The Best $100K Personal Loan Options

Discovering personal loans for $100,000 isn’t a task to be taken lightly. Whether you’re looking for the best debt consolidation loan or getting ready to finance the RV road trip of your dreams, several lenders offer loans in this range. However, average credit borrowers won’t get approved so easily. In order to qualify for some of the highest personal loans available, you’ll need above average credit plus the extra income to handle those monthly payments.

We’ve rounded up four solid lender picks for you to consider using our SimpleScore methodology that compares rates, loan amounts, customer satisfaction, support and fees.

The 4 best $100K personal loans of 2020 

Best $100K personal loans at a glance

LenderAPRTermsFeesSimpleScore
SoFi5.99%–18.85% w/AutoPay2–7 yearsNone4.6/5
LightStream2.49%–19.99% w/ Autopay24–144 monthsNone
4.8/5
Wells Fargo5.99%–24.49%12–84 monthsReturned payment fee, $39 late fee4/5
Credible2.49%–35.99%12–84 monthsVaries by lender3.7/5

*Rates accurate as of April 2021

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    In this article

      Best for Extra Perks – SoFi

      SoFi takes the stuffiness out of lending, with extra perks that make you feel like a person, not just an account number.

      APR Range
      5.99%–18.85% w/AutoPay
      Loan Amount
      $5K–$100K
      Term
      24–84 months
      SimpleScore
      4.6 / 5.0
      close
      SimpleScore SoFi 4.6
      Rates 5
      Loan Size 5
      Customer Satisfaction 3
      Support 5
      Fees 5

      In addition to offering loans up to $100,000, SoFi offers other perks like unemployment protection. If you lose your job, you could qualify for a forbearance period for a temporary suspension of your loan payments. SoFi even offers job placement assistance to help you get back to work.

      Like many lenders these days, you can also earn a 0.25% rate discount when you sign up for autopay. There’s an additional member loyalty rate discount available if you have other financial products with SoFi, and you can qualify for a discount on closing costs if you get a mortgage as well.

      SoFi Disclosure

      Fixed rates from 5.99% APR to 18.85% APR (with AutoPay). SoFi rate ranges are current as of January 19, 2021 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

      Best for Long-Term Repayment – LightStream

      LightStream lets you take your time in paying off large loan amounts so you don’t have to stress about your monthly payments.

      APR Range
      2.49%–19.99% w/Autopay
      Loan Amount
      $5K–$100K
      Term
      24–84 months
      SimpleScore
      4.8 / 5.0
      close
      SimpleScore LightStream 4.8
      Rates 5
      Loan Size 5
      Customer Satisfaction 4
      Support 5
      Fees 5

      No matter how much you earn, a $100,000 loan will certainly impact your monthly budget. LightStream stands out by offering the longest potential payoff term. You can take as long as 144 months to pay off your loan. You may not want to hold onto a personal loan for that long, but depending on the need and the circumstances, the extra time could be worth it. Plus, you can save 0.50% on your interest rate by enrolling in autopay, an easy way to stay on top of your payments while also saving some cash along the way.

      LightStream Disclosure

      Disclaimer: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

      Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66

      © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

      Best for Long-Term Repayment – Wells Fargo

      Wells Fargo makes it easy to save if you’re an existing customer, adding a digital application process to the traditional banking experience.

      APR Range
      5.99%–24.49%
      Loan Amount
      $3K–$100K
      Term
      12–84 months
      SimpleScore
      4 / 5.0
      close
      SimpleScore Wells Fargo 4
      Rates 5
      Loan Size 5
      Customer Satisfaction 3
      Support 4
      Fees 3

      Existing Wells Fargo customers may qualify for a rate discount when you sign up for autopay with your current account. Another benefit, according to the bank, is that at least 10% of approved applicants qualify for the lowest rate available. It may be worth including Wells Fargo as a choice for your $100K personal loan options, even if you’re not a customer yet. Keep in mind that Wells Fargo charged a $39 late fee, while other direct lenders like LightStream and SoFi don’t.

      Plus, even though it’s a brick and mortar bank, Wells Fargo has completely digitized its personal loan application and funding processes. However, if you’re not an existing customer, you will have to make an appointment at a physical location to take out a personal loan.

      Best Platform for Multiple Lenders – Credible

      While not a direct lender, Credible helps you skip the guesswork by giving you access to multiple lenders through a single online application.

      APR Range
      2.49%–35.99%
      Loan Amount
      up to $100,000
      Term
      1–7 years
      SimpleScore
      3.7 / 5.0
      close
      SimpleScore Credible 3.7
      APR 3
      Loan Size 5
      Customer Satisfaction N/A
      Support 3
      Fees N/A

      Credible offers a simplified process for accessing personalized rates from multiple lenders. By filling out one form, you’ll check your eligibility from several lenders. Then you can choose which offer best suits your needs. Currently, LightStream is the only partner in Credible’s lender network that offers loans as high as $100,000. If you’re flexible with the funding you need, then it may be worth comparing other offers through the platform. Otherwise, you may be better off applying directly through one or more lenders that meet your loan threshold.

