Best personal lenders for a 550 credit score

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Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

It’s harder to qualify for a personal loan with a 550 credit score, but it’s possible. (Shutterstock)

Having a low credit score does not completely eliminate your personal loan options. Some lenders offer personal loans for people with credit scores as low as 550, which is considered a bad score. But these lenders usually charge higher interest rates to offset their risk of lending to a borrower with bad credit.

Here is some additional information about your personal loan options if you have a 550 credit score.

Credible, it’s easy to compare personal loan rates from various lenders, all in one place.

Can you get a personal loan with bad credit?

Some lenders offer loans to consumers with bad credit, but you’ll likely get a higher interest rate and less favorable terms than someone with good credit. All lenders have different credit score requirements, but scores below 600 for the FICO and VantageScore credit score models are generally considered poor or very poor.

If you’re having trouble qualifying for a personal loan with decent interest rates because you have a bad credit scoreadding a co-signer with good credit to your personal loan application can improve your chances of qualifying for lower interest rates.

Best personal loans for a 550 credit score

The following two credible partner lenders accept personal loan applicants with a 550 credit points:

Before

  • Minimum credit score: 550
  • Loan amounts: $2,000 to $35,000
  • Loan conditions : 2 to 5 years
  • Costs: Assembly costs

OneMain Financial

  • Minimum credit score: None
  • Loan amounts: $1,500 to $20,000
  • Loan conditions : 2 to 5 years
  • Costs: Assembly costs

Best personal loans for credit scores below 600

These six credible partner lenders accept credit scores between 550 and 600 for their personal loans:

best egg

  • Minimum credit score: 600
  • Loan amounts: $2,000 to $50,000
  • Loan conditions : 2 to 5 years
  • Costs: Assembly costs

loan club

  • Minimum credit score: 600
  • Loan amounts: $1,000 to $40,000
  • Loan conditions : 3 or 5 years
  • Costs: Assembly costs

LendingPoint

  • Minimum credit score: 580
  • Loan amounts: $2,000 to $36,500
  • Loan conditions : 2 to 6 years old
  • Costs: Assembly costs

Universal Credit

  • Minimum credit score: 560
  • Loan amounts: $1,000 to $50,000
  • Loan conditions : 3 to 5 years
  • Costs: Assembly costs

Upgrade

  • Minimum credit score: 560
  • Loan amounts: $1,000 to $50,000
  • Loan conditions : 2 to 6 years old
  • Costs: Assembly costs

Reached

  • Minimum credit score: 580
  • Loan amounts: $1,000 to $50,000
  • Loan conditions : 3 to 5 years
  • Costs: Assembly costs

Visit Credible for view your prequalified personal loan rates from various lenders, without affecting your credit.

Other Lenders to Consider

The following two lenders are not Credible partners, so you won’t be able to easily compare your rates with them on the Credible platform. But they may also be worth considering if you’re looking for a personal loan with a 550 credit score.

NetCredit

  • Minimum credit score: don’t divulge
  • Loan amounts: $1,000 to $10,000
  • Loan conditions : 6 to 60 months
  • Costs: Origination fee (in some states)

Timely

  • Minimum credit score: don’t divulge
  • Loan amounts: $300 to $12,000
  • Loan conditions : 24 to 54 months
  • Costs: Assembly costs

Methodology

Credible assessed the best personal lenders for a 550 credit score based on factors such as customer experience, minimum fixed rate, maximum loan amount, length of financing, loan terms and fees. Credible’s team of experts gathered information from each lender’s website, customer service, and via email support. Each data point was checked to ensure it was up to date.

How to apply for a personal loan with a 550 credit score

If you are planning to apply for a personal loan in the near future and you have a credit score of 550, you may want to put those plans on hold until you can improve your credit. The higher your score, the easier it is to qualify for loan products and get better interest rates.

Opening of a secured personal loan, a secured credit card or a credit loan can help you improve your credit before applying for an unsecured personal loan. You can also become an authorized user on a family member’s credit card to improve your credit score.

When it’s time to apply for a personal loan, the application process may be different depending on which lender you are applying to. But you can generally expect to follow the following steps:

  1. Compare the prices. Research different lenders to find those that lend to borrowers with lower credit scores.
  2. Get prequalified. Once you find a few lenders, fill out their prequalification forms to see what rates and terms you might qualify for.
  3. Complete the application. Most lenders have quick and easy online applications to complete. You will need to provide information proving your identity and income, such as a copy of government-issued photo ID, recent pay stubs, tax returns, or bank statements.
  4. Close the loan and receive funds. If you are approved for a loan, you will sign a loan agreement and the lender will disburse your funds, usually by direct deposit to your bank account. You will then start making payments on the loan as agreed.

Don’t forget that you also have the option of applying with a co-signer. If the co-signer has a good credit rating, this can help you qualify for better interest rates, as the lender can rest assured that someone with a strong credit history will be responsible for making the loan repayments if you you are unable to do so.

If you’re ready to apply for a personal loan, Credible makes it quick and easy compare personal loan rates to find the right one for your situation.

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