How much personal loan can I get on a $70,000 salary?

by london_lueilwitz , in category: Personal Finance , 10 months ago

How much personal loan can I get on a $70,000 salary?

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1 answer


by fredrick , 9 months ago


The amount of personal loan you can get on a $70,000 salary will depend on various factors such as your credit score, debt-to-income ratio, and current expenses. Lenders typically have their own criteria for approving loans, but a general guideline is that your total monthly debt payments, including the new loan, should not exceed 43% of your monthly income.

Assuming you have a good credit score and minimal existing debt, you might be eligible for a loan around $15,000 to $40,000. However, it is important to consider your ability to repay the loan comfortably and not to borrow more than you actually need. It is advisable to reach out to lenders or use online loan calculators to get a more accurate estimate based on your specific circumstances.