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

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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Rates last updated October 22nd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99%–36% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
6.99% to 35.97% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.09%–35.99% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16% to 35.89% (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.99% to 14.87% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
Bad credit OK
$10,000
5.99%–35.99% (fixed)

Compare up to 4 providers

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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US Personal Loans Offers

Important Information*
Even Financial Personal Loans

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

Prosper Personal Loans

Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

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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