The simple answer is that there is no minimum salary requirement that will guarantee you will be approved for a loan. Income is one of the important factors when lenders assess your loan eligibility, but it isn’t necessarily a deciding one.
Some lenders may well have salary requirements. For example, the Post Office and the AA both state that you must have a minimum annual income of £12,000 to apply for a personal loan. But there is no universal minimum. This is because lenders are interested in a number of other factors such as:
If you discover that you do not meet the lender’s minimum requirements, then there are a number of ways that you can improve your chances of being approved for a loan:
If you compare loans with Money Expert, we'll run soft eligibility check that won't show up on your credit score.
We endeavour to keep our users fully informed when it comes to making a purchasing decision. Please read through our handy guides to find the information you need.