You can get a personal loan with a 490 credit score, but your choices are very limited. The best way to get a personal loan with a 490 credit score is to start by checking to see if you pre-qualify for loans from major lenders. Checking to see if you pre-qualify won't affect your credit score, so it's worth a shot to see if you're eligible for a decent deal.
If you don't pre-qualify, your best options may be to apply with a no-credit-check lender or take out a secured personal loan. Unsecured personal loans that do a credit check during the application process usually require a credit score of 585 to 700+ for approval. Other ways to get a personal loan with a credit score of 490 include borrowing from a friend or family member, applying for a loan with a cosigner, and looking into options from local credit unions.
Ways to Get a Personal Loan With a 490 Credit Score
See if you get pre-qualified
The best way to see if you're likely to qualify for an unsecured personal loan with a 490 credit score is to check for pre-qualification. WalletHub's free pre-qualification tool will let you know your approval odds and potential interest rates with multiple lenders at once, with no impact on your credit score.
No-credit check personal loans
These are a good option for people with a credit score of 490 because the lender does not take your credit score into consideration when you apply. The tradeoff is that they tend to be more expensive than personal loans that do a credit check. The best no-credit check personal loan providers include OppLoans and Integra Credit.
Apply with a cosigner
Some personal loans let you apply with a co-signer, which is a person who promises to pay back the loan if you don't. The cosigner's credit and income impact the lender's decision more than those of the primary applicant, so it can help people with a credit score of 490 get approved for loans they might not normally qualify for.
Try credit unions
Credit unions often have more lenient personal loan approval requirements than banks and may be willing to consider applicants with bad credit. You can find credit unions in your area on WalletHub and consult with them to see if you have a shot at approval.
Friends and family
People you have a close relationship with won't necessarily care about your credit score, and may be willing to lend to you. There's also a good chance you'll get better and more flexible terms than you would with a traditional lender.
Secured personal loans
These loans are attainable with a credit score of 490 because they require collateral that the lender can keep if you default on the loan, so there's relatively little risk for the lender. A lot of secured personal loans will require you to use money in a bank account as collateral, but some will accept other types of collateral, like a vehicle.
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