With a quick payday loan that you want to take out for a day of shopping, you can of course borrow less money than if you want to take out a mortgage. And if you want to have extra money to book a small trip within a day, you will also be able to borrow less than if your lender has the time to perform an extensive income check, such as with an expensive car insurance. But how much money can you actually borrow for various things? We explain it here as clearly as possible for you.
Small loan for ...
If you have seen something nice in the sale, want to buy a gift for someone's birthday or, for example, want to book a last-minute city trip and cannot wait until your wages are received again, you can take out a small quick loan with various providers.
With such a loan for a small extra you can borrow from a few tens to a few hundred US dollars. Because certain rules apply, a larger amount for such a quick loan is not possible. The maximum is around 750 US dollars with most lenders. That maximum amount does not depend on your income.
Borrow for a vacation
If you want to take out a loan for a holiday, there is no specific maximum for this. For example, if you have a generous inheritance ahead of you with certainty, you will even be able to go to your bank for such a loan. Apart from such cases, the amount you can borrow will depend on your financial situation.
When a few hundred US dollars are enough for you, you can take out a mini credit. We have already elaborated on this above under the heading 'how much can I borrow for a little extra'. If you need a few thousand US dollars, you will need to be able to demonstrate to most lenders that you are able to pay the loan and the associated costs.
There is therefore no fixed maximum amount for a loan that you take out for a holiday; it will depend on your own personal situation. For concrete information, it is best to request a no-obligation quote from various loan providers.
A car loan
If you want to borrow money for the purchase, and possibly maintenance, of a car, the same basically applies as when applying for a loan for a holiday . Such a loan is also called a personal loan. The maximum amount that you can borrow depends in the first instance on your own financial situation. If you earn a multiple of the average annual income, they would even like to see you walk into the bank for a car loan. And if you and your partner have to make ends meet on benefits, it is virtually impossible to take out a loan for a car somewhere.
To get a clear picture of the maximum that you can borrow, it is best to inquire with the various lenders.
How much mortgage can I get
A mortgage is a special type of loan. Specific rules apply to how much you can borrow and the maximum amount is tailored to your personal situation. In ' Borrowing for a house ' and ' How much mortgage can I get? 'you can read more about this special loan form and about how much you can borrow for the purchase of your own home.