Unsure of how likely you’ll be accepted for a loan? Here are some tips to better understand how likely you are to get approved and an option for your next personal loan.

Am I getting the loan?

First, you need to know that not everybody is approved for every personal loan option that exists, so you should not apply for every loan. It’s important to do your research and follow these tips:

1. Lender

There are different types of lenders out there. Either you can go to a bank, a credit union or an online lender. You can start by making an outline of the requirements depending on the type of lender you choose. For example, going to a bank can be a more rigorous process than the process involved with an online lender.

1. Credit Score

Your credit score is important when it comes to your eligibility. Having a good credit score gives you more chances of getting loans with better rates and bigger amounts. If that is not the case, you still have some options with other lenders.

1. Employment and income

Depending on the lender you will most likely need to provide proof of income, as well as your employment history. If you have been at your level of income in your current job for around a year at least, you will increase your chances of getting approved. Lenders tend to consider a minimum level of income to approve a loan, but what really impacts your eligibility is your DTI ratio, since some lenders consider a good ratio below 35%.

Upstart Loans

If you have no credit history or have bad credit, Upstart Loans might be your best choice when it comes to personal loans. This online lender can give you up to $50,000 with a 6.45%-35.99% variable APR. Also, you can get as low as a 0% origination fee and a $15 or 5% of unpaid amount for late fees.