The minimum and maximum borrowing limits are set by each lender and the amount of your personal loan limit depends on your creditworthiness. Ask yourself about your needs. If you’re taking out a loan for something just nice to have, like a vacation, you might want to consider building towards that goal by opening a high-interest savings account. However, if you’re consolidating debt or covering unexpected expenses, a personal loan may be in your best interest. The amount you request when taking out a personal loan should be limited to your actual need. Borrowing more money than you need ends up making the loan more costly over time. To calculate how much money you should borrow, add up all your debts or anticipated expenses to come up with an ideal loan amount.