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You’ll typically need good to excellent credit to qualify for a personal loan — which means you might have a harder time qualifying if you have a credit score of 550.
However, there are several lenders that offer personal loans for poor credit.
Here’s what you should know about getting personal loans with a credit score under 550:
- Personal loans for credit scores from 550 to 600
- What is the minimum credit score needed for a personal loan?
- Can you get a personal loan with a credit score under 550?
- How to get a personal loan with bad credit or no credit
- How credit scores affect personal loan rates
Personal loans for credit scores from 550 to 600
Before you take out a personal loan, it’s important to compare as many lenders as possible to find the right loan for your needs. Be sure to consider not only credit requirements but also interest rates, repayment terms, and any fees charged by the lender.
Here are Credible’s partner lenders that offer personal loans to borrowers with credit scores from 550 to 600:
| Lender | Fixed rates | Loan amounts | Min. credit score | Loan terms (years) |
|---|---|---|---|---|
 Credible Rating  Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.   View details | 9.95% – 35.99% APR | $2,000 to $35,000** | 550 | 2, 3, 4, 5* |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.  View details | 5.99% – 29.99% APR | $5,000 to $35,000 | 600 | 2, 3, 4, 5 |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.  View details | 10.68% – 35.89% APR | $1,000 to $40,000 | 600 | 3, 5 |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 15.49% – 35.99% APR | $2,000 to $36,500 | 580 | 2, 3, 4 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 18.00% – 35.99% APR | $1,500 to $20,000 | None | 2, 3, 4, 5 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 5.94% – 35.97% APR | $1,000 to $50,000 | 580 | 3, 5 |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 8.27% – 35.99% APR4 | $1,000 to $50,0005 | 580 | 3 to 5 years4 |
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| Compare rates from these lenders without affecting your credit score. 100% free! Compare Now Trustpilot | ||||
| All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | Read more about Rates and Terms |
Avant
Min. credit score: 550
Avant offers personal loans from $2,000 to $35,000* with repayment terms from two to five years**. If you’re approved, you could get your funds as soon as the next business day.
4.6 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms 
Fees and Discounts 
Customer Experience Avant Personal Loans
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- Fixed APR: 9.95% – 35.99% APR
- Variable APR: N/A
- Min. credit score: 550
- Loan amount: $2,000 to $35,000**
- Loan terms (years): 2, 3, 4, 5*
- Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV
- Customer service: Phone, email
- Soft credit check: Yes
- Loan servicer: Avant
- Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
- Min. Income: $1,200 monthly
Learn More: Emergency Loans: How to Get a Personal Loan Fast
Best Egg
Min. credit score: 600
In addition to your credit score, Best Egg looks at more than 1,500 proprietary credit attributes from sources that include external data providers and your digital footprint. This means Best Egg might be more willing to work with you compared to traditional lenders if you have less-than-perfect credit.
With Best Egg, you can borrow $5,000 to $50,000 with terms from two to five years.
4.1 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts 
Customer Experience Best Egg Personal Loans
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- Fixed APR: 5.99% – 29.99% APR
- Variable APR: N/A
- Min. credit score: 600
- Loan amount: $5,000 to $50,000
- Loan terms (years): 2, 3, 4, 5
- Time to fund: As soon as 1 – 3 business days after successful verification
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all states except DC, IA, VT, and WV
- Customer service: Phone
- Soft credit check: Yes
- Loan servicer: Best Egg
- Min. Income: None
- Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Check Out: Small Personal Loans: Compare Top Lenders Today
LendingClub
Min. credit score: 600
If you need a cosigner, LendingClub might be a good option — it’s one of the few lenders that accept cosigners on personal loans. You can borrow $1,000 to $40,000 with three- or five-year terms.
4.3 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience LendingClub Personal Loans
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Check Personalized Rates Checking rates won't affect your credit score View Details
- Fixed APR: 10.68% – 35.89% APR
- Min. credit score: 600
- Loan amount: $1,000 to $40,000
- Loan terms (years): 3, 5
- Time to fund: Usually takes about 3 days†
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all 50 states
- Customer service: Phone, email
- Soft credit check: Yes
- Loan servicer: LendingClub
- Min. Income: None
- Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes
Learn More: Credit-Builder Loans: What They Are and How to Get One
LendingPoint
Min. credit score: 580
LendingPoint specializes in working with borrowers who have near-prime credit — usually meaning a credit score in the upper 500s or 600s. You can borrow $2,000 to $36,500 with terms from two to five years.
4.5 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience LendingPoint Personal Loans
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Check Personalized Rates Checking rates won't affect your credit score View Details
- Fixed APR: 15.49% – 35.99% APR
- Min. credit score: 580
- Loan amount: $2,000 to $36,500
- Loan terms (years): 2, 3, 4
- Time to fund: As soon as the next business day
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: Available in all states except NV and WV
- Customer service: Phone, email
- Soft credit check: Yes
- Min. Income: $20,000
- Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes
Check Out: Direct Deposit Loans: 10 Alternative Loans with Fast Funding Times
OneMain Financial
Min. credit score: None
Unlike many other lenders, OneMain Financial has no minimum required credit score — which means you might have an easier time getting approved even if you have poor credit. In addition to your credit history, OneMain Financial considers your financial history, income, and expenses to determine your creditworthiness.
You can borrow $1,500 to $20,000 with repayment terms from two to five years. Keep in mind that larger loan amounts might require collateral.
