How to get a loan as a part-time employee | Min income requirements

Compare personal loans for part-time employees

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A guide to finding a loan when you’re working part-time hours.

Working irregular hours is common if you’re in college, a parent, a gig-worker or in a position where your hours change week to week. Lenders tend to see part-time workers as more of a risk because there is no guarantee of consistent work.

If you have part-time employment — don’t fret — it’s important to know that there are loan options out there for you.

Am I considered a part-time employee?

There’s no official definition of a part-time employee. But generally speaking, a part-time employee is someone who works less than 40 hours a week. This could mean someone who works 10 hours per week or 39 hours a week and still be considered a part-time employee.

Part-time employees typically work on contracts and bill their employers by the hour. They also might not be able to take advantage of benefits that full-time employees enjoy — like health insurance.

Loan options for part-time workers

You can typically get a personal loan in an amount between $1,000 and $35,000 — though some lenders offer amounts as high as $100,000 for those with excellent credit profiles.

They’re typically repaid in three to seven years and are best for those with good to excellent credit scores.

Click over to Short-term loans if you want to borrow a smaller amount, want to repay your loan in a few weeks or months or have bad credit.

ProviderLoans offeredMinimum incomeOther requirementsLearn more
Even FinancialPersonal loanNo minimum, credit requirements applyMust have a minimum credit score of 580+. Must be 18+ years old and be an American citizen or permanent resident.
ProsperUnsecured personal loanNo minimum, must have proof of taxable incomeMust be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score.
SoFiPersonal loanNo minimum, must have steady employment and good to excellent creditYou must be a US citizen or permanent resident, and 18 years or older.
LendingPointUnsecured Personal Loan$25,000 annuallyMust have a fair credit score of 600 or better and a minimum annual income of $20,000. Must live in a state where LendingPoint services.
LendingClubUnsecured personal loanNo minimum, must have a low debt-to-income ratio to be consideredYou must be over 18 years of age, a permanent resident of the US or an American citizen, have a verifiable bank account and have a steady source of income.
Bank of AmericaAuto loansNo minimumMust have good credit and a low debt-to-income ratio
BBVA CompassExpress personal LoanNo minimumMust have good credit and a low debt-to-income ratio
ChaseAuto loan, mortgage loanNo minimumMust have a debt-to-income ratio under 43%
CitibankPersonal Loan$10,500 annuallyMust have a Citibank account
TD BankUnsecured and secured personal loansNo set minimum, though income is a factor in the approved loan amountMust have a debt to income ratio of under 49%
U.S. BankPersonal loans, unsecured lines of creditNo minimum, one of several factors considered in approval of loan amountMust have excellent credit, verifiable income and a U.S. Bank account
Wells FargoPersonal loanNo minimumMust have good to excellent credit

Short-term loans are typically available in amounts between $250 and $1,000 — though some go up as high as $5,000. These small-dollar credit products are designed to be repaid within a few weeks to months and typically don’t have credit requirements.

Be sure to check if the provider operates in your state before applying.

LenderLoan typeMinimum incomeLearn more
LendUpPayday loanNo minimum
CashNetUSAPayday loan, installment loanNo minimum, must have been employed for at least one month
Check into CashPayday loanNo minimum
ACE Cash ExpressPayday Loan, installment loan, title loanNo minimum, requires a steady source of recurring income payments
Blue TrustInstallment loanNo minimum, must provide a verifiable source of income
Slam Dunk loansShort term loan$800 per month
HonestLoansInstallment loan$800 per month
MaxLendInstallment loanNo minimum, income is one of many factors (such as pay schedule, method of payment)
OppLoansInstallment loanVaries by state
Do you really need a Loan Today?

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems if you’re in a debt cycle. If you need help managing bill and debts, contact your collector to see if you can work out a payment plan or reach out to a free financial counselor.

How can part-time employees get approved for loans?

Here are some tips to increase the chances of getting your application green-lighted:

  • Check the minimum income. You’ll need to ensure you meet the minimum income criteria with regards to employment requirements. Some lenders have set minimums while others care more about your debt-to-income ratio.
  • Stick with your employer. The longer you’ve been employed, the more stable your finances will appear to a lender.
  • Sign up for direct deposit. Along with physical pay stubs, this will be a way for lenders to verify your income through your bank account.
  • Get in touch with the lender. This is the best way to check anything before submitting your application and reduces the risk of rejection if you can identify any things that might make you not be approved.

More tips to help your personal loan application

Seven ways to appear as less of a risk to lenders

Part-time workers aren’t on the outside looking in when it comes to borrowing money. To tip the approval scale in your favor when applying for a loan, there a few things you can do:

  1. Work for a year, then apply. If you’ve been employed at the same place for at least 12 months, you’ll be considered much less of a risk. However, some lenders will only want to see three or six months of steady employment in order for approval.
  2. Get a letter from your employer. It could help your application by providing a letter from your employer that confirms your employment and future work schedule.
  3. Make your current repayments on time. By making sure you have all of your ducks in a row when it comes your finances, stay on top of your bills to build a strong reputation as a responsible borrower.
  4. Don’t apply for multiple loans. Lenders are able to see any credit accounts and loans that you apply for and if you make multiple applications, you may appear desperate and as more of a risk.
  5. Save. If you can show evidence of your savings to a lender, they may be more inclined to give you a loan. For example, if you are looking to buy a car and need a $5,000 loan and have $2,000 saved, the lender may see you as less of a risk.
  6. Apply with your own bank. Your own bank will have more concrete evidence of your financial history than your credit file and if this history is positive, you’re more likely to be approved.
  7. Consult an accountant. When you apply for personal loans, an accountant can help you keep track of your tax returns, savings and spending.

Bottom line

While not all lenders are willing to work with part-time workers, main care more about the fact that you have a steady income and have a low debt-to-income ratio. Be sure to check the minimum rates before you apply for a loan to make sure you’re eligible. If it’s unclear, reach out to customer service.

Want to learn more about personal loans? Visit our guide to find out how they work and compare even more lenders.

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Prosper Personal Loans

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LendingClub Personal Loan

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