When applying, having a FICO score between 670 and 850 generally qualifies you for competitive interest rates and loan terms. But even with a 550 credit score, it is still possible to get a loan.
If you have strong credit, you likely have a better shot of qualifying for a personal loan with lower rates and more favorable repayment terms. But if you have a poor credit score of 550 or lower ...
Some personal loan lenders have minimum credit score requirements as low as 550. If approved for a bad credit personal loan, expect to pay more in interest and fees. Improving your credit before ...
For example, the average car loan interest rate for people with a 730 credit score is 6.97% for new cars and 9.36% for used cars, while those with a credit score of 550 can expect an average of 13 ...
The primary concern for a lending institution is whether a borrower will be able to pay the loan back and having a low credit score signals ... scores is in the 525-550 range, a merchant cash ...