How to Get a Personal Loan Above $100K

For many Americans, personal loans have become a popular new way to finance large expenses — and a way to avoid racking up high-interest credit card debt. The trend has coincided with the rise of digital lenders (aka, fintechs) that can offer consumers personal loans at competitive rates with flexible repayment plans, all through an easy online process. 

The growth in the past decade is quite significant, as 21 million Americans had a personal loan in 2020, compared to 11 million in 2010. And with rates at all-time lows due to the COVID-19 pandemic, using a personal loan to obtain a large amount of funds becomes particularly advantageous if saving on total interest is the goal. 

Having said all that, how easy is it to apply for a loan north of $100,000? Who qualifies for such large amounts, and how does a consumer make sure they are getting the best offer possible? 

With Fiona, consumers can compare personalized loan offers from a marketplace of top online providers. The process is fast and easy, and funds may be available as soon as the next business day. 

Here are the key steps and requirements to consider when seeking a six-figure personal loan. 

As common with all types of loans, the more money you seek, the more important role your credit score will play in the approval process. For loans $100,000 and above, it’s important to have good to great credit (i.e., a credit score north of 660), which is typically in the range of “prime” to “super prime,” according to most credit bureaus and lenders. 

The ability to repay a large loan in full and on time is one that lenders take very seriously in their underwriting, making it all the more important to boost your credit score through good spending habits. Two of the bigger influencers in maintaining a high credit score are: paying your bill on time and in full, and keeping a low credit utilization ratio, typically 30% and below, which represents the amount of available credit you owe as debt (i.e., an unpaid balance on a credit card). 

In some instances, when your credit doesn’t quite cut it based on the amount you seek, lenders will allow for a cosigner on the loan. A cosigner is typically a friend or family member who acts as a guarantor on the loan, chosen because they have strong credit and a stable source of income. Having a good cosigner doesn’t only assist in the approval process, it can also help lower your rate based on the cosigner’s creditworthiness.

It’s important to know that while having a cosigner can help an applicant secure a large loan they couldn’t have otherwise, the responsibility will fall on both individuals to make sure the loan is paid in full and on time. Failure to do so can harm both parties’ credit scores, not to mention it is very difficult to remove a cosigner from a loan contract. 

For applicants who meet all the credentials for the loan amount they desire, the final step is picking the right offer and from the right provider. While there are many great options in the online lending market, every applicant is different, making the process of choosing a personal loan offer a very personalized one. 

Are you interested in a $100,000 loan or something close to double that amount? Would you rather pay off your loan quicker (with larger monthly payments) to save on total interest? Or would you rather reduce your monthly payments and stretch the repayment period over a longer timeframe? All of these questions will help a consumer in finding the right personal loan offer for them.

Bottom Line

There are many reasons a consumer would need a large personal loan. Perhaps it's a costly home renovation (kitchen remodeling) or addition (swimming pool). Maybe they’ve been saddled with expensive medical bills. Or maybe they just want to consolidate large amounts of existing debt, preferably with a lower interest rate. 

Whatever the reason, with Fiona, consumers can compare offers for personalized loans up to $250,000. The process only requires a (link: /learn/articles/understanding-the-benefits-of-a-soft-credit-pull text: soft credit pull), with zero effect to your credit score, and allows users to compare top marketplace options all through one convenient digital process, from multiple touchpoints.