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How Much Money Can I Borrow

How Much Money Can I Borrow - Nifty Loans

How Much Money Can You Borrow On A Personal Loan

Personal loans are designed to fill the gap when you don’t have enough savings to pay for a significant expense. But before you apply for a personal loan, it is good to know how much money you can take out. It will help you make an informed decision when applying for a loan. 

If you apply for a massively large amount of money, the lender may reject your application, believing that you may not be able to pay back the loan in a timely manner. 

At Nifty Personal Loans, we help you get a personal loan with ease. We also help you get the most accurate estimate of the money you could borrow with us.

How much can I borrow for a personal loan?

There are certain things lenders consider when determining how much money you can borrow with a personal loan. These considerations vary from one lender to another. It largely depends on the type of loan you apply for. 

To know how much money you can borrow, you can use our personal loan calculator on the top of our official website. Simply choose the amount you need on the loan and the duration you require to pay it back. You will get all the details associated with the loan amount you might be eligible for. Click on the ‘Apply Now’ button to submit your application. 

For instance, if you apply for an unsecured personal loan, you can usually get between $1,000 and $50,000. On the other hand, with secured personal loans and car loans, you can secure the amount of between $3,000 and $80,000.

We are an online provider of secured and unsecured personal loans. We provide the loan amount quickly while eliminating the need for unnecessary paperwork. Regardless of the loan purpose and whether you get your income from Centrelink, we make loans available quickly and easily in a hassle-free manner. 

Lenders mainly consider the following key things when approving your loan amount:

  • Purpose of applying for the loan: If you need the loan for a car, the loan amount you get will depend on the value of the car you are seeing. In order to consolidate debt, you will get the amount depending on how much debt you have. Lenders also consider the risk associated with the loan purpose. For instance, borrowing a personal loan for holidays is riskier than consolidating your debt. 
  • Your finance: The lender determines your ability to pay off the loan by evaluating your earning and current outgoings, including expenses and debt commitments. You have to provide your income and finance-related information to the lender. They may also check your credit history. 
  • Debt-to-income ratio: If you already owe a large amount of debt, the lender may check your liability, and there is less chance of borrowing the loan. It is advised that you pay down your existing debts before applying for another loan, if possible. 

How much money can I borrow? 

At Nifty Personal Loans, we provide borrowers with three types of loans – Small, Medium, and Large loans. If you choose small loans to accommodate your short term financial needs, you can get between $300 and $2,000. This amount is payable between three and six months. 

With medium loans, you can secure between $2,001 and $4,600, which should be paid off between 13 and 24 months. If you choose large loans to cover a big expense, you can get $5,000 that is payable between 13 and 24 months.

The process to apply for a personal loan is very easy for us. Enter details like the purpose of the loan, desired loan term, etc. And, you will get the loan amount transferred to your bank account within a day. 

We lend loans for varying needs such as dental treatment, car registration, home renovation, medical procedures, buying white goods, and even for a holiday. 

How much money can I borrow on my salary?

The higher your income, the more will be the amount of your borrowing. There is not a standard parameter to judge your loan amount based on your income. Lenders may consider your credit score, any existing loan, or whether you’ve defaulted in the past.

At Nifty Personal Loans, we look at the following essential things in the borrower:

  • You must be at least 18 years old.
  • You are an Australian citizen or Permanent Resident.
  • You receive a regular income into your bank account for at least three months.
  • You’ve had an active email address and a contact number. 

If you meet these eligibility criteria, you can apply online on our website. We send the loan amount in your bank account within 60 minutes during normal business hours.

Do personal loans hurt credit?

Taking out a personal loan has a very little effect on your credit score. It may make it difficult to obtain additional credit before you pay back your loan. In simpler words, you may not get another loan or open another credit card until you pay your personal loan. 

Once you have paid off your personal loan on time, banks consider it as a good sign that you will pay off any future loans. Therefore, it adds credibility to your loan application. Thus, if you properly manage your personal loan and repay it without falling behind the repayment dates, then this type of loan certainly helps improve your credit score. Overdue bills or payment defaults no personal loan can lower your credit score. 

At Nifty Personal Loans, we allow flexibility when it comes to loan repayment. Our flexible and easy loan repayment policies, you don’t have to worry about late payments or overdue bills. It is because, depending on the amount you borrow, we provide reasonably sufficient time to repay the loan.

With us, you can stay confident as we make everything transparent upfront. We also keep you updated on your loan status all the time. We take pride in our unmatched standards of services and deliver fast outcomes

So visit our website, choose the loan amount you need, and apply now to get instant approval on your loan application.

Loan Costs

Small Loans

Small Loans

$300 - $2,000

Loan amounts:$300 - $2,000
Terms:6 - 9 months
Establishment fee:20%
Monthly Fee:4%
APR:N / A *
Comparison Rate:138.37%**
View Example

Small Loan Example

Loan amount:$1,000
Terms:6 Months,
(24 weekly repayments)
Establishment fee:$200
Total other fees:$240
Total payable:$1,440
Weekly installments:$60.00
View Loan Details
Medium Loans

Medium Loans

$2,001 - $4,600

Loan amounts:$2,001 - $4,600
Terms:9 - 24 months
Establishment fee:$400
Monthly Fee:$0
APR:47.8%
Comparison Rate:65.86%**
View Example

Medium Loan Example

Loan amount:$2,500
Terms:24 Months,
(104 weekly repayments)
Establishment fee:$400
Total other fees:$1,609.44 (reducing interest)
Total payable:$4,509.44
Weekly installments:$43.36
View Loan Details
Large Loans

Large Loans

$5,000

Loan amount:$5,000
Terms:9 - 24 months
Establishment fee:Variable
Monthly Fee:$0
APR:21.24%
Comparison Rate:48%**
View Example

Large Loan Example

Loan amounts:$5,000
Terms:18 months,
(78 weekly repayments)
Establishment fee and Total Interest:$1,897.54
Total payable:$6,897.54
Weekly installments:$88.43
View Loan Details
* Not applicable. Small loans do not charge an annual interest rate.

** WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.

Loan Costs

Small Loans

Small Loans

$300 - $2,000

Loan amounts:$300 - $2,000
Terms:6 - 9 months
Establishment fee:20%
Monthly Fee:4%
APR:N / A *
Comparison Rate:138.37%**
View Example

Small Loan Example

Loan amount:$1,000
Terms:6 Months,
(24 weekly repayments)
Establishment fee:$200
Total other fees:$240
Total payable:$1,440
Weekly installments:$60.00
View Loan Details
Medium Loans

Medium Loans

$2,001 - $4,600

Loan amounts:$2,001 - $4,600
Terms:9 - 24 months
Establishment fee:$400
Monthly Fee:$0
APR:47.8%
Comparison Rate:65.86%**
View Example

Medium Loan Example

Loan amount:$2,500
Terms:24 Months,
(104 weekly repayments)
Establishment fee:$400
Total other fees:$1,609.44 (reducing interest)
Total payable:$4,509.44
Weekly installments:$43.36
View Loan Details
Large Loans

Large Loans

$5,000

Loan amount:$5,000
Terms:9 - 24 months
Establishment fee:Variable
Monthly Fee:$0
APR:21.24%
Comparison Rate:48%**
View Example

Large Loan Example

Loan amounts:$5,000
Terms:18 months,
(78 weekly repayments)
Establishment fee and Total Interest:$1,897.54
Total payable:$6,897.54
Weekly installments:$88.43

* Not applicable. Small loans do not charge an annual interest rate.

** WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.

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No matter what the occasion is, Nifty has your back.