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How Much Money Can You Get for a Personal Loan

When taking out a personal loan, most providers tend to set limitations to how much they can let borrowers take out. However, this is not always the case for all borrowers. Depending on how much you are earning, the purpose of the emergency loan, your current debts and most importantly, your credit score, there is a very good chance that lenders might actually approve you for more.

Personal Loan Amounts

Generally, personal loans are available starting from £1,000 to £25,000 for most lenders. Larger banks are known to offer as much as £50,000 to borrowers that are existing customers as well. Generally, these large installment loan amounts are for exceptional cases only. It is also expected for borrowers to offer some form of security if they want to get access to a much higher loan amount.

Credit Scores and Loan Amount

Most creditors will always look at your credit score to decide whether to grant you a large loan amount or not. If you have been consciously keeping your score in the best standing all these time, you’ll find that lenders will tend to view you more favourably and will likely be generous in terms of boat loan deals and offers. Always remember that the highest loan amounts and the most attractive rates are only reserved for very high credit borrowers.

Borrowing with Bad Credit

When you have bad credit, you’ll definitely have to let go of the notion of borrowing a large sum. Lenders will usually see you as a risky borrower when your credit is bad. It can even be hard to get approved for a loan and getting approved for a huge sum even doubly so.

Your Income Matters

How much you are bringing home every month as income is also going to play a critical role on how much lenders will be willing to let you borrow. If you can prove to lenders that you can afford to pay back a large sum for the online loan term you have selected, they will often take that into consideration when making their decision later.  

How to Obtain a Personal Loan and Other Loans with a Bad Credit

Getting approved for a bank loan is going to be hard when your credit is bad. Lenders will not be trusting of borrowers whose credit records are patchy to begin with for fear that they might not be able to make the loan repayments. Still, there are lenders who would be happy to give you a chance despite your credit standing, below are some of the things that you can do to get approved for a loan.

Payday Loans

If your need is urgent and you need the money to get released to you as fast as possible, payday lenders can help. Offering a fast turnaround time, most providers can get your loan application approved within a day and the funds right after. Some can even get the approval and funding done in just a few hours. 

Installment Loans

There are bad credit lenders that can offer you a small loan amount that you can pay back for 3-6 months. Short-term loans for bad credit lenders usually only require you to have enough income to make the repayments. They may charge a high rate but since you have several months to make the repayments, you can effectively spread the borrowing costs out. 

Guarantor Loans

If you want to borrow a larger sum at a better loan rate, guarantor loans are worth looking into. The loan amount you’ll be approved for will usually be banked heavily on the credit score and income of your guarantor. So, even despite your bad credit, you may get a competitive rate. 

Secure Loans

You can offer collateral when getting a loan if your bad credit and increase your chances for approval right away. Enders will also charge you a lower rate and offer you a larger loan amount if there is loan collateral present.

Fix Your Score

If you wish to get a good rate without having to present a guarantor or collateral, work on fixing your score instead. Pay your bills on time. Bring your debt balance down. Try not to open any new accounts too. In six months time or so, your score should have improved which should let you access better loan offers as a result.