Factors Lenders Consider When You Apply for a Personal Loan

When reviewing your application for a personal loan, lenders look at a number of factors. They look at…

Your gross monthly income or annual income.
Employment history
Current debt obligations to assess your debt-to-income ratio.

In some cases, some lenders will look at your address as a factor for eligibility because not all loan products are available in all states.

Before applying for a personal loan, make sure you have a clear understanding of those factors. Also, be sure that you know your credit score. That will be the biggest determining factor.

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