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A few online lenders may accept credit scores as low as 600 or even 550, but lower scores usually mean smaller loan amounts and higher interest rates.
That’s because your credit score is one of the first things lenders look at. And while some traditional lenders won’t consider applicants who fall below their minimum requirement, others weigh factors like your income, debt-to-income ratio or job history alongside your credit score.
Minimum credit score requirement for top lenders
Here are the minimum credit score requirements for popular personal loan providers.
What credit score do I need to get a competitive deal?
You typically need excellent credit — or at least a strong score in the high 700s — to qualify for the lowest rates and highest loan amounts. But many lenders still offer favorable terms to borrowers with good credit.
While lenders might have their own criteria for what qualifies as good or excellent credit, it’s usually around this range:
Many borrowers want to know whether a lender checks TransUnion, Experian or Equifax before applying. That’s because your credit reports and scores can differ between bureaus; not every lender reports to all three, so one report might show a higher score than the others.
If you know one of your credit reports is stronger, applying with a lender that checks that bureau could increase your chances of approval or help you qualify for a better rate. But most lenders don’t disclose which credit bureau they use — and they may even change the bureau they pull from depending on your location, loan type and time of application.
Based on FAQs and customer reports online, we’ve compiled a chart showing which credit bureaus some lenders are most likely to use.
Lender
Typically checks
Notes
Achieve
Experian
Allows soft pull for pre-qualification but hard pull from Experian during full application; reports payments to all three credit bureaus
Best Egg
Experian or TransUnion
According to official site FAQs, Best Egg pulls from either Experian or TransUnion and reports to all three credit bureaus
Citi
Experian
Primarily uses Experian but may also pull from one of the other two credit bureaus
LendingClub
TransUnion
According to past customers, LendingClub pulls from TransUnion; the company reports to all three bureaus
LightStream
Equifax or TransUnion
Official FAQ confirms it pulls a hard inquiry from TransUnion or Equifax
Prosper
TransUnion
Official Prosper site reports pulling from TransUnion during application; reports to all three credit bureaus
SoFi®
Experian
SoFi typically pulls from Experian and reports payments to all three bureaus
Upgrade
TransUnion
Does a hard credit pull from TransUnion during the application process
Wells Fargo
Experian
May also pull Equifax in some states
Keep in mind that lenders can change their preferred bureau without notice. If you want to verify that a lender uses a specified credit bureau, it’s a good idea to contact its customer service department for a definitive answer.
Compare personal loans for all credit types
Select your credit score range and state of residence to see the top providers in your area. Then, explore your options by APR, minimum credit score or loan amount. Choose the Go to site button for more information about a particular provider.
We currently don't have that product, but here are others to consider:
How we picked these
What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
There’s no single score that all lenders use, but reviewing your FICO Score 8, FICO Score 9 or VantageScore 3.0 or 4.0 is a good starting point. These scores are commonly used by personal loan providers, and checking them can give you a clearer picture of where you stand.
Credit bureau accounts. You can create free accounts with Experian, Equifax and TransUnion to view your credit report. Experian offers your FICO Score 8 at no charge, while Equifax provides your VantageScore with certain free accounts. TransUnion provides free access to your credit report, but typically charges for credit score access.
Credit card or bank apps. Many credit card issuers and banks offer free credit scores as part of their account perks. You might see your FICO or VantageScore depending on the provider.
Account statements. Some lenders and financial institutions include your credit score on monthly statements or in your online dashboard.
Online services. You can review your credit reports for free at AnnualCreditReport.com, though this won’t include your credit score. For score access, try free services like Credit Karma, Credit Sesame or Experian’s free account.
How can I improve my credit rating?
There are several steps you can take to improve your credit score before you apply for a personal loan:
Consistently pay bills on time and catch up on any that may be past due.
Check your credit report and contact creditors to correct any mistakes.
Pay down your revolving credit balances, such as your credit card and loans.
