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How much money do you need to make to get a personal loan?

Find out what the minimum income requirements are for personal loan lenders.

Minimum income for personal loans varies by lender. Some lenders require a minimum monthly income around $1,000 to $2,000, while others require a minimum annual income around $13,000 to $17,000. Others do not specify a minimum income because they approve applications on a case-by-case basis.

Some lenders don’t even require employment since they accept non-employment income such as government benefits or private pension. Income is just one of several factors that lenders look at when deciding whether to approve you for a personal loan.

LenderMinimum income
Spring Financial logo$1,800/monthGo to site
LoanConnect logoNo minimum income requirementsGo to site
Picture not describedNo minimum income requirementsGo to site
SkyCap logo
$1,666.67/monthGo to site
Picture not described
Secured loan: Depending on circumstances
Picture not described
$15,000/year, but recommended minimum is $40,000Go to site
Mogo logo$35,000/yearGo to site
FlexMoney$2,000/month

Read review

Fairstone logo
Unsecured loan: Depending on circumstances

Read review

CIBC Logo$17,000/year (gross)Read review

Keep in mind that how long you’ve had your income matters too. Most lenders will want to see steady income for at least 3 months.

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Other factors that affect your personal loan application

  • Credit score and credit history. Lenders will want to see how you’ve managed your debt and bill payments in the past. If you have a bad credit score, you have higher chances of getting approved by an online lender than a bank.
  • Employment. Employment requirements vary among lenders. Some will want to see full-time employment, while others are fine with part-time or self-employment as long as you meet their income requirements.
  • Loan security. There are two main types of personal loans: secured and unsecured. Secured personal loans involve collateral, which lowers the risk for the lender and therefore brings down your interest rate. Unsecured personal loans tend to have higher interest rate since the lender is taking on more risk.
  • Assets, debts and expenses. You’ll be asked to list your assets, debts and expenses. Lenders use your debt and income to calculate your debt-to-income ratio (DTI). The lower your DTI, the better.

What is a debt-to-income ratio?

Debt-to-income ratio (DTI) is a simple measurement of your monthly debt compared to your gross monthly income. This lets lenders see how you’ve managed payments for what you’ve borrowed. Typically, borrowers that have a high debt-to-income ratio will likely have trouble making repayments. Borrowers with a debt-to-income ratio over 43% are generally considered to be going through a financial hardship, while an excellent debt-to-income ratio is about 20% or lower.

Let’s say you have a total of $1,000 in bills each month and your gross monthly take home pay is $3,000 – your debt-to-income ratio is 30%. With a 30% debt-to-income ratio you would appear as a relatively responsible borrower. Calculate your DTI.

Calculate how much you can borrow

What if I’m not qualified?

There are a few things you can do if you find out you don’t meet the minimum income requirements.

  • Put up collateral. Since you’re lowering the risk for the lender, you increase your chances of approval. But keep in mind that the lender can repossess your asset if you fail to make your payments, so make sure you can manage the repayments.
  • Apply with another lender. If the rest of your finances are solid, you can apply with a lender who doesn’t have a minimum income and approves personal loans on a case-by-case by basis.
  • Try your current bank. If you have a good banking history, you may have a better chance of being approved for a loan with your current bank since it will be familiar with your finances.
  • Apply with a cosigner. A cosigner is a family member or friend who agrees to sign the loan with you. If you default on the loan, the cosigner is on the hook to make the payments on your behalf. The cosigner’s finances must be in good shape in order to qualify.
  • Apply for a lower amount. If you can’t prove to the lender that you’ll be able to manage repayments for the requested loan amount, consider borrowing less. This will mean lower repayments for you and less of a risk for the lender.

Steps to take after your application is rejected

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1 - 8 of 8
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.99% - 46.96%
$500 - $50,000
3 - 120 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
easyfinancial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month
AimFinance Personal Loan
Finder Score:
★★★★★
46.00%
$1,000 - $5,000
9 - 24 months
Requirements: min. credit score 580
Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
SkyCap Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 - 60 months
Requirements: recommended income $35,000/year, no payday loan debt, min. credit score 600, min. 5-year credit history. (Avg. approved rate of 15.80%)
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