How much can I borrow?
Lenders ask how much you want. The better question is what payment fits your budget. Start there and work back to the loan.
Largest loan this payment supports—
Cash you receive—after the origination fee
Total interest—
Exact payment on that loan—
A lender also looks at your debt-to-income ratio. Funditia's DTI calculator shows where you stand.
Check your rate for this amountNo credit check here
Check what lenders would offer you
Tell us about the loan and lenders working with Lendmira can show you what they offer. Lendmira doesn't check your credit, and you don't have to accept anything.
- 1 The loan: amount, purpose, credit range, ZIP.
- 2 Your contact details and consent.
- 3 Lenders contact you with options. Compare APRs before you apply.
Lendmira is not a lender, does not make credit decisions and is not paid by you. Lenders that contact you set their own rates and terms and may check your credit before making an offer. How we make money.
How the maximum is worked out
The calculator runs the payment formula backwards: it finds the largest whole-dollar loan whose monthly payment at your APR and term does not exceed your budget. If the lender takes an origination fee out of the loan, the cash you receive is smaller than the loan you repay.
Setting the payment
A payment that fits on paper can still squeeze a budget. Leave room for irregular costs such as car repairs and medical bills, and count other new debts you expect to take on. Many lenders prefer that all monthly debt payments, including the new loan and rent or a mortgage, stay below about 36% to 43% of gross monthly income, though limits vary by lender and loan type.
Term and APR pull in opposite directions
A longer term lets the same payment support a bigger loan, but you'll pay more interest, and lenders often charge higher APRs on longer terms. Compare a couple of terms here before you decide how much to ask for.