Can I borrow money with a 500 credit score?
While getting a personal loan when you have a 500 credit score may be possible, it may also not be in your best interest financially. Unless you are going through an extreme financial emergency with no other options available, CreditNinja suggests you work on improving your credit score before applying for a loan.
You can likely borrow anywhere from a few hundred dollars to $50,000 with a 500 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.
A low credit score can be a sign to lenders that you've had credit challenges in the past — or that you're just beginning your credit journey. It may be difficult to get approved for loans without very high interest rates until you've had a chance to build your credit.
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 690.
You can get a $500 loan in other ways in addition to some personal loans, such as via a cash advance on your credit card, a payday loan, or a loan app. A small loan like a payday loan can be useful in an emergency, but you will likely face higher interest rates.
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 in nature due to outrageously high interest rates and fees.
Requirements for a $5,000 Personal 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.
More specifically, a credit score below 670 falls in the "fair" or "poor" credit scoring ranges. Bad credit may mean you don't have as many options, but it's still possible to be approved for a loan.
- Peer-to-Peer Lending. ...
- Car Title Loans. ...
- Borrow Money From a Friend or Family Member. ...
- Pawnshop Loans. ...
- Payday Loans. ...
- Credit Card Cash Advance.
You may have a tough time getting a loan or card
When your score is 500, you'll have trouble qualifying for some financial products. You will have to pay the highest rates on loans and credit cards, and you may pay more for car insurance. The good news is it might not take much to move the needle on your score.
What credit score do I need for a $3000 loan?
What Is the Typical Credit Score Required for a $3,000 Personal Loan? Since $3,000 is not a large loan amount, a credit score between 610 and 640 should suffice for an “unsecured” personal loan (a loan with no collateral). The higher your credit score, the less interest you will pay.
Before applying for a $2,000 personal loan you should have a credit score of at least 600.
You will likely need a credit score of at least 580 for a $4,000 personal loan. Most lenders that offer personal loans of $4,000 or more require bad credit or better for approval, along with enough income to afford the monthly payments.
Cash advance apps like MoneyLion and Dave also offer up to $500 in cash, but you may not qualify for the maximum if it's your first time borrowing.
| App | Maximum loan amount | Time to funding |
|---|---|---|
| Albert | Up to $250 | Instantly for a fee; 2-3 days free of charge |
| Brigit | $50-$250 | Instantly for a fee; 1-3 days free of charge |
| Chime | $20-$200 | At the point of sale |
| Dave | Up to $500 | Instant |
As long as you meet the requirements, EarnIn, Chime, Dave, Current and Brigit could all get you $100 before payday. You can consider alternatives such as MoneyLion Instacash, Albert Instant and Empower too.
| Lender | APR | Approval/Funding Timeline |
|---|---|---|
| LightStream | 7.99% - 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 |
The easiest online loans to get with bad credit are typically payday loans, installment loans, or loans from lenders that specialize in subprime borrowers. These loans often require no credit check or have lower requirements, but they come with high interest rates and fees.
While you'll generally need good to excellent credit to get approved for a $30,000 personal loan, you might still be able to qualify even if you have poor or fair credit.
| Credit Score | Interest Rate | Monthly Payment |
|---|---|---|
| 690-719 | 8.67 | $124 |
| 660-689 | 10.36 | $128 |
| 620-659 | 12.55 | $133 |
| 590-619 | 16.65 | $143 |
What credit score do I need for a $10000 loan?
Requirements will vary across lenders. However, qualifying for a $10,000 personal loan typically requires a credit score that exceeds 640, an active checking account, and a steady, verifiable income, among other factors.
To increase your chance of qualifying for a $10,000 unsecured loan, you should have a credit score of 600 or higher. Some lenders start their minimum credit score requirements at 600, however, there are some lenders that require a credit score in the high 600s or low 700s.
A hardship loan provides funds that can help you get by during a difficult financial time. This loan can help bridge an income gap or cover an emergency. Borrowers are typically approved within a day or two and receive funds in less than a week.
| Company | Forbes Advisor Rating | APR range |
|---|---|---|
| LendingPoint | 4.0 | 7.99% to 35.99% |
| Universal Credit | 3.5 | 11.69% to 35.99% |
| Upstart | 3.5 | 6.40% to 35.99% |
| Avant | 3.5 | 9.95% to 35.99% |
- Upgrade. : Best for poor credit.
- Prosper. : Best for peer-to-peer lending.
- LendingPoint. : Best for long repayment terms.
- Upstart. : Best for thin credit.
- Avant. : Best for fair credit.
- Oportun. : Best for small loans.
- LendingClub. : Best for co-borrowers.
- SoFi. : Best for discounts.
