Most personal loans are for $1,000 to $50,000, although some lenders will consider loans of up to $100,000 in some cases. Many personal loans are for a lot less. The average personal loan balance for new originations in the third quarter (Q3) of 2023 was $19,402, according to Experian research.

The best personal loans have low interest rates, but large 澳洲幸运5开奖号码历史查询:pers🔯onal loans can have large monthly payments even with low interest rates. Weigh the pros and cons before taking out 🧸a large personal loan.

Personal Loan Maximums

澳洲幸运5开奖号码历史查询:Personal loans are often unsecured, meaning you don’t have to risk your assets as collateral. For lenders, personal loans are riskier because they have no 澳洲幸运5开奖号码历史查询:collateral to use to recoup losses if you fail to make paꦉyments.

As a result, interest rates for 澳洲幸运5开奖号码历史查询:unsecured personal loans tend to be higher than for loans like mortgages or auto loans, and lenders are hesitant to offer large, unsecured personal loans.

Most lenders state that their maximum personal loan amount is $50,000, though some will go 澳洲幸运5开奖号码历史查询:as high as $100,000. Some borrowers, usu𒐪ally wealthy and with high credit sco𝔍res, might be able to borrow more. 

Here are the personal loan ranges for the best personal loan lenders in 2023:

Factors That Determine How Much You Can Borroℱw W🍬ith a Personal Loan

Even though most lenders may l🌠end up to $50,000 on a personal loan, the maximum amount you can borrow depends on several factors about your financial situation. These ar🃏e:

• Income: Lenders will look at your income to assess if you can repay your loan.
• Credit score: You’ll need a 澳洲幸运5开奖号码历史查询:credit score of at least 640 to get a personal loan, and large loans are only available to borrowers with very high credit scores.
• Current debts: If you want to take out a 澳洲幸运5开奖号码历史查询:large personal loan, your lender will likely look at your 澳洲幸运5开奖号码历史查询:debt-to-income (DTI) ratio. If you have large outstanding debts, they are likely to lower your maximum loan amount.
• Loan type: Most personal loans are 澳洲幸运5开奖号码历史查询:unsecured, but if you can offer collateral for your loan, you may be able to borrow more.
• Co-signers: If your loan application has a 澳洲幸运5开奖号码历史查询:co-signer with a high income and credit score, your lender may be more willing to lend larger amounts.

How Much Should I Borrow With a Personal Loan?

The amount you should borrow with a personal loan depends on what you want to use it for and your personal financial circumstances. You can use a personal loan for almost any expense (with exceptions such as a mortgage 澳洲幸运5开奖号码历史查询:down payment), but large loans can be expensive if you don’t p✃ay them off qui𒉰ckly.

In general, you should get the smallest personal loan that meets your requirements and pay it back as quickly as you can. This will minimize the impact of your 澳洲幸运5开奖号码历史查询:interest rate, thus making theꦓ loan less expensive overall. 

When you deci🐻de how much you should borrow with a personal loan, consider:

• The loan’s purpose: Your loan will need to cover your planned costs. Sometimes, you may want to borrow a little more than you need to cover your costs. 
• Your monthly repayments: The amount you will pay back each month on the loan is affected by two factors: your 澳洲幸运5开奖号码历史查询:interest rate and the length of your loan. Make sure that you can afford the monthly 澳洲幸运5开奖号码历史查询:repayments. If you miss your payments, you will likely have to pay penalties, and your credit score will suffer.
• Your debt-to-income (DTI) ratio: If you take out a large loan, your DTI ratio will increase significantly. This can make it hard to access additional credit, such as a mortgage.

What Can I Do if I Don’t Qualify for the Loan A꧙mount I Need?

If you are denied a personal loan for the amount you ne💮ed, even after trying several loan providers, your options are somewhat limited. However, there are alternative steps you can take.

First, you can find a co-signer—ideally someone with a high income and good credit—to co-sign your loan application. Lenders will then be more willing to offer you a larger loan.

澳洲幸运5开奖号码历史查询:Some lenders offer large loans to people whose credit score wouldn’t qualify them for a personal loan with aꦉ regular lender. However, these lenders tend to charge high interest rates, which can make these loans very expensive over the l෴ong term.

You couldꦗ also consider alternative ways of raising cash. If you can sell your vehicle or other household goods🐠, you can raise money quickly. 

Finally, if you have equity invested in your home, you can also consider a home equity൲ loan o𒁃r a home equity line of credit (HELOC). 🥀These loans use your home equity as collateral to secure a loan tha💜t can provide lower interest rates.

There are also ways to raise the maximum personal loan you can get over th൲e lonﷺg term. Specifically:

• Improve your credit score. You can establish a solid 澳洲幸运5开奖号码历史查询:credit history or repair a damaged one in several ways: taking out credit cards designed to build your score, using 澳洲幸运5开奖号码历史查询:credit-builder loans, or simply making debt repayments on time.
• Pay down debt. Your DTI ratio will affect how much a lender is willing to lend you on a personal loan. Reducing your debt level can, therefore, lead to you being able to borrow more.
  

The Bottom Line

Most personal loan providers offer personal loans of up to $50,000, but only for borrowers with high credit scores and incomes. In rare cases, it’s possible to get personal loans f🧸or $100,000 or even more.

The maximum amount you can borrow on a personal loan will depend on your credit score, income, debt-to-income (DTI) ratio, and the lender’s criteria.