In 2022, I borrowed over 300k to cover my taxes, and no collateral was required. However, the interest rate was remarkably high at 16% APY while the federal rate remained low at that time, with the possibility of securing loans at 3%. Nowadays, it seems like SoFi’s interest rate for such a significant loan could be around 25% or more.
One might consider defaulting and avoiding repayment, but financial institutions are cautious. They wouldn’t approve such a substantial loan unless the borrower had a secure, well-paying job and a good credit history. Therefore, it’s not feasible for just anyone to obtain $100k and declare bankruptcy in order to begin anew.
