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How much can I borrow with a personal loan?

Need a personal loan but not sure how much you can get? Find out how much you can borrow from a range of online lenders.

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Fact checked

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.

Australian dollars. 100s and 50s. Money. Cash.

Compare loan amounts from different lenders

Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Max. Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$50,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 year terms.
Plenti Fixed Rate Personal Loan

From 6.49% (fixed)
6.84%
$45,000
3 to 5 years
From $149 to $599
$0
You'll receive a fixed rate between 6.49% p.a. and 12.79% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Plenti Variable Rate Personal Loan

From 6.49% (variable)
7.49%
$45,000
1 to 2 years
From $149 to $599
$0
You'll receive a variable rate from 6.49% p.a and 12.79% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
SocietyOne Unsecured Personal Loan (5 years)

From 7.99% (fixed)
7.99%
$50,000
5 years
from 0% to 5% (capped at $995)
$0
You'll receive a fixed rate between 7.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.99% (fixed)
6.99%
$50,000
2 to 3 years
from 0% to 5% (capped at $995)
$0
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$50,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
NAB Personal Loan Unsecured Fixed

From 9.99% (fixed)
10.88%
$55,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
Wisr Personal Loan

From 7.95% (fixed)
8.78%
$50,000
3 to 5 years
$595 (Establishment Fee)
$0
You'll receive a fixed rate between 7.95% p.a. and 19.45% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$70,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 19.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly.
Heritage Bank Fixed Personal Loan
8.99% (fixed)
9.62%
$100,000
1 to 5 years
$200
$5
Choose a fixed rate loan and receive a comparison rate of 9.62% p.a.
Fixed rate loans are available up to $100,000 on terms from 1 to 5 years.
Heritage Bank Standard Variable Personal Loan
11.99% (variable)
12.61%
$100,000
1 to 10 years
$200
$5
Choose a variable rate loan and receive a 12.61% p.a. comparison rate
Variable rate loans are available from $5,000 - $100,000 on terms of 1 to 10 years.
Alex Personal Loan

From 6.95% (fixed)
6.95%
$30,000
6 months to 5 years
$0 (waived $295)
$0
You'll receive a fixed interest rate from 6.95% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Benefit from no ongoing fees. Note: The establishment fee of $295 is waived for all applications until 30 September 2020. Terms & conditions apply.
CUA Unsecured Fixed Rate Personal Loan
9.89% (fixed)
10.14%
$50,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
OurMoneyMarket Personal Loan

From 7.99% (fixed)
8.46%
$75,000
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 7.99% p.a. to 25.25% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.
ING Personal Loan
Finder Award
ING Personal Loan
8.99% (fixed)
9.13%
$30,000
2 to 5 years
$100
$0
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
NAB Personal Loan Unsecured Variable Rate

From 9.99% (variable)
10.88%
$55,000
1 to 7 years
$150
$10
You'll receive a variable rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$60,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
MoneyMe Personal Loans

From 8.99% (fixed)
10.68%
$50,000
2 to 5 years
5 - 8% of the principal borrowed, capped at $1,200
$0
You'll receive an interest rate between 8.99% p.a. and 29.99% p.a. based on your risk profile
A flexible personal loan from MoneyMe with access to cash when you need it.
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How much can I borrow with a personal loan?

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:

What lenders consider when determining how much you can borrow with a personal loan

Lenders consider several key pieces of information when approving your loan amount:

  • Your loan purpose. If you're applying for a loan to borrow a car, the loan amount will be tied to the car's value. If you're applying for a personal loan to consolidate debt, this will also be tied to how much debt you have. Lenders will also consider how risky the loan purpose is. For example, taking out a loan to go on holiday is riskier than buying a car.
  • Your income and financials. Your ability to afford the repayments is determined by how much you earn and your current outgoings, such as expenses and other debt commitments. You will need to provide information about these, as well as financial statements. The lender will also check your credit report.
  • Debt-to-income ratio. If you already have a significant amount of debt, a lender may see you as a liability and will be less likely to lend money to you. Try paying down your existing debts before taking out another loan if you think this might be an issue.

How can I get the loan amount I need?

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.

  • Improve your credit score. Putting yourself in a better credit position and proving yourself as a reliable borrower may help convince lenders to approve you for a higher loan amount.
  • Reduce your debt. Paying down your existing debts will lower your expenses and show that you can afford to take out a new loan.
  • Consider offering security. A secured personal loan, where you secure the loan with a car or asset such as a term deposit, can help improve your chances of being approved for the loan amount you need.

How to compare lenders beyond the maximum loan amount offered

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:

  • Eligibility criteria. Do you meet the loan's eligibility criteria? Does your credit score meet the lender's requirements for the maximum? Can you offer loan security? If these aren't the case, then you probably won't be able to qualify for the maximum loan amount, so ensure these before applying.
  • Interest rate. Check if the personal loan rate is fixed or variable and make sure it is competitive when you compare it with other similar loans.
  • Fees and other charges. Look for upfront fees such as establishment or application fees, as well as ongoing fees like monthly or annual fees. The personal loan comparison rates will give you an idea of the true cost of the loan, as it incorporates the interest rate and the mandatory fees you will be charged. Don't forget to also check out default and late payment fees, to ensure that they're not excessive, if you ever do miss a payment.
  • Loan terms. You'll generally find loan terms of between one and seven years for variable rate personal loans and one and five years for fixed rate personal loans. You can use a personal loan repayment calculator to ensure the loan terms you select will leave you with repayments you can afford.

Frequently asked questions about how much you can borrow with a personal loan

Related Posts

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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