How to Get a Personal Loan

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Wangman, CEPF","sameAs":"https://www.businessinsider.com/author/ryan-wangman"},"publisher":{"@context":"http://schema.org","@type":"Organization","name":"Business Insider","legalName":"Insider Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"How to Get a Personal Loan","alternativeHeadline":"How to Get a Personal Loan: Requirements and Considerations","image":{"@type":"ImageObject","url":"https://i.insider.com/6494683a1465b60019989dd3?width=1200&format=jpeg","width":1200,"height":900},"name":"How to Get a Personal Loan: Requirements and Considerations","datePublished":"2024-07-17T15:20:01Z","dateModified":"2024-12-31T20:19:15Z","description":"Get a comprehensive overview of personal loan requirements. Understand the essentials to help you prepare for a successful loan application.","keywords":"","articleBody":"Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate personal loans to write unbiased product reviews.Whether it's to consolidate debt, finance a business, or make home improvements, the best personal loans can be a way to pay for what you need and build credit at the same time.To get a personal loan from a bank, you'll generally need to provide a credit score and credit history, proof of income, debt-to-income ratio, and collateral for a secured loan, says Gabe Krajicek, CEO of Kasasa, a fintech company that provides financial products and marketing services to community banks and credit unions.\"Bank of America, like some other megabanks, does not offer personal loans,\" Krajicek says. \"Others, like Citibank and Wells Fargo, may offer personal loans only to account holders and have minimum credit and income requirements to qualify.\"Banks face more regulations than online lenders, so they have the strictest lending standards, says Priyanka Prakash, lending and credit expert at Fundera. Online lenders are generally more flexible.You can use a personal loan marketplace like LendingTree or Credible to request rates from multiple lenders at the same time.Your credit score determines your loan eligibility, so if you're beginning the loan process for the first time, start by getting your credit score.You can usually find your score for no cost on your credit card statement or online account. You can also pay for it from a credit reporting agency. If your credit score is in the low 600s or less, look into how to get a loan with bad credit, which may involve opening a secured loan or going through a credit union.Your credit score is a three-digit number that measures your likelihood to repay a debt. It's based on the information contained in your credit report, which monitors all of your credit-related activity.You can find your credit report for free on annualcreditreport.com from any of the three major credit bureaus. While this report won't give you your credit score, it will show you information about your credit and payment history, which lenders use to decide whether to give you a loan. Reviewing your credit report can help you know what you need to improve.One of the most challenging parts of getting a personal loan is the amount of documentation required.The nature of the paperwork will vary based on the type of loan you're applying for. But in general, you can expect to need:Get these basics in order before applying for the loan, in order to speed up the process.Read more: Personal loan vs. line of creditThere are two types of personal loans: secured and unsecured. Many of the best personal loans are unsecured.Unsecured loans aren't supported by collateral, like a house, car, or other assets. Lenders evaluate whether to grant you the loan based on your financial history and credit score.If you don't qualify for an unsecured loan, lenders also offer secured options that can be backed by assets, bank accounts you have, or other things you own. Mortgages, home equity loans, and auto loans are considered secured loans, since you're putting up collateral.Remember that if you take out a secured loan using your home, your car, or something else as collateral, you run the risk of losing those things should you become unable to pay your loans.