Student Loan Hero Advertiser Disclosure Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns. Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more How do we make money? If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers many of which are paying back student loans of their own! So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. What is a bad credit score for personal loans? Unfortunately, you probably also know that you have bad credit. A FICO credit score under 580 is considered to be poor credit. Over 60 percent of consumers with poor credit scores become delinquent on an account, according to. But other types of personal loans or lenders might still be an option, even with a 550 credit score. Start Here Looking for a low-interest personal loan? Do you have less-than-perfect credit and are struggling to find a lender? LendingTree, our parent company, works with dozens of personal loan lenders to offer loans. Just enter your information once, and you can get multiple offers from different lenders within just a few minutes — all without damaging your credit score in the process. Depending on your credit score and income, you could even qualify for a loan with an interest rate under 6%. And you should expect to make some tradeoffs, like paying high interest rates or even offering collateral. But there are some strategies you can try to get a personal loan with poor credit. It might be worth it to take some. If you want to rebuild credit, start today. A is an accessible form of credit you can use to raise your credit score. Check your credit reports for errors that could be hurting your score. For these personal loans, a credit score of 550 or under might not be an obstacle to qualifying. You can apply for a pre-approval to find out if you qualify without having to fill out an application or undergo a hard credit check. A trusted lender we recommend is. Customers with a FICO score under 600 still have a shot at approval for an OppLoans personal loan depending on the loan amount requested and minimum income requirements. You must get your paychecks through direct deposit and live in a state where OppLoans operates. This includes Alabama, Alaska, Arizona, California, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming. A cosigner is a third party usually a close family member or friend who has agreed to repay your loan if you should default on it. Choose a lender that accepts cosigners for personal loans, like or. Their positive history will help offset your poor credit score, increasing your chances of approval. You can ask a family member or friend who has the cash to lend it to you. Before you borrow this way, fully outline and agree on the terms ahead of time. Get a secured loan An unsecured personal loan might be a long shot with a credit score under 580. Credit unions also commonly offer savings- or CD-secured loans to help members rebuild credit. Ask the lender to reconsider If you apply for a personal loan and get rejected, you can always follow-up with the lender and ask them to reconsider,. Maybe you have a high income and could easily afford the new debt. Or you have a good explanation for a past delinquency. If your credit file is thin, you could try to provide proof of positive payment history toward other bills, like your rent. This is a bit of a long shot, but it can be worth trying. Chances of success will be higher the more proof of financial stability and security you can give. It might also help to try a credit union, which might be more flexible in their underwriting. Interested in a personal loan? Here is the top personal loan lender for 550 credit scores or lower. Lender APR Range Loan Amount Direct Deposit required for payroll. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns. Disclaimers: Product name, logo, brands, and other trademarks featured or referred to within Student Loan Hero are the property of their respective trademark holders. Please consult a licensed financial professional before making any financial decisions. This site may be compensated through third party advertisers. This site is not endorsed or affiliated with the U.
