What Lenders Consider When You Request a Personal Loan
Your credit score matters, but it's rarely the whole picture. Here are the factors lenders commonly review and what you can prepare before you request a loan.
Guide · 2 min read · Reviewed: October 27, 2026
In short
- Your credit score and history are one part of the decision.
- Lenders also look at income, existing debts and banking history.
- Your state affects which lenders and terms are available.
- Each lender sets its own criteria, so no one can guarantee approval.
The main factors at a glance
| Factor | What lenders may look at | What you can do |
|---|---|---|
| Credit | Your score, payment history and existing accounts | Check your reports and fix errors |
| Income | How much you earn and how steady it is | Have recent pay stubs or statements ready |
| Debts | Your monthly debt payments compared with income | Pay down balances where you can |
| Banking | Your bank account and how money moves through it | Use an active checking account in your name |
| Location and identity | Your state and verified identity | Use accurate, matching details |
Credit score and credit history
Your credit score summarizes your credit report. FICO, the most widely used scoring model, says payment history and the amounts you owe carry the most weight, followed by the length of your credit history, new credit and your mix of accounts.
Lenders also look at the report itself: late payments, accounts in collections and how many new accounts you've opened recently. Learn how credit checks work.
Income and employment
Lenders want to know you can make the payments. They may ask about your job, how long you've had it and how much you earn, and may verify it with pay stubs or bank statements. Some lenders accept other regular income, such as benefits; if you're self-employed, you may be asked for tax returns.
Debt-to-income ratio
Your debt-to-income ratio (DTI) compares your monthly debt payments with your gross monthly income. For example, $1,200 in monthly debt payments on $4,000 of monthly income is a DTI of 30%.
A lower DTI suggests more room in your budget for a new payment. Each lender sets its own limits.
Banking history
Many lenders deposit funds and collect payments through a checking account, so they may ask for one in your name. Some also review account activity, with your permission, to understand your income and spending.
Where you live and who you are
Lenders must follow the rules of the state you live in, and not every lender serves every state. See state availability. You'll also need to verify your identity.
If you're an active-duty servicemember or a dependent, the Military Lending Act limits the cost of many loans, including a 36% cap on the military annual percentage rate (MAPR).
What to have ready
- A government-issued ID
- Recent proof of income
- Your bank account details
- A list of your monthly debt payments
Borrow only what you need. A smaller request can mean a smaller payment and a lower total cost.
Common questions
More answers in the help center.
What credit score do I need for a personal loan?
There's no single minimum. Each lender sets its own criteria and weighs your score alongside income, debts and other factors.
Can I get a loan without a job?
Some lenders accept other regular income, such as benefits, as long as you can show you can make the payments. Requirements vary by lender.
Does adding a co-borrower help?
It can, if the lender allows it. A co-borrower with stronger credit or income may improve your chances, but they're equally responsible for the loan.
