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You’ll typically need good to excellent credit to qualify for a personal loan — which means you might have a harder time qualifying if you have a credit score of 550.
However, there are several lenders that offer personal loans for poor credit.
Here’s what you should know about getting personal loans with a credit score under 550:
- Personal loans for credit scores from 550 to 600
- What is the minimum credit score needed for a personal loan?
- Can you get a personal loan with a credit score under 550?
- How to get a personal loan with bad credit or no credit
- How credit scores affect personal loan rates
Personal loans for credit scores from 550 to 600
Before you take out a personal loan, it’s important to compare as many lenders as possible to find the right loan for your needs. Be sure to consider not only credit requirements but also interest rates, repayment terms, and any fees charged by the lender.
Here are Credible’s partner lenders that offer personal loans to borrowers with credit scores from 550 to 600:
|Lender||Fixed rates||Loan amounts||Min. credit score||Loan terms (years)|
|9.95% - 35.99% APR||$2,000 to $35,000**||550||2, 3, 4, 5*|
|5.99% - 29.99% APR||$5,000 to $35,000||600||2, 3, 4, 5|
|10.68% - 35.89% APR||$1,000 to $40,000||600||3, 5|
|15.49% - 35.99% APR||$2,000 to $36,500||580||2, 3, 4|
|18.00% - 35.99% APR||$1,500 to $20,000||None||2, 3, 4, 5|
|8.93% - 35.93% APR7||$1,000 to $20,000||580||3, 5|
|5.94% - 35.97% APR||$1,000 to $50,000||580||2, 3, 5, 6|
|6.46% - 35.99% APR4||$1,000 to $50,0005||580||3 to 5 years4|
Min. credit score: 550
Avant offers personal loans from $2,000 to $35,000* with repayment terms from two to five years**. If you’re approved, you could get your funds as soon as the next business day.
Learn More: Emergency Loans: How to Get a Personal Loan Fast
Min. credit score: 600
In addition to your credit score, Best Egg looks at more than 1,500 proprietary credit attributes from sources that include external data providers and your digital footprint. This means Best Egg might be more willing to work with you compared to traditional lenders if you have less-than-perfect credit.
With Best Egg, you can borrow $5,000 to $50,000 with terms from two to five years.
Min. credit score: 600
If you need a cosigner, LendingClub might be a good option — it’s one of the few lenders that accept cosigners on personal loans. You can borrow $1,000 to $40,000 with three- or five-year terms.
Min. credit score: 580
LendingPoint specializes in working with borrowers who have near-prime credit — usually meaning a credit score in the upper 500s or 600s. You can borrow $2,000 to $36,500 with terms from two to five years.
Min. credit score: None
Unlike many other lenders, OneMain Financial has no minimum required credit score — which means you might have an easier time getting approved even if you have poor credit. In addition to your credit history, OneMain Financial considers your financial history, income, and expenses to determine your creditworthiness.
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.
Learn More: Pawn Shop Loans: Are They Ever Worth It?
Min. credit score: 580
Universal Credit has a minimum credit score of 580 — perfect for borrowers with poor credit. They also offer free credit score monitoring, educational tools, and personalized recommendations to help you build your credit.
You can borrow $1,500 to $20,000 with repayment terms from two to five years.
Min. credit score: 580
With Upgrade, you can borrow $1,000 to $50,000 with a two, three, five, or six year term. Additionally, Upgrade provides free credit monitoring and educational resources that could help be helpful for building your credit.
Min. credit score: 580
In addition to your credit, Upstart will also consider your education and job history to determine creditworthiness — which means you might still qualify even if you have little to no credit history. You can borrow $1,000 to $50,0005 with Upstart.
What is the minimum credit score needed for a personal loan?
Generally, you need good to excellent credit to get approved for a personal loan — a good credit score is usually considered to be 700 or higher.
However, there are also some lenders that accept poor and fair credit scores. Keep in mind, though, that personal loans for bad credit usually come with higher interest rates compared to good credit loans.
Here are the credit score ranges you’ll typically come across:
Can you get a personal loan with a credit score under 550?
Yes, some personal loan lenders are willing to work with borrowers who have credit scores of 550 or lower. For example, the minimum required credit score for an Avant personal loan is 550, and OneMain Financial doesn’t require a minimum credit score at all.
How to get a personal loan with bad credit or no credit
If you’re ready to apply for a personal loan, follow these four steps:
- Check your credit. When you fill out an application for a loan, the lender will perform a credit check to determine your creditworthiness — so it’s a good idea to check your credit beforehand to see where you stand. You can use a site like AnnualCreditReport.com to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureaus to potentially boost your credit score.
- Compare lenders and pick a loan option. Be sure to compare as many personal loan lenders as you can to find the right loan for your situation. Along with credit requirements, consider interest rates, repayment terms, and any fees charged by the lender. After you’ve compared lenders, choose the loan option you like best.
- Complete an application. Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs.
- Get your funds. If you’re approved, the lender will have you sign for the loan so the money can be released to you. The time to fund for a personal loan is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval.
How credit scores affect personal loan rates
Your credit score plays a major role in determining the interest rates you could qualify for when you apply for a personal loan. In general, the lower your credit score, the higher the interest rate you’ll likely get.
For example, here’s how your credit score could affect how much you’d pay on a $10,000 personal loan with a three-year term. Note that the average APRs are based on the personal loan interest rates borrowers received when they applied for a personal loan through Credible in May 2021.
|Credit score||Average APR||Monthly payment||Total interest||Total repayment cost|
|600 or below||31.87%||$435||$5,654||$15,653|
If you decide to apply for a personal loan, be sure to consider how much that loan will cost you. This way, you can be prepared for any added expenses.
You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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Keep Reading: Low-Income Loans: Personal Loans for a Tight Budget
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.