Learn what you might qualify for and compare your top online lending options.
How much can I borrow with a personal loan?
You can generally find personal loans from $2,000 to $50,000 though some lenders offer personal loans as large as $100,000.
Even if a lender offers up to $100,000, you might be eligible for that amount. How much you can borrow depends on several factors, including your:
- Credit score
- Current debts
Many lenders favor applicants with credit scores of 680 or higher, but you can still find borrowing options even if you have bad credit. Do some basic calculations to see how much you can realistically afford to borrow.
Compare maximum loan amounts from different lenders
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.
Want to go into more detail? Follow these steps
- Add up all your bills and regular expenses — including all your debt payments.
- 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 maximum 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 amounts 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 for a larger amount. This is because lenders have less risk should you default.
Avoid borrowing more than you need
If you’re approved for a lender, your lender will give you the total 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. To save on your loan costs, ask your lender if you can borrow less before signing your loan documents.
The maximum amount available for a loan and the maximum amount you can borrow will vary by your lender and your financial circumstances. Find the right lender and see 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.