR of 10% for one year. You pay $54.99 in interest.
  • Thus, the excess interest cost is only $27.70.

Example with a $100,000 loan:

  • $100,000 loan with an APR of 5% for ten years. You pay $27,279 in interest.
  • $100,000 loan with an APR of 10% for ten years. You pay $58,581 in interest.
  • Therefore, the excess 5% costs you $31,302 more in interest over ten years, with an average annual loss of $3,130.

Furthermore, the 10-year interest paid is $93,429 with a 15% APR, which is $66,150 more than the $27,279 incurred with a 5% APR.

What DTI Ratio Do I Need For a Large Personal Loan?

Your DTI ratio is your monthly debt payments divided by your gross monthly income. Some lenders list their maximum DTI ratios on their websites. And the lower, the better. We recommend you keep the metric at 40% or less.

However, some lenders evaluate DTI ratios differently. For example, some include debt payments, like your loans, credit cards, mortgages, etc. Others tally all monthly costs. Here is an example from WellsFargo.

  • Income = $3,000 per month
  • Living costs = $1,000 + $200 for other debt payments
  • DTI ratio = 40%
  • Free cash flow = $1,800

So $1,800 is your monthly debt repayment limit. No legitimate lender will give you a big loan with a higher payment. Overall, your income and DTI ratio are critical. But many lenders also pay attention to your employment history. And some may reject those who have recently started their careers.

How to Decrease Your DTI Ratio

Lenders want applicants with low debt relative to their income. Moreover, you can reduce your DTI ratio by increasing your income or decreasing your debt.

Increase your income:

Increasing your income will decrease your DTI ratio. So if you pick up extra shifts or start a side business, the additional earnings will make you appear more creditworthy.

Decrease the loan amount:

Reducing the loan amount lowers your monthly payments, positively affecting your DTI ratio.

Increase the repayment period:

  • On a $100,000, with an APR of 5% for ten years, your monthly payment is $1,060.
  • On a $100,000, with an APR of 5% for five years, your monthly payment is $1,887.

In this first case, an income of $3,000 per month results in a DTI ratio of 35%. Therefore, it should meet lenders’ requirements. Conversely, in the second case, your DTI ratio is 63%, which won’t gain approval. Thus, increasing the term lowers your DTI ratio.

Consolidate your debt:

Your total debt is the sum of all outstanding loans. You can lower your monthly payments and DTI ratio by consolidating. For example, your debt payments are $700 per month under the following scenario:

  • $100 per month for a credit card with a $3,000 limit.
  • $300 per month for a credit card with a $10,000 limit.
  • $300 per month for a large personal loan of $10,000.

And if you get another personal loan of $7,000, paying $300 per month makes your total payments $700 + $300 = $1,000. However, you can obtain a $30,000 loan by consolidating all of your debt. Also, if the big personal loan has an APR of 10% and a ten-year term, you pay $397 per month. Thus, consolidating lowers your monthly payment from $1,000 to $397 and your DTI ratio.

Are There Income and Monthly Payment Requirements to Qualify For Large Personal Loans?

Yes. Your income and DTI ratio are critical. However, lenders’ approval criteria differ, and acceptance rates vary. The table below provides examples based on a 40% DTI ratio. We recommend this percentage because it’s the figure most lenders require. You can also see examples of various loan amounts and terms. Furthermore, our loan calculator can help you compute accurate results.

Most monthly payments are affordable, and many Americans earn the necessary salaries to meet the income requirements. For example, you can obtain a big $100,000 personal loan with a monthly income of $3,305. Moreover, only the huge $250k option is relatively unaffordable.

However, the terms are equally important because a 10-year loan requires a decade of on-time payments. Therefore, even if you know how to get a loan of $100k, consider your time horizon before making your final decision.

Loan Amount: Term: Monthly Payment: Min. Income Required: Income/Payment Ratio:
$250k 10 Years $3,304 $8,260 2.5x
$100k 10 Years $1,322 $3,305 2.5x
$100k 5 Years $2,125 $5,313 2.5x
$50k 10 Years $661 $1,653 2.5x
$50k 5 Years $1,062 $2,655 2.5x
$35k 5 Years $744 $1,860 2.5x
$25k 5 Years $531 $1,328 2.5x
$25k 3 Years $807 $2,018 2.5x
$10k 3 Years $323 $808 2.5x

Are There Other Qualification Requirements?

Lenders may have other approval stipulations beyond your income, credit score, and DTI ratio. For example, most underwriters require proof of identity, so you must have a valid passport, driver’s license, or birth certificate. Moreover, some lenders may deny your application if you’re not a U.S. citizen or permanent resident.

