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Compare personal loans for part-time employees

All lenders accept part-time employees — as long as you can afford repayments. Compare APRs and more before you apply.

If you work part time and want to apply for a loan, the process can be a little more complicated than it would be for your full-time coworkers. That’s because lenders have to work harder to verify your ability to repay a loan. However, it’s illegal for lenders to reject you solely based on your part-time employee status, according to the Equal Credit Opportunity Act.

Narrow down personal loans by rates, requirements and more to find the best for your budget and financial goals. Select Compare for up to four products to see their benefits side by side.

Name Product Filter Values Loan amount Min. Income Required Other Requirements
LightStream personal loans
Finder Score: 4.8 / 5: ★★★★★
LightStream personal loans
$5,000 to $100,000
Borrow up to $100,000 with low rates and no fees.
PenFed Credit Union personal loans
Finder Score: 3.6 / 5: ★★★★★
PenFed Credit Union personal loans
$600 to $50,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
Wells Fargo personal loans
Finder Score: 3.6 / 5: ★★★★★
Wells Fargo personal loans
$3,000 to $100,000
No minimum
Must have good to excellent credit
Get a loan at competitive rates to meet your financial goals.
TD Bank personal loans
Finder Score: 3.4 / 5: ★★★★★
TD Bank personal loans
$2,000 to $50,000
No set minimum, though income is a factor in the approved loan amount
Must have a debt to income ratio of under 49%
Get an unsecured loan to borrow the funds you need without collateral.
U.S. Bank Premier Loans
Finder Score: 3.2 / 5: ★★★★★
U.S. Bank Premier Loans
$1,000 to $50,000
No minimum, one of several factors considered in approval of loan amount
Must have excellent credit, verifiable income and a U.S. Bank account
This bank offers loans with competitive fixed rates so you can meet your financial goals.
BBVA Personal Loans
Finder Score: 4.4 / 5: ★★★★★
BBVA Personal Loans
$2,000 to $100,000
No minimum
Must have good credit and a low debt-to-income ratio
Find competitive rates on personal loans, mortgages, small business loans and more.
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Am I considered a part-time employee?

With no official definition for what lenders consider a part-time employee, generally speaking, a part-time employee is someone who works less than 40 hours a week. And that’s a pretty big range: it can be someone who works 10 hours a week or someone who works 39. Both are considered part-time employees in a lender’s eyes.

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. If you aren’t salaried and work less than 40 hours a week, then it’s likely you’re a part-time employee.

How to get a loan as a part-time employee

Part-time employees follow the same loan application process as any other borrower. The only difference is that you may be required to submit more documentation if you aren’t on a company’s payroll — such as tax returns and bank statements. Here’s what to do before you apply:

  • Check the lender’s income minimum. Most lenders require you to make at least $24,000 a year to qualify for a loan — or more if you apply for a larger loan amount.
  • Pay down your debts. Lenders care more about how much money you have available after bills than your income, which they measure by calculating your debt-to-income ratio. Consider paying down your credit cards and other accounts to keep this number low.
  • Stick with your employer. The longer you’ve been employed, the more stable your finances will appear to a lender, even if you’re only doing part-time work.
  • 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. Stable part-time work will look good to a potential lender.
  • Get in touch with the lender. This is the best way to check everything before submitting your application, and it reduces the risk of rejection if you can identify any other areas that might need improvement.

4 ways to appear less risky to lenders

<a href="https://www.finder.com/personal-loans-how-to-apply" target="" rel="" data-no-link-check="true">More tips to help your personal loan application</a>

Although lenders can’t deny you because you’re a part-time lender, they can deny you if you don’t have steady income. Here’s how to make sure your lender considers your income to be consistent enough for approval:

  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. Better yet, some lenders only need to see three or six months of steady employment when you apply.
  2. Get a letter from your employer. It could help your application if you provide a letter from your employer that confirms your employment and future work schedule.
  3. Apply with your bank. Your bank will have more concrete evidence of your financial history than your credit file. If this history is positive, you’re more likely to be approved.
  4. Consult an accountant. When you apply for personal loans, an accountant can help you keep track of your tax returns, savings and spending. In addition, having an overview of your finances can help you decide if a loan is the right move.

Making your current payments on time, avoiding multiple loan applications and building up your savings can also increase your chances at approval. Lenders will be more comfortable lending to you if you can demonstrate that you have healthy financial habits.

If you’ve just started a new part-time job, consider your options as a new employee.

Bottom line

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

And if you’d like to learn more about personal loans before you start filling out applications, read up on your options and the common documents you’ll need to apply on our personal loans page.

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