Is there a minimum income requirement for a personal loan?

Lenders don't usually approve loans where the monthly payment exceeds 15-20% of gross monthly income because the resulting DTI becomes too high when combined with other obligations. This creates an effective income floor even without a published minimum.

Examples: A $5,000 loan over 36 months at 18% APR is $180/month. To keep this payment under 15% of gross monthly income, you'd need roughly $1,200/month in gross income. A $15,000 loan over 48 months at 20% is $450/month, requiring about $3,000/month gross income at the same ratio.

Lenders that do publish minimums: Some lenders cite $20,000-$30,000 annual income as an explicit requirement. SoFi has historically required $40,000+. Credit unions often have no formal minimum but underwrite to DTI.

Income types that count: Employment income (W-2 or 1099), Social Security and pension, alimony/child support (if borrower chooses to disclose), rental income, investment income, and regular business income. Occasional or one-time income typically doesn't count unless you can show a multi-year pattern.