Compare Personal Loan Lenders

Welcome to the Quicken Loans personal loans comparisons page, your one-stop shop to compare personal loan experts. We’ll equip you with the knowledge and tools you need to choose the right loan for your finances.

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Requirements For A Personal Loan

Your eligibility for a personal loan will depend mainly on certain aspects of your financial situation. Here are some of the factors lenders consider before approving your loan.

1. Credit Score

Most lenders will require you to have at least fair to good credit to get a personal loan. A credit score that’s between 580 and 669 is considered fair, while a score between 670 and 739 is considered good. If your credit score is below 580, you may have trouble getting a personal loan. Personal loans for borrowers with bad credit often require borrowers to pay higher fees and interest rates. That means you’ll also have to cover higher monthly payments.

2. Proof Of Income

Lenders want to verify that you have enough income to repay your loan. The minimum income requirement will vary by lender and loan amount. Some lenders disclose their income requirements, while others do not. You can expect your lender to ask for your recent pay stubs, bank statements, tax returns, information about your employer, and gross monthly income.

3. Debt-To-Income Ratio

Lenders measure your ability to repay your loan by calculating your debt-to-income ratio, which shows how much of your income is needed to pay your debts. To calculate your DTI, add up your monthly debt payments, such as credit cards, student loans and your mortgage or rent payment, and divide by your gross monthly income. Multiply the result by 100 to get a percentage.

For example, you earn $6,000 per month before taxes, your mortgage is $1,800, your credit card bill is $400, and you pay $200 per month on other debts. That means your monthly debt payments total $2,400.

$2,400 / $6,000 = 0.4 = 40%

The exact DTI ratio requirements vary by lender. Some lenders require that your DTI ratio remain below 36%, while others allow a DTI ratio of up to 50%.

4. Sufficient Collateral

A personal loan can be secured or unsecured. An unsecured loan requires no collateral and is riskier for the lender. That means you can expect to pay a higher interest rate. A secured loan means you pledge an asset as collateral, often a vehicle or property. If you default on the loan, the lender can seize that asset to compensate for its losses. A secured loan reduces the lender’s risk and allows you to borrow more money and score a lower interest rate. Collateral for a secured personal loan can include savings accounts, investment accounts or any valuable possessions.

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Quicken Loans is an online financial services marketplace that helps people compare and connect with different experts and providers. We’re committed to giving you helpful information you can trust, because we understand that the money choices you make now affect your future well-being.

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Frequently Asked Questions

Here are answers to common questions about personal loans.

A personal loan is a type of unsecured loan (meaning the lender doesn’t ask for collateral) that allows you to borrow a fixed amount of money and repay it in regular monthly installments over a set period. This kind of loan can be used for a wide range of expenses, and approval is based on your credit score, income and financial history.
Personal loans are flexible – you can use them to pay off credit cards, cover emergencies or fund a home repair. They can also help with moving costs, weddings or even big purchases. Learn more about personal loan uses.
Lenders typically look at your credit score, income and debt-to-income ratio. A credit score of 640+ helps because higher scores can mean lower rates. But even with a lower score, some lenders may still approve you – just at a higher interest rate. Explore all the personal loan requirements in our guide.
Most personal loans can be approved quickly, sometimes in just a few minutes and entirely online. Funding often happens within a few business days, depending on your lender and financial profile.
There’s no hard rule against having more than one personal loan. Approval depends on your lender, your credit and your overall financial picture. See how multiple loans work.

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