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You need at least $10,500 in annual income to get a personal loan, in most cases. Minimum income requirements vary by lender, ranging from $10,500 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 | APR | Loan Amount | Annual Income Requirement |
| Citibank | $10,500 | 10.49% - 19.49% | $2,000 - $30,000 |
| Plain Green | $12,000 | 349% - 599% | $500 - $5,000 |
| Upstart | $12,000 | 6.4% - 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 |
| LendingPoint | $35,000 | 7.99% - 35.99% | $2,000 - $36,500 |
| Upgrade | $50,000 | 7.99% - 35.99% | $2,000 - $36,500 |
| Universal Credit | $50,000 | 8.49% - 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 first published on 06/27/22 and it was last updated on 01/31/24. 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
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. Additional income requirements depend on the lender you work with.
Who qualifies for a personal loan? ›
Credit scores range from 300 to 850 and are based on factors like payment history, amount of outstanding debt and length of credit history. Many lenders have a personal loan credit score requirement of at least 600 to qualify, but some lenders will lend to applicants without any credit history at all.
How hard is it to get a $30,000 personal loan? ›
In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.
Do you need proof of income for a personal loan? ›
Key takeaways. When applying for a personal loan, you must provide personal and financial information, including proof of identity, income and address. Lenders generally request information about your credit score, loan purpose and monthly expenses to determine your eligibility and loan terms.
What disqualifies you from getting a personal loan? ›
The reasons for loan denial can vary based on your unique situation. Common factors that prevent you from getting a personal loan can include a low credit score, insufficient credit history, a high debt-to-income (DTI) ratio or requesting too much money.
How much income do I need to get a $10,000 loan? ›
You need to have a 660 credit score or higher to qualify for a Discover personal loan. You must also be a U.S. citizen or permanent resident and earn at least a $25,000 annual income.
Do personal loans check income? ›
Personal loan approval is typically based on your credit score and your ability to repay, which is determined by evaluating your income relative to your existing debts.
Who is most likely to get approved for personal loan? ›
In general, people who have a FICO® Score 8 or FICO® Score 9 of at least 670 or a VantageScore 3.0 or VantageScore 4.0 of at least 661 are considered to have good credit or excellent credit, which means they may find it easier to qualify for a personal loan.
What is the easiest loan to get approved for? ›
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
What credit score do I need for a $10000 personal loan? ›
To increase your chance of qualifying for a $10,000 unsecured loan, you should have a credit score of 600 or higher. Some lenders start their minimum credit score requirements at 600, however, there are some lenders that require a credit score in the high 600s or low 700s.
The monthly payment on a $30,000 loan ranges from $410 to $3,014, depending on the APR and how long the loan lasts. For example, if you take out a $30,000 loan for one year with an APR of 36%, your monthly payment will be $3,014.
What credit score do I need to get a $20,000 loan? ›
Requirements for a $20,000 Personal Loan
This means they'll want to see your credit score, income level and DTI ratio. Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670.
Do personal loan companies check your bank account? ›
The documentation required for personal loans depends on the lender. Some may ask for bank statements to document your income, while others might only ask for a W-2, 1099, or tax return in order to verify your income.
How do loans verify income? ›
These documents can include an employment verification letter, recent pay stubs, W-2s, or anything else to prove an employment history and confirm income. This has historically been a slow, expensive process for the lender. It is also a frustrating and time-consuming process for the borrower.
What loans Cannot verify income? ›
No income, no asset loans are a type of no doc loan in which the lender doesn't verify income or assets. However, they do verify other information like rental income and credit history. These loans are currently only available for real estate investors purchasing rental property.
Is it easy to get a $5,000 personal loan? ›
Requirements for a $5,000 Personal Loan
Some lenders may have a strict minimum credit score requirement, while others may be willing to approve you with a lower credit score. You will also need to have a source of income and a history of paying bills and past debts on time.
