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July 21, 2022

What Credit Score Is Needed for a Personal Loan?

When it comes to a personal loan, credit score requirements can differ but borrowers often ask what credit score is needed for a personal loan.

The minimum credit score for personal loan applications is usually between 610 and 640.

Every lender may have different personal loan credit score requirements and many prefer to grant loans to consumers with good or excellent credit scores (FICO scores of 690+).

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

Keep in mind that a high credit score won’t automatically mean you’ll get lower interest rates. Qualifying for a personal loan depends on various factors such as your creditworthiness, which usually takes into account your income, debt commitments, and credit score history.

Most lenders will look at your FICO credit score when assessing your personal loan application, while some lenders have developed their own scoring systems.

Tip: Loan applications can cause a temporary reduction in your credit score. Opt for a pre-qualification to determine whether you might qualify for a personal loan as this won’t hurt your creditworthiness.

If you don’t qualify you may increase your chances with a co-signer or by building your credit score up.

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Lorien is the Country Manager for Financer US and has a strong background in finance and digital marketing. She is a fintech enthusiast and a lover of all things digital.

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Last Updated: July 21, 2022

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