Can you get a personal loan with a 600 credit score?
Yes, you can get a personal loan with a 600 credit score — there are even lenders that specialize in offering fair credit personal loans. But keep in mind that if you have a credit score between 580 and 669, you'll generally be considered a “subprime” borrower — meaning lenders might see you as a more risky investment.
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).
| Type of Credit | Do You Qualify? |
|---|---|
| Unsecured Credit Card | YES |
| Home Loan | YES (FHA Loan) |
| Personal Loan | MAYBE |
| Auto Loan | MAYBE |
Many give preference to borrowers with good or excellent credit scores (690 and above), but some lenders accept borrowers with bad credit (a score below 630). The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet.
This score ranges between 300 and 900. The higher the score, the better the eligibility. Usually, a score of 550 to 600 is considered low and insufficient to meet the personal loan eligibility criteria. Therefore, availing of a personal loan with a CIBIL Score of 550 is difficult.
You will need a credit score of 580 or higher for a $3,000 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.
With your 600 credit score, lenders will generally consider you to be a higher-risk borrower. This means to get loan approval, you're likely to need strong qualifications when it comes to income, employment, and other debts.
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.
Your score falls within the range of scores, from 580 to 669, considered Fair. A 600 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
One of the best credit cards for a 600 credit score is the Capital One Quicksilver Secured Cash Rewards Credit Card (see Rates & Fees). This card comes with generous rewards, offering 1.5 - 5% cash back on purchases, and it also has a $0 annual fee.
How hard is it to get a $30,000 personal loan?
How hard is it to get a $30,000 personal loan? This depends on your financial situation. For those with a good credit score — around 670 and up — a $30,000 personal loan may be pretty easy to get. But those new to credit or with a bad score may find it challenging.
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.
Generally, you'll need a good to excellent credit score — 670 or higher — to qualify for a $20,000 loan. The higher your credit score, the better your chances of qualifying for a loan and securing a lower interest rate.
What does having a 600 credit score mean? According to FICO® Score, 15.5% of the population has a credit score below 600, while the average credit score sits at 716.
| 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 |
However, the vast majority of borrowers have scores of 661 or higher. Borrowers with scores of 501 to 600 account for about 13% of cars financed, while people with scores of 500 or below account for less than 2%, according to Experian.
The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
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.
The required credit score for a $20,000 personal loan will vary from lender to lender, but a score of at least 650 will typically land you a decent interest rate and reasonably good repayment terms. Check with different lenders to find out their credit score requirements.
You'll have the best chance of getting approved with an excellent credit score, such as one above 800. You may struggle to find a lender that will approve a $50,000 loan for folks with poor or bad credit. A "poor" credit score is considered 580 or under. Most lenders require at least a "fair" score of around 670.
Can I get a 50k loan with a 650 credit score?
What credit score do I need to get a $50,000 personal loan? Most lenders will require a credit score of 650 or more, which is considered a fair credit score. Other lenders may require a credit score of 600, but they will charge higher fees and a higher interest rate.
- Lower Your Credit Utilization Ratio. Credit utilization makes up the second-largest percentage of your credit score. ...
- Space Out New Credit Applications. ...
- Diversify Your Credit Mix. ...
- Keep Old Credit Cards Open. ...
- Make On-Time Payments.
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.
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.
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.
