Applicants need a credit score of 660 to get a personal loan from Laurel Road, according to the company. That means the Laurel Road personal loan credit score requirement is in the fair credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.
Keep in mind that just having a 660 credit score is not enough to qualify you for a Laurel Road personal loan. Laurel Road will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from Laurel Road with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.
If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a Laurel Road personal loan online to gauge your chances of getting approved with your current credit score.
The best place to get a small personal loan is Discover. Personal loans from Discover let you borrow as little as $2,500, have APRs of 5.99% - 24.99% (depending on your creditworthiness), and have repayment periods of 36, 48, 60, 72 or 84 months. Applicants generally receive a decision the same day they apply and can get the funds as soon as one business day after approval. You’ll need at least a 660 credit score to qualify, according to third-party sources.… read full answer
Best Places to Get a Small Personal Loan
Discover. Loans as small as $2,500. APRs of 5.99% - 24.99%. Repayment periods of 36, 48, 60, 72 or 84 months.
Citibank. Loans as small as $2,000. APRs of 7.99% - 23.99%. Repayment periods of 12, 24, 36, 48 or 60 months.
PNC. Loans as small as $1,000. APRs of 5.99% - 32.24%. Repayment periods of 12 - 60 months.
TDBank. Loans as small as $2,000. APRs of 6.99% - 18.99%. Repayment periods of 12 - 60 months.
Avant. Loans as small as $2,000. APRs of 9.95% - 35.99%. Repayment periods of 24 - 60 months.
Best Egg. Loans as small as $2,000. APRs of 4.99% - 35.99%. Repayment periods of Up to 60 months.
LendingClub. Loans as small as $1,000. APRs of 7.04% - 35.89%. Repayment periods of 36 or 60 months.
LendingPoint. Loans as small as $2,000. APRs of 7.99% - 35.99%. Repayment periods of 24 - 72 months.
Prosper. Loans as small as $2,000. APRs of 6.99% - 35.99%. Repayment periods of 24 or 36 or 48 or 60 months.
Local credit unions are a good option if you’re looking for a loan below $1,000, as credit unions tend to be more willing to lend small amounts of money. Even people with bad credit may be able to get a small unsecured personal loan from a credit union.
You will need to be a member to qualify, but you should be able to join a credit union where you live for free. Alternatively, several large credit unions, such as Alliant, Connexus and PenFed, offer memberships to anyone in the U.S. who makes a small donation. This assumes the applicant doesn’t already qualify for a free membership.
Banks and online lenders may also offer small personal loans. However, some lenders offer minimum loan amounts of $3,000+, which may be too large of a loan for you.
You can get a personal loan with a credit score under 600 from LendingPoint, if your score is at least 585. In addition, if your score is just on the border of 600, it might be possible to qualify for a loan from Avant or LendingClub, though it's probably best not to try your luck. You may have an easier time with local credit unions, which may be more receptive to lower credit scores.… read full answer
Another good way to get a personal loan with a credit score under 600 is to take out a secured personal loan. You'll have to put down some sort of collateral that the lender can keep if you default on the loan. But you'll also have a much easier time getting approved because the collateral guarantees repayment. Alternatively, you could apply for a regular unsecured personal loan with a co-signer who has a better score, using their credit standing to boost your own approval odds. Lastly, you could borrow from friends or family, who are less likely to care what your score is than a bank or other lender.
Getting a personal loan is a lot easier than many people think. Most people are familiar with the credit card application process, however, and getting a personal loan is very similar. In general, you comparison shop to find an offer that suits your needs in terms of loan amount, length and APR. Then, you check for pre-approval to gauge your odds of success. Once you’re confident you want to apply, you fill out an application with some key personal and financial information, submit it and wait for a decision. Applying for a personal loan can be done in a matter of minutes, and you may find out whether you’re approved within a few days.… read full answer
How to Get a Personal Loan:
Compare offers after checking your credit score.
Check for pre-qualification.
Fill out an online application.
Get a decision.
Receive a bank transfer for the loan amount.
The first step in the personal loan process is always to check your credit score. Personal loan companies, just like credit card issuers, will look at your credit when you apply to see if you qualify. The higher your credit score is, the more loans you’ll qualify for and the better terms you’ll get. You can check your credit score for free with WalletHub. It’s also a good idea to take a look at your credit report and dispute any errors before applying.
Once you know your credit score, you’re ready to compare personal loan offers. Take note of the credit requirements that each available loan has, and narrow them down to ones you can likely qualify for. Then, compare other terms, like interest rates, estimated monthly payments, loan amounts and timeframes. These can vary widely depending on the lender.
After you’ve narrowed down your selections to a few personal loans with the best terms you can find, you’ll want to see whether any of the lenders offer pre-qualification. Pre-qualification is a way to check how likely you are to get approved for a loan without actually applying. You’ll just have to give the lender some basic personal information like your Social Security number. Pre-qualification will not affect your credit. If you are pre-qualified, you won’t necessarily be approved. But your chances are about as high as they can get.
By this point, you should make a decision on which loan to apply for. When you apply, it’s best to do so online. That way, you’ll have the potential for the fastest decision possible. The application will ask for basic personal information like your name and address, plus financial information like your income, employment status and monthly housing payment. Be sure to fill out everything accurately and truthfully.
All that’s left now is to wait for a decision. It could happen instantly or could take a few weeks, based on how well you meet the loan’s credit and income requirements and how quickly the lender can verify your personal information. If you’re approved, the lender will send you a bank transfer for the amount of the loan. Make sure you manage the loan responsibly after that. Pay on time every month, and pay more than the monthly minimum if you’re able to.
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