Needed Credit Score for Personal Loan

The qualifying credit score for a personal loan varies from lender to lender. Typically most borrowers with a FICO credit score above 650 can get personal loans. While there is no base credit score limit for getting approval for a personal loan, some lenders accept applicants with bad credit.

To get a personal loan with bad credit though, you’ll have to prove a stable income. Also, some lenders may require you to provide your debt-to-income ratio to ensure you’ll be able to make payments. The best personal loan rates are going to be offered to those who have a FICO credit score above 700. Since it’s considered as good to excellent credit score, the APR is likely to be below 10%.

Another common practice by lenders is to ask questions about what the loan is going to be used for. The lenders usually ask this question to see whether you are going to use the loan to pay off other debts you have. This can be both a good thing and a bad thing. It is only good if you have smaller amounts of debt to various places. Otherwise, you may have hardships getting approval for the loan.

Your FICO Credit Score for Personal Loan

The personal loans up to $35,000 mostly require your FICO credit score to be 580 at minimum. Anything above that should get you easy approval. Since applying for a personal loan facing a rejection will hurt your credit score, check whether you are qualified or not.

From the current offers below, you can see the likelihood of getting your personal loan by comparing the required minimum credit score to yours.

These tables should give a glimpse of your chances when applying for a personal loan. The APR and the credit score requirements are based on a loan amount between $3,000 to $50,000. Don’t forget, your income will also play a major role as well.

Have bad credit and need to rebuild to qualify for better offers? Read this article to see how you can rebuild your credit score with credit cards.