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It depends on what type of loan you’re talking about. If you’re just seeking a $1,000 loan then a $2,000 – $3,000 income may cover that.
However, if you’re look for a home equity line of credit or a larger unsecured loan then your income must be much larger. A lender will look at your debt-to-income ratio to ensure your income is proportionate enough to the debt you’re taking on.
