Personal Loan Application Checklist

Get started by checking your rates and apply when you’re ready. To complete a loan application, please gather the following information.

Note: We only accept online or phone applications for a Personal Loan from customers who have an existing account with us. If you do not have an existing account with us, please visit a Wells Fargo branch to speak to a personal banker about your credit options.

Personal contact information

Social Security Number or Individual Tax Identification Number (ITIN)

Date of birth

Citizenship status

Marital status (Wisconsin only)

Email address

Primary telephone number

Permanent address

Employment and income information

Employment Status

Work phone number

Employer name

Gross monthly income amount and source(s) of income (all sources you want considered for your loan)

Monthly mortgage or rent payment amount

Personal Loan information

Loan purpose

Desired term

Loan amount

Preferred payment due date

Additional documents (requested as necessary)

Once your application is reviewed, we may request additional information from you, such as:

What Credit Score Do You Need for a Personal Loan?

Credit score requirements for personal loans vary across lenders. Many give preference to borrowers with good or excellent credit scores (690 and above), but some lenders accept borrowers with bad credit (a score below 630).

The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet. Some lenders may require a higher score.

A high credit score doesn’t guarantee you’ll qualify or get a low interest rate. Qualifying rests largely on your creditworthiness, which is usually a combination of your credit history and score, in addition to income and debt. Use the calculator below to learn what loan options you may have based on your credit score.

See if you pre-qualify for a personal loan – without affecting your credit score

Learn more about pre-qualifying Just answer a few questions to get personalized rate estimates from multiple lenders. Get Started

What you need to qualify for a personal loan

Just because you meet a lender’s minimum credit score requirement doesn’t mean you’ll qualify for a loan.

Lenders have a range of criteria they consider on an application. Some lenders look at alternative data, like where you went to college and what field you work in. Others look mostly at your credit report and history, along with your income and debts.

Here’s what most lenders look at on a personal loan application:

Credit score: Many lenders look at the FICO credit scoring model, but some use VantageScore. Other lenders say they use many data points about a borrower to determine approval, which may include a FICO or VantageScore.

Credit history: Lenders like to see a long credit history on a loan application. A lender may say it requires a minimum of two or three years of credit history, but longer is typically better. More accounts throughout your credit history shows a lender how diligently you’ve made payments. Borrowers with multiple credit cards, a mortgage, or an auto loan showing regular on-time payments may be more likely to qualify.

Debt-to-income ratio: Lenders seek borrowers who make enough money to meet their current monthly financial obligations, plus loan payments. Many use your debt-to-income ratio to see whether another loan would overextend your finances.

Free cash flow: Your debt-to-income ratio doesn’t account for expenses like gas, groceries and rent, so some lenders look at bank account transactions to see how much money borrowers have left after other expenses. Lenders call this “free cash flow,” and the more of it you have, the more confident a lender may feel approving your application.

Personal loans for fair or bad credit

Though lenders consider multiple factors on a loan application, your credit score is often given a lot of weight.

Borrowers with fair or bad credit often qualify for high rates, which can be up to 36%. A low credit score could also be the reason a lender approves you for a low loan amount.

Lenders that offer fair-credit loans may look beyond your credit score to make a loan decision. Credit unions, for example, look at a member’s standing with the credit union and other factors on an application.

How to compare personal loans

Here are a few factors to consider when deciding between personal loan lenders:

Annual percentage rates. The APR is the total cost of the loan with interest and fees. APR provides an apples-to-apples cost comparison across personal loans and other financing options.

Pre-qualifying with a soft credit check. Many lenders let you pre-qualify to preview your potential interest rate and monthly payments before applying for a loan. Pre-qualifying won’t affect your credit score and can help you decide which personal loan fits your budget and borrowing needs.

Joint loans. Adding a co-borrower to an application can bolster your chances of qualifying for a personal loan. Not all lenders offer joint loans, but adding someone with good credit and strong income can help you get a lower rate or larger loan amount. With a joint loan, your co-borrower is also responsible for payments.

Secured loans. Secured loans require borrowers to provide collateral in order to get a loan. The collateral can be money in a savings account, permanent home fixtures or a car, which the lender can take if you don’t repay the loan. Secured loans can help borrowers with low credit scores qualify for a loan or get a better rate than on an unsecured personal loan.

Special features. Lenders may offer perks like credit-building assistance, free career coaching, and unemployment or hardship assistance. If you have two affordable loan offers, check for additional benefits that might help you pick which one is the best fit for you.

More calculators

Personal loan calculator: Learn how much your monthly payments could be, based on your loan amount, term and credit score.

Debt consolidation calculator: Find out how much consolidating your debt could save you.

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Copyright protected 2022 RockLoans Marketplace LLC. All rights reserved. 1Based on Rocket Mortgage data in comparison to public data records.

All loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. Please refer to our Disclosures and Licenses page for state-required disclosures, licenses, and lending restrictions.

Qualified clients using Rocket Loans will see loan options for a 36 or 60 month term, and APR ranges from a minimum of 8.416% (rate with autopay discount) to a maximum of 29.99% (rate without autopay discount) depending upon their credit profile. An origination fee of up to 7% is charged for each loan. This fee is deducted from the balance before funds are disbursed to the client. For example, a 5 year $10,000 loan with a 10.5% interest rate and a 2.99% ($299) origination fee would have 60 scheduled monthly payments of $214.94 for an APR of 11.855% (rates assume autopay discount). Borrower must be a U.S. citizen or permanent U.S. resident at least 18 years of age. All loan applications are subject to credit review and approval and offered loan terms depend upon credit score, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice.

Ohio Residents: All loans to Ohio residents must be greater than $5,001. The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.

Married applicants may apply for a separate account.

Same Day Funding available for clients completing the loan process and signing the Promissory Note by 1:00PM ET on a business day. Also note, the ACH credit will be submitted to your bank the same business day. This may result in same day funding, but results may vary and your bank may have rules that limit our ability to credit your account. We are not responsible for delays which may occur due to incorrect routing number, account number, or errors of your financial institution.

Please refer to our Terms of Use for additional terms and conditions, and to Rocket Loans' Privacy Notice and Cross River's Privacy Notice to learn more about what we do with your personal information. For California residents, please see the California Financial Privacy Opt-Out Form .

NMLS #1399530. Go here for Rocket Loans' NMLS consumer access page.

Rocket Mortgage, LLC, Rocket Homes Real Estate LLC, RockLoans Marketplace LLC (doing business as Rocket Loans) and Rocket Auto LLC are separate operating subsidiaries of Rocket Companies, Inc. (NYSE: RKT). Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation and applicable legal and regulatory requirements.

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