How much can I borrow with a personal loan if I have bad credit?

Core Insights - Borrowers with bad credit can still access personal loans, but the amounts are typically limited based on their credit scores [2][9] - The average loan amounts vary significantly by credit score, with those below 600 receiving around $1,800 and those between 601 and 660 averaging about $4,500 [2][6] - Higher interest rates are common for bad credit loans, making it essential for borrowers to compare rates to find the best options available [3] Loan Amount Factors - Credit scores are a critical factor for lenders when determining loan amounts, with scores below 580 categorized as bad credit [5] - Lenders also evaluate credit history, current debts, and income to assess borrowing capacity [4] - The average personal loan amounts by credit score tier indicate that higher scores correlate with larger loan approvals, with those scoring 781+ receiving an average of $17,100 [6] Debt-to-Income Ratio - The debt-to-income (DTI) ratio is a significant metric for lenders, calculated by dividing total monthly debt payments by gross monthly income [7] - Most lenders prefer DTI ratios under 36%, but some may accept ratios as high as 50%, with lower DTI ratios indicating a greater ability to manage additional debt [8] - Borrowers with bad credit often receive unsecured loans averaging under $2,000, but having a cosigner or a healthy DTI can improve loan eligibility [9]