What Are the Requirements to Get a Personal Loan?

Whether you need money to repair your car, pay for a family emergency or consolidate debt, a personal loan could be a helpful option. But before you apply for a personal loan, you need to understand the requirements that could affect your eligibility. Knowing what information you’ll need beforehand can help you feel more prepared and avoid surprises during the application process.

What do lenders look at when you apply for a personal loan?

Different lenders have different eligibility requirements. Here are some common personal loan eligibility requirements and suggestions that could help you increase your chances of qualifying.

Credit history

Many lenders use your credit score and history to determine how likely you are to repay the loan. If you’re applying for a OneMain personal loan, OneMain works with applicants with a wide range of credit scores and looks at your overall financial picture, not just your credit score, to help find a loan that’s right for you.

Your credit score is based on information in your credit history. Your credit history includes factors such as your pattern of on-time payments, the number and timing of new credit inquiries, your credit usage, and more. A strong credit history could give you access to better loan terms, like a lower interest rate and/or a higher loan amount.¹ Check your credit report before applying for a loan to know where you stand.

VantageScore® and FICO® are the two main credit scoring models that most lenders use to determine an applicant’s creditworthiness. If you’re a OneMain customer, you can check your VantageScore credit score for free in your OneMain app, where your score is updated once a month.

Income

Lenders want to make sure you will be able to repay the loan, so you’ll need to show that you have a steady source of income, whether it’s from a job, pension or some other source.

Be prepared to show proof of your income, such as:

• Pay stubs
• Tax returns
• Bank statements
• W-2s or 1099s

Debt-to-income (DTI) ratio

Your DTI ratio is another important factor that lenders consider when reviewing your loan application. Your DTI is a percentage that shows how much of your monthly income is used to pay off debts. Lenders use DTI to assess your ability to repay a loan and/or the risk associated with extending a loan to you. Having a lower DTI is typically preferred, because it shows the lender you have enough income to cover new debt. Ideally, your DTI should be below 35%,² but each lender has their own criteria for calculating acceptable DTI ratios.

What documents do you need to get a personal loan?

Depending on the lender, you need to provide the following documents:

• Proof of identity, such as a driver’s license, state-issued ID card or passport
• Proof of residence, such as a driver’s license with current address, utility bill or signed lease

If you are applying for a loan at OneMain, a loan specialist may ask for additional information, such as the purpose of the loan, since certain loan uses are restricted.

If you’re applying for a secured loan, you’ll also need to provide details about the collateral you plan to use. A secured loan is backed by collateral — such as a car — which helps ensure the lender can recover part of the loan balance if you default. You will also need to provide some extra documents like your proof of insurance.

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Boost your chances of approval

Understanding what you need to get a personal loan could help you get closer to receiving the money you need to meet your financial goals. Whether you're covering an emergency expense, tackling a home improvement project or looking to consolidate debt, knowing what lenders look for could help you prepare to apply and enjoy a faster, smoother process.

This article has been updated from a previous posting on July 18, 2025. Kim Gallagher contributed.

Sources

1 https://www.bankrate.com/credit-cards/advice/why-is-good-credit-so-important/
2 https://www.experian.com/blogs/ask-experian/credit-education/debt-to-income-ratio/