There are no-credit loans available to people without an established credit score. Some lenders are willing to look at your employment history, bank transactions, debt-to-income ratio or annual income instead of relying on your credit score. However, these types of loans often come with higher interest rates and less competitive terms.
If you’re worried about taking out a personal loan, consider the following alternatives instead:
A peer-to-peer loan (P2P). A loan funded by investors rather than a financial institution, with easier eligibility requirements and quick funding.
Life insurance policy loan. If you have a permanent life insurance policy, consider taking out some of the cash you’ve accumulated.
Family loans. Consider asking a loved one you trust if you can borrow money and pay them back. Just be sure to lay the terms out clearly to avoid misunderstandings, which could damage the relationship.
Home equity loan. If you have enough equity in your home, consider a home equity loan or home equity line of credit. Just be aware that non-payment can mean losing your home.
What other factors do lenders consider?
When determining your eligibility, lenders also take a look at your:
Income. Many lenders have minimum income requirements — often around $25,000 a year. You generally need an even higher income to qualify for larger loan amounts.
Employment. Personal loan providers often require borrowers to have a full-time job. You might have trouble getting financing when you’re unemployed or self-employed, though there are a few options available.
Credit history. In addition to your credit score, many lenders look at the length of your credit history. If it’s still relatively new — say, less than three years old — you might have trouble qualifying.
Debt-to-income (DTI) ratio. Your DTI ratio compares your monthly bills to your monthly income and gives lenders an idea of how much money you can afford to repay each month.
Can a personal loan improve my credit score?
Yes, a personal loan can help your credit score if you make your payments on time. Payment history is the biggest factor in your FICO score, so consistently paying each month can give your score a noticeable boost over time.
A personal loan may also improve your credit mix — which accounts for about 10% of your score — especially if you only have revolving credit like credit cards. Having a variety of account types, including installment loans, can help show lenders you can manage different forms of credit responsibly.
Can a personal loan hurt my credit score?
Most lenders conduct a hard credit check before they offer you a personal loan. Hard credit inquiries can cause temporary dips in your credit score. New credit inquiries are responsible for 10% of your credit score, and the impact of each hard pull tends to last for up to 12 months. But more importantly, your score will take a major negative hit if you don’t meet your payments on time after taking out the loan.
Bottom line
It’s possible to 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 improving your credit rating to get an even better deal.
Is getting a personal loan to pay off debt worth it?
Consolidating your debt with a personal loan could improve your credit score if you need help managing your repayments. It could also give you more competitive rates and terms, especially if you have credit card debt.
What’s the best reason to give when applying for a personal loan?
The best reason is the truth. Being honest on your application is important — if a lender discovers that your stated purpose doesn’t match how you actually plan to use the funds, your application could be denied or your loan rescinded.
Also, some lenders place restrictions on how you can use the money. For example, many don’t allow you to pay tuition or fund a business using a personal loan. If you plan to use the loan for education or business purposes, look for a lender that specifically allows it.
Are there any lenders that only use TransUnion?
LendingClub, Prosper and Upgrade all reportedly pull from TransUnion during the loan application process.
Which lenders pull from Experian?
There are several lenders that only use Experian, including Achieve, SoFi, Citi and Wells Fargo.
Can I choose which bureau a lender checks?
No, most lenders don’t allow you to choose a specific credit bureau. But you can contact the lender to ask which one the company uses.
Anna Serio was a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY.
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Christi Gorbett is a freelance writer with more than eight years of experience and a master's degree in English. She’s created a wide range of content for banks, financial product comparison sites, and marketing companies on topics like small business loans, credit cards, mortgages, retirement planning, lender reviews, and more.
As a former teacher, Christi excels at making complex financial topics accessible and easy to understand. Her interest in finance grew when she returned to the U.S. after living in South Korea for nearly a decade.
This shift was driven by several personal financial challenges: rebuilding her financial base after the move home, starting her own business, and catching up on retirement savings. These experiences deepened Christi’s practical understanding of finance and intensified her interest in the field.
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Compare lenders that offer $5,000 loans for good, fair and bad credit.
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