Overview
When applying for a personal loan, only your individual income is considered. Household or spousal income cannot be included, even if you share financial responsibilities. This policy ensures that each loan applicant is evaluated based on their own financial profile and ability to repay.
Why Is Only Personal Income Considered?
Our loan approval process is designed to assess an individual’s financial situation without relying on additional income sources from a spouse or household member. This approach:
Ensures financial responsibility – The borrower alone is legally responsible for repayment.
Simplifies underwriting – Individual financial assessments streamline the approval process.
Aligns with regulatory guidelines – Many lending regulations require personal income verification for individual loans.
Can I Apply With a Spouse or Household Member?
No, we do not currently offer joint applications or allow co-borrowers on personal loans. If you and your spouse both need a loan, you must apply separately based on your individual income and credit profile.
What If My Spouse Contributes to Household Expenses?
Even if your spouse contributes financially, we cannot factor their income into your loan application. However, if you have consistent financial support (e.g., alimony, child support, or rental income), those may qualify as additional income sources, provided they meet documentation requirements.
Note: You are not required to disclose income from alimony, child support, or separate maintenance unless you wish to have it considered as part of your application.
How Can I Improve My Loan Eligibility?
If you’re concerned about meeting income requirements on your own, consider these steps:
✔ Increase Your Income – Additional employment, freelance work, or passive income can improve eligibility.
✔ Reduce Existing Debt – Lowering debt-to-income (DTI) ratio makes loan approval more likely.
✔ Build Your Credit Profile – A stronger credit history can improve loan terms.
✔ Check Your Eligibility Again – If you are not eligible now, you may qualify in the future as your financial situation improves.
Next Steps
If you need more information on eligibility requirements, income qualifications, or alternative loan options, contact our support team for assistance.