Do personal loans require proof of income?

Personal loans require proof of income. Personal loans are generally approved on two main sets of criteria. There is the borrower’s credit, which can be based on a credit score and/or alternative factors. And there is the borrower’s ability to repay, which takes into account the borrower’s existing debts and income. Most personal lenders will verify borrowers’ income, but the exact form of documentation can vary. Your lender might ask to see a tax return, other tax documents like W-2s or 1099s, or a bank statement in order to verify your income.