How Much Can I Borrow with Personal Loan? Understanding borrowing power.

As specialists in personal lending, we assist individuals to obtain the most suitable loans with appropriate credit limits from the right lenders, at the lowest interest rates and with the most workable repayment schedule. Each customer is assigned their own highly experienced, skilled Jade broker. Ensuring your specific requirements and your best interests are prioritised throughout the entire loan sourcing process.

Whether it’s a loan for a car, wedding or other milestone event, holiday, medical or educational expenses or other goods or purposes, we have a range of options to suit. In general terms across the lending market, personal secured loans are available for up to $100,000 and unsecured personal loans up to $50,000-$75,000.

But the amount approved to an individual applicant will depend on a range of factors – income level, income stability, existing debts, living expenses and of course credit score and history. The reason for the loan can also play a role in a lender’s determination of an individual’s credit capacity.

As experts in lending, we assist individuals by determining their maximum credit limit and providing access to the most suitable loan product for their purpose and for their borrowing capacity. Our assistance includes help with completing the application form to provide our lenders with the best overall picture of your situation in order to determine your borrowing power.

Credit limits for personal loans will vary with different individuals and can also vary across the lending market. Borrowing capacity can vary with different lenders as individual lender guidelines also factor into the assessment and eligibility process. Knowing which lender is best suited to an individual’s lender profile, can be integral to getting approved for amount required.

We have access to over 80 lenders, which include the major banks and many non-bank lenders. Our highly experienced brokers utilise our vast resources to match each applicant with the right lender. We know the matrix used by our lenders to approve applications and to determine credit limits. Using our services to cover off on a vast number of lenders does not impact an individual’s credit score.

To be matched with the right lender to optimise your borrowing power, speak with one of our brokers.

• Best option sourced from 80+ lenders.
• Expert brokers to match individuals with the right lender.
• Optimise borrowing power with the right lender.
• Expertise to handle applications, quotes, settlement.

Knowing the factors that impact both loan eligibility and credit limits, can assist in planning purchases with finance. The type of loan – secured or unsecured, can be an important factor. Secured loans provide lenders with collateral against the funding and larger credit limits are available compared with unsecured loans.

Income and employment are integral. Stable and reliable employment can provide lenders with greater confidence in the individual’s ability to furnish a loan over a longer term. Higher income can, in general terms, contribute to higher borrowing power, but only after the income to debt situation is assessed.

Ongoing, recurring expenses and current financial commitments play an important part. Larger monthly commitments for living costs, other loans and credit card payments, reduces disposable income and the ability to take on further debt. Reducing debt by paying off other loans may contribute to being offered a higher credit limit.

The term of the loan factors into the borrowing power assessment. Shorter terms can attract lower credit limits than longer terms for the same amount as a shorter term means higher monthly repayments. Consider what you can comfortably afford in monthly repayments and your Jade broker can arrive at the suitable loan term to optimise the credit limit. Use our calculator to estimate repayments at different terms to arrive at your preferred option.

The number of dependents that an applicant has, can impact the credit limit approved. Children add more expenses to a budget and the costs of education and other expenses can increase over time.

Credit score and credit history is integral to all aspects of personal loans. A good credit score and good repayment history signal to lenders that the applicant is trustworthy. Lenders are more prepared to approve higher borrowing limits to applicants with high scores than with low or poor scores and with good track records for meeting their commitments.

While these factors are standard considerations across the lending market, there are variations in how individual lenders assess them. Using our services assists applicants source the right lender that suits their individual profile. Contact us to find out more.

• Higher income, stable employment.
• Income vs outgoings assessed by lenders.
• Higher credit scores contribute to higher borrowing power.