Adam McCann, Financial Writer
@adam_mcan
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.
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
- Will lend to people with less than fair credit (scores below 640): USAA
- 660 minimum credit score for unsecured; no minimum for secured: Wells Fargo
- 660 minimum credit score: American Express
- 660 minimum credit score: Discover
- 660 minimum credit score for existing customers (750 for non-TD customers): TD Bank
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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Which bank has the lowest interest rate on personal loans?
The major bank with the lowest interest rate for a personal loan is Barclays, at 4.99%. Other notable banks with low personal loan rates include PNC (5.99%) and American Express (6.98%), and some smaller banks across the country may also offer personal loans with similarly low rates.
Banks with the Lowest Interest Rates for Personal Loans
- Barclays: 4.99%+ APR
- PNC: 5.99%+ APR
- American Express: 6.98%+ APR
- Discover: 6.99%+ APR
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How can you get a personal loan with a credit score under 550?
Yes, you can get a personal loan with a credit score of 550. You could consider getting a secured personal loan, applying for an unsecured personal loan with a co-signer, borrowing from family and friends, and checking with local credit unions which usually have a lower requirement over credit score.
It’s very difficult to get an unsecured personal loan with a credit score under 550 on your own, without the help of a co-signer whose...
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