After years of searching, you have finally met the one. To show her how much you love her, you want to get her a gorgeous engagement ring and plan on using a personal loan to finance the purchase. Since you have a steady stream of income, you don't really have any cash saved or a good credit rating. A personal loan might do the trick, but you aren't sure what the average personal loan maximum is and how much ring you will be able to afford.
However, with an average personal loan maximum of $15,000 you can not only purchase a gorgeous engagement ring but plan a perfect engagement. Many jewelers recommend that two months' salary be spent on an engagement ring, however the overall average cost of that type of jewelry is from $3000-$4000. Even if you were to spend more money, there would still be thousands of dollars left over from the average personal loan maximum.
Although the average personal loan maximum is approximately $15,000, of course that amount varies from person to person and lender to lender. It is important to know that if you are considering taking out a personal loan, especially an unsecured personal loan, there will be additional fees and higher than average interest rates to borrow the money.
Personal loan interest rates are currently at a low of 13.10%, which would add a substantial amount to a personal loan with the average maximum of $15,000. To borrow that money and repay it in two years, it would cost you close to $2,132 in additional interest charges. The payments would average $714 a month.
When securing a personal loan, regardless if you are seeking one with the average personal loan maximum or a smaller amount, make sure to crunch the numbers and fit the payments into your monthly budget.
