Best Personal Loan Lenders for a Credit Score of 550

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It is difficult to qualify for a personal loan with a credit score of 550, but it is possible. (stock struggle)

Having a low credit score does not completely eliminate your personal loan options. Some lenders offer personal loans For people with credit scores as low as 550, which is considered a poor score. But these lenders usually charge higher interest rates to compensate for the risks of lending to a borrower with bad credit.

Here’s more information about personal loan options if you have a credit score of 550.

Credibility makes it easy Compare personal loan rates From different lenders, all in one place.

Can you get a personal loan with bad credit?

Some lenders offer loans to consumers with poor credit scores, but you are likely to get a higher interest rate and less favorable terms than someone with good credit. All lenders have different credit score requirements, but scores below 600 for both the FICO and VantageScore credit scoring models are generally considered poor or very poor.

If you are struggling to qualify for a personal loan at appropriate interest rates because you have bad credit scoreAdding a cosigner with good credit to your personal loan application can improve your chances of qualifying for lower interest rates.

Best Personal Loans for a Credit Score of 550

The following approved partner lenders accept applicants for a personal loan with A 550 credit score:

Avant

  • Minimum credit score: 550
  • Loan Amounts: $2000 to $35,000
  • Loan Terms: 2 to 5 years
  • expenses: Incorporation fee

OneMain Finance

  • Minimum credit score: no one
  • Loan Amounts: $1500 to $20,000
  • Loan Terms: 2 to 5 years
  • expenses: Incorporation fee

Best Personal Loans For Credit Scores Under 600

The six credible lenders accept credit scores between 550 and 600 For their personal loans:

best eggs

  • Minimum credit score: 600
  • Loan Amounts: $2000 to $50,000
  • Loan Terms: 2 to 5 years
  • expenses: Incorporation fee

LendingClub

  • Minimum credit score: 600
  • Loan Amounts: $1,000 to $40,000
  • Loan Terms: 3 or 5 years
  • expenses: Incorporation fee

Lending Point

  • Minimum credit score: 580
  • Loan Amounts: $2000 to $36,500
  • Loan Terms: 2 to 6 years old
  • expenses: Incorporation fee

comprehensive credit

  • Minimum credit score: 560
  • Loan Amounts: From $1,000 to $50,000
  • Loan Terms: 3 to 5 years
  • expenses: Incorporation fee

Raising the level of

  • Minimum credit score: 560
  • Loan Amounts: From $1,000 to $50,000
  • Loan Terms: 2 to 6 years old
  • expenses: Incorporation fee

cocky

  • Minimum credit score: 580
  • Loan Amounts: From $1,000 to $50,000
  • Loan Terms: 3 to 5 years
  • expenses: Incorporation fee

Visit Credibility for View pre-qualified personal loan rates From different lenders, without affecting your credit.

Other Lenders to Consider

The following two lenders are not reliable partners, so you will not be able to easily compare your rates with them on the Credible platform. But it may also be worth considering if you are looking for a personal loan with a credit score of 550.

net credit

  • Minimum credit score: does not reveal
  • Loan Amounts: $1,000 to $10,000
  • Loan Terms: 6 to 60 months
  • expenses: Origin fee (in some states)

Chance

  • Minimum credit score: does not reveal
  • Loan Amounts: $300 to $12,000
  • Loan Terms: 24 to 54 months
  • expenses: Incorporation fee

methodology

reasonable resident The best personal loan lenders for a credit score of 550 based on factors such as customer experience, minimum fixed rate, maximum loan amount, financing time, loan terms, and fees. Credible’s team of experts collected information from each lender’s website, customer service department, and via email support. Each data point was checked to ensure it was up-to-date.

How to apply for a personal loan with a credit score of 550

If you are going to apply for a personal loan in the near future and you have a credit score of 550, you may want to pause these plans until you can improve your credit. The higher your score, the easier it is to qualify for lending products and secure better interest rates.

opening Guaranteed Personal LoanA secured credit card or credit building loan can help you improve your credit before applying for an unsecured personal loan. You can also become an approved user of a family member’s credit card to improve your credit score.

When it comes time to apply for a personal loan, the application process can look different depending on the lender you are applying for. But you can generally expect to take the following steps:

  1. Shop around. Search different lenders to find lenders that lend to borrowers with low credit scores.
  2. Get prequalified. Once you have found a few lenders, complete their qualification forms to see what rates and terms you may qualify for.
  3. Complete the application. Most lenders have online applications that are easy and quick to complete. You will need to provide information that proves your identity and income, such as a copy of a government-issued photo ID, recent payment receipts, tax returns, or bank statements.
  4. Close the loan and receive the money. If a loan is approved, you will sign a loan agreement and the lender will disburse your money, usually through direct deposit into your bank account. You will then start making the loan payments as agreed.

Remember, you also have the option to apply with the cosigner tool. If the cosigner has a good credit score, this can help you qualify for better interest rates as the lender can rest assured that someone with a strong credit history will be responsible for making the loan payments if you are not able to.

If you are ready to apply for a personal loan, Credible makes it quick and easy Compare personal loan rates To find one that fits your situation.

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