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You can generally find personal loans starting from £1,000 up to £25,000. Some larger banks offer personal loans up to £50,000 to existing customers, but those are exceptional cases. For loans higher than this, you’ll generally need to offer some form of security.
However, the amount you’ll be able to borrow depends on several factors, including your financial history and credit rating. Many lenders favour applicants with good credit scores. What constitutes a good credit score depends on the credit rating agency (CRA) you use as the three main credit referencing agencies (CRAs) in the UK all score consumers differently.
While you can still find borrowing options even if you have bad credit, it’s likely that you won’t be eligible for the largest loan amounts available.
If you’re approved for a loan, the lender will give you the total amount you can borrow. However, it’s important to consider how much you actually need and what you can afford to borrow before taking out a loan.
This depends on the type of loan and lender, but as a rule of thumb, unsecured personal loans are generally offered for up to £25,000 or £30,000. While it may be possible to find a lender willing to offer you a personal loan for more than £30,000, you may need to use an asset as security against the loan.
Short-term loans, or payday loans, are usually available for up to £1,000, though some lenders may offer loans up to £5,000 or so.
If you want to borrow more than the amounts detailed in the table above, and you’re a homeowner, then you’ll need to consider a secured loan. Secured loans are typically available for sums as high as £500,000, but the maximum you can borrow will be dictated by the value of your property and the amount of debt currently secured against it (i.e. in your “first charge” mortgage”.
Most personal loan providers have limits on how much they can offer. But in reality, these don’t apply to all borrowers. How much you can actually borrow depends on a wide range of factors like your financial situation and credit history.
There are no guarantees you’ll be approved for the loan amount you’re seeking, but these tips may help you get the amount you need:
However, it won’t always be in your best interests to borrow up to your maximum limit. You may find it hard to afford your repayments, or may end up paying unnecessary interest if you borrow more than you need.
While a lender will only offer you a loan amount it believes you can pay back, it’s important that you also understand your borrowing limits. In order to be sure you can afford the maximum amount a lender offers you, do some basic calculations first. You can calculate how much you can afford to borrow by taking into consideration both your current bills and your current monthly income.
Add up all your bills and regular expenses – including all your debt payments – and 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.
Our personal loan borrowing calculator can help you quickly determine how much you may be able to spend on a new loan.
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.
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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