Yes, Oportun does allow cosigners on personal loans, which means that a second person can serve as a guarantor on the loan. Because the cosigner promises to pay the loan back if the primary applicant cannot, Oportun takes the cosigner’s credit score and income into account during the application process. As a result, people who wouldn’t normally qualify for a loan can apply with a cosigner who has a better credit score and income in order to boost their approval odds.
Key Facts About Getting an Oportun Personal Loan With a Cosigner
You can apply for an Oportun personal loan with a cosigner online, by phone, or at a branch.
Both the cosigner and the primary applicant will need to be at least 18 years old and a U.S. citizen or permanent resident with an SSN or ITIN.
The cosigner is held legally responsible for making payments if the primary borrower cannot.
Both the primary applicant and the cosigner will have their credit score impacted by the loan, either positively or negatively, depending on whether payments get made on time.
Having a cosigner on an Oportun personal loan can boost an applicant’s approval odds. But it’s important for people who may become cosigners to think carefully before signing on. Cosigners aren’t just doing someone a favor - they’re also accepting a significant financial responsibility if the primary applicant can’t repay what they owe.
You do not need a specific credit score to get a personal loan from OppLoans, as OppLoans does not check applicants' credit when they apply. This means it is relatively easy to get approved for an OppLoans personal loan, even for people who have bad credit. Still, approval is not guaranteed, as OppLoans will consider other things like your income and existing debts when deciding whether to approve you. … read full answer
Keep in mind that while OppLoans and other companies that don't do a credit check offer easier approval than most personal loan providers, they also tend to be significantly more expensive. As a result, you might first want to look into one of the cheaper personal loans from companies that do credit checks but still consider people with bad credit.
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 an OppLoans personal loan online to gauge your chances of getting approved with your current credit score.
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 credit score is higher. Even the loans with the most lenient approval standards require a credit score of 580. The personal loans with the lowest minimum credit score requirements are from LendingPoint (580+ score required) and Avant (600+).
So pursuing one of these alternative methods can help increase your chances of getting the funding you need.
How to Get Personal Loans for a Credit Score Under 550
Get a secured personal loan. A secured personal loan requires collateral. So you’ll have to put something of value on the line – money in an account or certificate of deposit, for example – that the lender can keep if you default. But your odds of approval will be high, since there’s little risk to the lender.
Apply for an unsecured personal loan with a co-signer. Applying for an unsecured personal loan with a co-signer lets you use someone else’s high credit score to boost your approval chances. The co-signer promises to pay the loan back if you can’t. Only some personal loan providers offer a co-signer option. Some examples are Citizens Bank, PNC and SoFi.
Borrow from family/friends. These people will likely be more sympathetic to your situation and will not care as much what your credit score is. They also won’t be able to do a hard pull of your credit and damage your score further. Depending on the person from whom you borrow, you might get much better terms than you would from a traditional lender.
See if local credit unions will consider you. According to the credit bureau Experian, some credit unions will offer unsecured personal loans even to people with bad credit. That’s due to credit unions having a more personal connection with their customers and being not-for-profit organizations.
One non-loan way to finance purchases with bad credit is through a credit card. However, credit cards for bad credit are not ideal. Secured credit cards require a security deposit that becomes your credit limit, so that essentially means you’re not borrowing (or at least you’re borrowing from yourself). And unsecured cards for bad credit have high rates and fees.
You can see your odds of getting approved for a personal loan without hurting your credit score by using WalletHub’s free pre-qualification tool. But if your expense isn’t especially urgent, it may be worth waiting a few months to improve your credit score.
The minimum credit score for personal loan approval is 585-600, 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.… read full answer
Your credit score is a measure of how risky it is for lenders to let you borrow money. The higher your score is, the better your chances of approval are and the better terms you’re likely to receive. Your credit score comes from a combination of factors that include your payment history, credit utilization, length of credit history, recent inquiries, and diversity of accounts.
But your credit score is far from the only thing that matters when it comes to personal loan approval. Lenders consider many other factors, including your income, existing debts, monthly expenses and more.
The minimum credit score needed for a personal loan with no origination fee and no collateral requirement is 660, which is fair credit. And borrowers will need good credit or excellent credit – a credit score of 700 or higher – to get the best personal loan rates. Personal loans for credit scores under 700 tend to be for relatively low amounts and have high APRs.
If your credit score is below 585, lower in the bad credit range, you still have options. For example, you could opt for a secured loan, where you put up something valuable as collateral. If you fail to pay back the loan, the lender can take the collateral as compensation. Because this greatly reduces the risk for the lender, people with any credit score may be considered for secured loans.
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