Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.
Personal loan requirements vary by lender, but there are a few considerations—like credit score and income—that financial institutions always look at when reviewing applicants. Before you start shopping for a loan, familiarize yourself with the common qualifications you’ll need to meet and the documentation you’ll need to provide. This knowledge can help streamline the application process and may improve your chances of qualifying.
Here are five common requirements that financial institutions look at when evaluating loan applications.
1. Credit Score and History
An applicant’s credit score is one of the most important factors a lender considers when evaluating a loan application. Credit scores range from 300 to 850 and are based on factors like payment history, amount of outstanding debt and length of credit