Blog / Do You Qualify for a Personal Loan?

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Personal Loans

When looking at your options for personal loans online, you might have a few serious concerns at first.

But don't worry. Everyone has questions when looking for the best loans for bad credit.

Here are some of the most common questions people ask about personal loans:

Am I the Right Age for a Personal Loan?

Don't worry, you don't have to be any specific age to qualify for a personal loan -- as long as you're a legal adult when applying.

The reason why you can't borrow money before you're a legal adult is because you must be held financially responsible for whatever money you borrow. A minor can't be held legally financially responsible, so it wouldn't be in the best interests of any lender to loan you money.

So if you are under the legal age... ask your parents instead!

Will My Employment Status Matter?

Lenders care quite a bit about whether or not you're employed when you apply for a personal loan.

Why?

Because being employed shows that you have the means to repay whatever you borrow. If you're unemployed, you're not likely to have the finances needed to pay back a short-term loan.

And if you've only recently gotten a job, that's okay -- the majority of personal loan providers don't care whether you've worked with a company for two weeks or two years. All you have to show is that you will be able to repay the money they lend you.

Can I Get a Personal Loan in My State?

Many states do not offer individuals the option to apply for installment loans. In other words, your state has to approve of personal loans before lenders can even set up shop there.

But if you live in the state of Texas, you're in luck -- you'll be able to apply for personal loans!

Hopefully these answers clear up some of your questions about applying for personal loans online. With any luck, you'll be one step closer to accomplishing all your financial goals!


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