When applying for a personal loan, lenders want to see if your income is sufficient to cover loan payments. Some lenders have specific income requirements, like Discover’s $25,000/year minimum, while others don’t disclose. Income affects loan size and terms. Different income types are considered, like salary, self-employment, and investments.

Provide documentation of all income sources when applying for a loan, like pay stubs and tax returns. Some lenders require consistent earnings for a year. If income doesn’t meet a lender’s requirement, options include shopping around, requesting a smaller loan, waiting to borrow with stable earnings, taking on a side hustle, or applying with a co-borrower.

Lenders also consider debt-to-income ratio and credit score. Lower DTI ratios are preferred, and a good credit score increases approval chances. If credit needs work, consider a co-signer or secured loan. Make sure to include all sources of income when applying, and shop around for the best lender for your situation.

Read more at Yahoo Finance: What’s the minimum income required for a personal loan?