Most personal loans are for $1,000 to $50,000, although some lenders will consider loans of up to $100,000 in some cases. Many personal loans are for a lot less. The average personal loan balance for new originations in the fourth quarter (Q4) of 2022 was $8,000, according to TransUnion research.

The best personal loans have low interest rates, but large personal loans can have large monthly payments even with low interest rates. Weigh the pros and cons before taking out a large personal loan.

Personal Loan Maximums

Personal loans are often unsecured, meaning that you don’t have to risk your assets as collateral. For lenders, personal loans are riskier because they have no collateral to use to recoup losses if you fail to make payments.

As a result, interest rates for unsecured personal loans tend to be higher than for loans like mortgages or auto loans, and lenders are hesitant to offer large, unsecured personal loans.

The majority of lenders state that their maximum personal loan amount is $50,000, though some will go as high as $100,000. Some borrowers—such as those who are wealthy and with high credit scores—might be able to borrow more. 

Here are the personal loan ranges for the best personal loan lenders in 2023:

SoFi	$5,000–$100,000
PenFed	$600–$50,000
Upgrade	$1,000–$50,000
US Bank	$1,000–$50,000
Regions	$2,000–$50,000

Factors That Determine How Much You Can Borrow With a Personal Loan

Even though most lenders may lend up to $50,000 on a personal loan, the maximum amount you can borrow is dependent on a number of factors about your personal financial situation. These are:

• Income: Lenders will look at your income to assess if you can repay your loan.
• Credit score: You’ll need a credit score of at least 640 to get a personal loan, and large loans are only available to borrowers with very high credit scores.
• Current debts: If you want to take out a large personal loan, your lender will likely look at your debt-to-income (DTI) ratio. If you have large outstanding debts, they are likely to lower your maximum loan amount.
• Loan type: Most personal loans are unsecured, but if you are able to offer collateral for your loan, you may be able to borrow more.
• Co-signers: If your loan application has a co-signer with a high income and credit score, your lender may be more willing to lend larger amounts.

How Much Should I Borrow With a Personal Loan?

The amount you should borrow with a personal loan depends on what you want to use it for and your personal financial circumstances. You can use a personal loan for almost any expense (with exceptions such as a mortgage down payment), but large loans can be expensive if you don’t pay them off quickly.

In general, you should get the smallest personal loan that meets your requirements, and pay it back as quickly as you can. This will minimize the impact of your interest rate, thus making the loan less expensive overall. 

When you decide how much you should borrow with a personal loan, consider:

• The loan’s purpose: Your loan will need to cover your planned costs. In some cases, you may want to borrow a little more than you need to ensure your costs are covered. 
• Your monthly repayments: The amount you will pay back each month on the loan is affected by two factors: your interest rate and the length of your loan. Make sure that you can afford the monthly repayments. If you miss your payments, you will likely have to pay penalties and your credit score will suffer.
• Your debt-to-income (DTI) ratio: If you take out a large loan, your DTI ratio will increase significantly. This can make it hard to access additional credit, such as a mortgage.

What Can I Do if I Don’t Qualify for the Loan Amount I Need?

If you are denied a personal loan for the amount you need, even after trying several loan providers, your options are somewhat limited. However, there are alternative steps you can take.

First, you can find a co-signer—ideally someone with a high income and good credit—to co-sign your loan application. Lenders will then be more willing to offer you a larger loan.

Some lenders offer large loans to people whose credit score wouldn’t qualify them for a personal loan with a regular lender. However, these lenders tend to charge high interest rates, and this can make these loans very expensive over the long term.

You could also consider alternative ways of raising cash. If you can sell your vehicle or other household goods, you can raise money quickly. 

Finally, if you have equity invested in your home, you can also consider a home equity loan or a home equity line of credit (HELOC). These loans use your home equity as collateral to secure a loan that can provide lower interest rates.

There are also ways to raise the maximum personal loan you can get over the long term. Specifically:

• Improve your credit score. You can begin to establish a solid credit history or repair a damaged one in several different ways: taking out credit cards designed to build your score, using credit-builder loans, or simply making debt repayments on time.
• Pay down debt. Your DTI ratio will affect how much a lender is willing to lend you on a personal loan. Reducing your debt level can therefore lead to you being able to borrow more.
  

The Bottom Line

Most personal loan providers offer personal loans of up to $50,000, but only for borrowers with high credit scores and incomes. It’s possible to get personal loans for $100,000 or even more in rare cases.

The maximum amount that you can borrow on a personal loan will depend on your credit score, income, and debt-to-income (DTI) ratio, as well as the lender’s criteria.