Find out how much you might be eligible to borrow based on your income and expenses.
Enter your information to learn your borrowing power — or how much you can afford to borrow — without impacting your credit score.
How to calculate your borrowing power
Follow these steps to fill out the fields in the calculator. If a field doesn’t apply to you — for example, you’re not a landlord or don’t have a car loan — leave that section blank.
- Under Loan Details, select the amount of time you have to pay back the loan next to Term, enter an interest rate or annual percentage rate (APR) you think you can qualify for next to Interest rate and select Single or Joint next to Application type if you plan on applying with another person.
- Under Income, select your the income frequency you want to use and enter the amount you earn before taxes for Gross Income 1. If you’re applying with another person, enter their pretax income next to Gross Income 2. Finally, enter any untaxed or rental income you earn.
- Under Expenses, enter the amount you pay each month toward other personal loans, car loans and credit cards. Then enter the number of people you and/or your joint applicant count as a dependent on your taxes next to Number of dependents.
- Click 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.
Ready to borrow? Compare personal loan options
We update our data regularly, but information can change between updates. Confirm details with the provider you’re interested in before making a decision.
Factors that affect how much you can borrow
These factors can influence the loan amount you’re eligible for.
- Income. Lenders want to make sure you have regular, monthly income. Having a full-time job can help you qualify for a larger loan than a freelancer, even if the freelancer makes more money on average.
- Debts. You must have enough room in your monthly budget to afford loan repayments on the amount you want to borrow, plus interest.
- Credit score. The highest loan amounts require excellent credit. You typically need a score of 760 or higher to qualify for the highest loan amount, according to experts.
- Available loan amounts. Typically, most lenders offer personal loans up to $50,000 — although you can find loans up to $100,000.
Other factors like your level of education and career can also affect the amount you’re able to qualify for, depending on the lenderr.
3 ways to qualify for a larger loan
To make the most out of your loan, take the time to strengthen your application and consider these three tactics to qualify for more.
- Go for a longer term. Long terms reduce your monthly loan cost. But watch out — this can make your loan more expensive.
- Apply with a cosigner. Lenders sometimes consider your combined income with a cosigner or coborrower — especially if they’re your spouse. If your lender only considers one income, a cosigner that has a higher income can still help you qualify for more.
- Pay off your debts. Paying off credit card debt and student loans to lower your DTI and increase your credit score, which both help you qualify for a higher loan amount.
Now that you know how much you can afford to borrow, take these steps to get a loan
- Compare. Look for lenders that offer loan amounts in your range that you can qualify for. Look at factors like rates, terms and the lender’s reputation.
- Prequalify. After you’ve narrowed down your choices, fill out a prequalification form on the lender’s website. This will give you an estimate of the rates, terms and loan amounts you might receive if you applied without affecting your credit.
- Apply. Once you find an offer you like, follow the lender’s directions to complete the rest of the application and submit documents, such as bank statements and recent pay stubs.
- Repay. Most personal loans come with a monthly repayment, which is based on your loan amount, interest rate and terms.
Borrowing power definitions
Not sure what a term in the calculator means? These definitions might help.
- Term. How long you have to pay back your loan. This calculator asks for a loan term in years.
- Interest rate. The cost of borrowing a loan. It can be either variable or fixed, and most lenders use simple interest to determine how much you owe.
- 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.
- 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.
- 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.
- 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.
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. And when you’re ready to apply for a personal loan, compare some of the best personal loan options.
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