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Best personal loans for new employees

Compare these competitive job loan options and get tips to maximize your chances of approval.

If you’ve just started your job and need a loan – options exist. While some lenders consider new hires risky, others consider your education or job offer letters when making a decision. So if you’re new on the job – or have an offer letter – you may qualify for a personal job loan.

With most lenders, you need to show your most recent pay stubs or proof of a future employment. But depending on your profession, you may even qualify for a loan if you’re not out of school yet – for example, if you’re studying to become a doctor or a dentist.

The downside of getting a new job loan is that you’ll likely pay a higher interest rate than someone who’s been employed for a while because the lender is taking on more risk. But once established in your career, you can consider refinancing your loan to get a better rate.

12 top lenders that offer loans for new employees

These lenders have flexible criteria for new employees. Some may even give you a loan if you’re not employed yet, as long as you have a cosigner, some form of income or a job offer letter in hand.

LenderMinimum time employed (full time)Minimum incomeInterest rates (APR)
SofiMust be employed or have income from other sources – or have an offer of employment to start within the next 90 daysNo minimum7.99% to 23.43% APR
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UpstartAccepts a job offer letter, as long as the job starts within 6 monthsNo minimum6.5% to 35.99% APR
UpgradeMust be employed and show your two most recent pay stubs – or have other sources of incomeNo minimum7.96% to 35.97% APR
Achieve (formerly FreedomPlus)Based on your employment start dateNo minimum7.99% to 29.99% APR
LendingPointNo minimum, but at least 12 months at your current job will help$25,000 annually7.99% to 35.99% APR
LendingClubNo minimumMust have a low debt-to-income ratio8.05% to 36% APR
OpploansMust show recent pay stub or an offer letter from employer$1,500 per month before taxes59% to 160% APR
CredibleVaries by lenderNo set minimum, but must have good creditVaries by lender
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ProsperNo minimumNo minimum, must have proof of taxable income6.99% to 35.99% APR
Laurel RoadNo minimumNo minimum8.99% to 24.50% APR
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US BankHave to have at least one paycheck – or other sources of incomeNo minimum8.24% to 20.74% APR
Read review
CitibankNo minimum, but must have a bank account for at least 12 months if you don’t have a job$10,500 annually9.99% to 23.99% APR
Read review

How we chose these lenders

We reviewed 120+ personal loan lenders to find the best job loans for newly employed – or soon to be employed – borrowers. We looked at factors like how long you need to be employed before you can get a loan, if job offer letters are accepted and what the minimum income requirements are, if any.

We included a range of lenders on our list: from those who cater to high earners just graduating from college to lenders who accept bad credit borrowers and incomes as low as $10,500 a year.

7 tips to increase your chances of approval as a new employee

If you’ve just started a new job or are about to start working, keep these seven tips in mind to help improve your chances of getting a personal loan.

  1. Apply for a lower amount. Beyond saving you money, only requesting the minimum amount you need to borrow helps increase your chances of approval. Lenders tend to be more willing to lend if you can prove you’ll be able to return on their investment.
  2. Wait to apply. Consider if you really need a personal loan at this moment. By waiting until your job’s probationary period is up — usually three to six months — you demonstrate your financial stability and ability to pay the loan back.
  3. Meet other minimum requirements. Lenders have a range of minimum requirements you need to meet that extend beyond employment. These include your debt-to-income ratio (DTI) and credit score.
  4. Check your credit. If you aren’t sure what’s on your credit file or what your credit score is, check before you apply. This also gives you the chance to correct any mistakes that may be listed on your credit report.
  5. Let your employer know. Lenders may want to confirm your employment with your current employer. Give your employer a heads up beforehand to help speed up the process.
  6. Provide supporting documentation. If you have any assets or savings, you should provide that information with your application. This may increase the lender’s trust that you can repay your loan.
  7. Contact your lender. Don’t hesitate to call the lender’s customer support line to discuss exact requirements. You may be able to get an idea of what the lender expects in addition to the application, which could improve your chances.

Can I get a job offer letter loan?

Yes, it might be possible with a lender like SoFi or Upstart, which only requires you to have a start date in the next 90 or 180 days, among other requirements. This could help you qualify for a larger loan amount, since you have proof that your salary will increase.

Job loans for temporary or gig workers

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.

You may also want to consider emergency personal loans if you need money quickly. 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 help in a pinch.

Other factors that lenders consider

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.

  • Employment type. Some lenders will accept a regular source of income besides employment. Others may accept any employment, including part-time hours or self-employment. And others may not accept anything besides a full-time job.
  • Profession. Some lenders are more willing to extend loans to those in high-earning fields — like medicine or law — even if you just started a job or are still in school.
  • Debt-to-income ratio (DTI). A general rule of thumb is that your debt should take up no more than 43% of your income, though it varies by lender. The lower your DTI, the better your chances of approval.
  • Credit history. Banks and credit unions will normally require that you have good to excellent credit when you apply. However, there are bad credit personal loans available from nontraditional lenders.
  • Citizenship status. The majority of lenders require that you be a US citizen or a legal resident of the US in order to qualify for a loan. If you aren’t, there are lenders that consider nonresidents for personal loans.
  • Age. Lenders don’t base credit decisions on your age, but you need to be at least 18 years old in most states to be eligible for a loan. Some states, like Alabama, require you to be 19.

Alternate forms of acceptable income to get a 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:

  • Alimony
  • Child support
  • Dividend payments
  • Pensions or retirement accounts
  • Public assistance
  • Social Security benefits
  • Tips or royalty payments
  • Unemployment benefits
  • VA benefits

Income from your spouse may also be eligible, although it depends on your lender. If you’re unsure, check its requirements before you apply.

How do I get a personal loan without pay stubs?

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.

Consider a cash advance app for payday loans

Cash apps like Brigit or Earnin let you borrow against your paycheck based on your hours worked or direct deposit history. Cash apps don’t charge interest on the money borrowed, but most have limits up to $250 – although there are exceptions, like Earnin and B9.

While some require deposits from the same employer for a few months, they’re generally more flexible than personal loans. Many offer low monthly membership fees or optional tipping to make them more affordable than other short-term loans.

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.

Bottom line

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.

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