Next, you may need to provide bank statements, tax records, and proof of employment. Documents can include W-2s, paystubs, and employer contact information.

In addition, many lenders conduct criminal background checks, and instances of theft or fraud can derail your hopes of obtaining a huge personal loan. As a result, it’s prudent to be upfront with the lender during the application process.

Finally, you may need to provide utility bills, insurance statements, and rental agreements to verify your home address. And doing so helps the process run more smoothly. For more information, please consult our guide on unique factors that determine credit risk.

Examples include:

  • How often you change your phone number.
  • How often you move.
  • Your education.
  • Your marital status.
  • Activity in your checking account.
  • Your savings balance.

What Are the Monthly Payment Requirements For Big Personal Loans With Different Maturities?

To make more sense of the data above, we want to show you the monthly payments for large personal loans across various maturities. Moreover, the figures below represent personal loans with 10% APRs.

As you can see, increasing the loan term decreases your monthly payment. So it’s more affordable to extend your time horizon. However, longer loan terms also incur higher interest charges, so there is a big tradeoff. But finding a reasonable balance to ensure on-time repayment is critical.

Loan Amount: APR: 3-Year Term:
5-Year Term: 10-Year Term:
$10k 10% $322.67 $212.47 $132.15
$30k 10% $968.02 $637.41 $396.45
$50k 10% $1,613,36 $1,062,35 $660.75
$100k 10% $3,226.72 $2,124.70 $1,321.51
$250k 10% $8,066.80 $5,311.76 $3,303.77

How Do Loan Terms Affect My Interest Expenses?

We noted above that longer loan terms can result in huge interest expenses. And this occurs because longer maturities have lower monthly payments. Moreover, since you’re repaying less principal each month, it keeps your loan balance elevated. As a result, your total interest paid is also higher due to slower repayment.

The table below tallies the total interest charges for a $100,000 personal loan using various maturities and APRs. As you can see, a $100,000 personal loan with a 3-year term and a 6% APR incurs $9,519 in total interest, while one with a 10-year term incurs $33,225. Thus, the seven-year repayment extension results in $23,706 more interest paid. In addition, extending your loan maturity from three to five years increases your total interest paid by 68%. Therefore, the earlier you repay, the lower your interest charges.

Also, your APR is critical. For example, you pay $6,643 more interest on a $100,000 personal loan with a 3-year term when your APR is 10% versus 6%. Likewise, a 10-year term at 10% incurs $25,356 more interest than a 10-year term at 6%.

Loan Amount: APR: 3-Year Term:
5-Year Term: 10-Year Term:
$100k 6% $9,519 $15,997 $33,225
$100k 7% $11,158 $18.807 $39.330
$100k 8% $12,811 $21.658 $45,593
$100k 9% $14,479 $24,550 $52,011
$100k 10% $16,162 $27.482 $58,581

Can I Combine Multiple Loans to Reach $100K?

If your max offer is $50,000, you can get the other $50,000 elsewhere. But should you?

What can I afford?

Your ability to repay the loan is critical. And too much credit causes more harm than good for some borrowers. For example, failing to repay a $100,000 loan is worse than missing the monthly payments on a small amount. With the former, default may be your only option, impairing your credit profile. As a result, it’s prudent to air on the side of caution and stick with lower amounts.

Can I take out multiple loans?

Yes. It’s possible. However, lenders have restrictions on borrowers’ maximum number of accounts. Thus, it’s wise to ask the lender beforehand. Second, you need a sufficient income to cover the monthly payments. So if your monthly payment exceeds your free cash flow, it’s usually a dealbreaker.

Overall, too many accounts are harmful, and we recommend you avoid several credit lines. If so, you will appear less risky.

Can I Get a Large Personal Loan If I Have Bad Credit?

As mentioned, $100k personal loans often go to borrowers with credit scores of at least 700. Those with less often incur higher APRs. Because of this, our advice for bad credit borrowers is to work on your credit score before applying.

But what if I can’t wait?

Obtaining a huge loan from one company is challenging. However, you can borrow in increments from multiple lenders. But be careful. Are you confident you can repay the debt? If not, only borrow what you can afford.

Best Practices For Borrowers With Bad Credit

While a weak credit score will make lenders wary about offering a $100,000 personal loan, there is hope if you have bad credit. Moreover, our marketplace lists several companies that provide affordable financing.

Consider a cosigner:

A cosigner significantly improves your chances of obtaining a huge personal loan if you have a friend or family member willing to share the credit risk. Moreover, lenders like LightStream and SoFi allow cosigners, and the policy reduces your default risk. As a result, to get a large personal loan of $100k, consider spreading out the credit burden.

