The best personal loans for a 740 credit score are from SoFi, LightStream and Barclays. A score of 740 is in the good credit range, and people with this score should have a decent shot at qualifying for most personal loans on the market. In fact, it’s uncommon for personal loan providers to have a minimum credit score requirement higher than 700.
With a credit score of 740, you will also be well above the general threshold to get a loan with no origination fee, which is around 660. Though there are a lot of lenders to pick from, the following offer loans with the most competitive rates, fees and funding amounts.
Keep in mind that even with a 740 credit score, you’re not guaranteed to get approved for any of these loans. 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 debts, housing status and more.
Most major lenders offer $5,000 loans, though approval depends on the borrower’s credit history and ability to pay. Some of the best lenders for a $5,000 loan include LightStream and SoFi, which offer $0 origination fees, the chance for very low APRs, and loan amounts ranging from $5,000 to $100,000. LendingPoint also is a great choice, for people with bad credit, as its minimum credit score requirement is just 585.… read full answer
Nearly every major personal loan provider’s minimum loan amount is $5,000 or less. Many lenders start more in the $1,000 - $3,000 range, but very few have a minimum that’s above $5,000. One exception is FreedomPlus, which won’t lend less than $7,500. But if you’re looking for a $5,000 loan, you have virtually the entire market to choose from. That will allow you to be more selective about which lenders you apply with. Different lenders are better for different purposes.
People with credit ratings ranging from bad to excellent may be able to find a $5,000 loan that works for them. Just keep in mind that unless your credit score is at least 660 (which is in the fair credit range), you likely won’t be able to qualify for a personal loan that doesn’t have an origination fee. An origination fee is an extra charge that you pay for loan processing, usually ranging from 1% to 8% of the loan amount. Most of the best lenders for a $5,000 loan don’t charge origination fees, but some do, such as LendingPoint (up to 6%) and Payoff (up to 5%).
Because there are so many different options for a $5,000 personal loan, it’s best to check which loans you’re pre-qualified for and then compare your offers from there. You can use WalletHub’s free pre-qualification tool, which doesn’t hurt your credit, to see which personal loan providers have a high likelihood of approving you.
There are a few alternatives to personal loans you can consider, too.
Alternatives for $5,000 Loans
Home equity loans: Borrow money based on the difference between your home’s value and your mortgage balance.
Friends and family: People you know well might be willing to lend you money, and with better terms than a traditional lender.
Expensive options: You could get a loan from an auto title lender or pawnshop, but these are generally far too expensive to consider except as a last resort.
While there are plenty of places to get a $5,000 loan other than personal loan providers, they all have disadvantages. Home equity loans are secured by your house, using credit cards can impact your credit utilization ratio, and borrowing from friends and family could jeopardize your relationship.
In general, it’s best to go for a personal loan or a credit card with a 0% introductory APR.
The best places to get a $20,000 loan with fair credit include LightStream, SoFi and Marcus. Most major personal loan providers have minimum credit score requirements that are within the fair credit range (640 to 699). Most also offer loans of $20,000 or more. But not all lenders are equal. The best ones don’t charge origination fees to process the loan, and they offer especially low APRs.… read full answer
However, it’s important to remember that even though it’s possible to get a $20,000 loan with fair credit, there’s never a guarantee that a lender will let you borrow that much. People with credit scores that just barely meet the issuer’s requirements could potentially have trouble getting loans that are high above the issuer’s minimum. They might even have difficulty getting approved for a loan of any amount. Most issuers’ minimum loan amounts are around $1,000 to $3,000.
Best lenders for a $20,000 loan with fair credit:
LightStream: Loans of $5,000 to $100,000. $0 origination fee. 3.99% - 17.29% APR. 660 minimum credit score.
SoFi: Loans of $5,000 to $100,000. $0 origination fee. 5.99% - 17.67% APR. 680 minimum credit score.
Marcus by Goldman Sachs: Loans of $3,500 to $40,000. $0 origination fee. 5.99% - 28.99% APR. 680 minimum credit score.
Discover: Loans of $2,500 to $35,000. $0 origination fee. 6.99% - 24.99% APR. 660 minimum credit score.
Note: Credit score requirements are from the company’s customer service or several credible websites.
If your score is toward the bottom of the fair credit range, consider Best Egg or Prosper. Both require a minimum credit score of 640. But both also charge origination fees. Best Egg’s fee is 0.99% - 5.99%, and Prosper’s is 2.41% - 5%. Both lenders offer loans of $20,000 or more. But again, there’s no guarantee you’ll qualify for a loan that big.
The best way to gauge your odds of getting a $20,000 loan with fair credit is to use WalletHub’s free pre-qualification tool. Just put in the amount of the loan you want, along with a few personal details. You’ll then be able to see which lenders will give you the best approval odds.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.… read full answer
Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo’s secured loans require collateral in the form of money in a Wells Fargo savings account or CD.
Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700).
Easiest Banks to Get a Personal Loan From:
USAA: Will lend to people with less than fair credit (scores below 640)
Wells Fargo: 660 minimum credit score for unsecured; no minimum for secured
American Express: 660 minimum credit score
Discover: 660 minimum credit score
TD Bank: 660 minimum credit score for existing customers (750 for non-TD customers)
These credit score requirements are either official info from the lender or the consensus of third-party sources.
The average person’s credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo.
You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant’s minimum score requirement is reportedly 600 and LendingPoint’s is 585.
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