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 | 7.8% - 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
What are the personal loan requirements?
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...
How do you get approved for a personal loan?
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...
Can I get a personal loan as a student with no income?
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...
