Every lender weighs these five things when reviewing your personal loan request. Credit score is the biggest factor — most lenders want 620 or higher, though some work with lower scores. Income and employment verify you can afford the payments. Debt-to-income ratio shows how much of your income already goes to debt. Loan amount and purpose help the lender assess risk. And your credit history length and mix show your track record.
Before applying, check your credit report for errors and dispute any inaccuracies. Pay down credit card balances to lower your utilization ratio. Avoid opening new accounts in the months before applying. Consider adding a co-signer if your credit is below 640. And compare multiple lenders — different lenders have different criteria, so a denial from one doesn't mean a denial from all.
Don't apply to multiple lenders that use hard credit pulls — each one can lower your score by a few points. Instead, use services that offer rate checks with soft pulls first. Also avoid borrowing more than you need, as larger loans are harder to get approved for and cost more in interest.