What is the Largest Personal Loan I Can Get?

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• Some personal lenders offer loans of up to $100,000, but $50,000 limits are more common.
• Your credit, income and current debt burden help the lender determine the loan amount you qualify for.
• Even if you qualify for a lender’s maximum amount, you should only borrow what you need and can afford to repay.

While some lenders offer $100,000 personal loans, that doesn’t always mean you’ll qualify for that much. How much of a personal loan you can get depends on your credit score, income and current debt. It also depends on the lender, as some have maximum loan amounts below $50,000.

Plus, just because you qualify for a high amount doesn’t mean you should borrow that much. When asking how much of a personal loan you can take out, be sure to consider how much you can afford to take out as well.

What influences the amount you can borrow?

There are several factors that contribute to determining the amount you can borrow. The best thing you can do before you get a personal loan is to ensure your finances are in order. Your credit history and financial profile will not only determine whether you qualify, but also how much you can borrow and what your terms will be.

Lenders want to know that you have a steady source of income and can afford to make your monthly payments as agreed. A higher income may unlock larger loan amounts, since you have more disposable income to put toward your loan payment. However, it also matters whether a significant percentage of your income is already allocated to debt payments.

Your lender will consider your debt-to-income ratio (DTI) — the percentage difference between your monthly debt payments and your monthly gross income. Lenders view a high DTI as a sign that you can’t afford to take on any more debt. While some lenders may accept DTIs of up to 50 percent, they prefer ratios of 36 percent or lower. If your DTI is on the high side, work on paying down debt before borrowing again. With a lower DTI, you may also be able to qualify for a larger loan amount and a better interest rate. Calculator Icon Bankrate tip

Calculate your DTI by adding up your monthly debt payments, dividing by your gross monthly income and multiplying by 100. To avoid the mental math, you can also use a DTI calculator.

Lenders use your credit score to determine your loan eligibility, set your interest rate and select your loan terms. Your score demonstrates how well you’ve managed your debts in the past, and is used by lenders to predict how likely you are to repay a new debt. Even if you have a high income and a low DTI, a low credit score can tank your odds of approval because it may indicate a history of late or missed payments, lack of experience with long-held debt or financial instability. You may still be able to get a personal loan for bad credit, but your rates may be as high as 36 percent.

You can get a personal loan without a job, but it may be more difficult to qualify for a high amount. Lenders want to know you’ll be able to pay back the loan and employment is the best way to show a steady stream of income that makes it possible to do so. While the lender may accept other income sources, like benefits, child support and contract income, they may prefer long-term, full-time employment as a more reliable source.

It may also be easier to qualify without employment if you insure your personal loan with collateral.

While most personal loans are unsecured and don’t require collateral, some lenders also offer loans that are backed by assets, such as your car or home. These unique personal loans are secured loans and may offer better rates due to the added protection for the lender. Just make sure you can afford the loan payments — if you default on the loan, you could lose any asset you used as collateral.

The type of collateral you can provide varies by lender. The most commonly accepted assets include deposit accounts (like savings account balances or CDs) or personal vehicles. Best Egg offers a unique secured loan that’s backed by the light fixtures, built-in cabinets and vanities in your home.

You can use a personal loan for almost anything, and your reason for borrowing may influence how much you can borrow. For example, some lenders may offer larger loan amounts to borrowers looking to finance a home improvement project.

Best Personal Loans

FAQ

What is the highest personal loan you can get?

Some personal lenders offer loans of up to $100,000, but $50,000 limits are more common. Your credit, income and current debt burden help the lender determine the loan amount you qualify for. Even if a lender lets you borrow the most money they will, you should only take out what you need and can pay back.

Is it hard to get a $100,000 personal loan?

Only a few lenders offer $100,000 unsecured loans. The lenders that do offer them tend to have strict personal loan eligibility requirements. You’ll need “good” to “excellent” credit to qualify for a large personal loan, a stable income, and a history of well-managed credit.

What is the highest limit for a personal loan?

Personal loan amount depend on monthly income, current obligations, and credit score. Banks set caps, typically up to ₹25-50 lakh. Bigger loans are possible for people with higher incomes and credit scores, but banks limit the amounts to make sure people can pay them back without any problems.

What is the maximum size of a personal loan?

The maximum amount you can borrow for a personal loan depends on how the lender determines your borrowing power and your ability to repay the loan. But most lenders will give you up to $100,000 for a secured personal loan or up to $50,000 for an unsecured personal loan.