Need a $200k Personal Loan? Here's How to Borrow a Lot of Money

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Dori Zinn
Dori Zinn
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Dori Zinn is a personal finance journalist with more than a decade helping people understand money. Her work has appeared in Wirecutter, CNET, Credit Karma, Huffington Post, and more.
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Updated December 07, 2023
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Ward Williams
Ward Williams
Fact checked by Ward Williams
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Ward Williams is an Editor focused on student loans and other financial products and services. He has five years of professional editing, proofreading, and writing experience. Ward regularly contributes to stories about government policy and company profiles. He received his B.A. in English from North Carolina State University and his M.S. in publishing from New York University.

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Lenders have different minimum and maximum amounts for borrowing a personal loan. Personal loans for $200,000 are very rare. If you find a lender that offers a six-figure personal loan, it’s usually capped at $100,000. In most cases, lenders cap the amount you can borrow with one personal loan at $40,000 or $50,000. However, there are ways you can potentially get a loan for $200,000 using other loan products. Learn more about your options for borrowing large amounts of money.

Key Takeaways

  • Personal loans for $200,000 are very rare, but some lenders offer $100,000 maximums.
  • Many lenders cap their maximum loan amount at $40,000 or $50,000.
  • The higher your credit score, the more likely you are to qualify for a large personal loan, though it is still possible to get a bad credit loan for up to $100,000.
  • If you aren't eligible for a large personal loan, you could potentially get multiple smaller personal loans or get a co-signer to help you qualify.
  • If you have enough home equity, you could potentially get a home equity loan for $200,000.

How to Get a Large Personal Loan

While you could get a $200,000 mortgage or refinance loan, you will not likely find a personal loan for that amount. Unlike home loans, personal loans are typically unsecured, meaning they are not backed by collateral. Unsecured loans are a higher risk for lenders, so they're typically not willing to lend as much as they would for a secured loan.

In general, the more money you want to borrow, the better your creditworthiness needs to be. You'll need a strong credit score and sufficient income. Here are the main steps you need to take to get a large personal loan.

1. Check Your Credit Score

The higher your credit score, the more likely lenders are to approve you for the loan amount you request (up to their maximum limit). Excellent credit tells lenders you’re responsible with credit and less likely to default on a loan.

2. Compare Lenders

Compare lenders based on factors like the maximum loan amount they offer, repayment terms, interest rates, and any fees they may charge. If you need a $200,000 loan, make sure you can afford to make the monthly payments. Longer repayment terms mean lower monthly payments.

You can compare loans from different lenders through pre-qualification. This requires a soft credit check and doesn’t hurt your credit score.

3. Gather Documentation

Once you’ve gotten pre-qualified with a lender whose loans meet your needs, prepare the documents you'll need to complete a full application. These can include a copy of your driver’s license or other government-issued identification, your Social Security number (SSN), proof of address, and employment verification, among other paperwork.

You’ll also likely need key financial documents, such as bank statements, tax returns, W-2s, and pay stubs, to verify your income and that you have the means to repay your loan.

4. Apply

Most personal loan lenders let you apply online, and you’ll know right away if you’re approved or not. After you apply and get approved, you can accept loan terms and set up banking information.

Every disbursement time is different, depending on the lender, but in most cases, you'll typically receive your funds in as little as a day or up to a week.

Where to Get Large Personal Loans

Not all personal loan lenders offer large loans, but there are a couple that do, such as:

  • LightStream: LightStream offers loans up to $100,000 and long repayment terms, upwards of 12 years. LightStream's loans are generally for borrowers with good or excellent credit and feature a larger-than-average autopay discount with no fees.
  • SoFi: You can also get up to $100,000 at SoFi. There are no fees and you can get your funds the same day you’re approved.

How to Get a Large Personal Loan With Bad Credit

If you don’t have great credit, you might have a harder time qualifying for a personal loan or getting the full amount you need. But there are some ways you can get a large personal loan even with bad credit.

