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

Asked by: Orrin Stracke  |  Last update: March 7, 2023
Score: 4.5/5 (40 votes)

Yes, you can get a personal loan with a credit score of 550. You could consider getting a secured personal loan, applying for an unsecured personal loan with a co-signer, borrowing from family and friends, and checking with local credit unions which usually have a lower requirement over credit score.

How much can I borrow with a 550 credit score?

You can borrow $1,500 to $20,000 with repayment terms from two to five years. Keep in mind that larger loan amounts might require collateral.

Is 550 a bad credit score?

Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 550 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.

How can I get a personal loan with a 520 credit score?

Ways to Get a Personal Loan With a 520 Credit Score
  1. See if you get pre-qualified. ...
  2. No-credit check personal loans. ...
  3. Apply with a cosigner. ...
  4. Try credit unions. ...
  5. Friends and family. ...
  6. Secured personal loans.

What is the lowest credit score you can have to get a personal loan?

Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 690.

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

23 related questions found

What credit score is needed for a $1000 loan?

You will likely need a credit score of at least 580 to get a $1,000 personal loan. Most lenders that offer personal loans of $1,000 or more require bad credit or better for approval, along with enough income to afford the monthly payments.

What kind of loan can I get with a 580 credit score?

Most lenders offer FHA loans starting at a 580 credit score. If your score is 580 or higher, you need to pay only 3.5% down. Those with lower credit (500-579) may still qualify for an FHA loan. But you'd need to put at least 10% down, and it can be harder to find lenders that allow a 500 minimum credit score.

What can I do with a credit score of 550?

The one thing anyone with a 550 credit score should do is open a secured credit card. Even if you don't use it to make purchases, a secured card can help improve your score by adding positive info to credit report on a monthly basis. It won't give you an emergency loan, though.

What credit score do I need for a $3000 loan?

You will likely need a credit score of at least 580 for a $3,000 personal loan. Most lenders that offer personal loans of $3,000 or more require bad credit or better for approval, along with enough income to afford the monthly payments.

Can I get a personal loan with a 525 credit score?

A 525 credit score can be a sign of past credit difficulties or a lack of credit history. Whether you're looking for a personal loan, a mortgage or a credit card, credit scores in this range can make it challenging to get approved for unsecured credit, which doesn't require collateral or a security deposit.

How do I get my credit score from 550 to 700?

How to Bring Your Credit Score Above 700
  1. Pay on Time, Every Time. ...
  2. Reduce Your Credit Card Balances. ...
  3. Avoid Taking Out New Debt Frequently. ...
  4. Be Mindful of the Types of Credit You Use. ...
  5. Dispute Inaccurate Credit Report Information. ...
  6. Don't Close Old Credit Cards.

How can I raise my credit score by 50 points in 30 days?

How to Improve Credit Score in 30 Days
  1. Pay down revolving balances.
  2. Remove recent late payments.
  3. Remove a collection account.
  4. Raise your credit limits.
  5. Charge small amounts to inactive credit cards.
  6. Get more credit.

Can you get a personal loan with poor credit?

A low credit score doesn't have to stand in your way of getting a personal loan to cover an emergency or consolidate debts. Borrowers with bad credit (a FICO score of 629 or lower) may need to put in some extra work to qualify, but doing so can help you get approved and could get you a lower interest rate.

How can I raise my credit score 100 points overnight?

How To Raise Your Credit Score by 100 Points Overnight
  1. Pay Off Your Delinquent Balances.
  2. Keep Credit Balances Below 30%
  3. Pay Your Bills on Time.
  4. Dispute Errors on Your Credit Report.
  5. Set up a Credit Monitoring Account.
  6. Report Rent and Utility Payments.
  7. Open a Secure Credit Card.
  8. Become an Authorized User.

Can you get a personal loan with a credit score of 530?

It's important to note that any personal loan you get with a 530 credit score is likely to have a very high APR and an expensive origination fee. If possible, you might want to try to borrow money a less costly way, such as from friends and family.

Can I get a personal loan with a 575 credit score?

The minimum credit score needed for a personal loan with no origination fee and no collateral requirement is 660, which is fair credit. And borrowers will need good credit or excellent credit – a credit score of 700 or higher – to get the best personal loan rates.

Which bank has the easiest personal loan approval?

HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it.

Who is the easiest to get a personal loan from?

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.

Is Creditkarma accurate?

The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus. This means a couple of things: The scores we provide are actual credit scores pulled from two of the major consumer credit bureaus, not just estimates of your credit rating.

Can I get a personal loan with a credit score of 500?

Yes, you can get a personal loan with a credit score of 550. You could consider getting a secured personal loan, applying for an unsecured personal loan with a co-signer, borrowing from family and friends, and checking with local credit unions which usually have a lower requirement over credit score.

Can I get a personal loan with a 579 credit score?

⚠️ A credit score between 450 and 579 is considered poor. It will be hard to get a loan with credit at this level. If you find a lender willing to make a loan, you will probably pay high interest rates and fees. You'll also have to be careful about the lenders you deal with.

What is considered poor credit?

FICO considers a credit score to be poor if it falls below 580. According to FICO, a person with a FICO score in that range is viewed as a credit risk. Why? Their research shows that about 61% of those with poor credit scores end up delinquent on their loans.

Can I get a personal loan with a 587 credit score?

You'll be able to get a personal loan with a credit score between 580 and 669, but you might not be able to get the deal you want. A credit score between 580 and 669 is considered fair. It won't be hard to get a loan, and you're likely to have several offers from credible lenders.

What credit score is needed for a $20000 loan?

You will likely need a credit score of at least 660 for a $20,000 personal loan. Most lenders that offer personal loans of $20,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.

What FICO score is used for personal loans?

You can use a number of services to check your Equifax and TransUnion scores, which use the VantageScore model, or use Experian to check your score based on the FICO 8 model. Note, the FICO 8 model gets used in about 90% of lending decisions in the U.S.