How much can I borrow with a personal loan?

You may be able to borrow up to $100,000 but this depends on the lender, your income, credit score and the type of loan you need.

What's the maximum you can borrow with a personal loan?

The maximum amount you can borrow for a personal loan depends on how the lender determines your borrowing power and your ability to repay the loan.

But typically lenders offer up to $100,000 with a secured personal loan or up to $50,000 with an unsecured personal loan.

Sometimes though, the maximum you are approved to borrow is more than you would be comfortable with repaying. Use the calculator below to work out how much you could realistically afford to borrow with how much it would cost to repay.

Compare personal loans

1 - 6 of 166
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$75,000)
OurMoneyMarket logo
Finder award winner
Fixed1 - 7 Years $5,000 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
Go to siteMore Info
Harmoney Unsecured Personal Loan
Harmoney logo
Finder award winner
Fixed3 - 7 Years $2,000 - $70,000
Interest Rate (p.a.)
5.76%
to 24.03%
Comp. Rate (p.a.)
6.55%
to 24.98%
Application Fee
$275 - $575
Monthly Fee
$0
Monthly Repayment
Go to siteMore Info
NOW Finance No Fee Unsecured Personal Loan
NOW Finance logo
Finder award winner
Fixed18 Months - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
6.75%
to 26.95%
Comp. Rate (p.a.)
6.75%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
Go to siteMore Info
Latitude Variable Rate Personal Loan
Latitude Financial Services logo
Variable2 - 7 Years $5,000 - $70,000
Interest Rate (p.a.)
9.49%
to 29.99%
Comp. Rate (p.a.)
10.37%
to 30.69%
Application Fee
$0
Monthly Fee
$13
Monthly Repayment
Go to siteMore Info
Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.
NAB Personal Loan Unsecured Fixed
NAB logo
Fixed1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
8.49%
to 20.49%
Comp. Rate (p.a.)
9.88%
to 21.78%
Application Fee
$250
Monthly Fee
$15
Monthly Repayment
Go to siteMore Info
NAB Personal Loan Unsecured Variable Rate
NAB logo
Variable1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
8.49%
to 20.49%
Comp. Rate (p.a.)
9.88%
to 21.78%
Application Fee
$250
Monthly Fee
$15
Monthly Repayment
Go to siteMore Info
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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 much does a personal loan cost?

The average Australian borrower could pay from $149 per month in personal loan repayments.
  • The average personal loan balance in Australia is $7,727, according to Finder's consumer sentiment tracker.
  • Lowest unsecured personal loan rate is 5.76% and the lowest secured rate is 6.00%.
  • Average unsecured personal loan rate in Finder's database is 10.94%.
  • Assuming you had a balance of $7,727 and you were paying the lowest rate available your repayments would be $149 per month over 5 years.
  • If we were to assume you were paying the average rate in Finder's database your repayments would be $168 per month over 5 years.
Data is correct as of 03 December 2024. This savings example is a hypothetical estimate only. Interest rates will depend on your personal circumstances and the lender's borrowing assessment, so the rate used may not reflect your own costs.
Rebecca Pike
Market update by Rebecca Pike – Finder's senior money writer

What's the difference between secured vs unsecured personal loans?

It's likely that you'll be able to borrow more money by taking out a secured personal. That's when you use existing property (like your car or your house) as collateral against your loan. If you can't make your repayments, the lender will take the property and sell it to recoup the costs.

You'll see a difference in the interest rates depending on whether the loan is secured or unsecured, because the lender will charge a higher rate if there's a higher risk of them losing money.

The average unsecured rate on the market at the moment is 10.94% and the average secured rate is 10.18%.

On a $10,000 personal loan the unsecured rate would cost $218 a month for a 5 year term. The same loan with the lower secured rate would cost you $214 a month.

But very often the difference can be much bigger, so be sure to get a quote and then calculate your repayments when working out what you can borrow.

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.

Why compare personal loans with Finder?

freeAddicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
expert adviceRates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.
independentCash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.

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

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Lead Editor

Elizabeth Barry was 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. See full bio

Elizabeth's expertise
Elizabeth has written 211 Finder guides across topics including:
  • Banking
  • Personal finance
  • Investing

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