Important disclosure

Personal loans for $100,000

Loans for $100,000 are available for individuals who want to finance a major venture, make big purchases, invest in large assets, renovate a home and more. Borrowing a 6-figure sum of money is no joke, so there may be very few lenders that readily offer this amount,

How to find the $100,000 personal loans with the best rates? You can use our personal loan calculator to find lenders and compare rates in a few clicks. You can adjust the term to see other outcomes that may suit your preference and budget.

Find the best $100,000 personal loans in Canada

Looking for personal loans for $100,000? BestLoansCanada can help you find reliable lenders with competitive rates.

Limited online lenders can offer over $100,000, but several major banks and credit unions can let you borrow this amount. Terms, rates and conditions may vary per lender. As this is a huge sum of money, compare your options first to find the best deals. Here’s some information that will help you find a loan worth $100,000.

$100,000: What personal loan options are available in this range?

  • Secured Loans. Banks and credit unions can lend you easily through secured loans. This is where you will guarantee your loans using your own asset as collateral. The assets assure lenders that you can pay them. Getting a secured loan can also help you get lower interest rates, as risks are lowered through the collateral.
  • Unsecured Loans. There are banks that can offer unsecured loans for large sums of money. However, this often comes with a higher interest rate. It will also mostly require excellent credit scores.
  • Small Business Financing Program. Canada’s small business financing program lets you borrow up to $1,000,000 to build or grow your business. This type of loan is often offered by banks. It can be used to finance land and buildings for commercial use, equipment purchases, renovations for leased properties etc. This loan is guaranteed by the government, which allows for lower interest rates for borrowers.
  • Home Equity Loans and Home Equity Lines of Credit (HELOC). Home equity loans are when you are using your home equity as collateral for a loan. HELOC, on the other hand, lets you make use of your home equity to get a line of credit. This can come as a credit card or as a cheque. Both types of loans can help you secure financing easily, as real estate properties are ideal collateral. Note that this requires you to be a homeowner.
  • Online Loans. Though very few, there are online lenders that can offer loans of $100,000. These loans are often secured loans and/or may come with higher interest rates.

What you need to get a $100,000 loan

Loans of $100,000 are a significant amount of money. You may not be easily considered eligible for this loan, especially without assets or a steady source of income. There are many other factors before you can get approved for a loan. Requirements may differ per lender. Here are the basic requirements for $100,000 personal loans in Canada:

  • Excellent Credit Score (760 and above)
  • Be a homeowner or own assets for collateral
  • Have a steady source of income
  • Good debt-to-income (DTI) ratio
  • Valid IDs
  • Proof of residence

What are the repayments on a $100,000 personal loan?

Repayments for $100,000 loans are computed based on the terms and interest rates, plus some additional fees from your lender. Such an amount is usually subject to low APR. This is because it will likely require a good credit score and/or will require collateral.

Your credit score and overall ability to pay can also affect the repayment, as you can get better offers if you have good financial standing.

Examples of a $100,000 loan repayment

There is no one answer to the question of how much your monthly loan payment will be. This amount changes depending on the lender you work with and the interest rate they offer you. Your credit score and the length of your loan also play a role in how much your monthly payment will be. A longer loan term means smaller monthly payments, but you’ll end up paying more money over time.

Typical costs when you borrow $100,000 over 60 months:

  • Administration or origination fee: 0% up to 5% of the loan amount
  • Interest rate: From 2% to 46.96% APR
  • Monthly repayments: $1,752.78 and $4,347.84
  • Total cost on a $100,000 loan: Between $105,166.56 and $260,870.44

As you can see from the example above, the interest rate can have a significant impact on the total cost over the life of the loan.


Calculate your repayments

RBC personal loans

6 months
to 60 months
to $50,000

CIBC personal loans

12 months
to 60 months
to $200,000
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3 top tips to help you choose the best $100,000 loan

Borrowing $100,000 can help you make big improvements to your business or home. But note that this is also a major liability. Lenders that can offer you this loan are very limited as well. Be sure to compare loans and find the best one that fits your needs with these 3 factors:

  • Credit Score. A 6-figure loan will likely require you to have a credit score of at least excellent. Having a score of 660 is considered good, which can help you qualify. Reaching at least 760 is considered excellent, giving you better chances to get approved. Build and improve your credit score. Also, try to maintain a good debt-to-income (DTI) ratio. A 43% DTI is acceptable, but for large loan amounts, you might need 36% or lower.
  • Collateral. Assets can help you borrow more and get good interest rates that will not burden you. Secured loans and home equity loans can be great options. But be mindful of what you put as collateral, as this can equate to a risk on your end as a borrower. No matter what asset you put on the line, make sure to go for a repayment option that is realistic for you.
  • Purpose. The reason or purpose of your loan is an important factor in determining whether it is right for you. Borrowing money for business or investment, which gains value over time, can help make repayments easier. Other purposes, like purchasing a car or paying up other debts can make repayments more challenging. For this, consider comparing rates and choose a loan that is appropriate to your capacity to repay in the long run.

How to get a free credit report in Canada?

Your credit score will significantly impact your eligibility for large loans beyond $100,000. For this, you’ll need to present a valid credit report. In Canada, you can request your credit score via Equifax or TransUnion.

These two institutions do not use the same credit scoring method. So one may provide higher scores than the other. Requesting for a credit report will not impact your credit score. You can try getting one copy from each institution to see which one can be best presented to lenders.

You can make a request through mail, phone, online, or in-person. Just present a copy of a valid Canadian ID, like a driver’s license or passport.

Where can you find a $100,000 personal loan?

Loans amounting to $100,000 are not always easily available. To help you find your best loan options, BestLoansCanada rounded up available lenders and their rates for you. It has a loan calculator ready, so you can easily view possible outcomes and how much you’ll likely pay, even for large loans. You can also go through its featured personal lenders, like Royal Bank of Canada, Scotiabank and HSBC, and see available options.

How to apply online

Using BestLoansCanada’s comparison tables, you can scroll through various lenders from Canada to compare offers. See how much they can offer and the interest rates for their loans. Once you see an interesting loan option, you can click on each lender’s “Go to Site” button to reach their website. From there, you can get more information and apply instantly. Depending on the lender, you may be required to complete an online application or proceed to their branches to start the loan process. All you need to do is follow the process, provide the required documents and wait for the approval to get the money.