Rick Bormin, Personal Loans Moderator
@rhandoo2020
You can get a personal loan with a 650 credit score, which is in the fair credit range. The best lenders to get a personal loan from with a 650 credit score are Best Egg, LendingClub and Prosper because they offer the most competitive APRs and fees. You can also use WalletHub's free pre-qualification tool to get a sense of your approval odds and potential rates with multiple lenders at once. Pre-qualification will not affect your credit score.
Best Places to Get a Personal Loan With a 650 Credit Score
- Best Egg: 640 credit score required
- LendingClub: 600-640 credit score required
- Prosper: 640 credit score required
- FreedomPlus: 620 credit score required
- Payoff: 640 credit score required
Note: Scores are from the lender or multiple third-party sources.
People with a credit score of 650 have a lot more personal loan options than people with scores in the bad credit range, but they are still unlikely to qualify for a loan that doesn't charge an origination fee. In general, personal loan credit score requirements tend to range from 585 to 700+, and loans without an origination fee usually require a credit score of 660+.
Other Ways to Get a Personal Loan With a 650 Credit Score
While there are plenty of traditional lenders you can get a personal loan from with a credit score of 650, you could also consider borrowing from a friend or family member. People you have a close relationship with might give you better and more flexible terms than you would get with a traditional lender.
Another option is to get a cosigner to help you qualify for a loan that has a minimum credit requirement above 650. However, you'll need to find someone willing to guarantee that they will pay back the loan if you cannot.
People also ask
What are the personal loan requirements?
Major personal loan requirements include being 18+ years old, having a bank account, having a high enough credit score for the lender, and having enough income or assets to afford monthly loan payments. Some personal loans may have additional requirements, such as providing pay stubs or collateral to secure the loan.
Specific requirements vary by lender. Avant requires a credit score of 580 or higher, for example, while Prosper sets the bar at 640...
read full answer by Adam McCann, Financial WriterHow do you get a personal loan?
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...
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To get a personal loan with no credit and no cosigner, start by comparing no-credit-check loans, secured personal loans, credit-builder loans and home equity loans to determine if they will satisfy your needs. You should also investigate whether borrowing from friends or family is an option.
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read full answer by Adam McCann, Financial WriterDid we answer your question?
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