If you’re short on cash, a personal loan can come in handy. But how much can you get with one? According to data from TransUnion, the average new loan amount at the end of 2022 was $8,018. But how much you qualify for depends on your credit profile, income, current debt, and the lender. Learn how each of these can impact your loan amount.
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What do you need to get a personal loan?
First, you need to understand basic loan requirements to figure out how to maximize the amount you’ll qualify for. When you apply for a personal loan, lenders take a look at your financial situation to determine how much they think you can pay back and how likely you are to pay it back. This minimizes their own risk and determines your interest rate and the amount you’ll qualify for.
Most personal loan lenders will look at a few key pieces of information when you apply for a personal loan:
- Credit score: Your credit score tells lenders about your borrowing history. Lenders see a higher score as an indication of more responsible borrowing. Lenders are more likely to give you a loan — and a lower interest rate — if you have a higher credit score.
- Income: Generally, you need to show proof of income to qualify for a personal loan. Lenders want to know you’re consistently earning money and have the funds to repay your loan.
- DTI: Your debt-to-income ratio (DTI) is the ratio of your debt to your gross monthly income. Having a lower DTI shows lenders you have available income to put toward a new loan — in other words, your income isn’t already tied up repaying existing debt.
How credit score impacts loan amount
Lenders use your credit score to get an idea of how risky you are as a borrower. Since a higher credit score indicates a history of paying back debt on time and in full and minimizing your credit utilization, it signals that you’re a less risky borrower who can potentially handle a larger loan amount.
Most lenders use the FICO credit scoring model, which assigns the following credit score ranges on a scale of 300 to 850:
- Below 580: Poor
- 580 to 669: Fair
- 670 to 739: Good
- 740 to 799: Very Good
- 800 or higher: Exceptional
The credit score you need to qualify for a personal loan depends on the lender. Some lenders offer loans for bad credit, but most require fair credit, or a score of at least 580, to qualify for a loan. To get the best rates and highest loan amounts, however, you likely need to have a good, very good, or exceptional credit score.
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Personal loan debt-to-income ratio (DTI)
Your DTI indicates the amount of gross income you have to spend on existing debt each month, and is a major indicator of how much of a monthly payment you can handle. For example, if your gross monthly income is $7,000 and your monthly debt payments total $2,000, your DTI would be:
- $2,000 / $7,000 = 28.6% = DTI
Expressed as a percentage, it’s the ratio of monthly debt obligations you have compared to the amount of money you earn. From a lender’s perspective, a lower DTI is better. Lenders generally like to see a DTI of less than 36%. The higher your DTI, the less likely you may be to qualify for a loan — and the smaller the amount you’ll likely qualify for.
How to increase the amount you can borrow
If your credit score, DTI, and income are such that you’re struggling to qualify for the loan amount you need, there are few things you can do:
- Improve your credit score
- Lower your DTI
- Apply for a loan with a cosigner
Improve your credit score
You may not be able to increase your credit score overnight, but taking the following actions can have it trend in the right direction:
- Ask for higher limits on your credit cards (this can potentially have a big impact to your credit score in a short amount of time)
- Make all your loan and credit card payments on time
- Lower your credit utilization by spending less on your cards
- Keep old credit cards open, even when they’re paid off
- Check your credit report regularly, and dispute any errors
Related: Best Credit Cards
Lower your DTI
There are two levers you can pull to lower your DTI: increase your income, or lower your debt. To increase your income, you may be able to negotiate a raise, start a side hustle, or find a higher-paying job. Usually much easier said than done, but it could be well worth the effort.
To lower your debt payments, put extra money toward paying off individual loans and credit cards, try negotiating lower interest rates, or consolidate your debt at a lower interest rate. A debt consolidation loan can potentially lower your overall monthly payments (thereby freeing up money), and can decrease your credit utilization ratio (thereby increasing your credit score).
Apply with a cosigner
Finally, applying for a loan with a cosigner is probably the quickest way to qualify for a bigger loan. A cosigner is someone, ideally with good credit, who applies for and signs a loan with you. This can make your application more attractive — and less risky — to the lender. Both you and the cosigner will be on the hook, however, if you default on the loan.
Advertiser DisclosureOverview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Read full reviewOverview
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
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Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Read full reviewOverview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
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LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Eligibility
Available in all 50 states
Loan uses
Debt consolidation, paying off credit cards
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SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
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Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
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Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
Read full reviewOverview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Read full reviewOverview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Read full reviewOverview
Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Eligibility
Available in all states except MA, MS, NV, and OH
Time to get funds
As soon as 2 - 5 business days after verification
Loan uses
Debt consolidation and credit card consolidation only
Read full reviewOverview
BHG Money stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.
Fees
Origination fees, late fees
Eligibility
Available in all states except Maryland and Illinois
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
Read full reviewFees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
Read full reviewOverview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Read full reviewThe risks of borrowing more than you need
Receiving a loan in the form of a large lump sum can be both an excitement and a relief — it can fund a large vacation, pay for important medical expenses, cover you during an emergency, or help you consolidate your debt. But even though qualifying for a loan can feel great at first, keep in mind you have to pay it all back — plus interest.
Borrowing more than you need isn’t usually a good idea. It can increase your debt burden, monthly payments, and interest payments. With more debt on your plate, you may have a harder time keeping up with payments, which is important for maintaining a healthy credit score. Not to mention more debt on your plate means less money going toward other expenses, fun purchases, and goals.
Make sure you only borrow what you can afford to pay back. Running the numbers with a personal loan calculator can help you gauge your future monthly payments and total loan cost to avoid biting off more than you can chew.
FAQ
How much can you typically get for a personal loan?
In some cases, you can get a personal loan of as little as several hundred dollars or more than a $100,000. Many lenders cap their loans around $50,000 or less — though some, like SoFi, a Credible partner, offer loans up to $100,000. You generally need to have a good credit score and low DTI in order to qualify for a lender’s maximum loan amount.
Is it hard to get a $50k personal loan?
It depends on your credit score, income, and DTI. Many lenders don’t offer loans of over $50,000, and some have even lower limits. To get a $50,000 loan, you’ll have to find a lender that offers loans of that size and show that you’re a low-risk borrower. To do so, you’ll likely need to have a great credit score, regular income, and DTI under 36% — or to cosign the loan with someone who does.
Can a personal loan hurt my credit score?
When you apply for a personal loan, your credit score may drop a few points, but only temporarily. If you make consistent, full payments on your personal loan, your credit score will likely rise over time. But if you miss payments or default on your loan, your credit score will probably take a hit.
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Meet the expert:
Emily Batdorf
Emily Batdorf is a personal finance expert, specializing in banking, lending, credit cards, and budgeting. Drawing on her scientific background, she's developed a knack for analyzing financial products in the context of different needs. She finds joy in helping readers understand their best options and shuns a one-size-fits-all approach.