What are the eligibility criteria for a personal loan?
An example of an AI chatbot conversation about personal loan eligibility criteria.
What are the eligibility criteria for a personal loan?
To qualify for a personal loan, lenders typically consider your credit score, income, employment status, and debt-to-income ratio.
Is there a minimum credit score required?
Yes, most lenders require a minimum credit score of around 580, but higher scores can improve your chances.
What if I have a low credit score?
If you have a low credit score, you might still qualify with a co-signer or by providing additional documentation to prove your income.
How does my income affect my eligibility?
Your income helps lenders assess your ability to repay the loan. A stable and sufficient income can enhance your eligibility.
Can I check my eligibility online?
Yes, many lenders offer online pre-qualification tools that allow you to check your eligibility without affecting your credit score.
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