Lenders want to verify your identity and income when you apply online for a personal loan. They also want to know where you live and your employment history.

Lenders seek a steady income stream that covers the mortgage, insurance, and other monthly expenses. They also consider your debt-to-income ratio and if you have any existing loans.

Credit Score:

A good credit score can lead to many benefits, including lower interest rates on loans and credit cards, a better chance of approval, and the ability to secure more competitive credit accounts. It can also help you rent an apartment or buy a car.

Lenders employ credit scores, which are three-digit numbers, to examine your financial history and establish your creditworthiness risk for a loan like a MaxLend loan. A credit score is based on several factors, including payment history and your credit utilization ratio—how much of your available credit you use.

Payment history accounts for 35% of your score; late payments and a lack of activity on your credit reports can affect it. If you make on-time payments, your credit score will rise. Keeping your credit card balances low and improving your credit utilization ratio will also boost your score.


 Whether young or elderly, you must demonstrate that you have enough money to pay off a loan. The age applies to new loan applications like MaxLend installment loans.

For example, they may consider your job and time until retirement to determine whether you have enough income to cover your loan payments.

In addition, a lender can include your age in a sound credit scoring system as long as the system does not disfavor applicants 62 or older.

Debt-to-Income Ratio:

A debt-to-income ratio is metric lenders use to evaluate creditworthiness and how much of your monthly income goes towards paying off your mortgage, auto loan, credit card payments, and other debts. This number reflects how well you manage your debts and income.

Begin by summing up your monthly debt commitments to estimate your debt-to-income ratio, including revolving credit and installment loans such as car payments, student loans, and child support payments. Then, divide that amount by your monthly gross income to get your DTI ratio.

A low debt-to-income ratio shows you have a balanced budget and can meet your debt payments without financial hardship. However, a high DTI ratio indicates that you have a lot of debt and may need financial help to manage your current bills.

Most lenders prefer a DTI ratio below 36%, but some banks will accept individuals with a higher percentage if they meet specific lender guidelines. If you have a high DTI, it’s important to discuss your situation with your lender and determine how to improve your financial situation.


Employment is a legal contract between an individual and an employer that sets out the terms of employment, including payment, scheduling, and the rules and regulations of the workplace.

Employers can terminate their contracts Anytime, and employees can resign for any reason. Lenders will review your employment history to determine if you have the income to support a mortgage.  Most lenders require at least two years of consistent, reliable income for your loan application.

Non-salary types, such as commissions, bonuses, overtime pay, self-employment, RSU income, or part-time/seasonal employment, may be considered if they are a significant portion of your total income. In addition, you need proof of the most stable of these types of jobs, such as two years’ worth of tax returns.