\"Because unsecured loans don't require collateral, they are viewed as riskier and may have a higher interest rate to offset this risk,\" Krajicek says.Some lenders that offer unsecured loans, including banks and credit unions, will also offer secured loans.If you are looking to take out a loan to consolidate credit card debt, or pay debt down faster, it can help in more ways than you may realize. Making payments in a reliable, timely manner will have a positive impact on your credit score as the lender reports these payments to the three major credit bureaus.Paying down debt can also help improve your credit utilization ratio, which is the percentage of available credit you are using. Experts advise keeping this ratio at 30% or below. Taking out a personal loan can actually help boost your credit score because your credit mix — which refers to the types of different credit accounts you have — determines 10% of your overall credit score.Although it's not a solid guarantee, preapproval is when a lender extends an unofficial offer on a loan, pending full approval.In this instance, preapproval will tell the borrower what loan amount, terms, and repayment schedule they will likely qualify for in advance. Also, a preapproval acknowledges that the borrower has met the bank's general eligibility requirements.You won't impact your credit score if you check your loan rates for preapproval, because most companies only produce a soft credit inquiry when pulling your credit report. That won't be visible to third parties or affect your credit score. The process usually includes an application and a credit history evaluation. Remember that while it's a worthwhile step to take, there's no guarantee that the bank will extend the exact same terms when it comes time to issue a loan. To get a personal loan from a bank, you'll generally need to be an existing customer with good credit. Some banks don't offer personal loans, so you'll want to find out what your bank does offer.If your bank doesn't offer loans — or even if it does — you may want to get quotes from online lenders and credit unions. These options can be an alternative to bank loans, or a basis for comparison.After you've checked rates offered by online lenders and credit unions, see if your bank will offer you a better deal. For instance, US Bank personal loans are more attractive for existing customers because they can get better terms and qualify with a lower credit score. You can generally fill out a form to see if you prequalify for a loan without triggering a hard inquiry on your credit.See our picks for the best credit unions for personal loans »Personal loans are installment loans, which is when you borrow a fixed amount of money and pay it back with interest in monthly installments over the life of the loan.The terms of the loan can range from 12 to 96 months. When you complete the loan terms, that loan is considered closed. If more money is needed, you must apply for a new loan.Tabitha Mazzara, director of operations for MBANC, a consumer-direct mortgage lender, says there are a few questions you should ask yourself before signing on the dotted line. \"You should know how much you need before going into it,\" says Mazzara. \"What are the terms? When will I have to pay it back? What's the interest? Can I afford the payment? What are the fees?\"Before you get your loan, make sure you have a plan to pay it back. How much will you owe per month? Do you plan to pay the minimum required, or to make extra payments and pay it back more quickly?Consider setting up automatic payments from your checking account once your paycheck clears, or calendar reminders to make sure you never miss a due date.There are many steps you need to take to get a bank loan, and it is worth taking extra time to compare all your offers before settling on a particular company.While personal loan requirements vary by lender, many require a minimum credit score somewhere between 600-650, with better terms available to those with higher scores.Yes, it's possible to get a personal loan with low income, but you may need to meet other criteria, such as a lower DTI ratio or excellent credit, to compensate.Lenders typically look for stable income over a period of time, but some may be willing to consider factors like future income potential, or offer you secured loan options if you don't have a long employment history. It is possible to get a personal loan when you're unemployed, though more difficult than it would be if you had steady work.You can find your debt-to-income ratio by dividing your monthly debt payments by your gross monthly income. The resulting percentage is your DTI ratio, a key factor lenders use when assessing your application and deciding whether to approve you for a personal loan.By improving your credit score, lowering your DTI, and ensuring you have all the necessary documentation, you can boost your chances of getting approved.","articleSection":"Personal Finance, Loans, Personal Loans","isAccessibleForFree":true,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is the minimum credit score needed for a personal loan?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">While personal loan requirements vary by lender, many require a minimum credit score somewhere between 600-650, with better terms available to those with higher scores.