Loan Eligibility

Understand what affects your loan approval.

Basic Requirements

All Loans

• 18+ years old
• US resident (or eligible country)
• Valid government ID
• Active ClapPay account
• Valid bank account

Personal Loans

Additional requirements:

• Minimum credit score (varies)
• Verifiable income
• Employment or income source
• Reasonable debt-to-income ratio

Cash Advance

Additional requirements:

• Active direct deposit
• Account in good standing
• Minimum account history (30 days)

Credit Builder

• No credit check
• Bank account
• Ability to make monthly payment

What Affects Approval

Credit Score

Higher score = better odds:

| Score Range | Approval Odds |

|-------------|---------------|

| 750+ | Excellent |

| 700-749 | Good |

| 650-699 | Fair |

| 600-649 | Possible |

| Below 600 | Difficult |

Income

We verify you can afford payments:

• Stable income preferred
• Various income types accepted
• Self-employment considered

Debt-to-Income Ratio

Your debts vs. your income:

• Below 35%: Good
• 35-45%: Acceptable
• Above 45%: May be declined

Account History

Your history with ClapPay:

• Positive history helps
• How long you've been a customer
• Transaction patterns

Checking Without Impacting Credit

Soft Credit Check

When you check your rate:

• No impact on credit score
• Only you can see it
• See estimated offers

Hard Credit Check

When you accept a loan:

• May impact credit score
• Visible to others
• Required for approval

If You're Declined

Find Out Why

We'll tell you the reason:

• Credit score too low
• Income insufficient
• Too much debt
• Other factors

What to Do

1. Check for errors on credit report
2. Pay down existing debt
3. Increase income
4. Try Credit Builder first
5. Wait and reapply later (90 days)

Related Articles:

• Lending Overview
• Personal Loans
• Credit Builder