Can I get a $20000 loan with 650 credit score?
You will likely need a credit score of 660 or higher for a $20,000 personal loan. Most lenders that offer personal loans of $20,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
The required credit score for a $20,000 personal loan will vary from lender to lender, but a score of at least 650 will typically land you a decent interest rate and reasonably good repayment terms. Check with different lenders to find out their credit score requirements.
You can borrow as much as $40,000 - $100,000+ with a 650 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
| Type of Credit | Do You Qualify? |
|---|---|
| Store Credit Card | YES |
| Unsecured Credit Card with No Annual Fee | YES |
| Unsecured Credit Card with Rewards | YES |
| Home Loan | YES |
While your credit score is below average, it isn't in the realm of “bad credit” and shouldn't necessarily prevent you from getting certain types of loans. With your 650 credit score, lenders will generally consider you to be a higher-risk borrower.
Requirements for a $20,000 Personal Loan
Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670.
As far as qualifying, you'll often need good or better credit (a FICO score above 670), and a stable income source that shows you can afford the payments. Annual percentage rates (APRs) for personal loans typically range from around 6% to 36%, depending on your credit profile and other factors.
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|---|---|
| $10,000 | 5 | $207.54 |
| $15,000 | 3 | $463.09 |
| $15,000 | 5 | $311.30 |
| $20,000 | 3 | $617.45 |
You will need a credit score of 580 or higher to get a $30,000 personal loan in most cases, along with enough income to afford the monthly bill payments. Other common loan requirements include being at least 18 years old, being a U.S. citizen or a permanent resident, and having a valid bank account.
A 650 is on the high end of the fair credit score category, which ranges from 580 to 669. A 650 credit score will help you qualify for most home loans, but you may end up with a higher interest rate.
Can I get a 25k car loan with 650 credit score?
While there is no set credit score to get an auto loan, a majority of approved borrowers have scores above 660. Having a low credit score won't necessarily keep you from getting an auto loan, but you will likely pay a higher interest rate.
Check your credit score
Your credit score can make or break your ability to get a $10,000 loan. Generally, it can be hard to meet personal loan requirements if your credit score is below 640. That doesn't mean that it's impossible, but you may need to stick to bad credit loans (which typically have higher APRs).
The credit score you need to take out a $5,000 personal loan, or a loan of a different amount, ultimately depends on the lender. On average, you'll need a credit score of around 650 to be approved for a good interest rate on a personal loan. Rocket Loans has a minimum credit score requirement of 640.
Data source: FICO (2022). Nearly half of Americans score between 750 and 850, in the very good to exceptional range, while less than 25% of Americans have a score between 300 and 649, the poor to fair credit score range.
The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet. Some lenders may require a higher score. A high credit score doesn't guarantee you'll qualify or get a low interest rate.
What credit score do I need for a $5,000 loan? If you have a 580 or higher credit score you may qualify for a $5,000 personal loan. If you have bad credit or a credit score below 580 you may need to apply with a co-signer to qualify for a loan.
Lenders take into account your credit history and credit score to decide whether you are a good candidate for a loan. Credit score requirements vary by lender, but generally, you need a score of at least 640 to get approved. However, when applying for a larger amount of $20,000 and up, you may need a higher score.
Qualifying for a $20,000 loan with bad credit could be difficult. Lenders typically require good credit to borrow such a large sum. However, every lender is different, so it's worth shopping around to see if one is willing to work with you.
A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43. That's a savings of $1,083.05. That same wise shopper will look not only at the interest rate but also the length of the loan.
What credit score do you need for a $2,000 loan? Minimum credit score requirements vary by lender. You'll often need a minimum credit score of around 600. However, some lenders specialize in loans to borrowers with bad credit or no credit at all.
How hard is it to get a $10,000 dollar loan?
$10,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
The main factor in determining if you qualify for a $10,000 personal loan is your credit history. A higher credit score will give you access to loans with better terms and lower interest rates. A low credit score means you may not even qualify at all, or you could receive a personal loan with higher interest rates.
| Company | Forbes Advisor Rating | Loan amounts |
|---|---|---|
| LendingPoint | 4.0 | $2,000 to $36,500 |
| Upgrade | 3.5 | $1,000 to $50,000 |
| Universal Credit | 3.5 | $1,000 to $50,000 |
| Discover | 3.5 | $2,500 to $40,000 |
No matter the credit scoring model you prefer, a less-than-stellar score can make qualifying for a loan and getting the amount you need difficult. However, there are lenders that cater to subprime borrowers that offer loan amounts ranging anywhere from $1,000 to $50,000.
What credit score do I need for a $15,000 loan? The minimum credit score for most borrowers is 670, although some lenders will work with bad-credit borrowers. Additionally, some lenders require higher scores if you aren't already an existing bank or credit union customer.
