What are requirements for applying for a personal loan?

Most banks, credit unions, and other lenders offer personal loans. Usually, you must be a good credit risk and have some savings or other liquid assets that you can use as collateral. When qualifying for a personal loan, your credit report will be checked and your income will be verified. You must also have a secure job and a good credit score. Some lenders have higher minimum credit score requirements, but the average score is usually around 700. Some lenders also require a minimum annual income and a minimum number of months in your job. Generally, the higher your income and employment history, the easier it is to qualify for a personal loan.