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Getting Ready to FIle Your Federal Tax Return
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The Importance of filing your Tax Return or Tax Extension on Time
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Most Common Tax Filing Errors
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Owing Money To The IRS
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Personal loans

Obtaining a personal loan depends on two primary factors. Credit Score & Income.                                                                                                                                                                     

Credit Score Requirements

Every lender has their own credit score requirements. Most lenders are going to require a 600 credit  score and above.   Many banks will have a minimum credit score requirement well above 600. There are exceptions, however the lower your credit score, the higher the interest you’re going to pay.

Income Requirements

Lenders want to know that you can make the payment on any loan you’re applying for. Your debt-to-income ratio (DTI) is the second primary factor in determining loan approval. So what is your debt-to-income ratio? It’s all your recurring monthly payments divided by your gross monthly income.

To determine your DTI; multiple your monthly payments & divide by your gross (before tax) income.

What Should My DTI Be To Qualify For An Unsecured Personal Loan?
When it comes to unsecured personal loan debt to income requirements; lenders don’t publicize their requirements. There is not a fixed DTI “maximum” as is the case with most mortgage loans.
43% DTI is the maximum number for most mortgage lenders.

The reason mortgage lenders want to see borrowers at no more than 43% DTI is; studies have shown that when borrowers have a DTI higher than 43% there is a greater chance of delinquency.

When it comes to unsecured personal loan DTI requirements, a potential borrower should complete a full budget. If the loan payment is going cause a financial hardship, it’s highly unlikely that the loan will be approved.

Seek the advice of a certified credit counselor and consider alternatives to a new loan like a Debt Management Plan (DMP) these plans are offered by creditors thru approved non-profit agencies and are a potential option for consumers with credit card and other unsecured debt.

Where to Obtain An Unsecured Personal Loan

There are multiple options to obtaining an unsecured personal loan in today’s market place. From traditional banks & finance companies to private lenders. We have listed a number of legitimate sources below that offer personal loans.

Lenders

Discover Loans (Minimum Credit Score Requirement Score 660)
www.discover.com/personal-loans/

LightStream (Minimum Credit Score Requirement Score 660)
www.lightstream.com

SOFI (no minimum Credit Score Requirement)
Sofi has no “minimum credit score requirement, however the company reports the average borrower has a score of 700+
www.sofi.com/

Prosper Loans (Minimum Credit Score Requirement Score 640)
www.prosper.com/

Lending Club (Minimum Credit Score Requirement Score 600)
www.lendingclub.com

What About Payday Loans

Payday Loans are a terrible option. In theory a Payday Loan is designed for short-term or emergency expense to pay off in 14 days. Accepting a Payday Loan that would be paid off in 14 days wouldn’t be inordinately expensive.

The problem is that almost never happens according to a recent report from the Consumer Financial Protection Bureau. In fact the FPB report shows that 4 out 5 Payday Loans end up getting “rolled over” into a new loan. Sixty percent of Payday Loans end up getting rolled over so many times, the borrower ends up paying more in fees than they actually borrowed.

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