Do you need a lump sum in the range of $100,000? Do you want to do a major renovation of your home? If yes, amay be able to help.
So, is one for you? Here’s an overview of how to get a $100,000 personal loan, including qualification requirements, costs, and funding timelines. Plus, find three alternative ways to get a big loan!
If you are looking for a personal loan, contact an expert today. They can answer all your questions and help you get started.
What is a personal loan?
A personal loan is an installment loan that individual borrowers can obtain and use for personal purposes such as, home renovations and medical emergencies. It is generally not secure, so approval requires and a stable source of income. After approval, borrowers receive a lump sum upfront and then repay it, plus interest, over a set number of months (called the term).
How to get a $100,000 loan
The first step to getting a $100,000 personal loan is to find one. While many banks, credit unions, and online lenders offer personal loans, few offer loan amounts up to $100,000. That said, they are there. A few well-known companies currently offering them are Lightstream and SoFi.
How can you qualify for a $100,000 personal loan?
Once you have a shortlist of lenders that offer $100,000 loans, the next step is to determine if you qualify. In most cases, $100,000 is the highest personal loan amount offered. Accordingly, only the most qualified borrowers will be eligible.
With Lightstream, for example, you will need:
- 5+ years of significant credit history with various types of credit
- Assets that prove your ability to save
- A stable income more than enough to repay the loan
- Excellent payment history and no derogatory marks
Qualifications vary by lender, but most require excellent credit and a stable source of income that can easily cover payments.
Do you think you would qualify for a loan of this amount? Speak to a personal loan expert now who can help you get set up.
How long will you have to repay a $100,000 loan?
Lenders vary in the time they give borrowers to repay personal loans. For example, Lightstream offers loan terms ranging from two to 12 years, while Wells Fargo’s terms range from one to seven years. Longer terms result in lower monthly payments, but cost more over time due to the additional interest charged. You’ll have toto decide which term best suits your situation.
How much will a $100,000 loan with interest cost?
The cost of a $100,000 loan, and any loan for that matter, will depend on the rates and terms you get. Specifically, you will need to look at the fees charged, the interest rate assigned to you, and the term of the loan.
Once you’ve completed a personal loan application and received an offer, use a personal loan calculator to estimate your total cost.
How long does it take to get a $100,000 loan?
The time it takes to fund a $100,000 personal loan will depend on your lender’s origination process. However, it tends to be quite fast. For example, Lightstream claims it provides credit decisions within hours and funds loans the same day. To know what to expect, check the financing times of the lenders you are considering. To learn more about LightStream, click here.
Alternatives to a $100,000 loan
Large personal loans can be quick and convenient for those who qualify. However, they can also come with strict eligibility requirements and high APRs. So what are the alternatives?
- If you’re a homeowner, consider borrowing against your home’s equity or consider cash refinancing.
- A reverse mortgage may also be an option if you are at least 62 years old and own your home (or most of it).
- If you have a you may be able to borrow without a credit check and at very competitive rates.
All in all, there are several routes you can take to get a large loan. Be sure to weigh your options to find the best fit. And don’t forget to shop around for the best deal! Rates, terms and approval requirements often vary from lender to lender. Talk to an expert or use the chart below to get started.