</p>"}},{"@type":"Question","name":"Can I get a personal loan if I have low income?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Yes, it's possible to get a personal loan with low income, but you may need to meet other criteria, such as a lower DTI ratio or excellent credit, to compensate.</p>"}},{"@type":"Question","name":"What if I don't have a long employment history?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Lenders typically look for stable income over a period of time, but some may be willing to consider factors like future income potential, or offer you secured loan options if you don't have a long employment history. It is possible to get a <a target=\"_blank\" href=\"https://www.businessinsider.com/personal-finance/personal-loans/can-you-get-a-loan-without-a-job\" data-analytics-product-module=\"body_link\" rel=\"\">personal loan when you're unemployed</a>, though more difficult than it would be if you had steady work.</p>"}},{"@type":"Question","name":"How can I calculate my debt-to-income ratio?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">You can find your debt-to-income ratio by dividing your monthly debt payments by your gross monthly income. The resulting percentage is your DTI ratio, a key factor lenders use when assessing your application and deciding whether to approve you for a personal loan.</p>"}},{"@type":"Question","name":"Can I improve my chances of loan approval?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">By improving your credit score, lowering your DTI, and ensuring you have all the necessary documentation, you can boost your chances of getting approved.</p>"}}]} </script> <script type="application/ld+json"> {"@context":"http://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https://www.businessinsider.com/personal-finance","name":"Personal Finance"}},{"@type":"ListItem","position":2,"item":{"@id":"https://www.businessinsider.com/personal-finance/loans","name":"Loans"}},{"@type":"ListItem","position":3,"item":{"@id":"https://www.businessinsider.com/personal-finance/personal-loans","name":"Personal 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However, our opinions are our own. See <a href="https://www.businessinsider.com/personal-finance/personal-loans/how-we-rate-personal-loans" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">how we rate personal loans</a> to write unbiased product reviews.</aside> <div class="col-12"> </div> <figure class="figure image-figure-image as-notched" data-type="img" data-e2e-name="image-figure-image" data-media-container="image" itemscope itemtype="https://schema.org/ImageObject" > <div class="aspect-ratio" style="padding-top: calc(100% / (2119 / 1059))" > <meta itemprop="contentUrl" content="https://i.insider.com/648a07cb1cc64b001ae135d2?width=700"/> <img src="https://i.insider.com/648a07cb1cc64b001ae135d2?width=700" srcset="https://i.insider.com/648a07cb1cc64b001ae135d2?width=400&format=jpeg&auto=webp 400w, https://i.insider.com/648a07cb1cc64b001ae135d2?width=500&format=jpeg&auto=webp 500w, https://i.insider.com/648a07cb1cc64b001ae135d2?width=700&format=jpeg&auto=webp 700w, https://i.insider.com/648a07cb1cc64b001ae135d2?width=1000&format=jpeg&auto=webp 1000w, https://i.insider.com/648a07cb1cc64b001ae135d2?width=1300&format=jpeg&auto=webp 1300w, https://i.insider.com/648a07cb1cc64b001ae135d2?width=2000&format=jpeg&auto=webp 2000w" sizes="(min-width: 1280px) 900px" alt="man at desk looks at finances on computer screen" decoding="sync" /> </div> <span class="image-source-caption with-caption-drawer"> <input class="caption-drawer-input" type="checkbox" id="caption-drawer-checkbox"> <label class="caption-drawer-label" for="caption-drawer-btn"> <svg class="svg-icon chevron-down-icon caption-drawer-icon" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 24 24" > <path fill="currentColor" fill-rule="evenodd" d="m19.44 5.5-7.486 7.72L4.56 5.594 2 8.234 11.954 18.5 22 8.14 19.44 5.5Z"/> </svg> </label> <figcaption class="image-caption headline-semibold" data-e2e-name="image-caption" > <span class="image-caption-text">Your credit score is an important factor in personal loan applications.