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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 | 11.49% - 20.49% | $2,000 - $30,000 |
| Plain Green | $12,000 | 199% - 699% | $200 - $4,500 |
| Upstart | $12,000 | 7.80% - 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
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.
How do I prove my income for a personal loan? ›
If you are traditionally employed, you can verify your income with a few documents, including:
- Pay stubs.
- Tax returns.
- W-2s and 1099s.
- Bank statements.
- Employer's contact information.
Common Personal Loan Requirements
- Legal Status. Generally, you'll need to have legal status in the U.S. to qualify for a personal loan. ...
- Sufficient Credit Score. Having a high enough credit score is another important personal loan requirement. ...
- Proof of Income. ...
- Sufficient Collateral for Secured Loans.
Typically, you need a good credit score (670 or better) to qualify for a $70,000 personal loan. $70,000 is a lot of money, and since the loan is unsecured, your lender needs assurance through a positive credit history.
What disqualifies you from getting a personal loan? ›
There are many reasons why a lender could deny a personal loan application, such as a low credit score or a high DTI ratio. Or you might have requested to borrow more money than the lender thinks you can responsibly handle based on your income and other financial obligations.
Can you get approved for a personal loan with low income? ›
While it can be difficult to find an affordable personal loan if your income is low, it's not impossible. Some lenders, like Upgrade and Universal Credit, don't have fixed income requirements, though you may need to provide financial information in certain cases.
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 to say to get approved for a personal loan? ›
To get a better idea of what you may want to tell your lender, below are some of the most common reasons to get a personal loan:
- A Short-Term Unexpected Emergency Expense.
- To Consolidate Debt.
- A Large Purchase.
- Home Repair and Renovation.
- Covering Costs for Major Milestones and Goals.
- Paying for School.
- Buying Real Estate.
You can apply for and receive a personal loan if you don't have a job. However, getting approved may be difficult without an income and you could jeopardize your finances if you can't manage your payments.
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.
While most reasons won't stop you from obtaining a personal loan, you'll need to explain why you need the money you're borrowing.
What is the minimum score for a personal loan? ›
To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 670 and above.
What credit score do I need for a $35000 loan? ›
What Credit Score Do I Need for a $35,000 Loan? Lenders will typically offer better terms to personal loan applicants who have a credit score of 640 or higher. You may still be able to get a $35,000 personal loan with a lower credit score, but you will likely have to pay a higher interest rate.
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.
How hard is it to get a $35000 personal loan? ›
Key takeaways. Borrowers must have a stable income and a good credit score to qualify for a $35,000 personal loan. Not all lenders offer $35,000 personal loans, so it's important to shop around and compare rates and terms from different lenders.
How much income do I need for a 20k loan? ›
Some lenders state they require stable, consistent income, while others list a minimum income requirement. For example, Discover requires a household income of at least $25,000. Finally, personal loan lenders consider your DTI ratio or your ratio of debt to gross income.
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 of a loan can I qualify for with my income? ›
Most financial advisors agree that people should spend no more than 28 percent of their gross monthly income on housing expenses, and no more than 36 percent on total debt. The 28/36 percent rule is a tried-and-true home affordability rule of thumb that establishes a baseline for what you can afford to pay every month.
How hard is it to get a $30,000 personal loan? ›
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. A high enough income: Part of the lender's evaluation of your loan application includes determining whether you can afford the payments.
