How Much Can You Borrow With a Personal Loan?
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
How Much of a Personal Loan Can You Typically Get?
What Impacts the Amount You Can Borrow with a Personal Loan?
Credit Score
Credit History
Income and Debt-to-Income Ratio
Purpose of the Loan
Using a Cosigner
Collateral
Longer Loan Term
The Lender
Questions to Ask Yourself Before Getting a Larger Loan
How Large of a Monthly Payment Can You Afford?
What Is the Purpose of Your Loan?
Alternatives to Large Personal Loans
0% Interest Credit Card
Home Equity Loan or HELOC
Cash-Out Refinancing
Compare Personal Loan Rates Today
Frequently Asked Questions
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About the Author
Kim Franke-Folstad is an award-winning journalist with 30 years of experience writing and editing for newspapers, magazines and websites. Her work for SoFi covers a range of topics related to personal finance, including budgeting, saving, borrowing, and investing.
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