Editor's choice: LendingClub personal loans
- Coapplicants welcome
- Check your rate without affecting your credit
- May qualify with a credit score of 640
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You can apply for any standard personal loan as long as you can meet the eligibility requirements. If you can’t meet the requirements, you can also apply for a cosigner loan, which allows you to apply with another person who may have stronger qualifications.
Depending on your lender, you may be required to put up collateral as security for your loan.
|Lender||Starting interest rate||Loan amounts||Available to self-employed applicants?||What documents are needed?|
|OneMain||18% to 35.99%*||to|
*Annual percentage rate (APR) of 18.49% represents APR for top 10% of loans booked in January 2017 through March 2017. Maximum APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan.
First, review the eligibility criteria of the lender to make sure that you’ll be able to provide the documents and show proof of a regular income — this is very important. Lenders usually require any or all of the following documents:
Not necessarily. The rates and terms your ultimately offered will depend on the lender you apply with, their underwriting criteria and your qualifications including credit score, income and debt-to-income ratio (DTI).
Lenders may view your application as more risky if your income fluctuates a lot and in turn offer you a loan at a higher interest rate to mitigate that risk. Keep in mind that if you don’t qualify on your own, you could apply for a cosigner loan with someone who’s willing to be responsible for the loan should you be unable to make payments.
The following factors can be weighed when comparing the loans offered by different lenders to find the best deal for you:
You might as long as you have money coming in. Remember, income doesn’t necessarily have to come from a job — some lenders accept government benefits, pensions and any other regular money you have coming in as income.
You might also be able to qualify for a loan based on your future salary if you have a job offer.
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