Factors Influencing Personal Loan Approval: Credit Score, Income, and More

Personal Loan Online Apply | Stashfin

If you are looking for a personal loan, then you might be very well aware that many factors come into play for the personal loan application approval. From credit score, income to even employment stability, there are tons of factors considered.

At Stashfin, once such factors are scanned, the loan is approved instantly, and the potential borrower gets the loan amount instantly deposited in the account. This makes the whole procedure quite efficient and fast, giving financial stability to the required borrower. 

What is a personal loan?

As the name implies, it is a type of loan that you can borrow from a financial institution, such as a bank, credit union, or online lender, for personal use. It is usually an unsecured loan, which means that you don’t need to provide collateral, like a house or car, in order to secure the loan.

On the other hand, unlike loans designed for specific purposes, such as car or home loan, this loan can be used for a wide range of purposes. These can be debt consolidation, home improvement, medical expenses, education, etc. So, what are you waiting for? Come to Stashfin and start the personal loan apply process now!


What are the factors influencing personal loan approval?

  • Credit Score

It is basically a numerical representation of your creditworthiness based on your credit history. This score reflects your past borrowing and repayment behaviour. Keep in mind that higher credit scores increase the chances of loan approval, while lower scores have the opposite impact. 

  • Income

The income of the potential borrower is considered by the lender in order to evaluate your ability to repay the loan. They may ask for income proof after you initiate a loan apply online, and a higher income positively influences loan approval. 

  • Employment Stability

Lenders may consider the stability of your employment or business. So, having a steady job or a business with a consistent income can enhance your chances of loan approval. 

  • Debt-to-income Ratio (DTI)

It is a measure of your monthly debt obligations relative to your income. Lenders basically use this ratio to determine your ability to handle additional debt. Generally, a lower DTI is preferred, as it indicates a lower risk of default. 

  • Existing Financial Obligations

The lenders consider another very important factor, that is existing debts. These are home, car loans, credit card balances, and other personal loans. Remember that such obligations undoubtedly affect your debt burden and can impact your financial ability to repay a new loan. 

How to avail of a personal loan?

We at Stashfin, one of the top rated personal loan app available, ensure that all our potential borrowers face no hassle while availing of such a loan. With just a few simple steps, the borrowers are more than good to go. You can easily visit our official website or simply download our application on your Android smartphone or iPhone.  

  1. Download the app from the Play Store/App Store as per your device preference
  2. Sign up accordingly using your mobile number
  3. Add your personal details to check your credit limit
  4. Complete KYC and you are good to go!


So, before you initiate an online personal loan apply, keep the above-mentioned points in mind, which can affect your approval. If you do this before applying, you are in for a smooth application process without any kind of hassles.

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