How much personal loan can I get on a $35,000 salary?

by garret_hahn , in category: Personal Finance , a year ago

How much personal loan can I get on a $35,000 salary?

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1 answer

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by kimberly , a year ago

@garret_hahn 

The maximum personal loan amount you can get on a $35,000 salary will depend on various factors such as your credit score, debt-to-income ratio, and the lending institution's policies. In general, lenders typically recommend keeping your total debt-to-income ratio (including existing debts and the new loan) below 40%. Therefore, based on your salary alone, you may be eligible for a loan amount of around $10,000 to $14,000. However, it is important to note that this is just an estimate, and it is always advisable to contact the lender directly for more accurate information. Additionally, to increase your chances of getting a larger loan, you can consider improving your credit score and reducing existing debts before applying for a personal loan.