4.1 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience OneMain Financial Personal Loans
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Check Personalized Rates Checking rates won't affect your credit score View Details
- Fixed APR: 18.00% – 35.99% APR
- Min. credit score: None
- Loan amount: $1,500 to $20,000
- Loan terms (years): 2, 3, 4, 5
- Time to fund: As soon as the same day, but usually requires a visit to a branch office
- Fees: Origination fee
- Discounts: None
- Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
- Customer service: Phone, email
- Soft credit check: Yes
- Min. Income: Does not disclose
Learn More: Pawn Shop Loans: Are They Ever Worth It?
Upgrade
Min. credit score: 580
With Upgrade, you can borrow $1,000 to $50,000 with a three- or five-year term. Additionally, Upgrade provides free credit monitoring and educational resources that could help be helpful for building your credit.
4.3 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience Upgrade Personal Loans
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Check Personalized Rates Checking rates won't affect your credit score View Details
- Fixed APR: 5.94% – 35.97% APR
- Min. credit score: 580
- Loan amount: $1,000 to $50,000*
- Loan terms (years): 3, 5
- Time to fund: Within a day of clearing necessary verifications
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: Available in all states except West Virginia
- Customer service: Email
- Soft credit check: Yes
- Min. Income: Does not disclose
- Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes
Check Out: 401(k) Loans: Should You Borrow Against Your Retirement?
Upstart
Min. credit score: 580
In addition to your credit, Upstart will also consider your education and job history to determine creditworthiness — which means you might still qualify even if you have little to no credit history. You can borrow $1,000 to $50,0005 with Upstart.
4.6 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience Upstart Personal Loans
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Check Personalized Rates Checking rates won't affect your credit score View Details
- Fixed APR: 8.27% – 35.99% APR4
- Min. credit score: 580
- Loan amount: $1,000 to $50,0005
- Loan terms (years): 3 to 5 years4
- Time to fund: As soon as 1 – 3 business days6
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all states except IA and WV
- Customer service: Phone, email
- Soft credit check: Yes
- Min. Income: $12,000
- Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
Learn More: How to Check If a Personal Loan Company Is Legitimate
What is the minimum credit score needed for a personal loan?
Generally, you need good to excellent credit to get approved for a personal loan — a good credit score is usually considered to be 700 or higher.
However, there are also some lenders that accept poor and fair credit scores. Keep in mind, though, that personal loans for bad credit usually come with higher interest rates compared to good credit loans.
Here are the credit score ranges you’ll typically come across:
Check Out: Getting a Loan with No Credit: 4 Loans for New Borrowers
Can you get a personal loan with a credit score under 550?
Yes, some personal loan lenders are willing to work with borrowers who have credit scores of 550 or lower. For example, the minimum required credit score for an Avant personal loan is 550, and OneMain Financial doesn’t require a minimum credit score at all.
Tip: If you’re struggling to get approved for a personal loan, consider applying with a cosigner. Not all lenders allow cosigners on personal loans, but some do. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
You could also focus on building your credit before applying for a personal loan. Some potential ways to do this include making on-time payments on all of your bills and paying down credit card balances.
Learn More: How to Get a Personal Loan With a 600 Credit Score
How to get a personal loan with bad credit or no credit
If you’re ready to apply for a personal loan, follow these four steps:
- Check your credit. When you fill out an application for a loan, the lender will perform a credit check to determine your creditworthiness — so it’s a good idea to check your credit beforehand to see where you stand. You can use a site like AnnualCreditReport.com to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureaus to potentially boost your credit score.
- Compare lenders and pick a loan option. Be sure to compare as many personal loan lenders as you can to find the right loan for your situation. Along with credit requirements, consider interest rates, repayment terms, and any fees charged by the lender. After you’ve compared lenders, choose the loan option you like best.
- Complete an application. Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs.
- Get your funds. If you’re approved, the lender will have you sign for the loan so the money can be released to you. The time to fund for a personal loan is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval.
Check Out: Coronavirus Hardship Loans: 7 Options to Consider
How credit scores affect personal loan rates
Your credit score plays a major role in determining the interest rates you could qualify for when you apply for a personal loan. In general, the lower your credit score, the higher the interest rate you’ll likely get.
Keep in mind: Average personal loan rates on most unsecured loans range from 4.99% to 36%. The higher your interest rate, the more you’ll pay in interest over the life of the loan.
For example, here’s how your credit score could affect how much you’d pay on a $10,000 personal loan with a three-year term. Note that the average APRs are based on the personal loan interest rates borrowers received when they applied for a personal loan through Credible in May 2021.
| Credit score | Average APR | Monthly payment | Total interest | Total repayment cost |
|---|---|---|---|---|
| 600-639 | 29.26% | $420 | $5,137 | $15,137 |
| 600 or below | 31.87% | $435 | $5,654 | $15,653 |
If you decide to apply for a personal loan, be sure to consider how much that loan will cost you. This way, you can be prepared for any added expenses.
You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
Loan amount ? Enter the total amount borrowed $ Interest rate ? Enter your annual interest rate % or Loan term ? Enter the amount of time you have to repay your loan years Total Payment $ Total Interest $ Monthly Payment $
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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Keep Reading: Low-Income Loans: Personal Loans for a Tight Budget
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
About the author 
Dori Zinn
Dori Zinn is a student loan authority and a contributor to Credible. Her work has appeared in Huffington Post, Bankate, Inc, Quartz, and more.
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