When you employ a cosigner, you and the signee are liable for the debt. Therefore, if you default, your cosigner has to repay the loan. The practice is risky because a bad outcome can ruin your relationship with your friend, family member, or colleague. Thus, we recommend you only use a cosigner if you know you can make the monthly payments. If unsure, stick to a lower amount and avoid the potential problem.

Post collateral:

Valuable assets like your home, retirement portfolio, automobiles, paintings, jewelry, etc., act as collateral for a huge personal loan. And this reduces your credit risk because the lender can seize the assets if you default. However, most big personal loans will fall below the collateral value, so you need a large asset base to reach the $100,000 personal loan threshold. But doing so increases your chances of approval.

Posting collateral is also risky because you can lose your asset. For example, if you post collateral worth $150,000 to obtain a $100,000 personal loan, the lender can take control of the goods if you don’t pay. Therefore, your loss is more significant than the loan value and defaulting impairs your credit score. So please only post collateral if you know you can make the monthly payments. However, for a large personal loan of $100,000, collateral is your shortcut.

Improve your credit score:

If you want a $100k personal loan but only need $50k right now, work on your credit score and apply for the next $50k later. This pathway decreases your expenses because the subsequent $50k will have a lower APR due to your higher credit score. Also, after obtaining the second $50k, you can refinance the original $50,000 loan at a lower rate. And this saves you money.

35% of your FICO score depends on your payment history. So making your auto, student, personal, and credit card payments on time will improve your credit score. Second, your borrowing limit is 30% of the calculation, and FICO dings you for high utilization rates. Therefore, keeping your spending at no more than 30% of your credit limit will move your score in a positive direction. Third, your credit history accounts for 15% of the calculation. And while this is the most challenging to improve in the short term, a long history of regular repayments will increase your credit score.

Furthermore, new accounts (10%) and your credit mix (10%) make up the remainder of the calculation. Thus, you want to limit additional hard inquiries as they hurt your credit score. In contrast, soft pulls like those conducted during most large personal loan applications won’t hurt your credit score. Likewise, your composition of mortgage, personal loan, credit card, etc., debt is helpful. When lenders see a repayment history across several types of loans, they view you as more creditworthy.

Finally, see our guide on the 30 ways to improve your credit profile for more helpful tips.

Can I Get a $100K Personal Loan For Debt Consolidation?

Yes. Big personal loans are perfect for debt consolidation because some companies offer APR discounts when the proceeds go to creditors. In addition, LendingTree found that most borrowers use large personal loans for credit card refinancing and debt consolidation. Thus, it’s prudent to consolidate debt at a lower rate.

For example, if you have a $100,000 credit card balance that incurs a 20% APR, you must pay $2,649 monthly to eliminate the debt in five years. And this results in $58,963 in paid interest over that timeframe. In contrast, a $100,000 personal loan with a 10% APR results in monthly payments of $2,124.70 to retire the debt in five years. Moreover, you pay $27,482 in interest during the life of the loan. So if we net the two, swapping the $58,963 for $27,482 saves you $31,481 in interest over five years. And that’s enough money to buy a new car or take your family on multiple vacations.

Overall, debt consolidation is wise when your new rate is less than your old one. Therefore, a good credit score, a solid DTI ratio, and a spirited effort can save you money. For additional help, we compiled a list of the best debt consolidation loans. Moreover, our marketplace will help show you where to get a large personal loan of $100.000.

Should I Consider a $100K Line of Credit?

A 100k line of credit may be preferable if you don’t need all the funds immediately. For example, lenders deposit your $100,000 personal loan in your bank account, giving you autonomy. However, a line of credit is like a piggy bank you can draw from when necessary. So if you only need $10,000 now, you can withdraw it, pay interest on the $10k, and avoid interest on the other $90k. In contrast, your $100,000 personal loan incurs the total charges, regardless of the amount you use.

The critical difference is lines of credit have variable rates, while personal loans have fixed rates. Therefore, the latter’s APR never changes. But your line of credit APR changes when the U.S. Federal Reserve increases and decreases interest rates. Thus, your borrowing costs are not constant.

In addition, your monthly payments can vary with a line of credit. And withdrawing more funds results in a higher principal balance, and when combined with a varying APR, makes budgeting difficult. As a result, large personal loans offer more certainty, while lines of credit offer more flexibility.

Overall, we recommend big personal loans for debt consolidation, home repairs, or any known expense. Conversely, lines of credit are preferable when your budget is unknown. This way, you can draw from or repay the line of credit when unexpected events occur.

Can I Get a $100K Credit Card?

