2 lenders that offer more than $50,000

A large personal loan may come in handy in a number of situations. It can help you cover the cost of a medical bill, home improvement project, wedding, or just about any other major expense.

Since large loans are riskier for lenders, they’re usually more difficult to get. The good news is it’s possible to get one if you plan ahead and find the right lender.

• 2 lenders that offer large personal loans
• How to apply for a large personal loan
• How to get a large personal loan with bad credit

2 lenders that offer large personal loans

While many lenders offer personal loans of up to $50,000, fewer lend up to $100,000. If you need to borrow a lot of money, you’ll need to shop around and find a lender that offers larger loans. These two Credible partner lenders offer loans of more than $50,000:

LightStream

LightStream, the online lending division of Truist Bank, offers loans of up to $100,000 to borrowers with good to excellent credit. Its loans come with no fees and a $100 Loan Experience Guarantee, which states that the LightStream application process will be the best you’ve ever experienced. If you’re not satisfied after you receive a LightStream loan, they’ll send you $100.

• Loan amounts: $5,000 to $100,000
• Repayment terms: 2 to 7 years (up to 12 years for home improvement loans)
• Minimum credit score: 660
• Time to fund: As soon as the same business day

SoFi

SoFi was founded by business students from Stanford University in an effort to connect recent graduates with alumni. Today, the company offers fixed- and variable-rate personal loans to borrowers with good, very good, or excellent credit. As a SoFi borrower, you can access a variety of member perks, such as personalized financial advice and invitations to events like happy hours and dinners.

• Loan amounts: $5,000 to $100,000
• Repayment terms: 2 to 7 years
• Minimum credit score: Does not disclose
• Time to fund: 3 business days

How to apply for a large personal loan

If you’d like to apply for a large personal loan, follow these steps:

1. Shop around and compare lenders. Since large loans of more than $50,000 aren’t the norm, you’ll have to do some research and find lenders who offer them. Once you find a few, consider their interest rates, repayment terms, fees, and eligibility requirements.
2. Pick a loan. Next, choose a large loan that meets your needs. Ideally, it would offer the lowest interest rates and fees as well as the most flexible repayment terms.
3. Gather documents. After you decide on a loan, compile the documents you’ll need to apply. These may include a government-issued ID, like a driver’s license or passport, bank statements, pay stubs, and tax forms.
4. Apply. Most lenders will let you apply online, from the comfort of your own home. When you apply, be sure to answer each question accurately and submit all the required documents.
5. Get your funds. If you’re approved, the lender will have you sign an agreement so it can distribute the funds. You’ll typically receive your loan funds via direct deposit into your bank account. Funding times can be anywhere from the same day you get approved to a week after, depending on the lender.
6. Repay your loan. You’ll be responsible for making on-time monthly payments to repay your loan. To ensure you never miss a payment, you may want to enroll in automatic payments if the lender offers it. Some lenders offer interest rate discounts for setting up autopay, so it’s definitely worth considering.

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How to get a large personal loan with bad credit

Generally, lenders prefer borrowers with good credit, so it may be very difficult to get a loan with bad credit. These tips could help you improve your chances of getting a large personal loan:

• Review your credit report. Before you apply for a loan, you should know what your credit report looks like. Visit AnnualCreditReport.com to get a copy of your report from the three main credit bureaus — Equifax, Experian, and TransUnion. Dispute any inaccuracies you may find with the appropriate bureau, as they may be lowering your credit score.
• Improve your credit. Once you know where you stand credit-wise, it’s time to start improving your credit. To do so, make your payments on time, pay down debt, keep old accounts open, and only apply for new credit when you absolutely need to.
• Find a cosigner. If you have a family member or close friend with strong credit and income, you may want to ask them to cosign your loan. Just keep in mind that if you don’t make your payments, they’ll be responsible for them and you may damage your relationship.
• Secure a steady job or source of income. Lenders want to see that you have the funds to repay what you borrow. If you’re unemployed or don’t have a consistent income source, they may be hesitant to approve you for a large loan. If you’re unable to lock in a steady job, make sure you can prove you’ll receive income through Social Security, government benefits, or retirement savings.