RISE does not disclose a specific credit score needed to get a personal loan, unlike many personal loan providers. Although there isn't a specified RISE credit score requirement, RISE will consider people who have bad credit, according to customer service. Most other lenders' credit score requirements for personal loans range between 585 and 700.
Keep in mind that RISE will look at more than just your credit score when evaluating your application for a personal loan. RISE will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you.
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 RISE personal loan online to gauge your chances of getting approved with your current credit score.
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.
Personal loans affect your credit score in the short-term and in the long-term. In the short-term, a personal loan may damage your score because it causes a hard credit inquiry and increases your debt load. But in the long-term, a personal loan can either help or hurt your credit, depending largely on whether or not you pay the bills on time. Ultimately, it’s up to you how much impact the personal loan will have.… read full answer
How a Personal Loan Affects Your Credit Score:
Does temporary damage with an initial hard inquiry. When you first apply for a personal loan, your credit score will immediately take a small hit. That’s because applying for a personal loan triggers a hard inquiry into your credit history. But this shouldn’t drop your score by more than 5 points or so, and you should be able to bounce back quickly.
Adds to your overall debt. If you’re approved for a personal loan, you will immediately have a higher debt load, which may cause your credit score to drop in the short-term. That’s because the more debt you have, the riskier it is for banks and credit unions to lend to you.
Reports to the major credit bureaus monthly. The banks, credit unions and online lenders that issue personal loans report payment information to the major credit bureaus on a monthly basis. If you make on-time payments, you can expect your score to increase. But if you are late or don’t pay altogether, your score will drop.
Improves your credit mix. Proving yourself capable of managing multiple types of loans and lines of credit responsibly is good for your credit score. It shows you can be trusted to repay what you borrow in a variety of situations. So if you only have one or two other types of accounts on your credit report, such as credit cards or student loans, your score may benefit in the long run from getting the personal loan.
Could help reduce credit utilization. Personal loans give you a lump sum up front, which you pay back in monthly installments. This is different from a credit card, where you can borrow up to a certain amount any time you want. Credit cards are known as “revolving credit,” and a big part of your credit score is how much of your revolving credit you use up each month, or your “credit utilization ratio.” Personal loans don’t count toward this ratio, so if you use them to pay off revolving debt, you can lower your ratio and improve your score.
In conclusion, as long as you’re sure to pay on time each month, a personal loan should eventually increase your score by a lot more than the initial inquiry caused it to fall. You can also avoid wasting hard inquiries by getting pre-qualified for a loan first. Pre-qualification only uses a harmless soft inquiry. And while it doesn’t guarantee approval, it will let you know if your odds are good.
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.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.