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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 | 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
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 is the minimum income 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 is a good annual income for a loan? ›
Income requirements for different mortgage amounts
| Mortgage Amount | Estimated Annual Income Required |
|---|
| $200,000 | Around $50,000 |
| $300,000 | Around $75,000 |
| $400,000 | Around $100,000 |
| $500,000 | Around $125,000 |
Jan 1, 2024
Most lenders will want to see proof of income on top of identification.
What disqualifies you from getting a personal loan? ›
A personal loan applicant can be disqualified for having a credit score that's too low, insufficient income, too much outstanding debt or short credit history.
What is the easiest loan to get approved for? ›
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
How do I qualify for a 5000 loan? ›
Lenders may have a minimum credit score requirement — typically in the “good” range (a FICO score of 670 and above). Income: Lenders usually require you to have a stable income — and enough of an income to make your monthly loan payments.
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.
How to get approved for a personal loan? ›
How to get approved for a loan in 9 steps
- Know your credit scores. ...
- Run the numbers. ...
- Review lender requirements and gather documentation. ...
- Consider your options. ...
- Choose your loan type. ...
- Shop around for the best personal loan rates. ...
- Pick a lender and apply. ...
- Provide necessary documentation.
Personal loans generally aren't hard to get and are available from credit unions, banks, and online lenders. There are various types of personal loans to consider, depending on how much money you need to borrow.
Your credit score is too low
Good or excellent credit (a score of 690 or higher) and a history of paying other loans or credit cards on time will help you qualify for a personal loan, while fair or bad credit and a history of missed payments could get your application declined.
What are the minimum requirements for a personal loan? ›
You need to be between the ages of 21-60 years. You need to have a job for at least two years, with a minimum of 1 year with your current employer. You need to have a net income of 25,000 per month.
How do I know if I qualify for a personal loan? ›
How To Qualify for a Personal Loan
- Minimum credit score of 670. Maintaining a credit score of at least 670 will improve your chances of qualification. ...
- Consistent and steady monthly income. Minimum income requirements may vary drastically between lenders, with some having no requirements. ...
- DTI ratio less than 36%.
While some personal loan lenders don't specify their minimum income requirements, others do. In all cases, the lender will check to see if you have enough income to manage the monthly payments on your loan. Try to find lenders with a minimum income requirement lower than your annual or monthly income.
Can I use household income for a personal loan? ›
Your paycheck isn't the only acceptable income source; many lenders accept income from others in your household, alimony and Social Security payments listed on an application.
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.
