Question: What Credit Score Do I Need For A Personal Loan?

What credit score is needed for a $5000 loan?

People with credit ratings ranging from bad to excellent may be able to find a $5,000 loan that works for them.

Just keep in mind that unless your credit score is at least 660 (which is in the fair credit range), you likely won’t be able to qualify for a personal loan that doesn’t have an origination fee..

Can I get a personal loan with a 600 credit score?

Many lenders require a minimum 600 credit score when you apply for a personal loan. Your FICO Score, which is a type of credit score, is the one lenders most often use when determining loan eligibility. It ranges from 300 to 850, with 800 to 850 considered exceptional and 300 to 579 very poor.

Is it hard to get approved for a personal loan?

Getting a personal loan can be easy if you meet all the lender’s requirements and are flexible with what interest rate you’ll pay. Understanding what you need to be able to qualify for a personal loan will save you some time and energy in getting approved.

What credit score do you need for a signature loan?

Signature loans usually require a credit score of at least 660 for approval. Some even require scores of 700+ (good credit). There are a few signature loan providers that service people with credit scores as low as 585, but they are less common and have very high APRs.

What credit score do I need to get a 20000 loan?

640 to 699Adam McCann, Financial Writer. The best places to get a $20,000 loan with fair credit include LightStream, SoFi and Marcus. Most major personal loan providers have minimum credit score requirements that are within the fair credit range (640 to 699). Most also offer loans of $20,000 or more.

Can you get a personal loan with a 550 credit score?

You may be able to secure a personal loan with a credit score of 550, but you’ll be paying much more in interest than most borrowers with higher credit scores. Instead, you could consider waiting until you’ve improved your credit score, enlist the help of a cosigner or seek out a secured loan.