What credit score is needed for a 100k personal loan

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By CreditNinja
Modified on January 19, 2024

Personal loans come in all shapes and sizes, but a personal loan of $100,000 is rare. A loan amount of that size would be particularly difficult to qualify for when the loan is unsecured. Personal loans are typically not secured, meaning the cash is not borrowed against any kind of collateral. This can make them incredibly risky to lenders unless the borrower has substantial proof of income and an excellent credit score. Typically, borrowers can obtain larger loan amounts when the loan is secured rather than unsecured.

For unsecured personal loans, the two most important qualifying criteria in the loan application are the borrower’s credit score and their monthly income. The higher your credit score and the higher your monthly income is, the more money you may be able to qualify for in your personal loan. Proof of income is vital to the loan application process because you need to be able to show that you have the ability to repay the loan on time through regularly scheduled monthly payments. 

Contrary to popular belief, proof of income in a loan application does not need to look a specific way. While many people use traditional methods like paystubs, there are many consumers who have unconventional means of making their monthly income. Not everyone makes money in the exact same way. All that matters is that you have a satisfactory income to prove you can repay the loan. 

Here are some widely accepted documents that can provide proof of income:

  • Pay stubs from an employer.
  • Last year’s tax return.
  • Wage and tax statement, i.e., your W-2.
  • Proof of income letter written by your employer.
  • Social Security statement.
  • Pension distribution letter.
  • Court-ordered agreements for alimony and/or child support.
  • Unemployment benefits.
  • Worker’s compensation letter.
  • Tax statement for the self-employed.
  • Bank statements.

How much monthly income is required to be approved for a loan depends on the lender and the loan amount. If you have other questions you need to be answered before applying for a personal loan, you can discuss them with the lender directly.

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