Key takeaways

  • Personal loan amounts vary by lender, but some lenders allow consumers to borrow up to $100,000.
  • The amount a lender may approve you to borrow will depend on various factors, such as your credit score, income and debt-to-income ratio (DTI).
  • Review your budget before applying for a loan to assess how much you can comfortably afford to borrow — doing this can minimize your chances of defaulting.

According to TransUnion’s Q3 2023 Consumer Pulse Study, national unsecured personal loan balances set a record for the 8th consecutive quarter, with the average balance landing at $11,692 per borrower. However, this average amount isn’t guaranteed for every applicant. Personal loan amounts vary widely among lenders.

While some lenders allow you to borrow up to $100,000, others offer loans only up to $20,000. Most base your maximum loan amount on financial factors, like your annual income, your credit score and your repayment history. Generally speaking, the better your overall financial health, the higher your likelihood of getting approved for a larger loan amount.

How much personal loan can you get?

Every lender will offer different personal loan terms, including the maximum and minimum amounts you can borrow. Some offer loan minimums as low as $600, while others require much larger amounts, with some even reaching $7,000. 

Maximum loan amounts also vary widely by lender and loan type. Lenders like LightStream and SoFi offer personal loans up to $100,000, but these are among the most competitive loans in the market. Most lenders offer up to $50,000 or less.

Regardless of the maximum amount offered by the lender, the amount you qualify for will depend on your credit and finances. You are more likely to qualify for the maximum amount if you exceed minimum eligibility criteria, which is how most lenders gauge your creditworthiness. If you don’t at least meet the financial requirements, a lender may interpret that as you not being able to afford a larger loan.

Similar to other loan details, every lender will have different minimum requirements, so it’s crucial to ensure you not only meet but exceed the criteria. This will increase your chances of getting approved for a larger personal loan.

What influences the amount you can borrow?

Lenders take the following factors into account when reviewing your loan application:

Current debts

The amount of active debt you already have will be one of the bigger factors in how much you can borrow. Your lenders will consider your debt-to-income ratio — the percentage difference between your monthly debt payments and your monthly gross income to determine the amount you are offered.

As a rule of thumb, most lenders prefer a DTI of 36 percent and under to approve you for a loan. However, those with a lower DTI are more likely to qualify for a larger loan amount.


Income is often an important factor to lenders. Even if you have a large amount of debt, a high enough income can offset it. As long as you have enough to handle your current debt and take on a new personal loan, a lender may not cap how much you are able to borrow.

Credit score

Lenders use your credit score as one of the primary factors in determining how much you qualify for — and if you qualify at all. Even if you have minimal debts and high income, a past history of missed payments or defaults will limit how much a lender offers you, as you may seem like a riskier borrower.

Additionally, your credit score will determine the interest rate you’re offered so the higher the score, the lower your rate could be.


While you technically only need a regular source of income — which can be from benefits or self employment — some lenders will offer larger loans to borrowers with a steady, predictable monthly income. Some lenders allow applicants to input multiple income streams, while others only accept one annual income. If you’re self employed or are a gig economy worker, check the requirements prior to applying or, if possible, prequalify to see your predicted approval odds without impacting your credit.

How much can you afford to borrow?

The amount you are eligible to borrow will depend entirely on your finances and how much you are able to spend each month. When calculating your total monthly cost, make sure to account for your potential interest rate, any fees charged by the lender and your desired loan length. For example, a longer term would be more affordable if you need a lower monthly payment. However, it will result in more accrual of interest by the end of the repayment period, so you’ll pay more than you originally borrowed.

For example, a loan of $10,000 with an interest rate of 7 percent will have a significantly different monthly and overall cost depending on the length of your loan term. Even if you would prefer to have a smaller payment, try to pay as much as you reasonably can toward your loan to keep total costs down.

Loan term Monthly Payment Total interest paid
3 years $309 $1,115.75
5 years $198 $1,880.72
7 years $151 $2,677.85

The bottom line

Personal loan amounts vary depending on the lender you choose, your credit score and overall financial situation. That said, no matter how much a lender offers, you should only borrow the amount you need to cover the expense. If you aren’t sure what size loan you can afford, use a personal loan calculator to see how different amounts, rates and terms could affect your monthly payment.

Lastly, when shopping for personal loans, compare rates from multiple lenders to ensure you get the best deal available for your situation. When doing so, try going for those that offer prequalification, as this will allow you to see what you may be eligible for without hurting your credit. But keep in mind prequalifying doesn’t mean guaranteed approval.