What is the maximum personal loan amount it's possible to get? This question is about Personal Loans

What is the maximum personal loan amount it's possible to get?

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This question is about Personal Loans

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@WalletHub • 12/17/19 This answer was first published on 12/17/19. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The maximum personal loan amount available to the most qualified applicants is $100,000, at least among major lenders. But only a few major lenders even offer the chance of loan amounts as high as $100,000. Two notable options are LightStream and Wells Fargo. Generally, lenders’ maximums can be anywhere from $25,000 to $100,000.

But just because a lender might advertise large amounts, like $100,000, doesn’t necessarily mean you will be approved to borrow that much. Getting anything close to the maximum loan amount requires having a very high credit score, a lot of income, and little existing debt. If you only meet the lender’s minimum requirements, you are more likely to get a minimum amount of $1,000 to $5,000.

Personal Loan Limits by Lender:

LightStream: $100,000 maximum
Wells Fargo: $100,000 maximum
SoFi: $100,000 maximum
USAA: $50,000 maximum
Upstart: $50,000 maximum
Prosper: $40,000 maximum
Marcus: $40,000 maximum
Achieve Personal Loans: $40,000 maximum
Discover: $35,000 maximum
Avant: $35,000 maximum
LendingPoint: $25,000 maximum

Those are just some of the major lenders currently offering personal loans. And remember, every personal loan provider has its own maximum loan amount. Personal loan limits aren’t set by law, or anything like that.

Answer Question

How much of a personal loan can I get?

You can get a personal loan of $1,000 to $100,000. The amount depends on the lender and your overall creditworthiness when you apply. That means your credit score, income and existing debts will have a big impact on how much of a personal loan you can get approved for.

Each personal loan company has its own minimum and maximum loan amounts, along with unique policies to determine how much different types of applicants should receive. Below, you can see how big (or small) of a loan you might be able to get from some of the most popular lenders.... read full answer

How Much Personal Loan You Can Get by Lender:

Lender	Personal Loan Amounts
American Express	$3,500 - $40,000
Avant	$2,000 - $35,000
Discover	$2,500 - $35,000
LendingClub	$1,000 - $40,000
LightStream by SunTrust Bank	$5,000 - $100,000
Marcus by Goldman Sachs	$3,500 - $40,000
Prosper	$2,000 - $40,000
SoFi	$5,000 - $100,000
Wells Fargo	$3,000 - $100,000

One good way to see what personal loan amounts you may be able to get is to use WalletHub’s personal loan comparison tool. You can filter for how big of a loan you want, along with other factors like your credit standing, on the left side of the page.

Once you compare your options, it’s a good idea to see if you’re pre-qualified before you apply. Pre-qualification shows you which lenders are likely to approve you, along with the rates that you’re likely to get if approved. You can get pre-qualified for multiple lenders at once using WalletHub’s free pre-qualification tool.

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What is a good interest rate on a personal loan?

A good interest rate on a personal loan is 2.49% to 9%. The average APR for a two-year personal loan from a bank is 9.46%, according to the Federal Reserve, and the best personal loans have APRs as low as 2.49% for the most creditworthy borrowers. The rates you get will depend heavily on your credit, income, debt and other financial factors.... read full answer

The best way to get a decent interest rate on a personal loan is to comparison shop and get pre-qualified. WalletHub’s free personal loan pre-qualification tool helps you see which lenders have a high chance of approving you, as well as what interest rates you are likely to get if approved. You can then compare your pre-qualified offers to see what a good interest rate on a personal loan is for you personally.

Good Interest Rate on a Personal Loan by Credit Level

For excellent credit (A score of 750 or above)

You may be able to get interest rates as low as 4% - 7%. That’s where the majority of lenders set their minimums.

For good/fair credit (A score of 640 to 749)

You’re unlikely to get the lowest interest rates available, nor should you have to pay lenders’ maximums. Look at lenders’ credit score requirements; the higher your score is above their minimum, the better your chances of getting a lower rate.

For bad credit (A score of 639 or below)

You probably won’t find rates lower than 25% to 36% from a bank or online lender. But personal loans from federal credit unions are capped at 18%.

If you’re planning on consolidating debt, a good interest rate on a personal loan is one that’s significantly lower than the rates on your existing debt. But as you compare personal loan interest rates, don’t neglect other terms.

A low interest rate might not be as great as it seems if you also have to pay costly fees to go along with it. For example, many lenders charge “origination fees” of 1% to 6% of the loan amount as an extra cost for opening the loan.

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