What are the best personal loans for a 620 credit score? This question is about Best Personal Loans

What are the best personal loans for a 620 credit score?

This question is about Best Personal Loans

Rick Bormin, Personal Loans Moderator

@rhandoo2020 • 04/21/21 This answer was first published on 04/21/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The best personal loans for a 620 credit score are from LendingPoint, FreedomPlus and Avant. While a score of 620 is still in the bad credit range, it is close to fair credit, so borrowers’ options begin to expand a bit more.

Best Personal Loans for a 620 Credit Score

It’s important to note that any personal loan you get with a 620 credit score is likely to have a high APR and an origination fee. If possible, you might want to try to borrow money a less costly way, such as from friends and family. If that’s not an option, the above lenders offer the most competitive terms.

Finally, keep in mind that getting a personal loan with a 620 credit score is not guaranteed. When making a decision on whether or not to approve you, a lender will look at your whole financial profile, including things like your income, existing debt, housing status and more.

What credit score is needed for a personal loan?

The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.

For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.

Credit Score for Personal Loan Approval by Lender

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What are the personal loan requirements?

Major personal loan requirements include being at least 18 years old, having a bank account, having a good credit history, and having enough income or assets to afford monthly loan payments. Specific personal loan requirements vary by lender, however. Avant requires a credit score of 600 or higher, for example, while Prosper sets the bar at 640 and SoFi asks for 680. Most lenders don’t disclose annual income requirements, but two exceptions are LendingPoint ($20,000+)...

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How hard is it to get a personal loan?

A personal loan generally it’s not hard to get, but some personal loans are much more difficult to get than others. Unsecured personal loans often require a credit score of 660+, and some are only available to people with scores of 700+.

Some unsecured personal loans are available to people with lower credit scores, but you have to watch out for predatory interest rates. For example, one good unsecured personal loan provider for bad...

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