How to Get a $100,000 Loan: Requirements, Rates, and Alternatives 

Figuring out how to get a $100,000 loan starts with understanding what lenders are looking for. While each lender has its own $100,000 personal loan requirements, there are some common factors they consider:

• Creditworthiness: Lenders will look at your credit history to determine your ability to borrow and repay money on time. Generally, lenders will want to see a credit score in the “good” to “excellent” range to qualify for a large personal loan with favorable terms.
• Income and employment: You’ll need to provide proof of income, such as pay stubs or tax returns, and your employment history as part of the application process.
• Proof of identity and address: The application will also ask you to supply identifying documents, such as a driver’s license or Social Security card. Then, you’ll need to provide your address using documents such as a utility bill, bank statement, or leasing agreement.

The interest rate and the loan term you choose will determine your monthly payments on a $100,000 loan. Even a small difference in interest rates can significantly impact the total amount of interest paid on a large loan like $100,000.

Interest rates will vary widely based on your creditworthiness, the lender, and the loan term. However, unlike a credit card, most personal loans (including BHG’s personal loan) have fixed rates. That means you’ll know exactly how much interest you owe because the rate won’t ever change.

Loan terms (how long you have to pay back the loan) can also affect your total borrowing costs. A shorter term often comes with higher monthly payments, but less interest paid overall. A longer term will result in lower monthly payments and more breathing room in your budget, but you’ll end up paying more interest over time.

The table below shows how the $100,000 loan interest rates and the loan term can affect your monthly payment.

Extending the loan term significantly lowers the monthly payment, providing more financial flexibility. However, it also increases the total interest you’ll pay over the life of the loan. Use BHG Financial’s payment estimator to compare your payment and loan terms.

To qualify for large personal loan amounts like $100,000, lenders will look for strong financial indicators, such as:

• Good credit score: A good to excellent credit score and a demonstrated history of responsible credit use make lenders more comfortable lending you a significant amount of money.
• Verifiable income and employment history: You’ll need to show proof of stable employment and sufficient income that can comfortably cover the monthly payment on a $100,000 loan.
• Lower debt-to-income ratio: Generally, only higher-income borrowers will qualify for a $100,000 loan. Consideration is also given to your debt-to-income ratio (DTI). These two factors indicate that you have a healthy balance between your income and existing debts, which gives lenders confidence that you can afford to take on an additional loan.

An unsecured personal loan is usually your best bet when financing a high dollar amount. However, you may be able to access one of the following alternatives to a $100,000 personal loan if you own your home and have enough equity in it.

Like personal loans, the money you borrow by tapping into your home equity can be used for most things, including debt consolidation. It's also a popular choice to pay for unexpected expenses and to fund home improvement projects that increase the value of your home.

• Home equity loan: These are similar to personal loans in that a lender will disperse your funds all at once, and your payments are fixed for the life of the loan. Secured home equity loans also allow you to spread your payment out for terms as long as 30 years. That said, you’ll need a significant amount of equity to borrow $100,000, as most lenders will only let you borrow up to 80% to 85% of your home’s value. You’ll also need a good credit score to get the best rates, and closing costs can be high.
• Home equity line of credit: HELOCs are a type of secured loan that works like revolving credit. Once you pay back what you borrowed, you can borrow more without having to reapply for another loan, up to your pre-determined limit. Interest rates for HELOCs are variable, and the application process can be lengthy.
• Cash-out refinance: With a cash-out refinance, you can get a new mortgage worth $100,000 more than what you owe on your home (up to 80% of your home's appraised value). This option is better if you don’t have great credit, but the costs and timing may become a factor. For example, you’ll typically pay between 2% and 5% of your loan amount in closing costs. Approval and funding for cash-out refinance loans can also take weeks as opposed to days with a personal loan.

BHG Financial offers large personal loans tailored to suit individual needs. Our personal loans offer several advantages:

• Large loan amounts: Most lenders offer loan amounts less than $100,000, but BHG has loans up to $250,000.¹
• Competitive fixed interest rates: Our personal loan interest rates are fixed, which means they’ll stay the same over the life of the loan. These rates are also generally lower than credit cards.
• Flexible terms: You can choose a repayment term up to 10 years,^1,2 helping you find a monthly payment that works with your budget.
• No collateral required: BHG personal loans are unsecured, meaning you don’t have to put up personal assets as collateral.
• Fast and easy application: Our online application process is quick and efficient so that you can get your funds without unnecessary delays.³ It takes just a few minutes to apply for a BHG personal loan. Plus, you can check your potential rates and terms without impacting your credit score.⁴

 Applying for a $100,000 loan with BHG is designed to be straightforward:

• Get a quote: Fill out our secure online form to get a personalized rate quote. You can view the available loan options, including interest rates and repayment terms, with a soft credit inquiry. This won’t affect your credit score.⁴
• Complete your application: Choose a loan option and complete the full application. This typically includes providing more detailed financial information.
• Get approved and funded: BHG will review your complete application quickly and conduct a soft credit inquiry to determine your best option. If your application is approved, you’ll likely receive the personal funds within a few business days.³