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Apply for an M1 Personal Loan
Apply for an M1 Personal Loan
Updated over a week ago

Who is eligible for a Personal Loan?

To be eligible to apply for a Personal Loan offered by M1, you must be 18 years old or the age of majority in your jurisdiction (the latter of the two), a US citizen, and reside in one of the 50 states or Washington, District of Columbia.

Please note: You must have a physical address. A PO Box/PMB is not an eligible address.

You must possess a valid U.S. bank account and Social Security or Individual Tax I.D. number. You must also have an adequate income to repay current debt obligations and any new loan with M1.

Do I need to have an open M1 Invest Account or High-Yield Savings Account to apply?

You no longer need an open M1 Invest Account or High-Yield Savings Account to apply for an M1 Personal Loan! When you sign up for M1 on Web, you will have an option to directly apply for a Personal Loan.

How does applying for a Personal Loan affect my credit?

When applying for any type of credit, including a Personal Loan, you will incur a hard check on your credit. This results in a hard inquiry on your credit report which can lower your credit score.

How will viewing my rate impact my credit score?

When you check your Personal Loan options with M1, we’ll perform a soft credit inquiry which does not impact your credit score. By checking your options, you will be able to check what rates and terms may be available to you. To recap, this inquiry will not affect your credit score in any way. However, should you proceed with accepting an offer, we’ll proceed to perform a hard credit pull which can impact your credit score.

My credit is frozen, how can I proceed?

If your credit is frozen or your application was denied due to a frozen credit report and you wish to apply or re-apply for a Personal Loan, you will need to complete the following steps:

Call TransUnion at 888-909-8872

Visit and select “Unfreeze.” Here, you'll be prompted to sign into your existing TransUnion account or required to create an account to begin the process of removing the credit freeze.

Once you have requested that your credit report be unfrozen, please allow up to 1 hour before applying or re-applying for a Personal Loan from M1.

How do I upload important documents to verify income and/or employment?

Currently, we are utilizing a tool that helps with income verification, therefore, no documentation is required when applying for a loan at this time. However, in the future we will implement new features that will allow all customers to provide additional income sources with the hopes of positively impacting their applications.

Why was my Personal Loan application denied?

If your M1 Personal Loan application was denied, a decline notice known as an “adverse action” can be located in the document center of your M1 account. The adverse action notice will provide an overview of the reasons for denial of credit.

Can I apply for a Personal Loan with a co-signer or co-applicant?

Currently, M1 does not allow co-signers on Personal Loans.

If my application is denied, can I re-apply with a co-signer or co-applicant?

Our Personal Loans are open to one individual or a single applicant at a time.

M1 is not a bank. M1 Personal Loans are furnished by B2 Bank NA, Member FDIC and Equal Opportunity Lender, and serviced by M1 Spend LLC, a wholly-owned operating subsidiary of M1 Holdings, Inc.


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