How to Get a $200,000 Loan—and Make It Work for You

Yes, it can be challenging to find a lender willing to provide a personal loan this large. Most will only offer personal loans of $100,000 or less. However, select providers, like BHG Financial, offer up to $250,000¹ for well-qualified applicants. That said, getting a personal loan with such large sums is typically more stringent.

To approve a loan of this size, lenders want to see a strong financial profile—consistent income, a solid credit history, and a track record of managing debt responsibly. If your income and credit don’t meet their benchmarks, you may not qualify.

If you’re comparing unsecured and secured $200,000 loans, qualification expectations vary depending on how the loan is structured. Unsecured loans are typically harder to qualify for because they don’t require collateral. Lenders rely more heavily on your credit, income, and overall financial picture to assess risk.

Secured loans, on the other hand, may be easier to qualify for because they’re backed by an asset, such as your home or savings. The tradeoff is that if you fall behind on payments, that asset could be at risk.

Generally, lenders reserve $200,000 personal loans for borrowers with high incomes, prime credit, and low debt payments. Six-figure earners with strong credit histories are more likely to be approved. This includes:

• A “good” to “excellent” credit score. The typical $200K loan credit score is 700 and above, though higher scores can increase the borrower’s chances of approval and improve their loan terms. Some providers may approve scores in the 660 to 699 range, but with less favorable terms.
• A debt-to-income (DTI) ratio under 36%, though some providers, including BHG Financial, may consider higher DTIs with sufficient and consistent income.

Eligibility requirements vary by lender. Some may be willing to work with applicants who have elevated debt-to-income ratios for large loans if their income is sufficient enough to manage it responsibly.

Personal loan costs depend on your interest rate and loan term. Rates can vary widely based on your credit profile and the terms that work for your financial situation.

Borrowers with good credit may see personal loan annual percentage rates (APRs) between 11% and 18%, though APRs can range from about 6% to 36% overall. The best APRs are typically offered to those with excellent credit and low DTI.

Before you commit to a loan, many lenders allow you to prequalify for a personal loan with a soft credit check. This is a smart way to compare loan offers without negatively impacting your credit.

The following table shows what you could pay each month on a $200,000 loan over seven years at different rates.

Monthly payments on a $200,000 loan:

To lower your monthly payment, you may be able to extend your loan term. This means you’ll pay less each month but will pay more in total interest over the life of the loan.

The table below shows how a longer loan term can reduce monthly payments on a $200,000 loan with a 14% APR.

FYI: Lenders have limits on how long you can extend your loan term. BHG Financial offers industry-leading terms as long as 10 years^1,2, which helps you unlock more disposable income for what matters most with one easy-to-remember monthly payment.

Online lenders, traditional banks, and credit unions all offer personal loans, but only a few institutions can provide loans up to $200,000. Here are your options:

Credit unions

Best for: Borrowers who are already members and have an established relationship with the institution.

Credit unions are member-owned nonprofits that offer competitive rates and flexible underwriting, but membership eligibility varies, and loan limits can be lower than banks or online lenders.

Large personal loans from credit unions may require collateral or strong existing relationships with the institution. Approval timelines can be slower than online lenders.

Traditional banks

Best for: Borrowers with strong credit, existing banking relationships, and time to spare in the application process.

Major banks, both national and regional, may offer large personal loans or unsecured lines of credit to existing customers with strong credit profiles. Underwriting tends to be conservative, with stricter income documentation, higher credit score thresholds, and longer processing times.

Some banks reserve their largest loan amounts for private banking or wealth management clients.

Online lenders

Best for: Borrowers who want fast decisions, minimal paperwork, and no collateral.

Many online lenders focus on smaller loans, while a smaller group specializes in large loans for high-income borrowers. When comparing providers, pay attention to approval speed and funding timelines, whether a soft or hard credit pull is used for prequalification, and rate structure.

A provider’s underwriting approach may also sway your decision. At this amount, borrowers may benefit from a more holistic underwriting method, meaning the lender considers your full financial picture instead of relying heavily on your credit score.

Unsecured loan limits and approval standards can vary widely, especially at higher loan amounts. Working with a provider that specializes in large, unsecured loans can help you access more flexible terms and faster decisions.

BHG Financial is one example of an online provider that offers access to unsecured personal loans up to $250,000.¹

Secured loan options

Best for: Borrowers with substantial home equity or other assets who want the lowest possible rate and are comfortable with collateral requirements.

Home equity loans, HELOCs, and secured personal loans use an asset as collateral and can allow homeowners to borrow up to $200,000 with sufficient equity. Home equity loans pay out a lump sum at a fixed rate, while HELOCs work like a revolving line of credit with variable rates. Secured personal loans may use savings, vehicles, or investment accounts as collateral.

While lower rates are common, the tradeoff is that your asset is used as collateral, which increases risk if you’re unable to repay the loan.

When you’re looking for a large loan, you'll come across two main types: secured and unsecured. The biggest difference between the two is whether you have to provide collateral to get the funds.

A secured loan may be easier to qualify for because it reduces the lender’s risk and can offer lower rates. However, it typically involves a longer approval process, and your asset is at risk if you default.

An unsecured loan keeps your assets off the table and often has a faster approval process, but it usually requires stronger credit and income.

An unsecured personal loan is often a great option for a large expense because you can generally use the funds your way. But if you don’t qualify, or want to explore more ways to borrow, there are several large personal loan alternatives you could consider.

• Multiple smaller personal loans: Some people choose to take out a few smaller loans from different lenders to reach their goal of borrowing $200,000. While this might be a possibility, it's important to remember that each loan you take out will affect your DTI, which could make it harder to qualify for the next loan.
• Home equity loan: If you own a home, you may be able to borrow against your home's equity. A home equity loan is a lump sum of money you receive and repay over a set period. These loans are secured by your home, so your interest rate may be lower, but you risk losing your home if you can't make the payments.
• Home equity line of credit (HELOC): A HELOC is a line of credit that also uses your home as collateral. You are approved for a certain amount of credit and can borrow from it as you need. This option is flexible, but the interest rates can change over time, and you are required to use your home as collateral.
• Cash-out refinance: A cash-out refinance replaces your current mortgage with a new, larger one. You receive the difference between the old and new loan amounts in cash. This can be a good option if interest rates are lower than when you first bought your home, but it comes with closing costs, and it also uses your home as collateral.

Finding an unsecured personal loan for $200,000 isn't easy. Most traditional lenders cap personal loan amounts well below six figures or require collateral, extensive documentation, and months of back-and-forth underwriting. If you've ever been told "we can't do that" by a bank, you're not alone.

BHG Financial offers an alternative for qualified borrowers who want access to a large loan without putting assets at risk. You can check your rate in seconds with no impact on your credit score.³ Once you apply, a dedicated loan specialist reviews your full financial picture, not just a single data point, and helps match you with loan options tailored to your needs. You'll get a loan amount, rate, and repayment schedule tailored to your goals, rather than a generic offer.

With loan amounts up to $250,000¹, BHG Financial offers access to the best unsecured personal loans for borrowers seeking an unsecured $200,000 loan. Loan terms range from two to 10 years^1,2, helping you secure loan payments that fit your budget.

If you're ready to move forward, prequalify today and see your personalized options in seconds.⁴