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Personal loan calculator: How much can I borrow?

Use this personal loan affordability calculator to find out how much you can borrow.

How do I use this personal loan affordability calculator?

Follow these steps to fill out the fields in the calculator. If a field doesn’t apply to you — you’re not a landlord or don’t have a car loan, for example — leave that section blank.

Compare personal loans

How big of a personal loan can I get?

How big of a loan you can get depends on which lender you go with and your personal finances. Some lenders only offer personal loans up to $10,000, while others, such as online brokers, can offer personal loans with a maximum loan amount of $50,000. Some banks can offer more CIBC, for example, can lend up to $200,000.

Even if a lender can offer $50,000 or more, you might not be eligible for that amount. How much you can borrow depends on several factors, including your:

  • Credit score. Borrowers with good to excellent credit (above 660) will have better chances of getting a high loan amount.
  • Income. A high income suggests that you have the means to pay back the loan.
  • Current debts. If you already have a significant amount of debt compared to your monthly income, a lender may see you as more of a liability and may be less likely to lend you a large amount of money.

If you have bad credit, you still have personal loan options. Banks may be out of reach for you, but online lenders can offer personal loans for bad credit. To figure out much you can realistically afford to borrow, you’ll need to take into account how much you actually need, as well as your income and your ability to make repayments. You’ll also need to consider any repayments you’re already making toward current debts.

How can I qualify for the maximum amount offered?

There are no guarantees you’ll be approved for the loan amount you’re seeking. However, these tips may help you score the amount you need.

  • Improve your credit. A higher credit score will generally translate to better loan terms. If you’re after a large amount of money, a good or excellent credit score may get you the loan you want.
  • Lower your debt-to-income ratio (DTI). Paying down your existing debts will lower your expenses, increase your credit score and show that you can afford to take out a larger loan. Keep your DTI below 40%. Calculate your DTI.
  • Wait until you have established employment. Having a secure source of income, especially if it’s with a distinguished employer, can help show lenders you’re able to pay for your loan.
  • Look into a secured loan. If you have the collateral available, especially if you own a home, you may be able to borrow a secured loan and get approved for a larger amount, with a possible lower interest rate. This is because lenders have less risk should you default, since they will seize your collateral.

What information do I need to provide lenders?

When you submit an application, lenders take into account a few different pieces of information in order to determine if you qualify for the loan amount you’re requesting. These can include:

  • Your loan purpose. Many lenders will ask what you plan to use the loan for. Be honest, as this could impact your loan contract and the interest rate you’re offered in addition to your loan amount.
  • Your address. You will need to provide your home address.
  • Rent or own. You will need to state whether you rent or own you home, plus how long you’ve lived there.
  • Your monthly expenses. You will need to provide information about your monthly costs, such as car payments, credit card payments and house payments.
  • Credit score. While your credit score isn’t the only deciding factor, it does carry a lot of weight. The better your credit score, the more likely a lender will be to approve you for the maximum loan amount.
  • Your employment information. Lenders will want to know where you work, how long you’ve been working for that company and how much you earn.
  • Your age. In order to qualify for a loan, you will need to be at least 18 (19 in some provinces).
  • Canadian citizen or resident. If you are not a Canadian citizen or resident, your options are limited as most lenders require this.

Compare more personal loans now

Name Product Interest Rate Loan Amount Loan Term Requirements Link
Spring Financial Personal Loan
Finder Rating: 4 / 5: ★★★★★
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
Go to site
More Info
If you're not eligible for an unsecured loan, you may be offered a credit builder loan to help improve your credit score.
LoanConnect Personal Loan
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Requirements: currents debts total less than 60% of income, min. credit score 300
Go to site
More Info
Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.
Mogo Personal Loan
Finder Rating: 4.5 / 5: ★★★★★
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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More Info
Get a free quote without affecting your credit score and get a loan on the same day. Track your credit score for free.
goPeer Personal Loan
Finder Rating: 3.6 / 5: ★★★★★
goPeer Personal Loan
8.00% - 33.92%
$1,000 - $25,000
36 - 60 months
Requirements: recommended income $40,000/year, no payday loan debt, min. credit score 600
Go to site
More Info
Connects creditworthy Canadians looking for a loan with Canadians looking to invest. Apply in minutes and get a response within 24 hours.
SkyCap Financial Personal Loan
Finder Rating: 4.1 / 5: ★★★★★
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,200/month, stable employment, min. credit score 550
Go to site
More Info
Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Fairstone Unsecured Personal Loan
Finder Rating: 3.9 / 5: ★★★★★
Fairstone Unsecured Personal Loan
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Requirements: able to make monthly repayments, min. credit score 560
Go to site
More Info
Get a free quote without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
ConsumerCapital Personal Loan
Finder Rating: 3.2 / 5: ★★★★★
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Requirements: min. income $1,900/month, 6+ months employed, no payday loan debt, min. credit score 600
Go to site
More Info
Complete an application in less than 10 minutes and get a decision within 24 hours.
Loans Canada Personal Loan
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
Go to site
More Info
A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.
FlexMoney Personal Loan
Finder Rating: 4 / 5: ★★★★★
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 500
Go to site
More Info
Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan any time without penalty.
Loan Away Personal Loan
Finder Rating: 3.6 / 5: ★★★★★
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
Requirements: min. credit score 300
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More Info
A lender that approves loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
Fairstone Secured Personal Loan
Finder Rating: 3.7 / 5: ★★★★★
SECURED
Fairstone Secured Personal Loan
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Requirements: must be a homeowner, min. credit score 560
Go to site
More Info
Use your home equity to get a secured loan with flexible repayment options. Get a free quote without impacting your credit score.
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Avoid borrowing more than you need

If you’re approved for a personal loan, your lender will provide you with the maximum amount you can borrow. Although you can take out this amount — and may have to, depending on your project — this might not be the smartest move.

That’s because the more you borrow, the more you’ll pay in interest and fees. If you don’t even need to borrow as much as you’re being offered, to save on loan costs, ask your lender if you can borrow less before signing your loan documents.

Bottom line

The maximum amount available for a personal loan and the maximum amount you can borrow will vary depending on the lender and your financial situation. Find the right lender and see how much you’re eligible to borrow as well as what types of rates you may be offered. If it matches with your budget, you may be on your way to financing that next big purchase in your life.

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