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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.
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
Income
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.
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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.
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.
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.
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.
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 amount of money.
Bottom line
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 your budget, you may be on your way to financing that next big purchase in your life.
Frequently asked questions
What can I use my personal loan for?
You can use your personal loan for just about anything. Common purposes include debt consolidation, home renovation and making large purchases. Certain lenders may limit you uses – for instance, some may not allow you to use a personal loan on secondary education costs – but in general, how you use your loan funds depends entirely on your needs.
Some lenders offer preapprovals that allow you to get your rates and see what amount you could qualify for. These preapprovals typically don’t require a hard credit check.
Can I borrow through more than one loan at the same time?
It depends. You’ll find lenders that allow consecutive borrowing but limit the total amount you can borrow or alter the prerequisites you must meet.
Check your budget to determine whether you can afford more than one loan. Missing payments could hurt your credit score and your ability to get financing in the future.
What do I do if I can’t make a payment?
Contact your lender. It’s often better to let your lender know and possibly work out a plan than to simply accept the late fee and penalties.
If I don’t qualify for the amount I want, can I get a cosigner?
Yes. Some lenders will allow cosigners for personal loans.
Aliyyah Camp is a SEO content strategist and former publisher at Finder, specializing in consumer and business lending. Her writing and analysis has been featured in CentSai, the Dough Roller and the Chicago Tribune. She holds a BA in communication from the University of Pennsylvania.
How do I determine how much to charge my friend that I lent 65,000. The money was scheduled to go into my stock portfolio
What interest. What monthly amount
Since this is a loan that you gave to your friend, you may need to speak with your friend and come to a win-win decision on how your friend would repay the debt. We do not have a specific computation on how that could be done since this is outside the loan process policy being used by lenders. Hope this helps!
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How do I determine how much to charge my friend that I lent 65,000. The money was scheduled to go into my stock portfolio
What interest. What monthly amount
Hi Nancy,
Thank you for leaving a question.
Since this is a loan that you gave to your friend, you may need to speak with your friend and come to a win-win decision on how your friend would repay the debt. We do not have a specific computation on how that could be done since this is outside the loan process policy being used by lenders. Hope this helps!
Cheers,
Reggie