What are direct deposit loans, and how do you get one?

The key differences between these two types of loans are interest rates and eligibility requirements:Unsecured personal loans tend to have strict eligibility requirements, including minimum credit score and income requirements . But some lenders offer loans specifically for borrowers with poor or fair credit. Additionally, some lenders allow you to apply with a cosigner or co-borrower.

To qualify, you’ll have to meet the minimum eligibility requirements set by the lender, including a minimum credit score, minimum income, and a maximum debt-to-income ratio. DTI ratio requirements can vary by lender, but a 40% or lower DTI gives you better odds of approval. You can lower your DTI by paying down existing debts, or by getting a personal loan to consolidate all of your bills into one fixed-rate loan with a single monthly payment.

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