Personal Loan Requirements
| Age | 18+ (19 or 21 in a few states) |
|---|---|
| Identity | Photo ID plus SSN or ITIN |
| Income | Wages, self-employment, benefits or pension |
| Bank account | Usually required for deposit and payments |
| Credit | All credit types considered via our network |
| Amounts via our network | $100–$5,000 |
The core requirements
Every lender sets its own rules, but almost all look at the same building blocks:
- Age and residency: you must be of legal age to sign a contract in your state and usually a U.S. citizen or permanent resident, or meet the lender's rules for other statuses.
- Identity: a government-issued photo ID and a Social Security number (some lenders accept an ITIN).
- Income: regular money coming in, such as wages, self-employment income, benefits or a pension.
- Bank account: most online lenders deposit funds and collect payments electronically.
- Credit review: most lenders check credit; many also use alternative data such as bank account history.
- Debt-to-income ratio: how much of your income already goes to debt payments.
Meet these basics? See if you qualify; it takes about 3 minutes.
Document checklist
| What | Examples |
|---|---|
| Identity | Driver's license, state ID, passport |
| SSN or ITIN | Number provided on the application |
| Address | Utility bill, lease, bank statement |
| Employment income | Recent pay stubs, W-2, employer contact |
| Self-employment income | Tax returns, 1099s, bank statements |
| Benefits income | Social Security or disability award letter, pension statement |
| Bank details | Routing and account number |
| Debts to pay off (consolidation) | Statements for the accounts being paid |
Having these ready speeds approval. Many online lenders verify some items electronically, such as by securely reviewing your bank deposits.
How lenders weigh your credit
There's no single credit score requirement across the industry. In general:
- Higher scores tend to qualify for larger amounts and lower rates.
- Fair or lower scores can still qualify with many lenders, sometimes for smaller amounts or at higher rates.
- Recent history counts more than older items.
- Thin files lead lenders to rely more on income and bank data.
A soft inquiry to check offers doesn't affect your score; a formal application may add a hard inquiry. More: how to get a personal loan with bad credit.
Debt-to-income: the requirement people forget
Your debt-to-income ratio (DTI) is your total monthly debt payments divided by your gross monthly income.
Example: you earn $3,000 a month before taxes and pay $300 on a car loan, $100 on credit cards and $200 on a student loan. Your DTI is ($300 + $100 + $200) ÷ $3,000 = 20%. Adding a $150 personal loan payment would raise it to 25%.
Each lender sets its own DTI limits; lower is better. A loan used to pay off existing debts can lower your DTI if the new payment is smaller than the ones it replaces.
Income: what counts
Lenders want reliable income, but it doesn't have to be a traditional paycheck. Depending on the lender, accepted sources include:
- Full- or part-time wages
- Self-employment or gig income, shown with tax returns or bank deposits. See loans for self-employed and loans for gig workers.
- Social Security, SSI or disability benefits. See loans for SSI recipients.
- Pensions, retirement distributions, alimony or child support (you don't have to list support income if you don't want it considered)
List your income accurately; it helps lenders match you with a payment that fits.
How to improve your approval odds
- Request a realistic amount. A smaller loan means a smaller payment and a lower DTI.
- Add a co-borrower or co-signer with stronger credit or income, if the lender allows it.
- Fix report errors and pay down card balances to lower utilization.
- Use matching details on your ID, bank account and application.
- Respond quickly to verification calls or emails.
- Ask why if you're denied. Lenders that deny you based on your credit report must send an adverse action notice explaining the reason.
One form, many lenders
Applying to lender after lender takes time and can add several hard inquiries. Zebra Finance collects one request and sends it to lenders in our network that serve your state. Each lender runs its own checks and sets the final terms, including the exact APR, before you sign, and there's no obligation to accept.
For example, a $2,000 loan at 36% APR over 12 months works out to about $201 a month. Run your own numbers with the personal loan calculator.
Personal / installment loan calculator
Estimate only. Your rate depends on your credit, income and state; your lender shows the exact terms before you sign.
How personal loan requirements compare
Short-term loans have their own requirements. Payday lenders typically want ID, proof of income and an active bank account, and many focus on income rather than a traditional credit check; see payday loan requirements. Title lenders mainly need a vehicle title in your name; see title loan requirements. A personal installment loan usually offers larger amounts and scheduled payments over months. Compare in payday vs. personal loan, or check all your options at once.
Frequently asked questions
What do you need to get a personal loan?
Typically a government photo ID, a Social Security number or ITIN, proof of income such as pay stubs or tax returns, a bank account, and a credit history the lender can review. You must be of legal age in your state. Lenders also look at your debt-to-income ratio. Exact requirements vary by lender.
What credit score do you need for a personal loan?
There isn't one industry-wide minimum. Some lenders focus on good or excellent credit, while many others work with fair or poor credit. Your income, debt-to-income ratio and recent payment history matter too. All credit types are considered through our form.
Can I get a personal loan without a job?
Possibly, if you have other reliable income such as Social Security, disability benefits, a pension or regular self-employment income. Lenders need to see a way to repay. List every regular income source on your form so lenders can review it.
Do personal loans require collateral?
Most personal loans are unsecured, so no collateral is required. Some lenders offer secured personal loans backed by savings or a vehicle, which can help if your credit is limited. If you own a car, a title loan is another option where the vehicle's value backs the loan.
How long does it take to get approved for a personal loan?
Our form takes about 3 minutes, and many online lenders decide within minutes. Funds are often deposited by the next business day after you sign. Having your ID, income documents and bank details ready, and answering verification requests quickly, speeds things up.
Why was I denied a personal loan?
Common reasons include income that's hard to verify, a high debt-to-income ratio, recent late payments, a thin credit file, or mismatched details on the application. If the denial was based on your credit report, the lender must send an adverse action notice. Use it to decide what to fix, or try a smaller amount.