Short answer: there's no single minimum credit score for a personal loan. Each lender sets its own. Many lenders consider applicants with a FICO score in the fair range (580 to 669) or higher, some go lower, and the lowest APRs generally go to scores of 670 and up. Your income, existing debt, and credit history matter too.
Your credit score is the first thing most lenders look at, but it's not a pass/fail test. Two people with the same score can get very different offers, and a lower score usually changes what you pay more than whether you can borrow at all. Here's how it works, with real numbers.
Credit score ranges and what they mean for a personal loan
Most lenders use a version of the FICO score, which runs from 300 to 850. These are FICO's published ranges, with what each one usually means when you apply for a personal loan:
| FICO score | Range | What it usually means for a personal loan |
|---|---|---|
| 800–850 | Exceptional | Typically qualifies for a lender's lowest advertised APRs and largest amounts. |
| 740–799 | Very good | Usually qualifies with most lenders at competitive APRs. |
| 670–739 | Good | Qualifies with many lenders; your income and debt shape the rate. |
| 580–669 | Fair | Fewer lenders, higher APRs, or smaller amounts are common. |
| 300–579 | Poor | Hardest to qualify; compare costs carefully and watch for predatory terms. |
VantageScore uses the same 300 to 850 scale with slightly different bands, and some lenders use their own models. The score in your banking app may not be the exact score a lender sees, so treat it as a guide rather than a guarantee.
What lenders look at besides your score
Your score opens the door; the rest of your application decides the terms. Lenders typically weigh:
- Income and its stability. Regular income from a job, self-employment, or benefits shows you can repay. A paycheck isn't required: many lenders count Social Security and pension income, as our guide to personal loans for retirees explains.
- Debt-to-income ratio (DTI). Your monthly debt payments divided by your gross monthly income. If you pay $1,200 a month toward debts and earn $4,000 before taxes, your DTI is 30%. Lower is better; many lenders grow cautious as it climbs toward 40% and above.
- Credit history. Recent late payments, collections, and a string of new accounts weigh more than an older, isolated slip.
- A bank account. Lenders send funds to, and collect payments from, a checking or savings account in your name. See the full personal loan requirements, including why prepaid cards aren't accepted.
How your credit score changes what you pay
A better score rarely changes the loan amount you can request as much as it changes the APR you're offered. Here's the same $10,000 loan over 36 months at three APRs within the range lenders in our network disclose:
| APR | Monthly payment | Total interest | Total repaid |
|---|---|---|---|
| 9.99% | $322.62 | $1,614.32 | $11,614.32 |
| 17.99% | $361.47 | $3,012.92 | $13,012.92 |
| 29.99% | $424.46 | $5,280.56 | $15,280.56 |
Going from 29.99% to 9.99% saves about $102 a month and $3,666 over the loan. These are examples, not offers: the APR a lender gives you depends on its full review, not your score alone. Try your own numbers in the loan payment calculator, or see the APR ranges by loan amount on our rates and terms page.
Check for Matching Options
Submit one secure request. A participating lender may respond, but offers are not guaranteed and lender credit-inquiry practices vary.
Apply For Loan →Will checking your rate hurt your credit?
Submitting a request through CashyLend doesn't affect your credit score. A lender that responds may then check your credit under its own process. A soft inquiry doesn't affect your score at all. A hard inquiry can lower it slightly: for most people, FICO says one inquiry takes off fewer than five points, and it stays on your report for two years.
Scoring models group some rate-shopping inquiries together, but the rules depend on the model and the type of loan. Before you continue with any lender, ask whether its check is soft or hard.
How to check your credit for free
- Your credit reports: get free weekly reports from Equifax, Experian, and TransUnion at AnnualCreditReport.com, the official site. Look for accounts you don't recognize and late payments you didn't make.
- Your credit score: many banks, credit unions, and card issuers show a free score in their app or statement. Note whether it's a FICO score or a VantageScore.
- Errors: dispute mistakes with the bureau that reports them. Fixing a wrong late payment can lift your score noticeably.
Your options with fair or poor credit
- Raise your score first. A few weeks of preparation can move your score into a better range. Start with our 7 ways to improve your credit before a loan.
- Ask for a smaller amount. A lower amount is less risk for a lender and a smaller payment for you.
- Add a co-applicant. Some lenders accept a co-borrower or co-signer with stronger credit. They become responsible for the loan too, so agree on that openly.
- Consider a credit union. Members may find flexible terms, and federal credit unions offer small "payday alternative loans" with APRs capped at 28%.
- Avoid "guaranteed approval" and upfront fees. The Federal Trade Commission warns that legitimate lenders don't guarantee a loan before you apply or ask you to pay before you get one. Our guide to comparing personal loan offers lists other red flags.
Frequently asked questions
Can I get a personal loan with a 550 credit score?
Possibly, but your options will be narrower and the cost higher. Compare the APR and total repaid on every offer, and be wary of short-term loans with APRs above 36%.
Does CashyLend have a minimum credit score?
No. CashyLend is not a lender and doesn't make credit decisions. Each lender in our network applies its own criteria, including its own minimum score.
Which credit score do lenders use?
Most lenders use a version of FICO; some use VantageScore or their own scoring. The number a lender sees may differ a little from the one in your app.
Is it worth waiting to improve my score?
Often, yes. In the example above, the difference between a 29.99% and a 9.99% APR on $10,000 is about $3,666 in interest. If you can wait a month or two, a better range can be worth it.
Your score is a starting point, not a verdict. Know your range, check what else lenders look at, and compare offers on APR and total cost before you choose.