How Much of a Personal Loan Can I Get?

By Jackie Lam. May 01, 2025 · 11 minute read

This content may include information about products, features, and/or services that SoFi does not provide and is intended to be educational in nature.

How Much of a Personal Loan Can I Get?

Personal loan amounts can range from $1,000 to $100,000 depending on the lender and your qualifications. These loans can offer flexible funding for an array of uses, such as home improvement projects or debt consolidation.

Whether you’re looking for a large personal loan or a small one, the lending criteria is usually the same. Here, learn more about how much lenders typically offer, what factors play into the size of a personal loan that you can get, and when it makes sense to get a personal loan.

Key Points

•   Personal loan amounts vary by lender, typically ranging from $1,000 to $100,000.

•   Credit score, debt-to-income ratio, and employment history significantly influence loan approval and conditions.

•   Applying jointly with someone who has strong credit may increase the borrowing limit.

•   Secured loans, requiring collateral, often allow for higher borrowing amounts compared to unsecured loans.

•   The intended use of the loan can affect the maximum amount lenders are willing to provide.

How Much Do Lenders Offer?

How much can you get for a personal loan? Amounts vary by lender, but typically start at $1,000 and go as high as $100,000.

The amount you actually get approved for depends on a handful of criteria, which you’ll delve into in more detail below.

Recommended: Typical Personal Loan Requirements

Factors that Determine how big of a personal loan you can get

What Determines How Big of a Personal Loan You Can Get?

The amount a lender offers and the amount you qualify for aren’t always one and the same. There’s a handful of financial and credit criteria that can impact the loan amount, rates, and terms. The main factors are as follows:

Credit Score

In general, the higher your credit score, the larger the loan amount, and the more favorable the terms and interest rates. On the flip side, the lower your credit score, the smaller the loan amount, and the less favorable your terms and interest rates.

Lenders usually have credit score requirements. The minimum required credit score for a personal loan varies but can start at 580. To get the best terms and rates, you usually need a credit score of at least 700.

Recommended: Can a Personal Loan Hurt Your Credit?

Debt-to-Income Ratio

Your debt-to-income ratio (DTI) is your monthly debt payments divided by your gross monthly income. It’s expressed as a percentage. For example, say your monthly income (before taxes, withdrawals, and other deductions are taken out) is $10,000, and your total debt obligations are $4,000. In that case, your DTI is 40%.

For the most part, lenders would like to see a DTI no higher than 35% to 42%. But if you have a high credit score, you might get approved with a slightly higher DTI.

Lender Amount Limits

The amount you can borrow may be limited by how much funding you can receive from your lender. If your credit is stellar, you have low DTI, steady employment, and a good income. But if the lender’s max personal loan amount is $50,000, then the most you can potentially borrow is $50,000.

Applying as An Individual or Jointly

If you’re applying for a personal loan with another applicant and their credit is strong, you might be eligible to borrow more money than you would be if applying solo. However, not all lenders let you apply jointly, so you’ll want to check beforehand.

Income and Employment History

How much you can borrow also depends on your income and employment history. If you bring in a certain amount of money and have steady work for the last few years, that could boost the approval amount.

Some lenders may give more weight to your income and employment history. If yours are excellent, you might be able to get a higher loan amount with a lower credit score and a higher debt-to-income ratio.

Minimum Income Requirements

There typically isn’t one single minimum income that is required for a personal loan. The amount needed will depend on a variety of factors, such as the amount of funding you are seeking (higher figures mean more income is likely required) and your credit history. The lender wants to feel secure that you are going to be able to repay the loan.

Collateral

Not all personal loans require you to provide a valuable asset, such as your home or car, to back up the loan. But if you’re looking into a secured loan, you might be able to get a higher max amount on your personal loan than if you went the unsecured loan route.

Using collateral and getting a secured loan means you could get a bump in your personal loan amount. Remember, not all lenders offer secured personal loans. If a lender does offer both secured and unsecured loans, you can compare quotes from the same lender for either option.

Loan Purpose

A lender might only allow you to use the loan for certain purposes. For instance, some lenders specialize in credit card debt consolidation loans. Lenders that offer greater flexibility might have limits on how much you can borrow depending on the loan purpose.

For example, the limit on using the loan proceeds for childcare expenses and large purchases might be different than if you’re planning to use the funds toward a major home improvement project.

Calculating How Much You Can Borrow

Determining how much you can borrow requires you to know your financial situation, how much you’d like to borrow, and what you can reasonably afford to pay off on a regular basis.

To start, jot down the repayment term and rate you anticipate receiving. If you get prequalified, that can give you a fair estimate on your loan amount.

Next, you’ll want to figure out the following numbers:

•   Income before taxes

•   Additional income you get on a regular basis (i.e., rental property income, alimony, disability benefits)

•   If you’re filing jointly, you’ll also need to include the other applicant’s income and other details

•   Tally up your existing debt. This might include credit card debt, other personal loans, a car loan, or student loan debt.

That can help you figure out how much you can afford for your monthly payment.

How to Calculate Your Borrowing Power

If you’re mulling over the possibility of debt consolidation, you want to gauge how much you’d save on interest or how much your monthly payment will be lowered by rolling over your existing debt to a new one.

