Before you apply
- Know your credit score and the monthly payment you can afford before you shop.
- Prequalify with at least three lenders. It usually uses a soft check that does not hurt your score.
- Compare APR, fees, term and total cost, and read the agreement before you sign.
In this article
Documents lenders usually ask for
- Government-issued photo ID
- Social Security number
- Proof of income: pay stubs, tax returns or bank statements
- Proof of address
- Bank account details for the deposit
Requirements vary by lender.
Learning how to get a personal loan starts with your own numbers, not with a lender search, because your numbers tell you which lenders are worth your time.
Here is the whole process, laid out the way it usually unfolds.
Your week, step by step
- Day 1 Β· Decide the amountBorrow only what you need. Every extra dollar costs interest.
- Day 1 Β· Check your creditGet free reports at AnnualCreditReport.com and your score from your bank or card issuer.
- Day 2 Β· Set your budgetUse the calculator below to find a payment that fits.
- Days 2 to 3 Β· PrequalifyGet estimated rates from banks, credit unions and online lenders. Most use a soft check.
- Day 4 Β· Compare offersLine up APR, origination fee, term, monthly payment and total repayment.
- Day 5 Β· ApplySubmit documents. This step usually triggers a hard credit check.
- Days 5 to 8 Β· Sign and get fundedRead the agreement. Many online lenders fund within one to a few business days.
Where to get a personal loan
Banks
- Best for existing customers with good credit
- May offer relationship discounts
- Approval can be stricter
Credit unions
- Good for members with fair or good credit
- Federal credit unions cap most loan APRs at 18% through September 10, 2027
- Membership required
Online lenders
- Fast funding
- Serve a wide range of credit scores
- Compare origination fees carefully
Start comparing personal loans
SponsoredHow lenders size you up
They look at your credit score and history, your income and job, and your existing debts. Many calculate your debt-to-income ratio: monthly debt payments divided by gross monthly income. The lower it is, the easier approval tends to be.
A quick DTI check
Nina earns $5,000 a month before taxes and pays $250 on a car loan and $150 in card minimums. Her DTI is $400 Γ· $5,000 = 8%.
Adding a $300 loan payment would bring it to 14%, still comfortably low for most lenders.
Illustrative example. Names and numbers are made up to show how it works.
See lenders available in your area
Enter your ZIP code to see lenders and loan options available where you live. Checking options does not commit you to anything.
If the answer is no
- Ask why. You have the right to an adverse action notice listing the main reasons.
- Pay down card balances and fix any report errors.
- Try again with a co-signer or a smaller amount.
- Look at credit unions, including small payday alternative loans.
- Walk away from anyone who guarantees approval or wants a fee up front.
Frequently asked questions
How long does it take to get a personal loan?
Many online lenders approve applications within a day and fund within one to a few business days. Banks and credit unions can take longer.
What credit score do I need for a personal loan?
There is no single minimum. Scores of about 670 or higher get the best rates, while some lenders work with fair or poor credit at higher APRs.
Can I get a personal loan with no income?
It is difficult. Lenders need to see that you can repay, though some count benefits, alimony or a co-borrower's income.
Does prequalifying guarantee approval?
No. It shows likely terms, but the lender verifies your information before final approval.
Ready to compare personal loan offers?
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