How do you qualify for a personal loan? This question is about Personal Loans

To qualify for a personal loan, you need to be at least 18 years old and have enough income or assets to afford monthly payments. You will also need a bank account to receive the loan, and most personal loan providers require a credit score of 585 or higher. How to Qualify for a Personal Loan Be at least 18 years old A loan is a legal contract, so you must be the "age of majority" in your state to sign. The age of majority in most states is 18 years old. SSN and U.S. residency Most lenders will only allow U.S. citizens and permanent residents to apply. You may also be required to have a Social Security number, but some lenders allow you to use an Individual Taxpayer Identification Number or a visa instead. Bank account Lenders usually send funds to you through a bank transfer. Certain loans, like ones that require collateral, may not require you to have a bank account, but most loans will. Credit history The most popular lenders usually require a credit score of at least 585 to 700 for loan approval. However, this is not set in stone. Having a high income might help make up for a low credit score, for example. Enough income or assets You'll need to demonstrate that you have a source of income or significant assets to manage your monthly payments in addition to any other debts or expenses you have. Lenders generally don't disclose minimum income requirements, however. Low debt You probably won't qualify if the lender determines that you already owe too much money relative to your income and assets. They will also consider your monthly expenses, like housing payments, which decreases the amount of money left for repaying a loan. The general qualifications for a personal loan are the same for most lenders. You'll also need to meet some lender-specific requirements to get approved, though. To start your personal loan search, you can check your credit score for free as well as use the free pre-qualification tool on WalletHub. Pre-qualification will help you see which lenders are likely to approve you and which rates may be available to you.

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How do you qualify for a personal loan?

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This question is about Personal Loans

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Grace Enfield, Content Writer

@grace_enfield • 11/18/21 This answer was first published on 11/18/21. 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.

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To qualify for a personal loan, you need to be at least 18 years old and have enough income or assets to afford monthly payments. You will also need a bank account to receive the loan, and most personal loan providers require a credit score of 585 or higher.

How to Qualify for a Personal Loan

Be at least 18 years old A loan is a legal contract, so you must be the "age of majority" in your state to sign. The age of majority in most states is 18 years old.
SSN and U.S. residency Most lenders will only allow U.S. citizens and permanent residents to apply. You may also be required to have a Social Security number, but some lenders allow you to use an Individual Taxpayer Identification Number or a visa instead.
Bank account Lenders usually send funds to you through a bank transfer. Certain loans, like ones that require collateral, may not require you to have a bank account, but most loans will.
Credit history The most popular lenders usually require a credit score of at least 585 to 700 for loan approval. However, this is not set in stone. Having a high income might help make up for a low credit score, for example.
Enough income or assets You'll need to demonstrate that you have a source of income or significant assets to manage your monthly payments in addition to any other debts or expenses you have. Lenders generally don't disclose minimum income requirements, however.
Low debt You probably won't qualify if the lender determines that you already owe too much money relative to your income and assets. They will also consider your monthly expenses, like housing payments, which decreases the amount of money left for repaying a loan.

The general qualifications for a personal loan are the same for most lenders. You'll also need to meet some lender-specific requirements to get approved, though.

To start your personal loan search, you can check your credit score for free as well as use the free pre-qualification tool on WalletHub. Pre-qualification will help you see which lenders are likely to approve you and which rates may be available to you.

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