How Much Can You Borrow with an Unsecured Loan?

Unsecured loans are a great way to finance large purchases or consolidate debt without having to put up collateral. Learn more about how much you can borrow with an unsecured loan.

How Much Can You Borrow with an Unsecured Loan?

Unsecured loans are a great way to finance large purchases or consolidate debt without having to put up collateral. Annual percentage rates (APRs) for these loans can range from 6% to 36%, and loan terms often extend from two to seven years. If you accept your loan before 5 p.m. EST (excluding weekends or holidays), you can expect to receive your funds the next business day.

When considering a loan, it's important to analyze and compare several offers to ensure you get the best deal. Your monthly income after paying other debts and living expenses should be enough to cover payments on the new personal loan. It's also important to only borrow what you need, as taking out more than necessary can lead to unnecessary debt. If you don't have an asset to provide as insurance, you'll need to look for an unsecured loan.

Having a great credit score can give you access to the lowest unsecured loan rates and the highest loan amounts. Be wary of lenders advertising unsecured loans for bad credit or unsecured loans without credit check, as these are not standard personal loans. Secured loans require collateral, so they generally have more competitive interest rates than unsecured loans. All personal loans are provided by Cross River Bank, a commercial bank authorized by the state of New Jersey, a member of the FDIC, equal housing lender.

Many lenders began granting these loans after the housing market slump more than a decade ago, leaving many homeowners with less (or negative) equity. When looking for a lender, it's important to consider factors such as APR rates, loan amounts, terms, charges and credit requirements. Upgrade offers loans for credit card refinance, debt consolidation, home improvement projects and large purchases. These loans are also known as signature loans because you only need a signature if you meet the lender's loan requirements.

Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, a branch of Salt Lake City.If you need to borrow a very large amount of money and don't have the creditworthiness to qualify with the best lenders, you may want to consider a secured loan. Secured loans require collateral but can offer more competitive interest rates than unsecured loans.