      What is a personal loan?

      Personal loans allow you to borrow a one-time sum from a lender. There are typically few restrictions on how you can use the money from a personal loan. They can be either secured or unsecured, but usually come with a fixed interest rate over a set period of time. This helps you budget because your monthly payments are the same and you know when you’ll be done paying off the loan, as long as you keep up with those payments. Some lenders charge fees, such as origination fees, late payment fees and early penalty fees.

      [ Read: How Personal Loans Work ]

      Where to get a $100,000 personal loan

      You can find $100K loan options from a variety of sources, although not all lenders may offer loans for such a large amount.

      Online lenders 

      Online lenders offer quick approval times and fast funding as well. You can frequently check your loan offer with only a soft pull on your credit report. If you find terms that you like, you can submit a full application, which includes a hard credit check. Both the application and loan agreement are filled out online, making it likely that you don’t have to speak to a loan officer in order to get approved. Always check the reputation of an online lender before submitting any personal application and, as with any lender, find out what fees are charged in addition to your interest rate.

      Credit Unions 

      Credit unions are nonprofit financial institutions that are actually owned by the members. This can keep interest rates and administrative fees low. However, in order to apply for a personal loan, you must become a member. Depending on the credit union, you may need to live or work in a specific locale or donate to a common charity. Credit unions range in size and services. While some still rely on paper applications, many credit unions are increasingly digitizing banking services.

      Banks 

      There’s a lot of diversity when it comes to finding $100,000 personal loan options at banks. Large, national banks are likely to have fast approvals and funding through an online platform. Smaller, regional banks may be more hands-on with the application process. While it may take longer to get funded, the underwriting process is usually local at smaller banks, which could speed up the process. You may also find better interest rates if you already have an account open at a specific bank.

      Check Your Personal Loan Rates

      Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

      Get Started

      with our trusted partners at Bankrate.com

      Pros and cons of a personal loan

      Pros

      • Fixed payments never change
      • Easy online applications
      • Flexible loan purpose

      Cons

      • Rates vary based on eligibility
      • Fees vary by lender
      • Increases your debt-to-income ratio

      The cost to repay a $100K personal loan 

      When borrowing $100,000 it’s important to consider all of the costs involved to make sure you’re only considering the best personal loans. For example, a lender charging even a 1% origination fee could cost you $1,000.

      Interest can also add up over time. Let’s take a look at a few different rates based on a five-year repayment term.

      • With a 5% interest rate, your monthly payment will be $1,887 and you’ll pay a total of $13,227 in interest over the course of five years.
      • With a 15% interest rate, your monthly payment goes up to $2,379. Your interest paid comes to $42,740.
      • Finally, let’s look at a 35% interest rate on a $100k personal loan. Your monthly payment would be $3,549. At this point, your interest exceeds your actual loan amount, totaling $112,942.

      [Read: APR vs. Interest Rates]

      How long will it take to pay off a $100,000 personal loan? 

      Because of the size of a $100,000 loan, a longer repayment period may be beneficial in order to keep your monthly payments manageable. However, the longer it takes to pay off the loan, the more interest you’ll accrue. You may also be subject to a higher interest rate with a longer loan term, since lenders want to get their money back as quickly as possible.

      Depending on the purpose of your loan funds — for example, financing a true emergency compared to buying a boat — you might only want to consider it if your income level allows you to comfortably make your payments over a shorter loan period. As we saw in the example above, a high-interest loan could easily double in size. In addition to considering your monthly payment, also look at the total interest you’ll pay over time, as well as any other fees involved with the loan.

      What to consider when comparing loans

      1. Loan amounts: Not all lenders offer loans as high as $100,000. Checking the maximum loan amount is an easy way to narrow your list.
      2. Fees: In addition to reviewing interest rates, check for origination fees, prepayment penalties and any other costs involved with the loan.
      3. Eligibility requirements: Some lenders advertise minimum credit score requirements. Also check if there are any income requirements you’ll need to meet before you apply.
      4. Funding time: Looking for a fast turnaround time? Find out how fast approvals are made and when you can expect the funds to reach your bank account once you’ve signed the loan agreement.

      Personal loan FAQs

      You should expect to need a higher credit score to qualify for a loan as large as $100,000. Most lenders require a minimum score in the mid- to high-600s.

      It’s unlikely that you’ll find many $100K personal loan options for bad credit borrowers. Having a high income to support larger monthly payments is another must-have in addition to above average credit. Instead, explore bad credit personal loan options designed specifically for lower credit profiles.

      Assuming a 12-year payoff period, the monthly payment with a 9% interest rate would be $1,138. With a 35% interest rate, the monthly payment would be $2,964.

      We welcome your feedback on this article and would love to hear about your experience with the personal loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

      Lauren Ward

      Contributing Writer

      Lauren Ward is a personal finance writer living in Virginia’s Blue Ridge Mountains with her husband and three children. In her spare time she enjoys board games and gardening.

      Reviewed by

      • Courtney Mihocik
        Courtney Mihocik
        Loans Editor

        Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.