How much can you borrow with a personal loan?

Learn what you might qualify for and compare your online lending options.

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It’s true that most personal loan providers have limits to how much they can offer. But in reality, these limits don’t apply to all borrowers. How much you can borrow depends on a wide range of factors like your current financial situation and your credit history. But watch out — it might not be in your best interest to borrow up to your absolute limit, especially if you can’t afford to pay it back.

Mogo Personal Loan

Mogo Personal Loan


5.9 % APR


  • Borrow from $2,000
  • Simple online application
  • Free credit score upon account creation

Mogo Personal Loan

Apply today to get approved for a personal loan up to $35,000 on flexible terms.

  • Max. loan amount: $35,000
  • Loan term: 1-5 years
  • Turnaround time: Same day
  • APR: 5.90% - 46.96%
  • Fees: NSF fee - $20 to $50
  • Quick pre-approval
  • Automatic payments
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How much can I borrow with a personal loan?

You can generally find personal loans from $500 to $35,000 though some lenders offer personal loans as large as $50,000 or $100,000.

Even if a lender offers up to $100,000, you might not be eligible for that amount. How much you can borrow depends on several factors, including your:

  • Credit score
  • Income
  • Current debts

Many lenders favour applicants with credit scores of 650 or higher, but you can still find borrowing options even if you have 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.

Compare maximum loan amounts from different loan providers

Name Product Interest Rate Max. Loan Amount Loan Term Fees Min. Credit Score
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%.
Varies by loan type and province.
6 months - 5 years
Fairstone offers unsecured personal loans up to $20,000
Mogo Personal Loan
5.90% - 46.96%
1-5 years
NSF fee - $20 to $50
Mogo offers loans up to $35,000 on flexible terms.
Ferratum Personal Loan
18.90% - 54.90%
6 months - 5 years
An established online lender with loans up to $15,000. Now accepting applicants on El and Social Assistance.
Magical Credit Personal Loan
19.99% - 46.80%
6 months - 5 years
A single administration fee of $194 for $1,500 loans and up
Magical Credit offers unsecured personal loans up to $20,000
Cash Money Installment Loan
6 months - 5 years
Vary across provinces/territories
Cash Money offers installment loans up to $10,000 for AB, MB and NB residents.
LendDirect Personal Loan
19.99% - 46.93%
No end dates
Borrow up to $15,000, based on your income and credit history, with a personal line of credit from LendDirect.
ConsumerCapital Personal Loan
19.99% - 35.00%
12 months - 5 years
Online lender offering personal loans from $500 up to $12,500.
LendingMate Personal Loan
43% (British Columbia and Ontario) and 34.90% (Quebec)
1-5 years
LendingMate offers loans to Canadians with poor credit with no credit checks. Guarantor required for application.
Fairstone Personal Loan (Secured)
19.99% - 23.99%. Varies by loan type and province
3-10 years
Varies by province
Fairstone offers secured personal loans up to $35,000.

Compare up to 4 providers

*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

How much can I afford to borrow?

How much you can afford to borrow mainly depends on your monthly income and bills. In order to be sure you can afford the maximum amount a lender offers you, use our calculator to quickly determine how much you may be able to spend on a new loan.

How to use this personal loan borrowing power calculator

Want to go into more detail? Follow these steps

  1. Add up all your bills and regular expenses — including all your debt payments.
  2. Subtract this from your take-home pay.

If you have a few hundred left over, you’ll likely be able to afford a new loan for a large amount. If you don’t, then work on paying down some of your other debts before borrowing.

What do lenders consider when evaluating my application?

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.

  • 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.
  • 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.
  • Debt-to-income ratio (DTI). 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.

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 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.
  • 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, 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.

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.

Frequently asked questions

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