Securing a $200,000 personal loan is certainly possible, but it won’t be easy. The first challenge will be finding a lender willing to loan you such a large amount, as $100,000 personal loans are already fairly uncommon. And 💞🧔even if you do find one, the qualification requirements will likely be so stringent that you might be unable to qualify. Fortunately, you can still borrow a large sum, but you might need to take out multiple personal loans or rely on a different type of loan product.

5 Steps for Getting a Large Personal Loan

Personal loan limits vary by lender. However, many will let you borrow up to $40,000 or $50,000, depending on your 澳洲幸运5官方开奖结果体彩网:creditworthiness. In a handful of cases, you may even be able to borrow up to $100,000, but this would require top-notch credit. Unlike 澳洲幸运5官方开奖结果体彩网:secured꧒ loans, unsecured personal loans (the more common variety) aren’t backed by any 澳洲幸运5官方开奖结果体彩网:collateral; without something to offset the 澳洲幸运5官方开奖结果体彩网:credit risk, lenders are typically only willing to offer loans in relatively small amounts⛄.

To 澳洲幸运5官方开奖结果体彩网:get a large personal loan on the best 🀅possible terms, follow these five steps.

1. Review Your Finances

Start by making sure your financial house is in order. To qualify for a personal loan, you need a good 澳洲幸运5官方开奖结果体彩网:credit score, a stable income, and a manageable amount of outstanding debt.&nꦅbsp;

According to credit reporting agency Experian, you generally need a credit score of at least 580 to qualify for a personal loan, but you’ll likely need an even higher score if you want to borrow a sizable sum.

2. Compare Multiple Lenders

Most banks and credit unions offer personal loans. With so many lenders to choose from, it’s important to narrow down your choices to a reputable few. Start by comp🐬aring their online reviews and ratings, and look for a proven track record of satisfied customers.

In addition, pay attention to lenders’ maximum loan limits, fees, and other loan requirements. The sooner you rule out incompatible lenders, the less time you’ll waste trying to fi꧒nd the right one.

3. Pre-Qualify and Compare Loan Offers

Once you have a shortlist of lenders, try to pre-qualify with each one that will let you. This typically involves providing a few basic details about yourself, your finances, and your desired loan amount. The lender will then run a 澳洲幸运5官方开奖结果体彩网:soft credit check to determine your eligibility.

While not a loan guarantee, 澳洲幸运5官方开奖结果体彩网:pre-qualification gives you an estimate of the loan amount, 澳洲幸运5官方开奖结果体彩网:interest rate,🐻 and repayment terms you’ll be provided. Compare different offers and𓆏 choose the best one.

4. Gather Your Documents

In order to approve you for a personal loan, lenders typically requ꧅ire you to share:

• A copy of your driver’s license, passport, or other form of identification
• 澳洲幸运5官方开奖结果体彩网:W-2 forms, 澳洲幸运5官方开奖结果体彩网:tax returns, 澳洲幸运5官方开奖结果体彩网:pay stubs, or other form of income verification
• Information about your bank account, such as account and routing numbers

Check with ❀the lender about which documents they require be𒉰fore moving on to the next step.

5. Submit an Application

Finally, submit your loan application with the required documents. You can usually do this online in a few minutes. The lender will then perform a 澳洲幸运5官方开奖结果体彩网:hard credit check and review your 澳洲幸运5官方开奖结果体彩网:credit report. If approved, you could receive the🍬 loan funds in as little as a day, depending on the lender.

Can Yo🐽u Get a Large Personal Loan With 𒀰Bad Credit?

Don’t have 澳洲幸运5官方开奖结果体彩网:the best credit? You may still🥀 be able to get a large personal loan by pulling some additional levers. Here are a few to consi🅘der.

Put Down Collateral

Though most personal loans are unsecured, sometimes you can get a secured one by collateralizing a valuable asset, such as a savings or 澳洲幸运5官方开奖结果体彩网:CD account. This gives the lender some protection against loss in the event you default on the loan, which could help you quali꧙fy for🦂 better loan terms.

Lower Your DTI Ratio

Your debt-to-income (DTI) ratio divides your monthly debt payments by your monthly income. For example, if each month you make🍬 $2,000 in debt payments and earn $6,000, your DTI would be 33% ($2,000 / $6,000). By finding ways to reduce your monthly debt obligations, you can lower your DTI ratio and show lenders that you can afford a larger loan. 

Get a Co-Signer

A 澳洲幸运5官方开奖结果体彩网:co-signer is someone who agrees to be responsible for repaying the loan if 🃏you default. Essentially, they’re guaranteeing the loan with their own credit prof🌠ile, which can be a great way to offset a poor credit score.

Improve Your Credit

Finally, you can always 澳洲幸运5官方开奖结果体彩网:improve your credit by paying your bills on time, reducing debt, and reviewing your credit report for any errors that you can dispute. This takes time, but it can both help you qualify for a larger loan and improve your financi⛎al situation in the long term. 

Alternatives to Personal Loans

If ཧyou still can’t get a large personal loan (or want 🤪to explore other options), there are a few different ways to borrow a lot of money. Consider any combination of the following.

More Than One Personal Loan

There’s no limit to how many personal loans you can have across different lenders. By securing multipl🌺e smaller loans, you might reach your goal of bo✨rrowing $200,000. Just know that each individual loan will increase your DTI ratio, which could make it harder to qualify for the other loans.

Multiple Credit Cards

Credit cards are revolving lines of credit that let you borrow up to a certain limit. High 澳洲幸运5官方开奖结果体彩网:credit limits across multiple cards could cover your needs, but beware of the cost. As of Feb. 14, 2025, the 澳洲幸运5官方开奖结果体彩网:average credit🐼 card annual percentage rate (APR) was 24.20%.

Home Equity Loan or HELOC

If you own a home, consider tapping into your equity with a home equity loan or a home equity line of cred🦩it 🐻(HELOC). Since these products are backed by your house, both tend to have lower interest ༒rates than unsecured loans. The main difference between them is that a home equity loan provides a lump sum, while a HELOC is a revolving credit line that works similar to a credit card.

The Bottom Line

Borrowing a sum as large as $200,000 can be challenging. However, by getting your finances in order, shopping around for the best offers, and exploring additional lending options, you may be able to borrow more than you'd expect. Just make sure you have a solid repayment strategy in mind to ensure you can afford to repay that much debt.