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Many lenders consider new employees risky, especially if you've only been working a month or two. While you still have options, be prepared to pay a little bit extra in interest.
These lenders have minimal requirements for how long you've worked with your current employer. Some might even accept you if you aren't employed but can prove you'll be starting a job soon.
Varies by lender
No set minimum, but must have good credit
Varies by lender
No minimum, must have proof of taxable income
Must be employed, have sufficient income from other sources or have an offer of employment to start within the next 90 days
No minimum, but at least 12 months at your current job will help
Must have a low debt-to-income ratio
No minimum, just a factor in approval
No minimum, just a factor in approval
You technically don't need a job at to get a personal loan as long as you receive benefits or have a creditworthy cosigner or coapplicant who's employed. Otherwise, it depends on the lender's employment requirements. In a handful of cases, you might be required to work for your current employer for a certain amount of time — usually six months to a year.
Other lenders like LendingPoint might require you to have a job for at least a year, regardless of where you worked. Even if a lender doesn't advertise employment requirements, it typically still considers it when evaluating your application. Generally, you need to be able to provide three recent pay stubs as proof of income if your lender requires you to have a job.
It might be possible with a lender like SoFi, which just requires you to have a start date in the next 90 days, as long as you have another source of income. This could help you qualify for a larger loan amount, since you have proof that your salary will increase. However, it likely won't help you get a loan if you currently don't have any regular income.
It's possible to get a loan if you're working a temporary job. However, some lenders might not be willing to work with you unless you have another job lined up or another source of income. It can help if you've consistently worked in the same field for at least a few years. This shows that you can consistently bring in income, even if you don't have a traditional full-time job.
You may also want to consider emergency personal loans if you need money quickly for something like rent. While many of the options you'll have available to you are expensive short-term options, if you know you'll be employed soon, they can be useful.
There are apps that you can use to get an advance on your paycheck based on your hours worked. While some do require you to have been with a single employer for a few months, they are generally more flexible than personal loans. Some even offer flexible tipping options or low monthly membership fees to make it more affordable than other short-term options.
You can learn more about pay advance apps before downloading one. Keep in mind that you may need to turn on your phone's location and give the app access to your bank account information to qualify.
A lender may still consider you if you've temporarily or permanently lost your job because of the COVID-19 pandemic. However, you will need to show proof that you still have income — unemployment benefits count. You may also want to apply for temporary employment to help boost your chances of approval.
If you've just started a new job or are about to start working, keep these eight tips in mind to help improve your ability to borrow a personal loan.
Not all income has to be from employment. If you have a regular source of income, a lender may still consider you for a loan. This can include:
Income from your spouse may also be eligible, although it depends on your lender. If you're unsure, check its requirements before you apply.
These factors may also impact your ability to borrow a personal loan. Be sure you meet a lender's basic eligibility requirements before applying to save yourself time — and a potential dip in your credit score.
It might be a little more costly — and you might have to accept slightly less competitive terms — but you should be able to find a lender that fits your needs even if you've only been employed for a few months.
Our answers to common questions about getting a loan as a new employee.
You can get a personal loan if you don't have pay stubs by looking for a lender that accepts bank statements or other proof of employment instead. Pay stubs are the easiest proof of income, but most lenders are willing to accept other documents.
However, it might take longer — and there's a chance your lender might not consider it enough proof that you can afford repayments.
First, you should identify the reason you were denied. Check your credit report, wait to have a longer employment history and look into other lenders before applying again.
Payday loans are a risky form of credit, and many often require you to have been employed for at least a few months. Because of the high cost, it may not be a wise decision to borrow a payday loan if you're a new employee. However, they are an option if you need to cover an emergency expense.
Check out apps like SoFi invest offering many of the same benefits and then some.
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