How big of a personal loan can i get?

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When it comes to personal loans, one of the most common questions borrowers have is, “How big of a personal loan can I get?” The answer to this question depends on several factors, including your credit history, income, and debt-to-income ratio. In this article, we will dive deeper into these factors and provide you with a better understanding of how much you can borrow when applying for a personal loan.

Credit History

Credit score: Your credit score plays a crucial role in determining the size of the personal loan you can get. Lenders use credit scores to assess your creditworthiness and determine the interest rate they will offer you. Generally, the higher your credit score, the more likely you are to qualify for a larger loan amount. A good credit score is typically considered to be 670 or above.

Credit history: In addition to your credit score, lenders also consider your credit history. They look at factors such as the length of your credit history, the types of credit you have, and your payment history. A long and positive credit history can increase your chances of getting approved for a larger loan.


Debt-to-income ratio: Lenders also assess your income and debt-to-income ratio (DTI) when determining the loan amount you qualify for. Your DTI is calculated by dividing your monthly debt payments by your gross monthly income. A lower DTI indicates that you have more disposable income and are less likely to default on your loan. Lenders typically prefer borrowers with a DTI below 40%.

Stable income: Having a stable income is essential when applying for a personal loan. Lenders want to ensure that you have a consistent source of income to repay the loan. If you have a steady job and a reliable income, you are more likely to qualify for a larger loan amount.


Secured vs. unsecured loans: Personal loans can be either secured or unsecured. Secured loans require collateral, such as a car or a house, which the lender can seize if you default on the loan. Unsecured loans, on the other hand, do not require collateral. Secured loans generally allow borrowers to get larger loan amounts since the collateral reduces the lender’s risk.


When determining the size of a personal loan you can get, lenders consider factors such as your credit history, income, debt-to-income ratio, and whether the loan is secured or unsecured. It’s important to maintain a good credit score, have a stable income, and keep your debt-to-income ratio low to increase your chances of qualifying for a larger loan amount. Remember to borrow responsibly and only take out a loan that you can comfortably repay.


– Experian:
– Equifax:
– TransUnion:
– Consumer Financial Protection Bureau: