Income-Based Personal Loans

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Checking offers will not impact your credit score*

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Funding up to $100,000 and APRs as low as 3.99%*

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Same-day and next-day available for certain offers*

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Get Personal Loans Based on Income Only

Income based personal loans may help you qualify for a larger loan amount even with less than perfect credit. While some lenders may evaluate personal loans based on income only, a majority of lenders will use income among other factors to determine eligibility. If you have credit challenges a solid income should certainly help you qualify for a loan.

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How To Apply For Income-Based Personal Loans

1 Pre-qualify

Fill out easy online form to check for pre-qualified offers with no impact to your credit score

2 Select offer

Compare terms and payment options to select offer that’s best for you

3 Finish application

Complete application process on your selected lender’s website*

4 Receive funding

After loan approval, your funds should arrive within 1-2 business days*


“The process couldn’t have been any easier. I filled out a short form that took me less than 2 minutes and within seconds I got multiple offers from lenders.”


- Mike T. (TN)

“It was important to me that I could review my offers without any impact to my credit score, before deciding on the best loan option.”


- Carol R (FL)

“I like the easy online and 100% paperless experience of Acorn Finance. I received my money two days after completing my application.”


- Bob S (WI)

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Learn More About Income-Based Personal Loans

If you have credit challenges a solid income should certainly help you qualify for a loan. Lenders may weigh determinants differently. If you are concerned about qualifying for a personal loan you should look into lender requirements before applying.

Read more - FAQ

What are income-based loans?

Income-based personal loans can help qualify borrowers for a loan if they have a minimal credit history or bad credit. Personal loans based on income only will not do a credit check or will only do a soft pull on your credit report. Lenders who approve income-based loans primarily base their approval decision on the borrower’s ability to repay the loan with the income they earn or receive.

How are income-based loans different from traditional loans?

Traditional loans and personal loans based on income, not credit score, have similarities and differences. Similar things are:

– You are given a fixed amount.
– There is a repayment period.
– You are charged an interest rate and can be charged an origination fee.
– They can be secured or unsecured.

Some differences are that income-based loans either don’t do a credit check or do a soft inquiry. The interest rate can be much higher, sometimes in the triple digits. They are often for smaller amounts and have a shorter repayment term. Traditional loans can have amortizations up to 12 years, while income-based loans usually don’t exceed five years or 60 months.

Can I get a loan based on my salary?

You can get a loan approval based on your salary. Some lenders do income-based loans. The approved amount is based on your ability to repay the debt. Lenders who base loan approvals on salary want to make sure that the borrower can afford the repayment. Personal loans based on income only can be approved quickly, but they are typically very expensive. They can trap a borrower in a debt cycle because of their high rates.

Do lenders verify income for personal loans?

Most of the time, lenders verify income for personal loans. They want to make sure the borrower has the ongoing ability to repay the loan from their income. There are instances when a borrower can qualify for a loan without having to prove their income. A very high credit score can sometimes result in an approval without having to provide proof of income. Some lenders will consider a loan application with stated income and verified assets. This means that the combination of security the borrower offered for the loan and the stated income satisfies the lender’s criteria. The borrower can be approved without providing proof of income. If the loan is fully secured with assets the lender can verify, the borrower may not have to provide proof of income for an approval. If the security fully covers the loan, the lender has virtually no risk and might approve the loan without income verification.

What is the minimum income requirement for a personal loan?

Different lenders have different requirements regarding minimum income for a personal loan. Most lenders don’t disclose a minimum income for personal loans. Two lenders that do are LendingPoint, which has a minimum income of $20,000, and Citibank, which has a minimum income of $10,500. Other lenders, like Best Egg and LendingClub, want borrowers to have enough verifiable income to make the loan payments.

How can I get a loan with no credit check?

Getting a loan with no credit check or a soft credit inquiry depends on your income, the amount you need, and if you have assets to secure the loan. Some lenders will approve loans for borrowers with bad credit if they have enough income to support the debt, can secure the loan, or add a cosigner. Like payday loan companies, other lenders charge such high rates for a very short amount of time that they often don’t do credit checks. Pawnshops and title loan companies often don’t do credit checks since they have an asset to secure the loan. Peer-to-peer lending sites may lend without credit checks or base their lending decisions on things other than the borrower’s credit report.

How much loan can I get on a 24,000 salary?

The amount of money you can borrow as a personal loan depends on more than just your salary. Your credit score and the total of monthly payments for other debts impact your ability to borrow. For example, suppose you have a good credit score and can qualify for a personal loan rate of 9.00%. In that case, if you have no other debt payments and you have no dependents, you can potentially be eligible for a personal loan of $32,000 with a five-year repayment term.

If your credit rating is fair and your loan rate is 15%, and you have a $1000 per month mortgage payment, a $250 per month car payment, a $5000 credit card limit, and two dependents, you will probably not qualify for a personal loan.

How much loan can I get on a 35,000 salary?

Using the same information as above, you can potentially qualify for a $66,000 loan with a five-year amortization, 9% interest rate, and no other debts or dependents. If you have credit payments of $1250 a month, a credit card with a $5,000 limit and two dependents, and your loan rate is 15%, it is unlikely that you will qualify for additional credit.

How much loan can I get on a 50,000 salary?

A borrower that has to repay $1250 a month for existing borrowing, with a loan rate of 15%, a credit card limit of $5000, and two dependents can potentially qualify for a loan of $13,000. If the borrower qualifies for a rate of 9%, takes a five-year term, and has no other borrowings or dependents, they can possibly get a loan amount up to $100,000.

How much loan can I get on a 100,000 salary?

With a salary of $100,000 per year, you may qualify for a loan of up to $100,000 in either situation mentioned above. The income is sufficient to support a five-year loan at 9% with no debt repayment or dependents. Having monthly debt repayments of $1250, a $5000 credit card limit, and two dependents should not impact borrowing this amount.

Personal loans typically do not exceed $100,000. If a borrower wants more, they may need to secure it as a mortgage. These amounts are examples only. If you are curious how much you can borrow, you can use a personal loan calculator based on income. To get a more accurate amount, you will need to know how much you are already paying in debt repayment. Lenders sometimes include other income that is not salary-related, like alimony or social security. If you have additional sources of income, be sure to include those too in the calculator. One of the best ways to determine how much you qualify for is to check offers at Acorn Finance. At Acorn Finance you can access top national lenders without impacting your credit score.

Which lenders offer income-based personal loans?

It depends on the type of loan you are applying for and how much you need. Credit unions often place more emphasis on income than on a borrower’s credit rating. They can also offer payday alternative loans which are small sums that can help a borrower get through a difficult time. In addition, their rates on payday alternative loans are usually capped at 28%, making them a far more reasonable option than payday loans. However, credit unions usually only offer these services to members.

Other lenders who may do income-based loans are peer-to-peer lenders and companies that do bad credit loans. Be sure to check the terms, rates, and fees before accepting these loans.

Closing Thoughts

Lenders usually take more than income into account when they process a loan application. However, having substantial or consistent income should help you qualify for a loan. At Acorn Finance you can check personal loan offers between $1,000 to $100,000, depending on your credit score. Your credit score will not be impacted by checking offers through our secure platform.

Looking for an income-based personal loan? Check offers today!


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