</span> <span class="image-source-text"> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > 10'000 Hours/Getty Images </span> </span> </figcaption> </span> </figure> <div class="sticky-toc-content-wrapper"> <aside class="sticky-toc as-aside" data-component-type="sticky-toc"> <nav class="sticky-toc-aside js-sticky-toc-aside"> <menu class="sticky-toc-menu"> <li> <a href="#credit-score-requirements" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Credit score requirements </a> </li> <li> <a href="#necessary-documentation" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Necessary documentation </a> </li> <li> <a href="#additional-considerations" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Additional considerations </a> </li> <li> <a href="#tips-for-meeting-loan-requirements" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Tips for meeting loan requirements </a> </li> <li> <a href="#faqs" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </menu> </nav> </aside> <div> <section class="post-content typography with-sticky-toc-aside pfi-post" data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <div class="table-of-contents table-of-contents-sticky" data-analytics-module="jump-to" data-type="custom"></div><p></p><ul class="summary-list"><li>Knowing your credit score is crucial before trying to get a personal loan.</li><li>Make sure your credit report does not contain any inaccurate information.</li><li>Having a solid repayment plan is also a critical step to take before borrowing any money.</li></ul><p>Whether it's to consolidate debt, finance a business, or make home improvements, the <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/best-personal-loans" data-analytics-product-module="body_link" rel="">best personal loans</a> can be a way to pay for what you need and build credit at the same time.</p><h3 id="c15a693b-45cf-4c74-a6ff-ada8abe0e827" data-toc-id="c15a693b-45cf-4c74-a6ff-ada8abe0e827">Understanding personal loan requirements</h3><p>To get a personal loan from a bank, you'll generally need to provide a credit score and credit history, proof of income, <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-debt-to-income-ratio" data-analytics-product-module="body_link" rel="">debt-to-income ratio</a>, and collateral for a secured loan, says Gabe Krajicek, CEO of <a target="_blank" rel="noopener nofollow" href="https://www.kasasa.com/" data-analytics-product-module="body_link">Kasasa</a>, a fintech company that provides financial products and marketing services to community banks and credit unions.</p><p>"Bank of America, like some other megabanks, does not offer personal loans," Krajicek says. "Others, like Citibank and Wells Fargo, may offer personal loans only to account holders and have minimum credit and income requirements to qualify."</p><p>Banks face more regulations than online lenders, so they have the strictest lending standards, says Priyanka Prakash, lending and credit expert at Fundera. Online lenders are generally more flexible.</p><p>You can use a personal loan marketplace like LendingTree or Credible to request rates from multiple lenders at the same time.</p><h2 id="credit-score-requirements" data-toc-id="18331318-d819-4f65-b0ce-88dfc0a52195" data-toc-label="Credit score requirements" class="toc-anchor">Credit score requirements</h2><h3 id="b22d3a67-8f82-4556-afe4-be4d84f07ea3" data-toc-id="b22d3a67-8f82-4556-afe4-be4d84f07ea3">Minimum credit scores</h3><p>Your <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-score-needed-for-personal-loan" data-analytics-product-module="body_link" rel="">credit score determines your loan eligibility</a>, so if you're beginning the loan process for the first time, start by getting your <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-check-your-credit-score" data-analytics-product-module="body_link" rel="">credit score</a>.</p><p>You can usually find your score for no cost on your credit card statement or online account. You can also pay for it from a credit reporting agency. If your credit score is in the low 600s or less, look into <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/how-to-get-a-loan-with-bad-credit" data-analytics-product-module="body_link" rel="">how to get a loan with bad credit</a>, which may involve opening a secured loan or going through a credit union.</p><h3 id="9c05cdab-f0a5-4159-acd3-467e3ec4f6e6" data-toc-id="9c05cdab-f0a5-4159-acd3-467e3ec4f6e6">How credit scores affect loan terms and interest rates</h3><p>Your credit score is a three-digit number that measures your likelihood to repay a debt. It's based on the information contained in your <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-credit-report" data-analytics-product-module="body_link" rel="">credit report</a>, which monitors all of your credit-related activity.</p><p>You can find your credit report for free on annualcreditreport.com from any of the three major credit bureaus. While this report won't give you your credit score, it will show you information about your credit and payment history, which lenders use to decide whether to give you a loan. Reviewing your credit report can help you know what you need to improve.</p><h2 id="necessary-documentation" data-toc-id="8874e098-3304-49a5-b9b1-81d0b36c06d3" data-toc-label="Necessary documentation" class="toc-anchor">Necessary documentation</h2><h3 id="ddc8582a-4c4d-49e4-ad3a-67fa6e5d59cb" data-toc-id="ddc8582a-4c4d-49e4-ad3a-67fa6e5d59cb">Identification documents</h3><p>One of the most challenging parts of getting a personal loan is the amount of documentation required.