Best Personal Lender for 550 Credit Score

Our goal at Credible Operations, Inc., NMLS No. 1681276, referred to as “Trusted” below, is to provide you with the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who compensate us for our services, all opinions are our own.

Qualifying for a personal loan with a 550 credit score is more difficult, but it is possible. ,Shutterstock,

Having a low credit score does not completely eliminate your personal loan options. some lenders offer personal loan For people with a credit score of less than 550, which is considered a bad score. But these lenders typically charge higher interest rates to offset their risk of lending to a borrower with bad credit.

If your credit score is 550, here is some more information about your personal loan options.

reliable 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’ll find higher interest rates and less favorable terms than someone with good credit. All lenders have different credit score requirements, but a score below 600 is generally considered poor or very poor for both the FICO and VantageScore credit-scoring models.

If you are struggling to qualify for a personal loan with reasonable interest rates because you have a 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 loan for 550 credit score

The following two trusted partner lenders accept personal loan applicants: 550 credit score,

Avanti

  • Minimum Credit Score: 550
  • Loan: $2,000 to $35,000
  • Loan Terms: 2 to 5 years
  • charge: origination fee

OneMan Financial

  • Minimum Credit Score: none
  • Loan: $1,500 to $20,000
  • Loan Terms: 2 to 5 years
  • charge: origination fee

600. Best Personal Loans for Credit Score Under

These six trusted partner lenders 550 and . accept credit scores between 600 For his personal loan:

best egg

  • Minimum Credit Score: 600
  • Loan: $2,000 to $50,000
  • Loan Terms: 2 to 5 years
  • charge: origination fee

Lending Club

  • Minimum Credit Score: 600
  • Loan: $1,000 to $40,000
  • Loan Terms: 3 or 5 years
  • charge: origination fee

lending point

  • Minimum Credit Score: 580
  • Loan: $2,000 to $36,500
  • Loan Terms: 2 to 6 years
  • charge: origination fee

universal credit

  • Minimum Credit Score: 560
  • Loan: $1,000 to $50,000
  • Loan Terms: 3 to 5 years
  • charge: origination fee

upgrade

  • Minimum Credit Score: 560
  • Loan: $1,000 to $50,000
  • Loan Terms: 2 to 6 years
  • charge: origination fee

Nouveau riche

  • Minimum Credit Score: 580
  • Loan: $1,000 to $50,000
  • Loan Terms: 3 to 5 years
  • charge: origination fee

go to trusted View your pre-qualified personal loan rates From different lenders, without affecting your credit.

Other Lenders to Consider

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

netcredit

  • Minimum Credit Score: does not disclose
  • Loan: $1,000 to $10,000
  • Loan Terms: 6 to 60 months
  • charge: Basic fee (in some states)

timely

  • Minimum Credit Score: does not disclose
  • Loan: $300 to $12,000
  • Loan Terms: 24 to 54 months
  • charge: origination fee

methodology

Reliable evaluation of Best personal lenders for 550 credit score based on factors like customer experience, minimum fixed rate, maximum loan amount, financing timing, loan terms and charges. Credible’s team of experts gathered information through each lender’s website, customer service department, and email support. Each data point was verified to ensure that it is up to date.

How to Apply for Personal Loan with 550 Credit Score

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

to open secured personal loan, secured credit cards, or credit-builder loans can help you improve your credit before applying for an unsecured personal loan. You can also become an authorized user on a family member’s credit card to improve your credit score.

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

  1. shop around. Research different lenders to find lenders that lend to borrowers with low credit scores.
  2. Get pre-qualification. Once you find certain lenders, complete their pre-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 fast to complete. You must provide information proving your identity and income, such as a copy of a government-issued photo ID, recent pay stubs, tax returns, or bank statements.
  4. Close on the loan and get the money. If you are approved for the loan, you will sign a loan agreement and the lender will disburse your funds, usually through direct deposit into your bank account. You will then start making payments on the loan as agreed.

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

If you are ready to apply for a personal loan, Credible lets you quickly and easily Compare Personal Loan Rates To find one that works for your situation.

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