Grace Enfield, Content Writer
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 and get a decision the same day or within a few business days.
How to Get Approved for a Personal Loan
- Make sure you meet the lender’s requirements. Some requirements to get approved include being at least 18 years old, having enough income to make the monthly payments and owning a valid bank account. Keep in mind that even if you meet all the requirements, approval is never guaranteed.
- Pre-qualify for the loan. Checking to see if you’re pre-qualified for a loan will help you estimate your approval odds. If you get pre-qualified, it’s very likely that you’ll get approved if you officially apply. You can check with multiple lenders at once using the free pre-qualification tool on WalletHub.
- Apply for the loan. When you apply for a loan, the lender will ask for information such as your name, address, date of birth, income and employment status.
- Wait for approval and funding. You may get a decision the same day you apply or within a few business days. If you’re approved, you should receive your funds within a few business days.
You may want to consider boosting your credit score to improve your approval odds. You’ll typically need a credit score of 660 or higher to get a loan with no origination fee. Additionally, applying with a cosigner may improve your chances of getting a personal loan if they have a high credit score and income.
You can read more about how to get a personal loan on WalletHub.
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