Best Personal Loans for Individuals with a 600 Credit Score
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Best Personal Loans for a 600 Credit Score
Having a good to excellent credit score, i.e. a score of 670 or above, is the best way to get the most affordable loan offers. However, that’s not to say that you can’t get a loan with a credit score lower than this. Although interest rates will be higher, there are still options available if you have a fair credit score.
Applying for a fair credit personal loan is fast and easy:
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Can you get approved for a loan with a 600 credit score?
Yes, you can get approved for a loan with a 600 credit score, but there will be other factors that help a lender decide if you’re someone they want to lend to or not. For example, if your score is low from a bad year a year or two ago, but you now have a good income and a low debt-to-income ratio, you will have very little problem securing a loan - though you won’t be able to access the lowest interest rates out there.
If you have a 600 credit score and you’ve recently had financial difficulty or your debt-to-income ratio is high, you’ll find it much more difficult to find a lender willing to lend to you (though there will likely be a lender out there).
Is a 600 credit score a good credit score?
On the FICO scale, 600 is seen to be a “fair” credit score.
How big of a loan can I get with a 600 credit score?
Along with your credit score, the amount you will be able to borrow will depend on your income, your debt-to-income ratio, and other lender-specific requirements.
Where can I get a loan with a credit score under 600?
There are many online lenders who offer loans for borrowers with a credit score of 600 or under. Some of the best personal loan lenders include:
- Avant: Avant offers loan amounts from $2,000 up to $35,000, with terms ranging from 2 to 5 years. With Avant, you could get funding in as little as one working day.
- Best Egg: Best Egg offers loans from $2,000 up to $50,000 and can be used for a wide variety of expenses, including debt consolidation and home improvement costs.
- FreedomPlus: FreedomPlus offers loan amounts up to $50,000 with terms ranging from 2 to 5 years.
- LendingClub: LendingClub offers loan amounts up to $40,000 and is a good option if you are unable to qualify for a loan elsewhere as this lender allows borrowers to have a cosigner.
- LendingPoint: LendingPoint specializes in providing loans to borrowers with fair credit, with loan amounts from $2,000 to $36,500.
- LightStream: LightStream offers loan amounts up to $100,000 with terms ranging from 2 to 7 years, or up to 12 years if you are using the money to cover home improvement costs.
- SoFi: SoFi offers loan amounts from $5,000 up to $100,000 along with member perks.
- Upgrade: Upgrade is a good option if you need financing quickly.
- Upstart: Upstart offers loan amounts from $1,000 up to $50,000 and will consider your education and job history alongside your credit score to give you a better chance of qualifying for a loan.
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How much will a personal loan cost with a 600 credit score?
The total amount a personal loan will cost if you have a 600 credit score will vary depending on the lender you are able to qualify with as interest rates will vary. With fair credit, you can expect your APR to be above 20%, with a current average of about 20.5%.
How can I make it more likely that I will get approved for a loan with a 600 credit score?
If you have a 600 credit score, there are a few ways in which you can boost your chances of getting approved:
- Find someone you trust to co-sign your loan, just make sure that it will not negatively affect your relationship.
- Take some time to improve your credit score.
- Use a secured loan, such as a Home Equity loan, which will provide collateral so there is less risk to the lender.
How do I improve my 600 credit score?
If you don’t need the personal loan straight away, it is always worth taking some time to improve your 600 credit score. Some simple ways to improve your credit score are:
- Paying your bills on time. Payment history makes up 35% of a credit score. That means that making the effort to pay your bills on time will help to build your credit gradually, especially if this has been an issue in the past.
- Reducing your existing debt. Credit utilization makes up 30% of a credit score. That means that the smaller you are able to keep your credit accounts, the better your credit score will be.
- Disputing errors on your credit report. According to the Federal Trade Commission, 1 in 5 credit reports contain errors that can damage a credit score. Taking the time to check your credit report and working with major credit bureaus to correct any errors could help to raise your credit score.
How do I qualify for a personal loan with a 600 credit score?
To qualify for a personal loan with a 600 credit score, you should make sure to compare the requirements of each possible lender so you don’t apply for a loan you don’t qualify for, and get an unnecessary rejection.
Where possible, pre-qualify with lenders. This allows you to check your eligibility without affecting your credit score, so that you can get an idea of the loan amount you will be able to qualify for and what your interest rate will be. This can help you compare lenders so you can ensure that you are getting the most affordable deal.
How to Apply for a Personal Loan with a 600 Credit Score
Take your time to compare lenders and find the personal loan that is most affordable for you. Look at the loan amounts, interest rates, repayment terms, as well as any fees, and be sure to read the fine print for each lender to ensure that you won’t be subject to any surprise charges.
When you have found the lender that is right for you, you can apply quickly online, making sure to gather any necessary documentation, such as financial statements, tax returns, and social security number, to streamline the application process.
When you have been approved by the lender, they will require you (and a co-signer where applicable) to sign for the loan so that the funds can be released into your bank account. Time to fund varies, but online lenders will usually supply you with funding within a working week, and often in as little as a day or two.
Is it a good idea to get a personal loan with a 600 credit score?
Yes, it can be a good idea to get a personal loan with a 600 credit score, as long as you are in a sound financial situation, you know that you can comfortably afford the loan repayments, haven’t recently taken on any credit, and your debt-to-income ratio is low. If any of this does not apply to you, you should work to build up your credit score before taking on any personal loan.
Compare and Apply
Although the higher your credit score the better, you will still be able to get a personal loan with a 600 credit score. If you are ready to take on a personal loan, we have made it easy for you to find the most affordable loan for you. Check out our comparison tables to find the lowest interest rate with the most desirable terms so that you can get the financing you need. Simply click apply to get funding quickly.
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