Personal Loans for 700 Credit Score

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700 credit score loans

How to Get a Loan with a 700 Credit Score

A good credit score opens up a lot of doors for you to take advantage of good lending offers. If you have a score of 700 or more, you may be able to find a suitable personal loan for your needs by comparing lenders in our network of trusted partners.

Applying for a personal loan with good credit is simple:

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Is 700 considered to be a good credit score?

Yes, a 700 credit score is considered a good score. While it may not be in the "Excellent" range that starts at 750, a 700 credit score still reflects responsible credit management and can offer you several benefits. With a good credit score, you are likely to have access to a variety of credit options and favorable interest rates. It demonstrates that you have a solid credit history and are generally reliable in repaying your debts. While it's always beneficial to aim for a higher score, having a 700 credit score puts you in a solid position financially.

Can I get a personal loan with a 700 credit score?

Yes, you likely can. Two other key factors affect whether or not you can get a loan; your debt-to-income ratio and your income. Your debt-to-income ratio must be less than 43%, and should ideally be less than 20% if you’re thinking of applying for a new loan. That means if you make $100,000, you must not have more than $43,000 of debt already, and should ideally have less than $20,000. Note that this debt does not include your mortgage.

Best 700 credit score personal loans

Here are some personal loan options available for individuals with a credit score of 700 or higher:

  1. Avant
    • Loan Amount: $2,000 - $35,000
    • Terms: 2-5 years
    • Minimum Income: $1,200 a month
    • Pros: Next-day financing, low minimum score requirement
    • Cons: Origination fee, not available in certain states
  2. Axos
    • Loan Amount: $10,000 - $50,000
    • Terms: 3-6 years
    • Pros: Next-day funding, no prepayment penalty
    • Cons: High minimum credit score requirement
  3. Best Egg
    • Loan Amount: $20,000 - $50,000
    • Terms: 2-5 years
    • Pros: Funds in 1-3 days, soft credit check before applying
    • Cons: Origination fee, not available in certain states
  4. Discover
    • Loan Amount: $2,500 - $35,000
    • Terms: 3-7 years
    • Pros: Soft credit check before applying, no additional fees, fast funding
    • Cons: None
  5. Happy Money
    • Loan Amount: $5,000 - $40,000
    • Terms: 2-5 years
    • Pros: Soft credit check before applying
    • Cons: Origination fee, longer funding time in comparison to others, not available in certain states
  6. LightStream
    • Loan Amount: $5,000 - $100,000
    • Terms: 2-7 years
    • Pros: Potentially low interest rates, same-day funding, no fees
    • Cons: Not available in certain states
  7. Marcus
    • Loan Amount: $3,500 - $40,000
    • Terms: 3-6 years
    • Minimum Income: $30,000
    • Pros: No fees, soft credit check before applying
    • Cons: Longer funding time
  8. Prosper
    • Loan Amount: $2,000 - $50,000
    • Terms: 2-5 years
    • Pros: Next-day funding, soft credit check before applying
    • Cons: Origination fee, not available in certain states, potentially higher interest rates
  9. SoFi
    • Loan Amount: $5,000 - $100,000
    • Terms: 2-7 years
    • Pros: No fees, soft credit check before applying
    • Cons: Not available in certain states
  10. Upgrade
    • Loan Amount: $1,000 - $50,000
    • Terms: 2-6 years
    • Pros: Fast funding, soft credit check before applying
    • Cons: Not available in certain states, origination fee

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Can I get a personal loan with a 700 credit score if I have a high debt-to-income ratio?

While a 700 credit score is considered good, lenders also consider your debt-to-income ratio when evaluating your loan application. If your debt obligations are high in comparison to your income, it may affect your loan approval or the loan amount you can qualify for.

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Can I use a personal loan with a 700 credit score to consolidate my debts?

Yes, a personal loan can be an effective tool for debt consolidation. By combining multiple debts into one loan, you can simplify your repayment process and potentially secure a lower interest rate, saving money in the long run.

Can I negotiate the terms of a personal loan with a 700 credit score?

Depending on the lender, there may be some flexibility in negotiating the terms of a personal loan, even with a 700 credit score. It's worth discussing your financial situation and needs with the lender to explore options such as adjusting the loan term or securing a lower interest rate.
How long does it take to receive funds after approval for a personal loan with a 700 credit score?

The time it takes to receive funds can vary depending on the lender. Some lenders offer quick approval and funding processes, allowing you to receive the funds within a few business days, while others may take longer.

Compare loan options for good and excellent credit:

How to get a personal loan with a 700 credit score:

Applying for a loan with a 700 credit score is usually a straightforward process. There are 6 steps that don’t take long to complete:

  1. Check you qualify: Before you apply, double check you will qualify for the loan you’re looking for. Some lenders have a minimum income requirement, but you can check that in step 4. For now, consider if your income will allow you to comfortably cover your living expenses and the cost of the loan. Your debt-to-income ratio should be less than 40%.
  2. Decide on the term: The longer it takes to pay off your debt, the lower your monthly payments will be but remember that you’ll pay more in interest and you’ll be in debt for longer, so weigh up your options carefully.
  3. Compare interest rates: Your next step is to compare interest rates of potential loans. The lower the interest rate, the less you’ll pay for your loan. What interest rate you’re offered will depend on your creditworthiness.
  4. Compare pros and cons: The interest rate isn’t the only factor you could consider, so compare a loan’s pros and cons and look at their minimum score and income requirements, before you decide who to apply to.
  5. Apply: Once you’ve chosen the right loan for you, it’s time to apply. Simply click through to their site and complete their application. You’ll usually get an immediate decision, but don’t worry if you don’t - they may need to process your application manually or require a little more information.
  6. Receive your funds: Some lenders offer same working day funding, while others take up to a week. Once you’ve got your loan, you’re free to spend it on whatever you please.

A 700 credit score is a good score and you can move into your loan application with confidence. Make sure your debt-to-income ratio is good and that your income is adequate for the loan you’re applying to, and you’ll have the funds you need before you know it.

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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.