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What is the maximum personal loan amount?

Some lenders offer personal loans up to $100,000

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Prosper, SoFi, LightStream, OppLoans, Upgrade and Upstart
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Perhaps one of the easiest types of loans to qualify for, personal loans are a favorite among borrowers, as evidenced by the $225 billion in unsecured personal loan debt carried across the U.S.

Personal loans have a variety of uses and a wide range of amounts. According to a 2023 TransUnion study, the average personal loan balance among borrowers is $11,281. But you can secure a personal loan of up to $100,000 with the right financial profile.


Key insights

  • Personal loan amounts can range from a few hundred dollars up to $100,000.
  • Your credit score, income and other financial factors affect how much a lender will approve you for.
  • If you provide collateral, you may qualify for better rates and a higher loan amount.
  • Avoid taking out a larger loan than you may need simply because you qualify.

What’s a typical personal loan limit?

Typically, personal loan lenders have both minimum and maximum loan amounts. SoFi, for example, offers loan amounts ranging from $5,000 to $100,000. SoFi’s minimum is relatively high for those looking for small amounts, but its maximum is one of the highest on the market. Because SoFi offers such high loan amounts, it requires good credit or higher to qualify.

An example of a more middle-of-the-road lender is Upstart. It offers personal loans from $1,000 to $50,000.

Most personal loan lenders are middle-of-the-road lenders, requiring you to borrow at least in the low thousands. However, lenders like OppLoans, which has a minimum of $500, may be a better option if you don’t want to risk taking out more than you can afford.

For even smaller purchases, other financing options like credit cards may be a better approach.

» MORE: Personal loan vs. credit card: Which is better?

What determines your personal loan limit?

Just because you want a $100,000 personal loan doesn’t mean you have the qualifications to get it. Lenders have strict requirements and take a hard look at your finances and your past use of credit to get a sense of how likely you are to pay them back.

Lenders typically look at the four factors below to determine how much to lend you.

Credit score
Your credit score is based on your financial history and is the clearest way for lenders to understand your borrowing habits. A high score indicates responsible borrowing habits, so you're more likely to get approved for a higher loan amount.

While there are loan options for bad credit borrowers, personal loans with good interest rates are mostly reserved for borrowers with good credit or better. Since many personal loans are unsecured (meaning there’s no collateral you’re putting up to back the loan), these loans are riskier for lenders. Lenders offset this risk by requiring higher credit scores and assigning higher interest rates than they would for secured loans.

Income
Lenders should only approve you for a loan you can realistically afford based on your income. When you apply for a personal loan, you must submit verification of your income, typically through bank statements or pay stubs.

Higher-income borrowers often qualify for higher loan amounts, while lower-income borrowers only qualify for smaller amounts to ensure they can pay the loan back on time.

Debt-to-income ratio
Your debt-to-income ratio (DTI) measures your monthly debt payments against your monthly income. If you already have multiple personal loans, student loans, credit card debt and a mortgage, it may be more difficult to qualify for another loan. The more loans you have, the higher your DTI.

Lenders see too many loans as a red flag that you’re taking on more debt than you can handle. Conversely, if you have low outstanding balances relative to your income, you may have the means to repay additional debt.

“A lower DTI indicates a borrower has sufficient income to cover existing debts and the potential new loan payment,” explained Seth Jacobs, a manager of LeaderOne Financial Corporation’s branch in Brunswick, Maine. “Generally, lenders prefer a DTI below 40% when considering loan amounts. This signals to lenders that you can manage another loan easily.”

Collateral
Personal loans come in two forms: secured and unsecured . Unsecured personal loans are more common, especially for those with good credit. With these loans, you’re qualifying based solely on your financial profile.

Secured loans are better for lower-credit borrowers. They require an item used as collateral, such as a car, boat or investment. This allows the lender to seize the asset if you stop making loan payments, which offsets the risk the lender takes. Lenders consider the collateral’s value when assessing a secured loan application, so they weigh your financial and credit profiles less than they would for an unsecured loan application.