</p><p>The nature of the paperwork will vary based on the type of loan you're applying for. But in general, you can expect to need:</p><ul><li>Pay stubs/proof of income</li><li>The last couple years of tax returns</li><li>Documentation of 401(k)s and other financial accounts</li><li>Photo ID</li><li>Rent/mortgage history</li><li>Proof of collateral, if you're pursuing a secured loan</li></ul><p>Get these basics in order before applying for the loan, in order to speed up the process.</p><p><strong><em>Read more: </em></strong><a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/personal-loan-vs-line-of-credit" data-analytics-product-module="body_link" rel=""><strong><em>Personal loan vs. line of credit</em></strong></a></p><h2 id="additional-considerations" data-toc-id="005c7e6c-22ea-428a-ac6d-a539e13d4c0d" data-toc-label="Additional considerations" class="toc-anchor">Additional considerations</h2><h3 id="e2cb5633-ac9b-49d1-9633-cd598a11de87" data-toc-id="e2cb5633-ac9b-49d1-9633-cd598a11de87">Collateral requirements</h3><p>There are two types of personal loans: secured and unsecured. Many of the best personal loans are unsecured.</p><p><a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/best-unsecured-loans" data-analytics-product-module="body_link" rel="">Unsecured loans</a> aren't supported by collateral, like a house, car, or other assets. Lenders evaluate whether to grant you the loan based on your financial history and credit score.</p><p>If you don't qualify for an unsecured loan, lenders also offer secured options that can be backed by assets, bank accounts you have, or other things you own. Mortgages, home equity loans, and auto loans are considered secured loans, since you're putting up collateral.</p><p>Remember that if you take out a secured loan using your home, your car, or something else as collateral, you run the risk of losing those things should you become unable to pay your loans.</p><p>"Because unsecured loans don't require collateral, they are viewed as riskier and may have a higher interest rate to offset this risk," Krajicek says.</p><p>Some lenders that offer unsecured loans, including banks and credit unions, will also offer secured loans.</p><h2 id="tips-for-meeting-loan-requirements" data-toc-id="0da9c49a-0d63-44e1-acee-e155f148c8ec" data-toc-label="Tips for meeting loan requirements" class="toc-anchor">Tips for meeting loan requirements</h2><h3 id="c8f689c9-eef5-4c57-a160-6494843eba78" data-toc-id="c8f689c9-eef5-4c57-a160-6494843eba78">Understand your credit score</h3><p>If you are looking to take out a loan to <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/consolidate-credit-card-debt" data-analytics-product-module="body_link" rel="">consolidate credit card debt</a>, or pay debt down faster, it can help in more ways than you may realize. Making payments in a reliable, timely manner will have a positive impact on your credit score as the lender reports these payments to the three major credit bureaus.</p><p>Paying down debt can also help improve your <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-utilization-ratio" data-analytics-product-module="body_link" rel="">credit utilization ratio</a>, which is the percentage of available credit you are using. Experts advise keeping this ratio at 30% or below. </p><p>Taking out a personal loan can actually help boost your credit score because your credit mix — which refers to the types of different credit accounts you have — determines 10% of your overall credit score.</p><h3 id="dd3ee54e-df2c-4c12-8399-cfd946836437" data-toc-id="dd3ee54e-df2c-4c12-8399-cfd946836437">Shoot for preapproval</h3><p>Although it's not a solid guarantee, preapproval is when a lender extends an unofficial offer on a loan, pending full approval.</p><p>In this instance, preapproval will tell the borrower what loan amount, terms, and repayment schedule they will likely qualify for in advance. Also, a preapproval acknowledges that the borrower has met the bank's general eligibility requirements.</p><p>You won't impact your credit score if you check your loan rates for preapproval, because most companies only produce a soft credit inquiry when pulling your credit report. That won't be visible to third parties or affect your credit score. </p><p>The process usually includes an application and a credit history evaluation. Remember that while it's a worthwhile step to take, there's no guarantee that the bank will extend the exact same terms when it comes time to issue a loan. </p><h3 id="8d83a7ea-809a-48d5-bf5b-8276d869ff03" data-toc-id="8d83a7ea-809a-48d5-bf5b-8276d869ff03">Check if your bank offers personal loans</h3><p>To get a personal loan from a bank, you'll generally need to be an existing customer with good credit. Some banks don't offer personal loans, so you'll want to find out what your bank does offer.