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You need at least $12,000 in annual income to get a personal loan, in most cases. Minimum income requirements vary by lender, ranging from $12,000 to $100,000+, and a lender will request documents such as W-2 forms, bank statements, or pay stubs to verify that you have enough income or assets to afford the loan. Some income sources lenders will consider include full-time jobs, retirement benefits, alimony and child support.
Annual Income Requirement by Company
| Company | Annual Income Requirement | APR | Loan Amount |
| Plain Green | $12,000 | 199% - 699% | $200 - $4,500 |
| Upstart | $12,000 | 7.8% - 35.99% | $1,000 - $50,000 |
| OppLoans | $18,000 | 160% - 179% | $500 - $4,000 |
| LoanMe | $24,000 | 13% - 184% | $1,000 - $30,000 |
| Rocket Loans | $24,000 | 9.12% - 29.99% | $2,000 - $45,000 |
| Discover | $25,000 household income | 7.49% - 24.99% | $2,500 - $40,000 |
| 60MonthLoans | $30,000 | 19.09% - 35.83% | $2,600 - $10,000 |
| Citibank | $30,000 | 11.49% - 20.49% | $2,000 - $30,000 |
| LendingPoint | $35,000 | 7.99% - 35.99% | $1,000 - $36,500 |
| Upgrade | $50,000 | 7.99% - 35.99% | $1,000 - $36,500 |
| Universal Credit | $50,000 | 9.99% - 35.99% | $1,000 - $50,000 |
To get a better sense of which loans you can qualify for with your current income, check out the free pre-qualification tool on WalletHub.
This answer was last updated on 01/31/24 and it was first published on 06/27/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
People also ask
Major personal loan requirements include being 18+ years old, having a bank account, having a high enough credit score for the lender, and having enough income or assets to afford monthly loan payments. Some personal loans may have additional requirements, such as providing pay stubs or collateral to secure the loan.
Specific requirements vary by lender. Avant requires a credit score of 580 or higher, for example, while Prosper sets the bar at 640...
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To get approved for a personal loan, you need enough income or assets to afford monthly payments as well as a credit score of 580+ in most cases. You also need to be at least 18 years old and have a bank account that the lender can use to verify your income. If you meet the lender’s minimum requirements, you can apply for the loan online, over the phone or in person at a branch...
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You can get a personal loan as a student with no income if you have a cosigner or if you use something valuable as collateral. It may be a challenge since personal loan providers use your income to determine your ability to repay the loan, but there are options that make it possible.
Ways to Get a Personal Loan With No Income
- Get a cosigner: Applying for a loan with a cosigner...
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FAQs
Lenders may also look at your employment history to predict if your income is likely to continue. Beyond this, some lenders may require you to have a minimum household income to qualify for a personal loan. For example, Discover requires its personal loan applicants to have at least $25,000 in household income.
What disqualifies you from getting a personal loan? ›
What disqualifies you from getting a personal loan? Personal loan denials vary, but the most common reasons relate to your credit score, credit history and income. Prospective borrowers who have poor, damaged or no credit typically find it difficult to qualify for a personal loan.
What is proof of income for a personal loan? ›
Employer and income verification
Because lenders don't require you to put up collateral to back the loan, you must prove you have a steady stream of verifiable income to be approved. If you are traditionally employed, you can verify your income with a few documents, including: Pay stubs. Tax returns.
What is the minimum annual income required for a citizens bank personal loan? ›
Citizens Bank doesn't specify a minimum credit requirement, but you will need to have what the bank calls a “reasonably strong” credit history to get approved. There's also a minimum income requirement of $24,000. If you don't qualify on your own, you can apply with a co-signer on the loan.
How much proof of income do I need for a loan? ›
Plan to provide statements for multiple periods. As one example, to show consistent income, you may need two months of pay stubs or two years of tax returns. Gather necessary documents early. Even before shopping for homes, you can submit an application to be pre-approved for a home loan.
Do personal loans look at income? ›
A traditional personal loan is unsecured, meaning it's not backed by collateral. Instead, the lender decides whether to approve you for a loan based on your income and creditworthiness. If you don't meet lenders' income requirements or have bad credit, you won't qualify for a loan.
What is the easiest loan to get right now? ›
Easiest personal loans to get
- Best for bad credit: Avant.
- Best for flexible terms: OneMain Financial.
- Best for no credit history: Upstart.
- Best for fast approval: LendingPoint.
- Best for small loan amounts: Oportun.
- Best for longer loan terms: Upgrade.
- Best for peer-to-peer lending: Prosper.
If you have a fair credit score, which includes FICO scores from 580 to 669, you may be able to qualify for an unsecured personal loan from a traditional lender.5 However, individuals with scores at the lower end of that range will find fewer available options overall, and they may not like what they see when they ...
How do I make sure I get approved for a personal loan? ›
Tip: A stable income, high credit score and low DTI ratio increase the odds you'll be approved for a personal loan. However, some personal loan lenders will consider other criteria, such as your educational background or employment history, when reviewing your application.
Do personal loan companies check your bank account? ›
Your bank account information may be required either to verify revenues or to facilitate ACH payments. It is essential that when you are asked to provide personal information make sure you are dealing with a reputable company and using a secure website. (See tips below.) Loan approval regardless of credit.
If you're applying at a financial institution where your income is regularly deposited, they will most likely have what they need, as well. But it's best to assume that you'll need to back up what you listed for income on your application. Very simply, a tax return or paystub will do the trick.
How to get a loan when no one will approve you? ›
Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.
How much annual income is needed for a personal loan? ›
While nearly all personal loans incorporate income as a component of the application process, lenders may vary in their minimum income requirements; one lender may require a minimum annual income of at least $25,000 while another may state a minimum annual income of $35,000.
What makes me eligible for a personal loan? ›
Lenders will look at factors like your credit score, income, debt-to-income (DTI) ratio, and collateral to determine your eligibility for a personal loan. Different lenders will have different requirements for approving personal loans. Some lenders may be willing to work with applicants who have lower credit scores.
How hard is it to get a personal loan? ›
Bottom line. It's not difficult to apply for a personal loan. The process is typically simple and quick, and depending on the lender, you can get the funds fast.
How much money can you borrow based on income? ›
At your income level, NerdWallet recommends that you apply for a mortgage no larger than: Most lenders require that you'll spend less than 28% of your pretax income on housing and 36% on total debt payments.
What credit score do you need to get a $30,000 loan? ›
This allows them to look at your history from the past seven years and see whether you've typically made payments on time. For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.
What are the requirements for a $10000 personal loan? ›
The main factor in determining if you qualify for a $10,000 personal loan is your credit history. You'll need a credit score of at least 670 before you apply. Lenders look at your debt-to-income ratio when deciding approval. A DTI ratio of 36% or lower is ideal.
How much income should go to loans? ›
The 28% / 36% Rule
As we've discussed, this rule states that no more than 28% of the borrower's gross monthly income should be spent on housing costs – but it also states that no more than 36% should be spent on total debt costs.
