What is the minimum amount to apply for a loan?

Hello, and thank you for your question.

You can get personals loans in amounts as low as $1,000. Your approval depends on your credit rating and income. Personal loans can be better than credit cards, even for small amounts, because they usually come with fixed interest rates and payments. That means you have a definite end to your debt (unlike with a credit card), and it makes budgeting easier.

It’s harder to get in over your head with a personal loan than it is with a fistful of credit cards. But having a mix of both makes borrowing more convenient.

Personal loan maximums vary by lender. Most used to top out at $35,000, but now some lenders go as high as six figures and compete with home equity lenders for larger amounts.

How useful was this post?

Click on a star to rate it!

Average rating / 5. Vote count: