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What is the qualification for a personal loan?

  1. profile image47
    jerveyposted 7 years ago

    What is the qualification for a personal loan?

  2. romper20 profile image85
    romper20posted 7 years ago

    you must show that you are employed and have some credit in most cases to base your loan % off.


  3. profile image59
    foreignpressposted 7 years ago

    The lender wants to know if you can pay back the loan in a reasonable time. Usually this involves having a job or other proof of income. If you're self-employed, or even unemployed, you can still put up collateral. This might be a house, land, car, or something of value that exceeds the loan amount. Ask the lender what their particular qualifications are. Since the recession of 2008, and a projected double-dip for this fall, lending money has become a touchy subject. If you're seeking a loan for a business then submit a well-written business plan. You would have more success if you went to several lenders and asked for small amounts of money from each one rather than a huge amount from one lender.

  4. profile image51
    meghancsmithnjposted 7 years ago

    You have to be aware of your income to debt ratio. It needs to be under 40 and the lower the better. Usually this will not include a mortgage.  Of course, your credit must be good. It doesn't have to be perfect or great, but good.  Your credit card payments need to be up to date.  And, most of all, as romper20 said, you need to prove that you have a job so you can pay them back. Sometimes banks may even ask you if your job or income would be in jeopardy in the next couple of years, so be sure your job is secure...good luck!

  5. PeterinCanada profile image52
    PeterinCanadaposted 6 years ago

    Without a job, you'll have trouble, especially right now.

    You can talk to your bank / credit union about the business loan. But unless your business plan is a knockout, you may still have trouble.

  6. profile image47
    robinhood143posted 6 years ago


    If you have a sufficient credits then you don`t need the qualification for personal loans.For more detail please visit -http://www.galleryfinance.co.uk/secured-loans/