You can break out a calculator and punch in basic numbers, such as the loan amount, interest rate, and repayment term, to figure out what your monthly payment shakes out to.

Online Loan Calculators and Prequalification

Another option: Let tech do the work for you. You can use a handy personal loan calculator to simplify this process and perhaps comparison-shop a bit using online tools.

You may find that you can prequalify for a loan online, too, which gives you a picture of what you might qualify for in terms of loan amount and interest rate. This is not a binding agreement and doesn’t involve a hard credit pull, but it can help you approximate what options may be available.

Recommended: Pros and Cons of Personal Loans

Does a personal loan make sense

Does a Personal Loan Make Sense?

Personal loans do have the word “personal” in them. So whether it makes sense for you to take out a personal loan depends on your unique situation and circumstances.

Here are some scenarios where getting a personal loan might be a good idea:

•   You need a large sum upfront. If you need a chunk of cash for a big-ticket purchase or to fund a home renovation, a large personal loan can provide you with the money to cover a purchase.

•   You have a good credit score. The higher your score, the higher the loan amounts and the better your rates and terms will most likely be.

•   You’re using the funds for something you really need. If you need the money to cover a financial shortfall, unexpected emergency, or much-needed home remodeling project, it could be a sound move to take out a personal loan.

•   You need the money quickly. The processing and funding times for a personal loan can be a lot faster than other funding choices, such as a home equity loan or home equity line of credit, or HELOC.

•   You want to consolidate high-interest debt. If you qualify for a lower interest rate, lower monthly payments, and more flexible repayment terms, it could make financial sense to take out a debt consolidation loan.

When a Personal Loan May Not Be the Best Option

Now, consider instances when a personal loan may not make sound financial sense:

•   You can’t keep up with monthly payments. If you’ve looked at your situation, done the math, and realized that you’ll have a hard time staying on top of your monthly payments, then a personal loan might not be the right choice for you at the time.

•   You have time to save for your major purchases and goals. If you aren’t in a financial pinch and don’t need the money right away, you might be better off saving the amount needed instead. That can allow you to sidestep paying interest.

•   You don’t need to take out a large amount of money. Unless you have good reason to take out a sizable amount of cash, then it probably doesn’t make financial sense to get a personal loan. Other options, such as a personal line of credit, might be a better move.

Alternatives to Personal Loans

If you’re on the fence about taking out a certain type of personal loan, know that other options exist. Here are other routes to take:

Credit card. If you’re already shouldering a lot of credit card debt and are paying a lot in interest fees, this might not be the best choice for you. But if you need to borrow a small amount — and can reasonably pay off your balance in a short amount of time — then a credit card can provide easy access to funding.

Personal line of credit. Don’t need a lump sum upfront and anticipate needing to tap into funds for different purposes? Then a personal line of credit, which is similar to a credit card, might be a better fit.

Peer–to-peer loan. If you’re struggling to qualify for a personal loan with a traditional lender, you might have better odds of getting approved for a peer-to-peer (P2P) loan. Instead of being funded by a financial institution, P2P loans are funded by individuals who serve as investors and are loaning the money. The lending criteria for P2P loans tend to be less stringent than traditional loans.

Home equity loan or home equity line of credit (HELOC). If you’re a homeowner who has built equity in your home, you could qualify for a home equity loan or home equity line of credit (HELOC). Because you are offering your home as collateral, you typically can qualify for higher loan amounts. Plus, home equity loans or HELOCs tend to have less stringent lending criteria.

If possible, consider waiting to take out a personal loan until you’ve worked on building your credit, reduced your debt loan, are earning a higher income, or have a more stable employment history.


đź’ˇ Quick Tip: Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.

The Takeaway

How much of a personal loan you can get depends on a handful of factors, such as what’s available from the lender, your credit score, debt-to-income ratio, and employment history. Plus, it’s important to get your head around what you can reasonably afford to pay each month.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.


SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

FAQ

What is the maximum personal loan amount?

Most lenders offer a maximum personal loan amount of $50,000 to $100,000. But just because a lender offers that doesn’t mean you’ll get approved for it. You’ll also want to be mindful about not taking on more than you need and can pay back on time.

How much is too much to ask for a personal loan?

There’s no specific number that constitutes “too much” for a personal loan, up to the maximum which is typically $100,000. That said, an amount might be considered too high if you don’t have a good reason to take out that much money and if you aren’t able to afford the monthly payments.

Does the size of a personal loan affect a credit score?

As your personal loan payments are reported to the three major credit bureau agencies, the size of your personal loan can impact your credit. For example, your payment history is the largest contributing factor, and if you take out too large a loan and struggle to make payments on time, that can negatively impact your score.

Can I get a personal loan if I have existing debt?

Yes, it’s possible to get a personal loan if you have existing debt. Prospective lenders will review your ability to repay the personal loan and see whether you’ve handled debt responsibly in the past. An example of getting a persona loan with existing debt could be a mortgage holder getting a personal loan to buy new furniture.

How can I increase my chances of getting approved for a larger loan?

You may be able to increase your chances of getting approved for a larger loan by building your credit score, increasing your income, shopping around with different lenders, and having a co-applicant or co-signer on the loan.


Photo credit: iStock/Ridofranz

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