How much of a loan can I get with a 500 credit score?

This question is about Personal Loans

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What credit score do I need for a $50,000 personal loan?

You will likely need a minimum credit score of 660 for a $50,000 personal loan. Most lenders that offer personal loans of $50,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old; being a U.S. citizen, permanent resident or visa holder; and having a valid bank account.… read full answer

Credit Score Required by Lenders That Offer $50,000 Personal Loans

Lenders tend to have large loan ranges, and their minimum requirements for approval (credit score, income and other factors) will determine whether you can get at least the lowest loan amount. But the higher your credit score and income are, the greater the amount you're likely to qualify for.

Even if your credit score is 660, you won't necessarily be approved for a $50,000 loan. Your chances of approval do get better the higher your score is above the minimum requirement, though. The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.

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What are the best personal loans for a 500 credit score?

The best personal loans for a 500 credit score are from OppLoans and Integra Credit. These companies specialize in lending to people with bad credit and won't even do a credit check when you apply for a loan.

It's important to note that any personal loan you get with a 500 credit score is likely to have a very high APR and an expensive origination fee. If possible, you might want to try to borrow money a less costly way, such as from friends and family. If that's not an option, the following lenders offer the most competitive terms.… read full answer

Best Personal Loans for a 500 Credit Score

• OppLoans
• Integra Credit

Keep in mind that getting a personal loan with a 500 credit score is not guaranteed. When making a decision on whether or not to approve you, a lender will look at your whole financial profile, including things like your income, existing debts, housing status and more.

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Can you get a personal loan with a 500 credit score?

You can get a personal loan with a 500 credit score, but your choices are very limited. The best way to get a personal loan with a 500 credit score is to start by checking to see if you pre-qualify for loans from major lenders. Checking to see if you pre-qualify won't affect your credit score, so it's worth a shot to see if you're eligible for a decent deal.… read full answer

If you don't pre-qualify, your best options may be to apply with a no-credit-check lender or take out a secured personal loan. Unsecured personal loans that do a credit check during the application process usually require a credit score of 585 to 700+ for approval. Other ways to get a personal loan with a credit score of 500 include borrowing from a friend or family member, applying for a loan with a cosigner, and looking into options from local credit unions.

Ways to Get a Personal Loan With a 500 Credit Score

See if you get pre-qualified

The best way to see if you're likely to qualify for an unsecured personfal loan with a 500 credit score is to check for pre-qualification. WalletHub's free pre-qualification tool will let you know your approval odds and potential interest rates with multiple lenders at once, with no impact on your credit score.

No-credit check personal loans

These are a good option for people with a credit score of 500 because the lender does not take your credit score into consideration when you apply. The tradeoff is that they tend to be more expensive than personal loans that do a credit check. The best no-credit check personal loan providers include OppLoans and Integra Credit.

Apply with a cosigner

Some personal loans let you apply with a co-signer, which is a person who promises to pay back the loan if you don't. The cosigner's credit and income impact the lender's decision more than those of the primary applicant, so it can help people with a credit score of 500 get approved for loans they might not normally qualify for.

Try credit unions

Credit unions often have more lenient personal loan approval requirements than banks and may be willing to consider applicants with bad credit. You can find credit unions in your area on WalletHub and consult with them to see if you have a shot at approval.

Friends and family

People you have a close relationship with won't necessarily care about your credit score, and may be willing to lend to you. There's also a good chance you'll get better and more flexible terms than you would with a traditional lender.

Secured personal loans

These loans are attainable with a credit score of 500 because they require collateral that the lender can keep if you default on the loan, so there's relatively little risk for the lender. A lot of secured personal loans will require you to use money in a bank account as collateral, but some will accept other types of collateral, like a vehicle.

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