It’s possible. But only distinct applicants usually qualify. In addition, a 100k credit card is similar to a $100k line of credit. Both products have variable rates, so borrowing costs change with the macroeconomic environment. Therefore, we don’t recommend the former because credit cards often have higher APRs.

Our study on average U.S. credit card interest rates found that most credit card APRs range from 16.22% to 23.94%. Moreover, cards designed for borrowers with excellent credit have APRs starting at 14.99%, and good credit options exceed 20%. As a result, since most $100,000 personal loan borrowers often obtain 5.99% to 15% APRs, the product is cheaper.

Furthermore, credit cards may not satisfy your cash flow needs. For example, most landlords don’t accept credit cards for rent payments. Therefore, a loan may be the only option if you’re short on funds.

What About 100K Mortgage, Auto, Student, and Business Loans?

You may know how to get a large personal loan, but what if you don’t qualify? Some expenditures are more amenable to $100,000 loans depending on the category. Thus, you may want to consider other products.

Mortgage loans:

Most mortgages exceed $100,000, and typical loans have 80% loan-to-value (LTV) ratios. And this means borrowers finance 80% of the purchase, and the other 20% comes from their cash down payment. The U.S. Census Bureau revealed on May 24 that the median sales price of a new U.S. home hit a record $450,600 in April. As a result, if a borrower puts 20% down on a similar home, an 80% mortgage would be $360,480. Therefore, $100k mortgages are quite common. To learn more, please see our marketplace for excellent financing options.

Auto loans:

In contrast, a $100,000 auto loan is rare. For example, only luxury cars sell for $100,000+, so only wealthy applicants obtain the financing. Moreover, it wouldn’t be financially responsible for an American earning $50,000 to $100,000 per year to purchase a $100,000 car. Thus, $100k auto loans typically only occur under extraordinary circumstances. But our marketplace can help you find the cheapest rates.

Student loans:

Student loans fall in the middle because the loan amount depends on your major and the university. So while an MBA, law, or medical school student attending an Ivy League institution may obtain a $100,000 student loan, it could be difficult for an art major at a community college. As a result, a $100k student loan is not one-size-fits-all. However, our marketplace has many options that can help.

Business loans:

Business loans are like student loans because they depend on unique circumstances. Therefore, a business with 100 employees and $10 million in sales should have a higher borrowing limit than a company with ten employees and $1 million in sales. Moreover, most of Bank of America’s business loans start at $25,000. However, the minimum requirements are two years of operations under existing ownership and at least $250,000 in annual revenue. Thus, a $100,000 business loan is not for everyone. However, our marketplace lists the best bank, credit union, and SBA loans.

Do Any Other Types Of Loans Provide Up to $100,000?

Yes. This guide focuses on large personal loans. But other products can land you $100k. Moreover, our marketplace can help you find the cheapest refinancing rates.

Home equity loans:

Home equity loans let you borrow against the difference between your home’s value and your mortgage debt. But since your property is collateral, you could lose your home if you default. Therefore, it’s essential only to borrow what you can repay.

Home equity lines of credit (HELOCs):

A HELOC taps the equity in your home. However, it’s a revolving line of credit you draw from and repay periodically. And your home is still collateral, so failing to repay the debt can have negative consequences.

Cash-out refinancing:

A cash-out refinance scraps your current mortgage and replaces it with a higher amount. The difference (minus fees) comes to you as a lump sum. Then, you make monthly payments on the new mortgage similar to the old one. In the end, you receive a cash payout, but your mortgage debt increases.

Learn more by visiting our marketplace. It has a wide assortment of products to meet your borrowing needs.

Do Any Lenders Guarantee Approval?

No. Unfortunately, lenders do not guarantee approval. Some allow you to prequalify for a loan, but it may not be for the amount you desire.

The policy is necessary to protect lenders from high delinquency rates. Since some borrowers are less creditworthy, guaranteeing approval results in poor underwriting standards. Therefore, lenders often require a high credit score and proof of income to extend credit.

Why Did We Select These Lenders?

We analyzed over 100 companies and found that only a few offer $100,000 personal loans. Moreover, Even Financial is the only site that can land you $25,000. However, the names on our list are some of the largest and most respected lenders in the marketplace, and they should meet the needs of most borrowers. Therefore, we believe our reviews include a comprehensive assortment of the best large products available.

Conclusion

Companies have stricter underwriting standards for $100,000 personal loans. However, you can borrow a large amount at an affordable rate with a suitable credit score, income, and DTI ratio. Moreover, applicants that lack the best metrics can post collateral or use a cosigner to increase their chances of approval. Either way, today’s lending market creates opportunities for all borrowers. So shop around, submit multiple inquiries, and let lenders compete for your business.

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