Editor's choice: Experian Credit Report
- Free FICO Score
- Credit alerts and monitoring
- Report & score updated every 30 days
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
Typically, you need a credit score of at least 550 to get a personal loan. However, you usually have more options if you have a credit score of 640 or higher.
Generally, lenders that fund loans directly require good credit — especially banks, though credit unions and online lenders might be more relaxed. Peer-to-peer lenders, which connect borrowers with investor funding, also typically require higher credit scores. If your credit score is below 640, you might have an easier time finding lenders if you use a connection service.
|Lender||Minimum credit score||Type of provider|
|Even Financial||550||Connection service|
|NetCredit||No minimum||Connection service|
Generally, you need to have excellent credit to get the lowest rates and largest loan amounts that a lender offers. However, you can often get a favorable deal even if your credit score is considered good.
While lenders might have their own criteria for what qualifies as good or excellent credit, it’s usually around this range:
You can use one of the following services or methods to check your credit score. Typically, the score you receive is based on a soft credit inquiry, which doesn’t affect your credit rating but isn’t as accurate as a hard credit pull. Some lenders warn that soft credit inquiries give higher scores than hard credit checks.
There are several steps you can take to improve your credit score before you apply for a personal loan:
Lenders for short-term loans like payday and installment loans often don’t take your credit score into account when you apply, though they tend to be much more expensive and come with several risks.
When determining your eligibility, lenders also take a look at your:
You can get a personal loan with almost any credit score — or even no credit score. But you have more options if you have good to excellent credit. If you aren’t in a rush, consider taking the time to improve your credit rating so you can get an even more favorable deal.
Want to know more about how it all works? Check out our guide to personal loans.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.