Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated top personal loan providers
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Providers RatedOur team researched more than two dozen of the country’s most popular personal lenders, including large online companies like SoFi, big banks like Wells Fargo, and peer-to-peer lenders like Upstart.
660
Data Points AnalyzedTo create our rating system, we analyzed each personal loan company’s disclosures, licensing documents, marketing materials, sample loan agreements and websites to understand their loan offerings and terms.
41
Loan Features TrackedOur team regularly collects data on each company’s loan offerings and terms, such as minimum and maximum loan amounts, origination fees and discounts.
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Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
Personal Loan Lenders That Offer $100,000 Personal Loans
Personal loans can provide quick and convenient funding, and some online lenders and banks offer larger borrowing amounts, such as $100,000. If you’re shopping for a $100,000 personal loan, here are some of our top recommendations.
- LightStream: Our Top Pick
- SoFi: Best Customer Service
- Wells Fargo: Best for In-Person Service
- BHG Money: Best for Large Loans
LightStream Our Top Pick
5.0
Interest Rate (APR)6.99% to 25.49%Term Options24 months to 144 monthsLoan Size Offered$5k to $100k
LightStream Overview
LightStream is an online lender that offers personal loans for up to $100,000 for various purposes, such as home remodeling, adoption, medical bills, recreation financing and more. Home remodel loans have no fees or equity requirements, and you can receive funding on the same day that you apply if submitted before 2:30 p.m. EST.
However, LightStream requires you to have good credit to qualify for a loan, and if your score isn’t stellar you may be charged higher interest rates than you’d find elsewhere. While there’s no option to get prequalified online and receive your own customized loan offer, you can compare general rates and estimate your payment online before applying.
Pros & Cons
Pros No fees. Same-day approval offered. Interest rate discount for autopay. Cons No option to prequalify on the website. Lower credit scores may not qualify. No co-signer option, but co-applicants are allowed.
LightStream Eligibility Requirements
LightStream is best for borrowers who have good or excellent credit. However, a good credit score does not guarantee approval, and this lender also considers your overall financial situation, including your assets (checking, savings, retirement accounts), your DTI and payment history.
SoFi Best Customer Service
4.9
Interest Rate (APR)8.99% to 29.49%Term Options24 months to 84 monthsLoan Size Offered$5k to $100k
SoFi Overview
SoFi offers unsecured, fixed-rate personal loans at low rates and doesn’t charge any fees. Loan terms range from two to seven years, and if approved for a loan, you can get your funds as soon as the same business day. SoFi also provides unemployment protection to borrowers to help modify loan payments with no penalty if eligible.
Pros & Cons
Pros Can get prequalified online. Same-day funding available. Unemployment protection benefits, which can pause your payments if you lose your job. Cons People with lower credit scores may not qualify. No co-signer option but co-applicants allowed. Won’t qualify for unemployment protection if your loan is not in good standing.
SoFi Eligibility Requirements
To qualify for a personal loan with SoFi, you must be a U.S. citizen, permanent resident or non-permanent resident, be at least 18 years old and reside in an eligible state. While SoFi doesn’t state a specific minimum credit score requirement on its website, this lender does require a responsible financial history (such as sufficient income and monthly cash flow) and a good credit score.
Wells Fargo Best for In-Person Service
4.3
Interest Rate (APR)7.49% to 23.24%Term Options12 months to 84 monthsLoan Size Offered$3k to $100k
Wells Fargo Overview
Wells Fargo offers personal loans for up to $100,000 with no origination fee, no closing fee and no prepayment penalty. If you’re a current Wells Fargo customer with an account that’s at least a year old, you can fill out a form online to prequalify and get a rate quote with no initial impact on your credit. Once approved, you can typically have the loan funds in your account within one to three business days.
Pros & Cons
Pros No fees or prepayment penalty. Same-day credit decisions available. Flexible repayment terms up to seven years. Cons Must be a current customer to get prequalified. Late fees may apply. Interest rate reduction requires autopay and a qualifying checking account.
Wells Fargo Eligibility Requirements
Wells Fargo’s website doesn’t state any minimum credit score requirements for a personal loan, but loan interest rates are based on your credit history, the specific amount financed and the loan term. In order to apply, you’ll need your Social Security number or Individual Tax Identification Number as well as all your monthly sources of income and your monthly housing payment amount.
BHG Money
3.9
Interest Rate (APR)11.96% to 24.91%Term Options36 months to 120 monthsLoan Size Offered$20k to $500k
BHG Money Overview
BHG Money offers personal loans ranging from $20,000 to $200,000. You can estimate your loan rates by filling out a short form online that takes as few as 30 seconds. BHG Money doesn’t provide personal loans in Illinois or Maryland, and it takes at least five business days to receive your loan funds.
Pros & Cons
Pros High borrowing amounts of up to $200,000. Lower maximum interest rate than some lenders. Repayment terms up to 10 years. Cons Potential same-day approval, but funding takes five days minimum. Rate quotes require allowing BHG Money to contact you by phone, text and email, including marketing messages. Not available in every state.
BHG Money Eligibility Requirements
BHG Money doesn’t disclose the minimum credit score requirements for a personal loan on its website, but your credit score will directly impact your loan rate and the borrowing amount for which you may be approved.
Steps To Get a $100,000 Personal Loan
To get a $100,000 personal loan, start by checking your credit score. While the credit score you see may vary from what the lender sees, this can help you get an idea of where you stand. Since a $100,000 personal loan is a higher borrowing amount, you may need a better credit score to qualify with some lenders.
Also, consider the current state of your finances such as your current debt, expenses, income and your overall ability to repay a $100,000 loan.
