What is the minimum credit score for a personal loan?
Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan.
Most lenders that offer personal loans of $3,000 or more require a 580+ credit score for approval, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old, being a U.S. citizen, permanent resident or visa holder, and having a valid bank account.
You aren't likely to get a lender's best rates on a personal loan without a good credit score, but a FICO score of 600 should allow you to qualify for one.
Lenders may accept borrowers with a 500 credit score but expect you to meet additional criteria, such as a minimum income or employment history. Look into fees and interest rates. Ask about fees and interest rates you might pay if you get a loan.
This is a valid concern, but you shouldn't let it stop you from applying altogether. Having a bad credit score can indeed reduce your chances of getting a personal loan. However, it's not impossible. Several lenders will consider applications with less-than-perfect credit scores.
Some lenders will actually cater to those with poor (or no) credit. Upstart Personal Loans, for example, will accept a FICO or Vantage score as low as 600, but they also accept applicants who haven't built up a sufficient credit history yet.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
You can check your credit score for free with LendingTree Spring — without impacting your credit. While credit scores range from 300 to 850, the minimum credit score for a personal loan is typically 580. However, borrowers with scores of 640 or higher tend to get better loan rates and terms.
Based on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month. The loan terms you receive will depend on your credit profile, including credit history, income, debts and if you secure it with collateral like a car or truck.
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
What credit score do I need for a $5000 loan?
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
Requirements will vary across lenders. However, qualifying for a $10,000 personal loan typically requires a credit score that exceeds 640, an active checking account, and a steady, verifiable income, among other factors.
Yes, you can get a $5,000 loan with bad credit if you have enough income to afford the monthly payments, but the loan is likely to have a high interest rate. Several lenders offer $5,000 personal loans for people with credit scores under 640, and a few may not even require a credit check at all.
A hardship loan is a loan to cover an unexpected financial shortfall, either because your expenses went up or your income went down. Hardship loans are not like other loans that are designed to meet an expected or planned need (like a car loan or a business expansion loan).
You can get a $500 loan via a personal loan, payday loan, payday alternative loan, cash advance app, or credit card cash advance. However, some options are better than others. Some small loans come with high costs that can cause financial hardship.
Lender | Loan Amounts | Credit Score Requirement |
---|---|---|
Upstart | $1,000 - $50,000 | None |
Oportun | $300 - $18,500 | None |
OneMain Financial | $1,500 - $20,000 | None |
RISE | $500 - $5,000 | None |
Best For | APR Range | |
---|---|---|
Achieve | Best for Debt Consolidation | 8.99% - 35.99% |
LendingPoint | Best for Repayment Terms | 7.99% - 35.99% |
Patelco Credit Union | Best With a Co-Signer | 9.30% - 17.90% |
TD Bank | Best for Fast Funding | 8.99% - 23.99% |
Ask Someone To Co-Sign
Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.
Lenders may deny a personal loan application if your credit score is too low, your debt load is too high, or your income is not high enough to repay the loan.
In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.
What credit score is needed for a 1000 personal loan?
Requirements for a $1,000 Personal Loan
A good to excellent credit score of at least 670 is often required, but there are some lenders that weigh other factors more heavily — allowing you to qualify even with a lower credit score. One of those factors is your income level.
Baroda Personal Loans
offer a quick and easy solution to all your urgent financial needs. Whether you need funds for a medical emergency in your family, your sibling's wedding, to renovate your home, or for any other personal commitments a personal loan can finance all your requirements.
- Best for bad credit: Avant Personal Loans.
- Best for flexible terms: OneMain Financial Personal Loans.
- Best for no credit history: Upstart Personal Loans.
- Best for fast approval: LendingPoint Personal Loans.
- Best for small loan amounts: Oportun.
Lender | APR | Approval/Funding Timeline |
---|---|---|
LightStream | 7.49% - 25.99% | Same day - 2 business days |
Best Egg | 8.99% - 35.99% | 2 - 4 business days |
Upgrade | 8.49% - 35.99% | 2 - 3 business days |
OppLoans | 160% - 179% | 2 - 3 business days |
It is possible to find an FHA lender willing to approve a credit score as low as 500. You may also be able to find a non-QM (non-conforming) conventional lender with a 500 credit score minimum. But you won't have many choices and must be prepared to make a larger down payment.
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