M1 Personal Loan Application and Eligibility

Who is eligible for a Personal Loan?

How does applying for a Personal Loan affect my credit?

How will viewing my rate impact my credit score?

My credit is frozen, how can I proceed? 

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

Why was my Personal Loan application denied? 

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

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

Are there M1 Plus benefits for Personal Loans?

 

Who is eligible for a Personal Loan? 

To be eligible to apply for a Personal Loan offered by M1, you must be a US citizen or permanent resident, be 18 years old or the age of majority in your jurisdiction and reside in an eligible state. Currently, M1 offers Personal Loans to residents of Florida, Illinois, and Minnesota. We plan to offer Personal Loans in more states; make sure to check back for updates.

You must either have been (1) an active M1 Invest customer for at least 90 days¹, or (2) an active M1 Spend customer for at least 180 days, and (3) maintain at least $100 on any funded account(s) with M1 at the time of your Borrow application.
¹M1 Invest not required

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.

 

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 or
  • Visit www.TransUnion.com/credit-freeze 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.

 

Are there M1 Plus benefits for Personal Loans? 

Our M1 Plus members will be delighted to know that they will receive an extra1.5% APR* discount on their interest rate! You can learn more about the benefits of M1 Plus here

*Lowest fixed rates available to M1 Plus members only, subject to credit history, income, term of loan, and other factors. Rates are not guaranteed and are subject to change. Not all applicants qualify for the lowest available rate.

*M1 Plus is a paid annual membership that confers benefits for products and services offered by M1 Finance LLC, M1 Checking LLC and M1 Digital LLC, each a separate, affiliated, and wholly-owned operating subsidiary of M1 Holdings Inc. “M1” refers to M1 Holdings Inc., and its affiliates.

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