</p><p>If your bank doesn't offer loans — or even if it does — you may want to get quotes from online lenders and credit unions. These options can be an alternative to bank loans, or a basis for comparison.</p><p>After you've checked rates offered by online lenders and credit unions, see if your bank will offer you a better deal. For instance, <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/us-bank-personal-loans-review" data-analytics-product-module="body_link" rel="">US Bank personal loans</a> are more attractive for existing customers because they can get better terms and qualify with a lower credit score. You can generally fill out a form to see if you <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/how-to-pre-qualify-for-personal-loan" data-analytics-product-module="body_link" rel="">prequalify for a loan</a> without triggering a hard inquiry on your credit.</p><p><strong><em>See our picks for the </em></strong><a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/best-credit-unions-personal-loans" data-analytics-product-module="body_link" rel=""><strong><em>best credit unions for personal loans</em></strong></a><strong><em> »</em></strong></p><h3 id="640f1409-868d-466c-a129-dfee8af0442a" data-toc-id="640f1409-868d-466c-a129-dfee8af0442a">Know the terms</h3><p>Personal loans are <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/what-is-an-installment-loan" data-analytics-product-module="body_link" rel="">installment loans</a>, which is when you borrow a fixed amount of money and pay it back with interest in monthly installments over the life of the loan.</p><p>The terms of the loan can range from 12 to 96 months. When you complete the loan terms, that loan is considered closed. If more money is needed, you must apply for a new loan.</p><p>Tabitha Mazzara, director of operations for <a target="_blank" rel="noopener nofollow" href="https://www.mbanc.com/" data-analytics-product-module="body_link">MBANC</a>, a consumer-direct mortgage lender, says there are a few questions you should ask yourself before signing on the dotted line. </p><p>"You should know how much you need before going into it," says Mazzara. "What are the terms? When will I have to pay it back? What's the interest? Can I afford the payment? What are the fees?"</p><h3 id="082a3d63-1c74-4f86-8491-d55f8810ca39" data-toc-id="082a3d63-1c74-4f86-8491-d55f8810ca39">Make a plan to pay it back</h3><p>Before you get your loan, make sure you have a plan to pay it back. How much will you owe per month? Do you plan to pay the minimum required, or to make extra payments and pay it back more quickly?</p><p>Consider setting up automatic payments from your checking account once your paycheck clears, or calendar reminders to make sure you never miss a due date.</p><p>There are many steps you need to take to get a bank loan, and it is worth taking extra time to compare all your offers before settling on a particular company.</p><h2 id="faqs" data-toc-id="c0795611-39a6-41fe-8586-43445931f685" data-toc-label="FAQs" class="toc-anchor">FAQs</h2> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What is the minimum credit score needed for a personal loan? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">While personal loan requirements vary by lender, many require a minimum credit score somewhere between 600-650, with better terms available to those with higher scores.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Can I get a personal loan if I have low income? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Yes, it's possible to get a personal loan with low income, but you may need to meet other criteria, such as a lower DTI ratio or excellent credit, to compensate.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What if I don't have a long employment history? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Lenders typically look for stable income over a period of time, but some may be willing to consider factors like future income potential, or offer you secured loan options if you don't have a long employment history. It is possible to get a <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/can-you-get-a-loan-without-a-job" data-analytics-product-module="body_link" rel="">personal loan when you're unemployed</a>, though more difficult than it would be if you had steady work.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How can I calculate my debt-to-income ratio? