Personal loan calculator: How much can I borrow? | finder.com

Personal loan calculator: How much can I borrow?

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Find out how much you might be eligible to borrow based on your income and expenses.

How do I use this 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.

  1. Under Loan Details, select the amount of time you have to pay back the loan next to Term.
  2. Enter an interest rate or annual percentage rate (APR) you think you can qualify for next to Interest rate.
  3. Next to Application type, select Single if you’re looking to apply on your own or Joint if you’re planning on applying for a loan with a cosigner, coapplicant or joint applicant.
  4. Under Income, enter the amount you earn before taxes per year, month, twice a week or every two weeks next to Gross Income 1. Select Annually if you used your yearly salary or Monthly if you entered your monthly salary. If you wrote the amount you earn each pay period, select Twice Monthly or Biweekly, depending on how often your employer pays you.
  5. If you’re applying with another person, enter their pretax income next to Gross Income 2. Then select how often they earn this amount.
  6. Write the amount of income you earn that you don’t have to pay taxes on next to Untaxed Income. Select how often you receive this amount.
  7. If you earn money from renting property, enter the amount you earn from your tenants before taxes next to Rental Income. Select how often you receive this amount.
  8. Under Expenses, enter the total loan repayments you and your joint applicant pay on any personal loan except for car loans next to Other loans. Select Monthly if you make one payment a month, Twice Monthly if you make two payments a month or Weekly if you make one payment each week.
  9. Write the amount you and your joint applicant pay on your car loans each month next to Car loan repayments per month.
  10. Enter the combined limit of all credit cards in your and your joint applicant’s name next to Total credit card limit.
  11. Enter the number of people you and your joint applicant count as a dependent on your taxes next to Number of dependents.
  12. Hit Calculate.

The results show how much you may be eligible to borrow, what your monthly repayments would be based on the term and interest rate you filled in and how much you’d pay total in interest over the life of your loan.

Definitions to know

Not sure what a term means? These definitions might help.

Loan details
  • Term. How long you have to pay back your loan. This calculator asks for a loan term in years.
  • Interest rate. A percentage of your loan balance that your lender charges over time.
  • Application type. This refers to how many people are signing for this loan. You can either select Single for solo applications or Joint if you’re applying with another person.
Income
  • Gross income. Any money you earn that you pay income taxes on, before taxes apply. This excludes untaxed income like government benefits or money you earn from renting property.
  • Untaxed income. Funds you regularly receive that you don’t need to pay taxes on. For example, pensions, Social Security, disability and child support all count as untaxed income.
  • Rental income. This is any amount you earn from renting an apartment, home or any other personal property, before taxes.
Expenses
  • Other loans. The amount of any loans in your name — like personal loans and student loans — excluding car loans.
  • Car loan repayments per month. If you owe money on your car loan, this refers to your monthly loan repayment.
  • Total credit card limit. The credit limit on each credit card in your name, added up.
  • Number of dependents. The number of people you declare as a dependent on your taxes.
Results
  • Monthly repayments. How much you could potentially pay each month if you took out a loan of the amount you might qualify for with rates and terms you entered under Loan Details.
  • Total interest payable. The amount you’d pay in interest on your loan. If you entered an APR, this is your total loan cost including interest and fees.

What’s the maximum amount I could get on a personal loan?

Typically, most lenders offer personal loans up to $50,000. However, some lenders offer loans up to $100,000 to borrowers with excellent credit and high income — usually at least $150,000 a year. The stronger your application, the more money you’re likely to get approved for.

Lenders look at factors like your credit score, your income, your debt-to-income ratio (DTI), what you intend to use your funds for and even sometimes your level of education and career.
How to strengthen your application for a large personal loan

Ready to borrow? Compare personal loan options

Updated April 26th, 2019
Name Product Filter Values Minimum Credit Score Max. Loan Amount APR
640
$40,000
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
680
$100,000
5.99% to 16.24%
No fees. Multiple member perks such as community events and career coaching.
550
$100,000
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
Good to excellent credit
$100,000
5.34% to 35.99%
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
620
$50,000
7.99% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
550
$100,000
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
550
$10,000
34% to 155% (Varies by state)
Check eligibility in minutes and get a personalized quote without affecting your credit score.
640 FICO®
$35,000
5.99% to 29.99%
A prime lender with multiple repayment methods.

Compare up to 4 providers

Bottom line

This calculator is a good starting point to figure out how much you could afford to borrow and how much lenders might approve you for. Keep in mind that your credit is a big factor in your eligibility as well.

Ready to apply for a personal loan? Compare today’s best personal loan offers.

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US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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4 Responses

  1. Default Gravatar
    aaronApril 23, 2019

    i need 50000 in cash for a mobile home purchase for my daughter with terrible credit…i have excellent credit and do not want to take out a home equity loan on my own…any ideas on getting a loan with the lowest interest rate….

    • finder Customer Care
      johnbasanesApril 24, 2019Staff

      Hi Aaron,

      Thank you for reaching out to Finder.

      Apart from taking out a personal loan you may also want to check on being a cosigner instead for the loan that your daughter may take out. Please click here to be routed to that page. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!

      Cheers,
      Reggie

  2. Default Gravatar
    JS1959February 23, 2019

    I have two high-interest loans that I pay $1010 together a month. I’m not late and I pay 100% on time.
    I want to borrow $33,000 to pay both off and just have 1 payment at a lower interest rate but not a single lender I’ve checked will not help me. Why? My credit score is 743.

    • finder Customer Care
      JoshuaFebruary 25, 2019Staff

      Hi JS1959,

      Thanks for getting in touch with Finder. I’m sorry to hear about the trouble you are having.

      There are a few things that might prevent your loan application from getting approved. It could be because you have insufficient income, you provided wrong information, you hold too many loans, or you are trying to borrow too much money. Addressing any of these reasons could increase your chance of getting approved.

      Moreover, you might also try using an asset as security or ask someone to be your guarantor. Before you apply for another loan, check their minimum income requirement and credit requirements.

      You may also find this guide helpful. On that page, you will know the most common reasons personal loans aren’t approved as well as How to avoid your personal loan being rejected.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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