Personal Loan With Short Credit History?

[Anonymous]

I'm looking to get a personal loan of 15k but I don't know the odds of being approved. My fico is currently 720 and my debt to income ratio is 4%. I make 27k gross and have 2 credit cards with a total limit of $800. I'm still fairly new to building credit and only have 1 year and two months of credit history. I've heard that it is essential that you have at least two years of history to get a loan. Will my shortage of credit history prevent me from being approved? Thanks.

[Anonymous]

Your existing debt does matter, so your low DTI is helpful.  But your income by itself also matters.  Getting a lender to give you over half your annual salary unsecured in any way (just a bunch of cash) may not be in the cards, even if you had a longer credit history.

But I don't have any eexperience with personal loans, so maybe that's quite common.  Hopefully other folks can advise you.

[Appleman]

There are many personal loan lender that allow you to see if you can obtain a pre-approval. Make sure you find a site that allows for a SP (soft pull) of your credit. Most sites will be a hard pull if you decide to go through with their offer. Like life no guarantees.

Those coming to mind include SoFi.com, Prosper and Lending Club. This will give you an idea on what a lender might give approve for you. 

The shortr history and income will be a factor.