What Credit Score Is Needed for a Personal Loan?

Typically, the minimum credit score for personal loan applications is between 610 and 640.

However, different lenders have varying personal loan credit score requirements, and many prefer to approve loans for consumers with good or excellent credit scores. (FICO scores of 690+).

Additionally, some lenders will accept borrowers with bad credit (FICO scores of below 630).

It’s important to understand that having a high credit score does not guarantee lower interest rates. Qualifying for a personal loan depends on several factors, including your creditworthiness—this typically considers your income, existing debt, debt-to-income (DTI) ratio, and credit score history.

Most lenders will look at your FICO credit score when assessing your loan application, while some lenders develop and use their own scoring systems.

Tip: Applying for a loan may temporarily lower your credit score. Consider pre-qualifying to find out if you qualify for a personal loan, as this will not impact your creditworthiness.

If you don’t qualify, you can improve your chances by adding a co-signer or by increasing your credit score.

Whatever your credit score is, feel free to use our LoanFinder™️ tool to find the best lenders for your personal loan needs today!