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">You can find your debt-to-income ratio by dividing your monthly debt payments by your gross monthly income. The resulting percentage is your DTI ratio, a key factor lenders use when assessing your application and deciding whether to approve you for a personal loan.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown collapsable-faq-dropdown-last" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Can I improve my chances of loan approval? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">By improving your credit score, lowering your DTI, and ensuring you have all the necessary documentation, you can boost your chances of getting approved.</p> </div> </div> </div><div> <div class="script" data-lazy-load="script" data-load-strategy="lazy" data-src="https://embed.hifiona.com/script/helper/bundle.js" data-async="true" data-defer="true"></div> <iframe class="even-iframe" id="iFrameResizer0" scrolling="no" data-src="https://embed.hifiona.com/ui/multi-product/index.html?partner=business-insider&access_token=67469272-b8b5-4728-8a00-888ada3b8073_e8cd386c-b739-43de-9f23-fcd8537fe029&company_uuid=84ef3821-4efd-4450-bcc7-178bb19ecbb4&productType=loan&pw_fiona=true&available_products=loan" style="width: 100%; border: none;"></iframe> </div><section class="post-authors" data-component-type="post-author"> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/ryan-wangman" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="ryan-wangman"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/612f9f319ef1e50018f929fd?crop=1:1&width=256&format=jpeg&auto=webp" alt="Ryan Wangman, a white man with brown hair, sits in front of a stone wall. He smiles into the distance, wearing blue jeans and a dark blue, long-sleeved sweater."> <noscript> <img class="no-script" src="https://i.insider.com/612f9f319ef1e50018f929fd?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/ryan-wangman" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Ryan Wangman, CEPF</div> </a> <div class="post-author_title headline-regular">Loans Reporter</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded0"> <div class="post-author_bio_content"> <span>Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).</span><span>In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. </span> </div> <label for="expanded0" role="button" class="post-author_bio_more">Read more</label> <label for="expanded0" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> </section> <div class="featured-products sticky-featured-product"> <span class="headline-semibold featured-products-heading">Top Offers From Our Partners</span> <div class="featured-product"> <a href="https://secure.money.com/pr/u8327de6ed05" target="_blank" data-analytics-product-area="image" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" data-analytics-product-id="63cff3349bca6000112c3c92" class="featured-product-image not-content-link" rel="nofollow noindex"> <div class="lazy-holder lazy-holder " style="padding-top: calc(100% * 95 / 149)"> <img class="lazy-image " src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-content-type="image/png" data-srcs="{"https://i.insider.com/654be4c936d588dc55cd46e3":{"contentType":"image/png","aspectRatioW":1150,"aspectRatioH":304}}" alt="Sofi logo"> <noscript> <img class="no-script" src="https://i.insider.com/654be4c936d588dc55cd46e3?width=600&format=jpeg&auto=webp" /> </noscript> </div> </a> <div class="featured-product-hgroup"> <a href="https://secure.money.com/pr/u8327de6ed05" target="_blank" class="featured-product-heading not-content-link" data-analytics-product-area="title" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" data-analytics-product-id="63cff3349bca6000112c3c92" rel="nofollow noindex"> SoFi® Checking and Savings (Member FDIC) </a> <span class="headline-semibold featured-product-sub-heading"> Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 1/31/2026. Earn up to 3.80% APY on savings balances (including Vaults) with direct deposit or qualifying deposit. <div class="component rich-tooltip featured-product-rich-tooltip" role="tooltip" data-tooltip-position="right"> <svg class="svg-icon tooltip-icon " role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 60 60"> <title></title> <desc>A tooltip</desc> <path d="M30.6 36.6l.1-1.2c.2-2.3 1.3-3.3 3.4-5.2 2.5-2.3 5.7-4.5 5.7-8.6 0-5-4.3-7.7-9.2-7.7-3.8 0-6.8 1.5-10 4.4l2.2 2.5c3.1-2.5 5-3.5 7.7-3.5 3.2 0 5.4 1.7 5.4 4.4s-2.2 4.2-4.4 6.1c-3.4 2.9-4 4.1-4 7.3v1.5h3.1zm.7 8.4v-4.6h-4.4V45h4.4z"></path> <path d="M30 0c16.6 0 30 13.4 30 30S46.6 60 30 60 0 46.6 0 30 13.4 0 30 0zm0 3C15.1 3 3 15.1 3 30s12.1 27 27 27 27-12.1 27-27S44.9 3 30 3z"></path> </svg> <div class="rich-tooltip-wrapper headline-regular"> <div class="rich-tooltip-message headline-regular">SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. 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