What is the maximum personal loan amount?
Some lenders offer personal loans up to $100,000
Partner Disclosures
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Partner Disclosures
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 8.99% APR with a term of 5 years would result in 60 monthly payments of $207.54. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Partner Disclosures
The advertised APR is an estimate based on currently available information, is not final, and is subject to change. If approved, your actual rate will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Applications submitted on OppLoans' website and Lending Platform will be originated by one of our lending partners and serviced by OppLoans. Subject to credit approval and verification. Actual approved loan amount and terms are dependent on standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction. OppLoans' Bank Partners may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. Neither credit inquiry will appear as a hard credit inquiry on your Experian credit report and therefore they will not affect your FICO score. Installment loan amounts typically range from $500 to $4,000. Annual percentage rate (APR) ranges from 160% to 195%. Installment loan lengths range from 9 to 18 months. Example: A $2,000 installment loan repayable in 9 monthly payments with an APR of 160% would have monthly payments of $394.58. Loan amount, APR, and repayment terms may vary by state, please see https://www.opploans.com/rates-and-terms/ for additional information. Not all applicants will qualify for the lowest available rates. The advertised rate is not final and is subject to change. If approved, your actual rate will be determined and assigned based on creditworthiness, income, application information, and a variety of other factors. The actual rate for an individual loan will fall within the marketed range of rates. This is an expensive form of credit and you should determine whether our product(s) meet your financial needs. According to the Consumer Federation of America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums, and carry an average annual percentage rate (APR) of 400%. The maximum APR for a loan offered through and serviced by OppLoans is 195% and loan sizes range from $500 to $4,000. https://paydayloaninfo.org/how-payday-loans-work/ OppLoans and its Bank Partners report customer payment history to the three major credit bureaus. On-time payments may improve credit score.
Partner Disclosures
Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. You may be required to have some of your funds sent directly to pay off your credit cards. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from your bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. Personal loans made by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners. Please refer to Upgrade's Terms of Use and Borrower Agreement for all terms, conditions and requirements. † Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
Partner Disclosures
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. While most loans through Upstart are unsecured, certain lenders may place a lien on other accounts you hold with the same institution. There may be an option to secure your personal loan through Upstart with your vehicle, which will require a lien to be placed on the vehicle. It is important to review your promissory note for these details before accepting your loan.
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.
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
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
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
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
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.”
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.
| Loan amount | Term length | Monthly payment | Total interest paid |
|---|---|---|---|
| $5,000 | 36 months | ~$161 | ~$808 |
| $10,000 | 60 months | ~$212 | ~$2,748 |
| $15,000 | 84 months | ~$249 | ~$5,917 |
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.
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
- TransUnion, “ Credit Card and Unsecured Personal Loan Balances Remain at or Near-Record Levels as Consumers Navigate Challenging Economic Climate .” Accessed Aug. 21, 2023.
- Upstart, “ Loan Calculator .” Accessed Aug. 21, 2023.
- Discover, “ Home equity loan LTV: Max loan amount and HELOC LTV limits .” Accessed Aug. 21, 2023.
