You’ll need more than a strong credit score to get a $200,000 personal loan. Lenders look for solid income, a lower debt-to-income ratio, and the ability to repay such a high balance over time.

Whether you’re using the funds for debt consolidation, a major purchase, or home renovations, we’ll explain how to qualify for a $200,000 loan, estimate the monthly payment on a $200,000 loan, and help you weigh your options for financing such a significant amount—so you can make the best choice for your financial goals.

Key TAKEAWAY

Getting a $200,000 personal loan is possible—but only for well-qualified borrowers. Most lenders want to see good to excellent credit (often 700+) and reliable income. And, a low debt-to-income ratio for large loans is recommended. Expect APRs from 6% to 36%, depending on your credit profile. If you don’t meet the criteria, consider alternatives like combining multiple smaller personal loans or a home equity loan.

Is it hard to get a $200,000 personal loan? 

Yes, it can be challenging to find a lender willing to provide personal loans this large. Most will only lend up to $100,000. However, select lenders, like BHG Financial, offer up to $250,000¹ for well-qualified applicants. That said, personal loan qualification requirements for such large sums tend to be stricter.

A lender wants to see that you have a consistent and high income, a solid credit history, and a good track record of paying back debts. If your income and credit don’t meet their benchmarks, you may not qualify.

Who typically qualifies for a $200K loan?

Generally, lenders reserve $200,000 personal loans for borrowers with high incomes, prime credit, and low debt. Large personal loans are a significant commitment, so they’ll want to ensure you can comfortably handle the monthly payments without overextending yourself.

Eligibility requirements vary by lender. Some may be willing to work with applicants who have elevated debt-to-income ratios for large loans if their income is sufficient enough to manage it responsibly.

What credit score and debt-to-income ratio do lenders expect?

High-income professionals with strong credit histories are more likely to be approved. This includes:

A “good” to “excellent” credit score—the typical $200K loan credit score is 700 and above. Some lenders may approve scores in the 660 to 699 range, but with less favorable terms.
A debt-to-income (DTI) ratio under 36%, though some lenders, including BHG, may consider higher DTIs with sufficient and consistent income.

How much will a $200,000 loan cost you?

Personal loan costs vary based on the loan term and rate, which is determined by your creditworthiness.

For borrowers with good credit, personal loan APRs often fall between 11% and 15%. However, depending on your financial situation, lenders offer annual percentage rates (APRs) that can range from as low as 6% to as high as 36%. The best APRs are typically offered to those with excellent credit and a low DTI.

Before you commit to a loan, many lenders offer prequalification with a soft credit check. This is a smart way to compare different loan offers without a negative impact on your credit.

The following table shows what you could pay each month on a $200,000 loan over 7 years with different interest rates.

Monthly payments on a $200,000 loan:

Rate	Loan term	Monthly payment
8%	7 years	$3,117
14%	7 years	$3,748
20%	7 years	$4,441

To secure a lower monthly payment, you can often extend your loan term. This means you’ll pay less each month but will pay more in total interest over the life of the loan.

The table below shows how a longer loan term can help reduce monthly payments on a $200,000 loan with a 14% APR.

Rate	Loan term	Monthly payment
14%	3 years	$6,835
14%	7 years	$3,748
14%	10 years	$3,015

FYI: Lenders have limits on how long you can extend your loan term. BHG Financial offers industry-leading terms as long as 10 years^1,2, which helps you unlock more disposable income for what matters most with one easy-to-remember monthly payment.

Where can you get a $200,000 loan?

Online lenders, traditional banks, and credit unions all offer personal loans, but only a few institutions can provide loans up to $200,000. Here are your options:

Credit unions and banks: May offer large secured loans or lines of credit.
Online lenders: Some cater to high-income borrowers, but few go up to $200,000.
BHG Financial: Offers unsecured personal loans up to $250,000 with extended terms.¹

Secured vs. unsecured $200,000 loans—what’s the difference?

When you’re looking for a large loan, you'll come across two main types: secured and unsecured. The biggest difference between the two is whether you have to provide collateral to get the funds.

