How do you qualify for a signature loan?

To qualify for a signature loan, you need to be at least 18 years old, be a U.S. citizen or permanent resident, have enough income to afford the loan and meet the lender’s credit score requirement. Generally, you need to have a 580+ credit score to qualify for a signature loan. Signature loans are just unsecured personal loans, so the requirements are the same.

How to Qualify for a Signature Loan

Be at least 18 years old

You will need to be at least the legal age to receive a loan in your state to qualify for a signature loan. For most states, it’s 18 years old, but in Nebraska and Alabama, it is 19 years old, and in Mississippi it’s 21 years old.

Be a U.S. citizen or permanent resident

Lenders will require applicants to be U.S. citizens or permanent residents to qualify for signature loans. Additionally, applicants will need to have a government-issued identification number, such as a Social Security number or Individual Taxpayer Identification Number. Some lenders will accept passports or visas, though.

Have enough income or assets

Applicants will need to have enough income or assets to afford the monthly loan payments. The lender may require you to provide documents to prove your income, like a recent pay stub or tax form.  

Meet the lender’s minimum credit score requirement

Signature loans from reputable lenders typically require applicants to have a credit score of 580+. You’ll need a higher score to get a signature loan with a low APR and no origination fee, though. You can check your credit score for free on WalletHub.

Have a valid bank account

Lenders typically send you the funds via electronic bank transfer, so you will need to give them your bank account information. Additionally, you may be asked to provide bank account information to prove you have enough income to repay the loan.

Other Lender-Specific Requirements

Some lenders, such as American Express, require applicants to be current customers to qualify for a signature loan. Other lenders, like OppLoans, require applicants to live in certain states, since they do not offer loans nationally.

If you think you can qualify for a signature loan, check out WalletHub’s picks for the best signature loans. Then, you can estimate your potential rates with our free pre-qualification tool.