The best $400 installment loans are from Navy Federal Credit Union. The company offers loan amounts of $250 - $50,000, an APR range of 7.49% - 18%, repayment periods of Up to 60 months (up to 180 for home improvement) and funding as soon as 4 business days after you apply. The loan amount you receive will depend on your credit score and your debt-to-income ratio, among other factors.
You need a credit score of at least 580 to qualify for a decent installment loan from a major lender. You will likely need a higher score to get a personal installment loan with no origination fee and a low APR, however.
Other types of installment loans will have different requirements than personal loans. For example, you may be able to get a mortgage or a car loan with a low credit score or no credit history.… read full answer
Credit Score Required for Personal Installment Loans by Lender
You’re not guaranteed to get approved for an installment loan just because you meet the credit score requirement. You’ll also need to be at least 18 years old, have enough income to make monthly payments and have a bank account.
To see which lenders may approve you and what rates may be available to you, check out the free pre-qualification tool on WalletHub.
Good options for a $1,000 loan include LendingClub, PNC, PenFed and Upstart. The biggest, most popular lenders in the U.S. don’t usually offer loans as small as $1,000 while most have minimums of $2,000 or more.
Overall, the best place to get a $1,000 loan is PNC. It offers some of the lowest rates on the market, with a minimum APR of 5.99%. And PNC does not charge an origination fee to process the loan. Borrowers typically receive approval and funding within 3 business days of applying, too.… read full answer
However, some borrowers may have a better chance of finding a $1,000 loan at a local credit union. Most credit unions limit membership to people who live, work or study in a certain area. They also usually accept relatives of members. But some credit unions will accept anyone, at the cost of a small donation. For example, Pentagon Federal Credit Union offers loans of $500 to $25,000. And anyone can join by making a one-time donation of $17 to either the National Military Family Association or Voices for America’s Troops.
Places to get a $1,000 loan
LendingClub: 7.04% - 35.89% APR.
PNC: 5.99% - 25.99% APR.
Upstart: 5.35% - 35.99% APR.
First Tech Federal Credit Union: 10.25% - 18% APR.
NASA Federal Credit Union: 13.15% - 18% APR.
Pentagon Federal Credit Union: 6.49% - 18% APR.
Typically, the credit score needed to get a personal loan can be anywhere between 600 and 700, depending on the lender. The majority of lenders require something in the 640 - 660 range.
One alternative to a $1,000 loan is to apply for a low interest credit card with a credit line well in excess of $1,000. You don’t want to max out your limit when borrowing the funds you need, as it will hurt your credit standing. But a credit card will enable you to borrow money and then repay that amount over time. People with good or excellent credit could even get a card with a 0% introductory APR.
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. Other common loan requirements include being at least 18 years old; being a U.S. citizen, permanent resident or visa holder; and having a valid bank account. … read full answer
Credit Score Required by Lenders That Offer a $1,000 Personal Loans
Some lenders will consider people with bad credit for a$1,000 personal loan, but it may be difficult to get approved for an amount above the lender's minimum unless you have a lot of income. Your chances of approval do get better the higher your credit score is above the minimum requirement, though.
The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub’s free pre-qualification tool. This tool won’t hurt your credit score.
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