Should you borrow to your max?

Getting access to $100,000 almost overnight sounds great, but you need to think about how much you really need to fund your expenses. If you take out more than you need, you’ll pay for it in interest charges over the life of the loan. Plus, your monthly payments will be higher than they need to be.

Generally, lenders prefer a DTI below 40% when considering loan amounts.”
— Seth Jacobs

To illustrate just how much interest you’ll pay, here’s a table comparing three different loan amounts, all with 10% interest. We used Upstart’s interest rate calculator to get an estimate of the monthly payment and total interest paid for each loan.

As you can see, keeping your loan amount low with a short repayment period is the best way to avoid paying an arm and a leg in interest. The larger the loan and the longer your term, the more the lender charges you. For a $15,000 loan, you’ll pay close to $6,000 in interest alone. And that’s for a 10% interest rate, which is lower than the average personal loan interest rate.

» MORE: Interest rates and how they work

Other ways to get a large loan amount

While personal loans are arguably the easiest loans to get (assuming you have a good financial record), they aren’t the only option for obtaining a large loan. Depending on what you plan to use the money for, there are larger loan options out there.

Home equity loans

Borrowers with substantial equity in their homes may qualify for large home equity loans. Your credit score, income, how much equity you have and other financial details all factor into your home equity loan amount. A home equity loan is a long-term loan that uses your home as collateral, making it a less risky loan for lenders but a riskier loan for you.

That said, home equity loans still beat out personal loans for some borrowers. Assuming you qualify, you may be able to borrow between 80% and 90% of your loan-to-value ratio (the percentage of the loan amount relative to the appraised value of your home). If you have a high-value home, you may qualify for a substantial loan.

Traditional bank loans

Although they tend to take longer to qualify for, traditional bank loans are traditional for a reason. Well-known banks offer loans of all shapes and sizes, depending on your credit profile. With good to excellent credit, you’ll likely qualify for large loans.

The relationship you have with your bank may result in a lower loan interest rate than what you can get from online lenders. Some online lenders may keep interest rates relatively high to offset the risk of offering such fast-turnaround loans. Plus, traditional bank loans often have a wide range of term lengths, while online personal loans tend to max out at five years.

Peer-to-peer loans

A peer-to-peer (P2P) loan is a type of loan that connects borrowers directly with investors who fund their loans. The P2P lending platform itself acts as an intermediary, facilitating the loan origination and servicing processes.

P2P loans overlap with personal loans in many ways, offering fast funding, loans you can use for a variety of reasons and large loan amounts. P2P lenders, like Prosper, for example, often offer loan amounts up to $50,000 or so.

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FAQ

What can a personal loan be used for?

As its name implies, a personal loan can generally be used for any legal purpose. This may include home improvement projects, a vacation or a car. However, some lenders prohibit borrowers from using a personal loan to pay for college tuition or to invest.

What’s the biggest personal loan I can get?

Personal loans generally top out at $100,000. If you need a loan larger than that, there are other options designed for such large purchases.

Where can I get a large personal loan?

A few reputable lenders that offer large personal loan amounts include SoFi, LightStream and Upgrade.

Bottom line

Personal loans not only have a nearly endless amount of uses, but they also have a wide range of terms. From interest rates to loan amounts, there’s an option that works for most borrowers. A few lenders offer loans up to $100,000 for borrowers with excellent credit, but most personal loans max out at around $50,000.


Article sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
  1. TransUnion, “ Credit Card and Unsecured Personal Loan Balances Remain at or Near-Record Levels as Consumers Navigate Challenging Economic Climate .” Accessed Aug. 21, 2023.
  2. Upstart, “ Loan Calculator .” Accessed Aug. 21, 2023.
  3. Discover, “ Home equity loan LTV: Max loan amount and HELOC LTV limits .” Accessed Aug. 21, 2023.
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