If you have a low or average credit score, taking time to improve your credit can increase your chances of getting approved for a loan. Try to pay off debt and make sure you make all payments on time to creditors. If you see errors on your credit report, call your creditors to get them to correct the error with the credit bureaus. You can check your credit report for free each year through AnnualCreditReport.com.

You can also consider getting a secured personal loan. These loans use assets like your savings account to back the loan. Because the collateral reduces the lender's risk, you may be able to get a secured loan if you can’t qualify for an unsecured loan.

If you don’t qualify for a large loan on your own, consider getting a co-signer on the loan. A lender will also look at your co-signer's credit and financial situation when it decides whether to approve you for a loan. A co-signer signs onto your loan and is responsible for making payments if you fail to do so, which also reduces the risk for the lender.

A co-signer can be helpful if you need a personal loan immediately and don’t have the time or resources to build up your credit in the short term.

Alternatives to Personal Loans

If you don’t qualify for a large personal loan or you want to explore your options, you have a few alternatives to consider, including several different personal loans, credit cards, and home equity loans.

Multiple Personal Loans

If you have decent credit and can find lenders to borrow from, you can apply for several different personal loans to get the full $200,000 you need.

While there’s no limit to how many personal loans you can have at once from multiple lenders, some lenders might limit how many personal loans you can have with them. Along with that, the more hard inquiries listed on your credit report, which are added when you complete a loan application, the more your credit score drops.

Credit Cards

Most credit cards have limits based on how much you earn and if you can responsibly repay your minimum balance every month. But some credit cards have high credit limits, and if you qualify, you can use those cards to pay for your needs. Just keep in mind that credit cards often have higher interest rates than personal loans.

Home Equity Loan

If you own your home and have built up equity, you may be able to borrow against the equity for a larger amount than you can get with a personal loan.

A home equity loan is a type of lump-sum loan often referred to as a second mortgage, as you may be making payments on your regular mortgage as well as a home equity loan at the same time when repayment begins. A home equity line of credit (HELOC) also uses your equity to back the loan, but with this loan, you only take out what you need. After you repay the funds you use from a HELOC, you can reuse the funds again, just as you would with a credit card.

Interest rates on home equity loans and HELOCs tend to be lower than personal loans because you’re using your home as collateral. This reduces the risk for the lender, as they can recoup lost funds should you fail to repay the loan by selling your home.

With home equity loans and HELOCs, you risk losing your home to foreclosure if you fail to make payments.

What Is the Largest Personal Loan You Can Get?

Most personal loans cap the amount you can get to around $40,000 or $50,000. In a couple of cases, you can borrow up to $100,000. However, only a few lenders offer this, and it’s normally reserved for borrowers with excellent credit.

What Credit Score Do You Need for a $200k Personal Loan?

Since you likely can’t get a $200,000 loan from one lender, you’ll need to take out multiple loans from a few different lenders to get this amount. The higher your credit score, the more likely you can qualify for the amount you need with the lowest interest rates offered. If you don’t have excellent credit, consider applying with a co-signer who has excellent credit to secure the highest amount offered.

How Many Personal Loans Can You Have at Once?

There’s no real limit to how many personal loans you can have at once, so long as they are with different lenders. Some lenders have limits to how many personal loans you can have at once with them.

What Is a Good Personal Loan Interest Rate?

A good personal loan interest rate is the lowest interest rate offered among the lenders you're considering. Interest rates are always fluctuating, so it’s important to see what offers are available before completing a loan application.

The Bottom Line

Large personal loans aren’t common, but a few lenders do offer them, some for as high as $100,000. While you likely won’t find lenders that offer $200,000 personal loans, you can still find ways to fund major expenses with other loan solutions. Consider borrowing from multiple lenders, using credit cards, or tapping into your home's equity through a loan or line of credit, if you have the means. Try to improve your credit report by paying down debt and making your payments on time before applying for a large personal loan.

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  1. MyFICO. “How to Repair Your Credit.”

  2. Consumer Financial Protection Bureau. "What Is the Difference Between a Home Equity Loan and a Home Equity Line of Credit?"