After checking your credit and considering your financial situation, you’ll be ready to start shopping for loans and submit an application. The steps to do so include the following:
- Compare lenders and prequalify: Shop around and get prequalified to compare loan rates and terms. Prequalifying is quick and won’t impact your credit score. It also helps ensure that you’re getting the best deal for your situation.
- Apply and submit supporting documents: Once you’ve narrowed down the best loan option for your needs, submit an application with the required documentation, which usually includes your recent pay stubs or tax return for proof of income, driver’s license, bank account details and employer information.
- Review loan’s terms and sign the loan agreement: After you submit the application, it will be processed, and you’ll receive an approval decision. If you’ve been approved, you can review the final loan terms, sign the agreement and receive your loan funds. The time it takes to process your loan and receive your funds can vary depending on the lender. Some lenders are able to provide a same-day decision and can send your funds on the same day or the next business day. Other lenders may take a few business days to provide funds.
Requirements for a $100,000 Personal Loan
Specific requirements for a personal loan will vary, as each lender sets its own eligibility guidelines. You’ll generally need a good to exceptional credit score and a steady income to get a $100,000 personal loan. Your income should prove that you can afford to repay the loan on time in addition to your other living expenses and existing debts.
Lenders will look at your debt-to-income (DTI) ratio, which is your total monthly debt payments divided by your gross monthly income. A higher DTI ratio increases risk for the lender and indicates that you may have trouble repaying the loan. Your ability to meet the lender’s requirements can have a direct impact on your interest rate, maximum borrowing amount and loan terms.
>> Related:Learn more about personal loan requirements
Things To Consider When Applying
Obtaining a personal loan for $100,000 is possible if you need to borrow a large sum and can qualify. You’ll likely need exceptional credit, a stable income to support loan payments and a low DTI. Shop around with various lenders to compare rates and terms to narrow down your options.
If you feel a personal loan may not be the best fit, consider alternative options like a home equity loan or peer-to-peer lending, but investigate the risks and rewards of each. Consult with a financial adviser to gain more insight on how to make the best decision for your needs and current financial situation.
Alternatives to a $100,000 Personal Loan
A personal loan isn’t always the best way to receive funds for everyone. If you find that there are more drawbacks than benefits when it comes to getting a personal loan right now, here are some alternatives to consider.
Home Equity Line of Credit
A home equity line of credit (HELOC) allows you to borrow money against the equity you’ve built in your home. HELOCs usually have a variable interest rate and are a secured loan option that uses your home as collateral. Upon approval, you can draw from a line of credit as needed similar to using a credit card. After the draw period ends, you’ll need to start paying back the funds you borrowed.
HELOCs also typically have upfront costs and fees, such as origination and appraisal fees. The biggest risk of failing to repay a HELOC is that the lender could foreclose on your home if you fail to make payments.
>> Related:Learn more about what is a HELOC
Home Equity Loans
A home equity loan is similar to a HELOC in that it is a secured loan that uses your home as collateral. However, home equity loans have a fixed interest rate and provide a lump sum loan amount that you’ll repay in monthly installments. A home equity loan also comes with some upfront costs since you’ll most likely need to get your home appraised. Repayment terms typically range from five to 20 years, and home equity loans may have a lower interest rate than other types of loans.
>> Related:Learn more about the best home equity loan rates
Peer-to-Peer Lending
Peer-to-peer (P2P) lending allows you to borrow money directly from investors rather than borrowing from a bank or online lender. Some peer lending platforms may not allow you to borrow as much as $100,000, but you can still use the loan funds for expenses like home improvements, debt consolidation, family planning or major life events.
Similar to a personal loan, you can check your loan rates or get prequalified quickly online. P2P lenders may also be more willing to work with borrowers who have fair or bad credit, although this can often result in paying a higher interest rate. P2P loans may also have fees, such as an origination fee that frequently ranges from 1% to 8%.
>> Related:Learn more about peer-to-peer lending
Frequently Asked Questions About $100,000 Personal Loans
The amount of time it takes to pay off a $100,000 loan can vary. When you take out a personal loan, you can often choose a payment term that the lender offers — usually five to seven years. You must pay your loan off by the end of the repayment term you agreed to or you could face fees and hurt your credit. Additionally, many lenders don’t charge prepayment penalties if you want to make extra payments to repay your personal loan before your term ends.
Each lender sets its own credit score requirements for personal loan applications. To borrow $100,000, you’ll need a good or excellent credit score to qualify. According to FICO, a good credit score ranges from 670 to 739, and a very good or exceptional score is 740 and above.
The maximum amount of money you can borrow with a personal loan depends on the lender. Some lenders offer loans up to $200,000 or more. Keep in mind that you may not qualify for the lender’s maximum borrowing amount, and getting approved isn’t guaranteed.
Your loan approval rate will depend on your credit score, income, DTI and other qualifications. To improve your chances of getting approved for a personal loan, try to first get prequalified online. This can only take a minute and streamlines the process while allowing you to preview the loan terms you could get if approved once you apply. If you have a lower credit score, it may be harder to qualify for a loan amount as large as $100,000. Avant is one lender that offers personal loans up to $35,000 and most of the customers they approve have an average credit score of 600 to 700. While qualifying for a loan with Avant may be easier, Avant also charges higher interest rates and charges an administration fee up to 4.75%.
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
Choncé MaddoxContributing Writer
Choncé is a freelance personal finance writer who enjoys writing about mortgages, credit cards, loans and helping people achieve financial wellness.
Kelly LarsonSenior Editor
Kelly is an editorial leader and collaborator with over 13 years of experience creating and optimizing data-driven, reader-focused digital content. Before joining our team, Kelly was the cross-niche editor and Branded Content Lead at personal finance and fintech site Finder.
