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Every lender publishes slightly different criteria, but the underlying checks are the same: can you repay, have you repaid others on time, and does the loan fit your current debt load. Understanding these four areas before you apply avoids unnecessary hard inquiries and declined applications.
Credit score ranges and what they mean
| Score band (FICO-style) | How lenders usually treat it | Typical outcome |
|---|---|---|
| 740+ Excellent | Lowest advertised APRs, fee waivers common | Approved at banks and online lenders |
| 670–739 Good | Competitive rates, some origination fees | Approved at most lenders |
| 580–669 Fair | Higher APRs, fees of 3–10% common | Online lenders and credit unions more likely |
| Below 580 | Few unsecured options | Secured, credit-builder or co-signed loans |
Income and debt-to-income ratio
Lenders compare your monthly debt payments (rent or mortgage, cards, other loans and the new loan) with gross monthly income. Many prefer a debt-to-income ratio below about 36–43% including the new payment. Stable, verifiable income matters more than its size: regular salary, pension or long-standing self-employment all count, but recent job changes or irregular income invite more questions.
Documents you will be asked for
- Government-issued photo ID and proof of address
- Recent pay stubs, tax returns or bank statements showing income
- Social Security number or equivalent for the credit check
- Details of existing debts if not visible on your credit report
- Employer contact details for verification
Use pre-qualification first
Most online lenders and many banks let you pre-qualify with a soft inquiry that does not affect your score. It returns an indicative rate and amount so you can compare lenders before submitting one full application. Our comparison guide explains how to use it, and our rates and fees guide shows what the quoted APR will cost over the term.
Improving your odds
Frequently asked questions
Part of our complete guide to personal loan options.
Independent educational content. Not affiliated with any lender. Not financial advice; terms vary by lender, location and applicant.
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