Personal Loan - Probable Amount?

[squidgster]

Hi. I have had very little experience with loans. I am interested in finding out what sort of limit there may be on personal loans. I know it will depend on individual circumstances, but are we talking £5k, £10k, £20k+ ? There is a possibility that in the future I would be looking to get my hands on a big chunk of money for something (not business related). Any ideas what sort of ball park figure may be possible?

[Old Salt]

Always best to get a secured loan - a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed.

Always go to an established and reputable money lender - bank, credit union, or building society - they will give you a reasonable loan at a reasonable interest repayment.

Start now to build a good credit rating.

Never borrow to your maximum credit limit, as that means you will not be able to borrow for emergencies.

The amount of money you can borrow, depends on your established and perceived financial income. And it can vary according to current lending practices. So, you won't know exactly how much you may be able to borrow until you seek a loan.

Credit can be exceedingly helpful, but too much will destroy your life.


Old Salt

[CheekyChops]

I disagree that it is best to get a secured loan - if things go pear shaped in the future and you don't pay for any reason, you could lose your house!

Generally unsecured loans go to about 24K, after that you need a secured one. Obviously your income, credit rating and other factors will affect whether you would qualify for a loan of that size or not.

[factor-fiction]

I think that secured loans generally have lower interest rates and that is why Old Salt is suggesting them.

[Old Salt]

Well said factor30

I once bought a car on a personal loan from the auto dealer. The interest didn't sound too high the way he explained it. But when I added up the number of payments over 36 months, it was about four times the price of the car.

Thank you

OS

[squidgster]

Thanks for your answers - very helpful.

[barry1010]

Even an unsecured loan can cost you your house if you default. It is very easy to get a charging order put on your property.

[athenabascon]

Maybe you can try for loan at https://www.icashloans.co.uk/?c=266460

[jenniferdehner9]

When it comes to personal loans, the amount you can borrow varies based on individual circumstances. Factors such as your credit score, income, and debt-to-income ratio play a significant role in determining the loan limit. Typically, personal loans can range from £1,000 to £50,000 or more.
To better understand the possible amount you could qualify for, it's advisable to check your credit score, evaluate your financial situation, and explore options from reputable lenders. Websites like https://fitmymoney.com/need-money-now/ can provide insights into different loan options and help you understand your borrowing potential.
Remember, it's crucial to borrow responsibly and only take out a loan for purposes that align with your financial goals and capabilities. If you have specific financial needs in mind, consulting with a financial advisor can also provide personalized guidance based on your situation.