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When you need to fork out for a big purchase, personal loans can help to cover the full expense or bridge the gap between what you have and what you need. However, before you submit an application with a lender, it's a good idea to know exactly how much you can borrow with a personal loan. Applying for an excessive amount can lead to your application being rejected or see you stuck with repayments you can't afford. This guide will take you through what you need to know about how much you can borrow with a personal loan, so you can get the right loan for you.
There are a few considerations that come into play when determining how much you can borrow with a personal loan. This includes factors like how much you can afford to repay and the purpose of the loan. In terms of how much you can apply to borrow, it comes down to the type of loan you apply for. Unsecured personal loans usually offer loan amounts of between $1,000 and $50,000 while secured personal loans and car loans usually offer loan amounts of between $3,000 and $80,000.
Use the calculator below to determine how much you can borrow in regard to your circumstances:
Lenders consider several key pieces of information when approving your loan amount:
When you need to borrow a large amount, there are no guarantees that you’ll get the funds you’re looking for. However, following some of these tips may help you score the loan amount you need.
When comparing personal loans, it's important not to just focus on the maximum amount that you are able to apply for. There’s a lot more to a loan. Keep these factors in mind when comparing your options:
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