The amount you can borrow depends on several factors: your credit score, income, existing debt obligations, and the lender's maximum loan limits. Understanding these factors before you apply helps you set realistic expectations and find the right lender.
How Much Can You Borrow? By Credit Score
| Credit Score Range | Typical Loan Amount | Typical APR Range | Best Lenders |
|---|---|---|---|
| 720–850 (Excellent) | $5,000–$100,000 | 6%–15% | SoFi, Marcus, LightStream |
| 690–719 (Good) | $3,000–$75,000 | 12%–20% | SoFi, LendingClub, Upgrade |
| 630–689 (Fair) | $1,000–$40,000 | 18%–28% | LendingClub, Avant, Upgrade |
| 580–629 (Poor) | $500–$20,000 | 25%–36% | Avant, Upstart, Prosper |
| Below 580 (Bad) | $500–$5,000 | 30%–36% | OneMain, secured loan options |
Key Factors That Determine Your Loan Amount
Higher scores unlock larger loan amounts and lower rates. Most lenders offer their maximum amounts to borrowers with 720+ scores.
Lenders typically allow monthly loan payments up to 15–20% of your gross monthly income.
Most lenders require your total monthly debt payments to be below 40–45% of gross monthly income.
Stable, verifiable employment history increases lender confidence and can unlock higher amounts.
A personal loan is not the right tool for every situation. Consider alternatives if any of the following apply to you:
- You have home equity: A HELOC typically offers rates 5–10% lower than personal loans. If you own your home, compare HELOC rates before taking a personal loan.
- Your debt is primarily credit card debt: A balance transfer card with a 0% intro APR (typically 12–21 months) will cost less than a personal loan if you can pay off the balance within the intro period.
- You need less than $1,000: Most personal loan lenders have minimum amounts of $1,000–$2,000. For smaller needs, a credit union payday alternative loan (PAL) or a 0% APR credit card may be more appropriate.
- Your credit score is below 500: Most personal loan lenders — including those that accept "bad credit" — have practical minimums around 500–560. Below this, secured loans, credit-builder loans, or co-signer arrangements are more realistic options.
- You are in active bankruptcy: Personal loan lenders will decline applicants in active Chapter 7 or Chapter 13 proceedings. Resolve your bankruptcy first.
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How to Maximize Your Loan Amount
Frequently Asked Questions
Advertiser Disclosure: WiseIQ may earn a referral fee from some lenders and financial products on this page. This does not influence our editorial ratings or recommendations. Our reviews are independently researched and editorially independent.
Sources & Methodology: WiseIQ's editorial team researches and fact-checks all content using primary sources including the Consumer Financial Protection Bureau (CFPB), Federal Reserve G.19 Consumer Credit Report, myFICO Credit Education, and lender websites for current rates and terms. Last reviewed: April 2026. How we rank products.