The safest way to get a personal loan is to compare offers from reputable, well-reviewed banks, credit unions and online lenders before applying online for the loan with the best terms. Trustworthy lenders will be accredited and highly rated by the BBB, insured by the FDIC or NCUA, and rated well by WalletHub’s editors. Alternatively, you could get a loan from a trusted friend or family member.
The companies listed below have a good BBB rating, are insured by the FDIC or the NCUA, and have good terms. These companies also receive good reviews from WalletHub’s editors.
Finally, it’s important to remember that safely getting a personal loan isn’t solely about the lender you borrow from. You also need to make sure that you can afford the loan, that you pay the bills on time every month, and that you put the money to good use. You don’t want to be in a worse situation financially after the loan than prior to getting it.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.… read full answer
Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo’s secured loans require collateral in the form of money in a Wells Fargo savings account or CD.
Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700).
Easiest Banks to Get a Personal Loan From:
USAA: Will lend to people with less than fair credit (scores below 640)
Wells Fargo: 660 minimum credit score for unsecured; no minimum for secured
American Express: 660 minimum credit score
Discover: 660 minimum credit score
TD Bank: 660 minimum credit score for existing customers (750 for non-TD customers)
These credit score requirements are either official info from the lender or the consensus of third-party sources.
The average person’s credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo.
You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant’s minimum score requirement is reportedly 600 and LendingPoint’s is 585.
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