What's the maximum you can borrow with a personal loan?
You can generally borrow up to $100,000 with a secured personal loan or up to $50,000 with an unsecured personal loan. However, the amount you can borrow is also determined by your borrowing power and ability to repay the loan.
Use the calculator below to work out how much you could realistically afford to borrow and how much it would cost to repay.
What determines 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.
Our personal loan comparison is completely free to use. There are no costs at all for you to use our database to find a better deal. Better still, we regularly run exclusive deals that you won't find on any other site.
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We've researched and reviewed hundreds of loans as part of our Finder Awards. Our database and tables are always up-to-date and our in-house experts regularly appear on Sunrise, 7News and SBS News.
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We are independently owned and have a mission to help Australians make better financial decisions. That means our opinions are our own and you can compare nearly every personal loan in Australia (and find a better deal).
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Since 2014, we've helped 300,000+ people find a personal loan by explaining your options simply. You don't need to give us any details to use our comparison. We're here to help you make a decision.
Frequently asked questions about how much you can borrow with a personal loan
You have the option of taking that personal loan and using the funds anyway or rejecting the loan offer. Keep in mind the credit enquiry will be listed on your credit report and will affect your next loan application. Excessive credit enquiries in a short space of time can negatively impact your credit score.
In many cases, yes. However, many lenders are now offering risk-based interest rates which means that your interest rate is personalised and will only be given to you when you apply. If your lender offers this, you can usually get a rate estimate without it affecting your credit score. Find out more about how risk-based interest rates work here.
Yes. The lender will have a section in the application where it will ask this. You will either need to select from a dropdown list of loan purposes or note down what you will be using the loan for. This will form part of the lender's decision.
Elizabeth Barry is the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review.
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