Personal Loan Approval Process: Odds & Criteria. What process do you go through to get unsecured personal loan approval and what are the odds? Pay close attention to the three primary eligibility criteria: credit scores, income and affordability, and the documentation needed to verify your identity ;· No matter why you want a personal loan, there’s no guarantee you’ll get approved for one. The good news, however, is there are some things you can do to increase your personal loan approval odds. 1. Understand what it takes to be approved 2. Improve your credit score 3. Review your credit report and dispute errors 4. Practice healthy financial habits ;· We currently have a personal loan with a $5600 balance with a 25% interest rate. Because we are paid up to June 2019 (we made a large payment to bring balance down) our loan payments of $400 is allocated to principal ;· Debt-to-income ratio is one of the factors lenders will look at before approving your personal loan. If you’re using a high percentage of your income to pay off your debt every month, you may be able to increase your personal loan approval odds by taking on a part-time job to boost your income and lower your debt-to-income ratio. ;· Before we dive deeper into the steps you can take to boost your odds of getting approved for a personal loan, let’s discuss what most lenders look for. While each lender has its own set of requirements and some are more lenient than others, most consider the following factors: Your credit score and history; Your employment status and incomeHow to Improve Your Chances of Getting Approved for a What Credit Score Do You Need for a Personal Loan What Credit Score Do You Need for a Personal Loan What Credit Score Do You Need for a Personal Loan This negates any positive effects on your personal loan approval chances and puts you in a higher risk bracket for the bank. Having a credit card and/or mortgage (applied under a single name) with any bank for over 1 year before you apply for a personal loan will improve your scoring as opposed to applying for a personal loan as your first

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