Unsecured	Secured
No collateral required	Backed by an asset (home, car, etc.)
Higher interest rate	Lower interest rate
Faster approval	Longer process due to appraisal
Good to excellent credit required for best rates	Lower credit score requirements
Greater flexibility in how you can use the funds	Risk of losing collateral if you default
Typical borrowing limits up to $100,000 ($250,000 through BHG¹)	Higher borrowing limits, depending on the asset

Smart alternatives to a single $200K personal loan

An unsecured personal loan is often a great option for a large expense because you can generally use the funds your way. But if you don’t qualify, or want to explore more ways to borrow, there are several large personal loan alternatives you could consider.

Multiple smaller personal loans: Some people choose to take out a few smaller loans from different lenders to reach their goal of borrowing $200,000. While this might be a possibility, it's important to remember that each loan you take out will affect your DTI, which could make it harder to qualify for the next loan.
Home equity loan: If you own a home, you may be able to borrow against your home's equity. A home equity loan is a lump sum of money you receive and repay over a set period. These loans are secured by your home, so your interest rate may be lower, but you risk losing your home if you can't make the payments.
Home equity line of credit (HELOC): A HELOC is a line of credit that also uses your home as collateral. You are approved for a certain amount of credit and can borrow from it as you need. This option is flexible, but the interest rates can change over time, and you are required to use your home as collateral.
Cash-out refinance: A cash-out refinance replaces your current mortgage with a new, larger one. You receive the difference between the old and new loan amounts in cash. This can be a good option if interest rates are lower than when you first bought your home, but it comes with closing costs, and it also uses your home as collateral.

How BHG helps high-income borrowers access up to $200K

BHG Financial specializes in helping high earners get the funding they need. Here's what makes our personal loans different:

Unsecured loans: All BHG personal loans are unsecured, even those as high as $200,000. This means you don't have to put your home or other assets at risk.
Fixed interest rates: The APR will never change, so your monthly payment will stay the same throughout the life of the loan. This also makes budgeting easy and predictable.

Before committing to a $200,000 personal loan, be sure to work with a lender that will consider your entire financial portfolio and offer tailored solutions that meet your needs.

BHG’s extensive experience funding professionals proves that we understand your specific financial challenges and goals. We offer a high-touch concierge loan service and streamlined application process so you can get the funding you need quickly.

Ready to see what’s possible without impacting your credit?³ Contact a BHG advisor today or use our quick and easy payment estimator to get your personalized loan offers in just seconds.⁴

$200,000 loan FAQ

Can I get a $200,000 loan with fair credit?

While it may be challenging to secure a $200,000 personal loan with fair credit, it is not impossible. Some lenders may be willing to work with you if you have a high income or other strong factors in your financial profile. However, you will likely be offered a higher APR and a more restrictive repayment schedule.

How long does approval for a $200K loan take?

Approval can happen within as little as 24 hours. Some lenders offer fast funding within a few business days of approval, depending on their processes and the complexity of your application. BHG offers fast approvals and funding4 and a streamlined concierge lending service. 

What income do I need for a $200,000 loan?

Lenders may not have a specific income number that all borrowers must meet. Instead, they use your income to calculate your debt-to-income (DTI) ratio. The higher your income, the more debt you can likely manage. A high income can often make up for a higher DTI ratio, especially if you have a good credit score and a stable work history.

Is it better to take multiple smaller loans instead?

Taking multiple smaller loans can sometimes seem like a good idea to reach a large sum, but it's often not the best strategy. Each loan application and new loan can affect your credit score and your DTI, which might make it harder to get approved for the loans you need. It can also be more difficult to manage multiple payments and interest rates.

Will a $200K loan hurt my credit score?

When you apply for a loan, the lender performs a hard credit inquiry, which may slightly lower your credit score. However, if you are approved for the loan and make your payments on time and in full, it can actually help your credit score in the long run.

Not all solutions, loan amounts, rates, or terms are available in all states.

¹ Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant's credit profile.

² Personal Loan Repayment Example: A $59,755 personal loan with a 7-year term and an APR of 17.2% would require 84 monthly payments of $1,228. 

³ There is no impact on your credit for applying. For personal loans, a complete credit history, which will appear as an inquiry on your credit report, will be performed upon acceptance and funding of the loan and may impact your credit.

⁴ This is not a guaranteed offer of credit and is subject to credit approval.

No application fees, commitment, or impact on personal credit to estimate your payment.

Consumer loans funded by Pinnacle Bank, a Tennessee bank, or County Bank. Equal Housing Lenders.

For California Residents: BHG Financial loans made or arranged pursuant to a California Financing Law license - Number 603G493.