What credit score is needed for a 3500 loan?
You will likely need a credit score of at least 580 for a $3,500 personal loan. Most lenders that offer personal loans of $3,500 or more require bad credit or better for approval, along with enough income to afford the monthly payments.
However, it is safe to say that if you want to have a decent chance to qualify for a $3,000 unsecured personal loan, you may want to have a minimum score between 610 and 640. Since $3,000 is not considered a large loan amount, you may be able to qualify with a lower credit score, but it all depends on the lender.
Requirements for a $3,000 Personal Loan
Credit score: Some personal loan lenders, such as Upstart, allow you to apply with a very low credit score. However, most set a minimum. Discover, for example, requires a minimum credit score of 660, while some others require a minimum of 700.
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 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.
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
| Payoff period | APR | Monthly payment |
|---|---|---|
| 12 months | 15% | $271 |
| 24 months | 15% | $145 |
| 36 months | 15% | $104 |
| 48 months | 15% | $83 |
The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
Based on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month. The loan terms you receive will depend on your credit profile, including credit history, income, debts and if you secure it with collateral like a car or truck.
If you're looking for a $3,000 personal loan, consider a bank, online lender, or credit union. The main factors that lenders look at are credit score, income, and debt-to-income ratio. If your credit score is too low, consider asking a close friend or family member to cosign on a loan.
How long does it take to go from 580 to 700 credit score?
Average Recovery Time
For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use. Once you've made it to the good credit zone (670-739), don't expect your credit to continue rising as steadily.
A hardship loan is a loan to cover an unexpected financial shortfall, either because your expenses went up or your income went down. Hardship loans are not like other loans that are designed to meet an expected or planned need (like a car loan or a business expansion loan).
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
Ask Someone To Co-Sign
Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.
Many give preference to borrowers with good or excellent credit scores (690 and above), but some lenders accept borrowers with bad credit (a score below 630). The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet.
| Lender | Loan Amounts | Credit Score Requirement |
|---|---|---|
| Upstart | $1,000 - $50,000 | None |
| Oportun | $300 - $18,500 | None |
| OneMain Financial | $1,500 - $20,000 | None |
| RISE | $500 - $5,000 | None |
| Loan duration | Average monthly payments ($4,000 loan) | |
|---|---|---|
| Poor credit | Excellent credit | |
| 1–12 months | $390.37 | $360.59 |
| 13–24 months | $302.59 | $189.35 |
| 25–36 months | $168.83 | $129.05 |
While many lenders on this list require a good to excellent credit score, Upstart is designed for those with poor credit. You can borrow between $1,000 and $50,000. Upstart is not a direct lender — it's a lending marketplace that can match you with eligible banks and credit unions when you apply.
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|---|---|
| $10,000 | 5 | $207.54 |
| $15,000 | 3 | $463.09 |
| $15,000 | 5 | $313.13 |
| $20,000 | 3 | $617.45 |
| Company | Forbes Advisor Rating | Minimum credit score |
|---|---|---|
| LendingPoint | 4.0 | 600 |
| Universal Credit | 3.5 | 580 |
| Upstart | 3.5 | 300 |
| Avant | 3.5 | 580 |
Who has the fastest loan approval?
| Lender | APR | Approval/Funding Timeline |
|---|---|---|
| LightStream | 7.49% - 25.99% | Same day - 2 business days |
| Best Egg | 8.99% - 35.99% | 2 - 4 business days |
| Upgrade | 8.49% - 35.99% | 2 - 3 business days |
| OppLoans | 160% - 179% | 2 - 3 business days |
Secured loans
With a secured loan, you'll have to offer your lender an asset as collateral, like a car, a home or even a savings account. Because secured loans require valuable collateral, they're often easier to obtain than unsecured loans and generally offer better rates, since the lender is at less risk.
- Payday loans. Payday loans are the worst type of loan to get, because they offer very high interest rates and short repayment terms. ...
- Title loans. Title loans are another high-interest loan to avoid due to its high fees and requirement of using your own car for collateral. ...
- Cash advances. ...
- Family loans.
| Company | Forbes Advisor Rating | LEARN MORE |
|---|---|---|
| SoFi® | 4.0 | Compare Rates Via Credible.com's Website |
| LightStream | 4.0 | Compare Rates Via Credible.com's Website |
| LendingPoint | 4.0 | Compare Rates Via Fiona.com's Website |
| Upgrade | 3.5 | Compare Rates Via Credible.com's Website |
- Personal loan from a bank or credit union. Banks or credit unions typically offer the lowest annual percentage rates (APRs), which represent the total cost of borrowing, for personal loans. ...
- 0% APR credit card. ...
- Buy now, pay later. ...
- 401(k) loan. ...
- Personal line of credit. ...
- Home equity financing.
