Editor's choice: SoFi personal loans
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Most lenders offer personal loans up to $50,000, though it’s possible to find one as high as $100,000. But how much you can borrow depends on factors like your credit score, debts and income. Even if you qualify for the maximum amount, think twice before borrowing more than you need — the higher your loan amount, the more you’ll pay in interest in the long run.
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:
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.
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.
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.
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.
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.
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.
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