By Ben LuthiHow Much Can I Borrow With a Personal Loan?
Personal loans can range from a few hundred dollars to $100,000 or more, but the amount you'll actually qualify for depends on factors like your credit score, income and the lender you choose.
Beyond qualifying, it's also important to think about how much you can comfortably afford in monthly payments, and how much interest will cost you over the life of the loan. Here's what to know about personal loan amounts and how to determine the right one for you.
How Much Can You Get a Personal Loan For?
Personal loan amounts vary widely depending on the lender. Most banks and online lenders offer between $1,000 and $50,000, though some go as high as $100,000 or even $250,000 for well-qualified borrowers with excellent credit and a strong income.
On the smaller end, credit unions are more likely to offer starting loan amounts under $1,000. Many also offer short-term payday alternative loans for members with low credit scores. That said, some banks offer small-dollar loans for borrowers who need less than $1,000.
Some online lenders also offer short-term, small loans for people with less-than-stellar credit. However, they frequently come with high fees and short repayment terms that can make them difficult to manage.
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View all of our Best Personal Loans for 2026 to see what you’re likely to qualify for, and the rates and terms you might get.
What Factors Affect My Personal Loan Amount?
Every lender uses its own set of criteria to determine how much you can borrow. That said, most lenders evaluate the same core factors when reviewing your application:
- Credit score: Your credit score is one of the first things a lender looks at. A higher score signals that you've managed debt responsibly in the past, which makes lenders more comfortable offering you a larger loan at a lower interest rate. Many lenders also set minimum credit score requirements for their personal loans.
- Credit history: Beyond your score, lenders review the details of your credit report. Negative marks, like late payments, accounts in collections or a high number of recent credit inquiries, can reduce the amount a lender is willing to offer, even if your score is decent.
- Income: Lenders want to see that you have enough steady income to handle your monthly loan payment. Many require proof of income during the application process, and some set minimum income thresholds.
- Debt-to-income ratio: Your debt-to-income ratio (DTI) measures how much of your gross monthly income goes toward existing debt payments. Lenders use this ratio to gauge whether you can take on an additional monthly obligation. While requirements vary, many lenders prefer a DTI of 36% or less, though some go as high as 50% or more.
- Loan type and lender policies: Even among lenders with similar credit requirements, you may see a wide range of available loan amounts. Some lenders specialize in smaller loans, while others focus on larger amounts for well-qualified borrowers. The type of personal loan you choose—for example, secured versus unsecured—can also affect how much you're eligible to borrow.
Because these factors vary by lender, it's worth checking offers from several institutions. Experian's personal loan comparison tool can help you get prequalified and compare options based on your credit profile.
How Much Should I Borrow With a Personal Loan?
Just because a lender approves you for a certain amount doesn't mean you should take the maximum offered. Borrowing more than you need can lead to unnecessary interest charges and strain your monthly budget. Here's how to determine the right amount for you:
- Figure out exactly what you need. If you're consolidating debt, add up the balances you plan to pay off. If you're funding a home improvement project or covering an emergency expense, get a clear estimate of the total cost before you apply.
- Run the numbers on your monthly payment. Use a personal loan calculator to estimate what your payment would look like based on the loan amount, estimated interest rate and repayment term. A longer term lowers your monthly payment but increases the total interest you'll pay. A shorter term does the opposite—higher payments but less interest overall.
- Check your budget. Look at your monthly income, fixed expenses and other financial goals. If the payment would stretch your budget too thin or prevent you from saving for emergencies or retirement, consider borrowing a smaller amount.
- Consider the total cost of the loan. Running the numbers ahead of time helps you make a more informed decision about whether the borrowing cost is worth it. A $15,000 personal loan at 12% annual percentage rate (APR) over five years, for instance, would cost you roughly $5,020 in interest charges.
How to Qualify for a Bigger Personal Loan
If you need to borrow more than what a lender initially offers, there are several strategies that could help you qualify for a larger amount:
- Improve your credit score. Paying down existing debt, making all payments on time and practicing other responsible credit habits can help improve your score over time. Even a modest improvement could unlock better terms and higher loan amounts.
- Lower your debt-to-income ratio. Paying off outstanding balances, particularly credit card debt, reduces your DTI and shows lenders you have more room in your budget for a new payment. Remember, you can calculate your DTI by dividing your total monthly debt payments by your gross monthly income.
- Consider applying with a cosigner. Adding a cosigner who has strong credit and a low DTI can strengthen your application and improve your chances of qualifying for a larger loan at a better interest rate. Keep in mind, though, that the cosigner takes on equal responsibility for repayment.
- Increase your income. Lenders factor your income into their lending decisions. If possible, providing proof of additional income, such as freelance work, a side job or a recent raise, could help you qualify for more.
- Shop around. Different lenders have different maximum loan amounts, underwriting criteria and risk tolerances. Comparing offers from banks, credit unions and online lenders improves your odds of finding one that can offer the amount you need.
- Consider a secured loan. Offering collateral—such as a savings account or vehicle—may allow you to qualify for a higher loan amount or better terms than you'd get with an unsecured loan.
Frequently Asked Questions
Know Your Options Before You Borrow
Before you commit to a personal loan, take the time to understand how much you need, what you can afford and what options are available to you.
Checking your credit scores and reviewing your credit report through Experian can give you a clearer picture of where you stand and what kind of loan terms you might qualify for. The more prepared you are, the better position you'll be in to borrow wisely.
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About the author
Ben Luthi
Ben Luthi has worked in financial planning, banking and auto finance, and writes about all aspects of money. His work has appeared in Time, Success, USA Today, Credit Karma, NerdWallet, Wirecutter and more.
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