Answer:
Anyone can apply for a personal loan. However, each lender has different requirements for who is eligible for a loan and typically looks at applicants’ credit history, current debt-to income ratio, and a number of other factors to determine how much of a risk you are to default on your loan. This process is called underwriting. If you have great credit, no other debts, and have a steady job with a regular income, lenders will see you as less likely to default on your loan and are more likely to approve you with more favorable terms. If you do not meet the lenders criteria, you will likely be denied for the loan, or be faced with extremely high interest rates.
Since all lenders have different underwriting requirements, it’s possible to be denied by one lender and be accepted by another. This is why shopping around is important.