Grace Enfield, Content Writer
@grace_enfield
You need a credit score of at least 580 to qualify for a decent installment loan from a major lender. You will likely need a higher score to get a personal installment loan with no origination fee and a low APR, however.
Other types of installment loans will have different requirements than personal loans. For example, you may be able to get a mortgage or a car loan with a low credit score or no credit history.
Credit Score Required for Personal Installment Loans by Lender
| Lender | Min. Credit Score | APR | Loan Amounts |
| 620 | 7.99% - 35.99% | $2,000 - $36,500 | |
| 580 | 5.35% - 35.99% | $1,000 - $50,000 | |
| 600* | 8.05% - 35.89% | $1,000 - $40,000 | |
| 620 | 7.99% - 29.99% | $5,000 - $50,000 | |
| 640 | 8.99% - 35.99% | $2,000 - $50,000 | |
| 660 | 7.99% - 25.99% | $5,000 - $100,000 | |
| 680 | 8.99% - 25.81% | $5,000 - $100,000 |
*According to multiple third-party sources.
You’re not guaranteed to get approved for an installment loan just because you meet the credit score requirement. You’ll also need to be at least 18 years old, have enough income to make monthly payments and have a bank account.
To see which lenders may approve you and what rates may be available to you, check out the free pre-qualification tool on WalletHub.
People also ask
Do you need good credit for installment loan?
No, you do not need good credit for an installment loan. In general, you need a credit score of at least 580 to get approved for a personal installment loan, which means that even people with bad credit scores have a chance of getting approved.
Keep in mind that other types of installment loans have different credit score requirements. For example, car loans generally don’t have a minimum credit score requirement, conventional mortgages have a recommended credit score of 620,...
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