Different banks have varying income requirements. Some banks may need an annual income of at least $20,000, while others need at least $30,000. The minimum salary requirement may also vary depending on the maximum loanable amount. Some banks may need you to earn at least $120,000 annually to borrow up to 10 times your monthly salary.

If banks require you to earn at least $20,000 annually to apply for a loan, private money lenders have a lower minimum salary requirement. They can allow you to borrow up to $3,000 even if your annual salary is less than $10,000.