Income
Lenders want to know if you have a stable cash flow and enough money to cover monthly payments. For this reason, they may have minimum income requirements. When applying for a loan, you may need to attach proof of employment or income, such as a W-2 or paystubs. For individuals with non-traditional income sources, such as freelancers or self-employed individuals, providing additional documentation like tax returns or bank statements may be necessary to demonstrate their financial ability.
Age
Personal loans typically have a minimum age requirement. Confirm this requirement with your lender before applying.
Documents to gather
Lenders may request you attach certain documents to your personal loan application to verify information, such as your income and identity. These documents may include:
- Proof of identity: Lenders need to confirm your identity and that you meet the age requirement. Acceptable proof of identification documents can include your passport, driver’s license, military ID or state ID.
- Proof of address: You can usually use a proof of identity document as proof of address if it shows your current address. Proof of address can also include a utility bill or a lease agreement.
- Proof of income and employment status: This depends on your employment status – whether you’re employed, self-employed or a freelancer. However, it typically involves providing recent pay stubs, a W-2 form, tax returns, bank statements or your employer’s contact information.
Applying for a personal loan
Before starting your application, research and compare individual lenders’ requirements so you can find the best fit for you and your current finances.
Once you’ve chosen a lender, the next step is filling out the application. You can usually complete the application online or in person. Make sure you’ve filled it out completely and accurately and ensure you have all the necessary documentation ready.
Once you submit your application, you’ll typically hear back from the lender relatively quickly and, if approved, receive your funds soon after that. Citi customers with a Citi deposit account can receive their funds via direct deposit the same day. Applicants with non-Citi accounts can receive funds within two business days.1
Improving your chances of being approved for a personal loan
There are a few things you can do to improve your chances of being approved:
- Review your credit report for mistakes: Errors may lower your credit score and hurt your ability to get a loan.
- Improve your credit: Pay off your debts and always make debt payments on time and in full.
- Increase your income, if possible: Lenders like to see that you have a reliable cash flow.
- Consider how much you want to borrow: Make sure that, whatever the amount, you know you can make payments in full and on time.
Citi offers personal loans to both existing Citi customers and new Citi customers that meet specific eligibility criteria, including an established credit and income history along with additional factors determined by Citi. If you think you could benefit from a Citi Personal Loan, apply online today.
This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.
1If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days.