Need To Borrow A Lot Of Money? Get A $100000 Personal Loan - Forbes

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Updated: Apr 4, 2021, 7:54pm
If you need to borrow a lot of money, it can be difficult to find a lender that fits your needs and is willing to extend funds at a reasonable interest rate. While many financial institutions offer personal loans up to $50,000, fewer lend up to $100,000. What’s more, only the most qualified applicants will qualify for these larger, riskier loans.
Before you apply for a $100,000 loan, make sure you understand common qualification requirements, application procedures and providers.
Related: Compare Personal Loan Rates
To qualify for a $100,000 personal loan, make sure you have a strong credit profile and present a low level of risk to the lender. In general, a qualified applicant for a large loan has a FICO credit score of at least 720. However, prospective borrowers with a score of 750 or higher are more likely to qualify for the best rates.
Qualified applicants should also demonstrate stable employment and an income large enough to comfortably cover loan payments and other debt services. Lenders will look at your income when determining whether you qualify.
If you need a $100,000 personal loan, take time to get your credit score in shape and shop for the most competitive lenders. Follow these steps to get started:
Large loans are typically more difficult to qualify for than those with smaller limits. To qualify for a $100,000 personal loan, you should have a score of at least 720, though a score of 750 or above is ideal. Before you apply for a large personal loan, check your credit score so you know what kind of loan terms you’re likely to qualify for.
To do so, use a free online credit service. Some credit card companies also offer cardholders access to credit score trackers, so take advantage of available resources to learn as much about your score as possible.
If your score isn’t as high as you’d like—and you don’t need a loan immediately—take time to improve your credit score before applying with a lender. The fastest way to build credit varies per borrower, but you can start by checking your credit report through AnnualCreditReport.com for accuracy and reporting any errors to the reporting bureaus.
While many financial institutions offer loans up to $50,000, not all lenders offer $100,000 loans. So, when shopping for a $100,000 personal loan, research lenders, or read further in this article, to determine which are willing to extend what you need. Likewise, compare each lender based on the range of available interest rates, qualification requirements and whether there are closing costs or other fees.
Many online lenders offer a prequalification process that lets prospective borrowers see what interest rate and terms they’ll qualify for only using a soft credit check, which has no impact on your score. While not all top lenders let prospective borrowers prequalify, it can help you compare lenders to find the most appealing offers.
Before you apply for a loan, compile the required documents you’ll need to complete your application. This will cut back on the amount of time it takes to prepare your application and make it easier for the lender to evaluate your creditworthiness. Some of the most common documents required for a personal loan application include:
Once you find a lender that offers large loans at competitive rates, begin the formal application process. Online lenders typically provide a streamlined online application; however, a representative may need to call you for additional information before finalizing your application. Other lenders—especially traditional, brick-and-mortar banks—may require customers to apply in-person at a local branch.
After the lender disburses your loan funds, you’re responsible for making on-time, monthly payments. To ensure you don’t miss any payments, set up autopay through the lender’s online payment portal. Some lenders may even offer an autopay rate discount—or require autopay—so make sure you understand the requirements before your first payment is due.
Online lenders are the best place to start your search for a large personal loan. Not only do they offer more streamlined application and approval processes, but they are also often more likely to lend large sums than their traditional competitors. That said, if you have an existing relationship with a local financial institution, it’s worth inquiring about the availability of large personal loans.
Related: Where To Get A Personal Loan
Consider these lenders if you need to borrow a large sum.
SoFi is an online lending platform that specializes in unsecured personal loans between $5,000 and $100,000. Loans are available in every state except Mississippi, and borrowers can take advantage of loan terms that range from two to seven years and interest rates that start around 6% and go up to about 20%. Borrowers must have a credit score of at least 680.
Prospective borrowers can use SoFi’s online prequalification tool to see what interest rate they might qualify for. Once approved, funding typically takes a few days—especially for loans over $20,000. A SoFi personal loan may be a good option for borrowers with strong qualifications who are more likely to access the most competitive interest rates.
As the consumer lending arm of Truist (formerly SunTrust), LightStream offers personal loans up to $100,000, a completely online application process and same-day funding. Interest rates on personal loans start around 4% and range up to about 20%; terms extend from two to seven years.
LightStream recommends a minimum credit score of 660, but it doesn’t offer a prequalification option. Same-day funding may be available for approved borrowers, making it a good fit for borrowers with a high credit score who need cash fast.
Wells Fargo offers personal loans from $3,000 to $100,000. APRs—annual percentage rates—start around 6% for the most qualified applicants and go up to around 25%. Flexible loan terms are available from one to seven years.
Wells Fargo doesn’t publish credit score requirements, but current banking customers can prequalify for personal loans using the bank’s online platform. Other applicants have to visit a branch to learn about loan options. Once approved, borrowers may get same- or next-day access to funds. This makes Wells Fargo a good option for existing banking customers with high credit scores who want to receive their loan funds quickly.
Related: The Best Personal Loans Of 2021
The monthly payments on a $100,000 loan will vary based on your interest rate and loan term. However, you can easily determine the monthly payments on a loan by using the Forbes Advisor personal loan calculator.
Consider, for example, a borrower who takes out a $100,000 loan with an interest rate of 10% and a five-year (60-month) loan term. In this case, the borrower would have a monthly payment of $2,124.70. Alternatively, if the loan has a much shorter term—say three years—the monthly payment would be $3,226.72.
Getting a large loan with bad credit can be a challenge because most lenders are hesitant to shoulder unnecessary risk. However, prospective borrowers with bad credit—or no credit history —can still get access to funds, although they’re not likely to get a $100,000 loan.
Lenders that have less stringent borrowing criteria and those that use alternative data when evaluating applications offer personal loans for bad credit. Often, these lenders consider other factors like utility payments and bank account information. Keep in mind, however, many lenders that cater to less qualified borrowers limit loan amounts and impose higher interest rates.
Borrowers may also be able to get a personal loan with bad credit by pledging collateral. This reduces the risk to the lender and can help less creditworthy borrowers who still have sufficient income to cover loan payments and equity in assets—like a home—qualify.
If a personal loan isn’t an option, there are other ways to get $100,000 in financing. There are options for people with equity in their home or other real estate, including:
Kiah Treece is a licensed attorney and small business owner with experience in real estate and financing. Her focus is on demystifying debt to help individuals and business owners take control of their finances.
Jordan Tarver is the assistant editor for loans at Forbes Advisor. Before joining Forbes Advisor, Jordan was an editor and writer for multiple finance sites, focusing on loans, credit cards and bank accounts. His goal is to create actionable content that enables people to make sound personal financial decisions. When he is not working on personal finance content, Jordan is a self-help author and world traveler who helps people experience the world and discover themselves.

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