650 Credit Score Personal Loan

Compare monthly payment options from several lenders in under 2 minutes.
How much would you like to finance?
won't affect credit score

Check offers in seconds

Get pre-qualified for loan offers with an easy online form

Won't impact your credit

Checking offers will not impact your credit score

Competitive payment options

Funding up to $100,000 and APRs as low as 4.99%1

Receive funds quickly

Same-day and next-day available for certain offers2
Acorn Finance Icon

Loans For 650 Credit Score

There are many life events that might drag our credit score down into the 650 range. Events like a divorce, a death in the family, or a job loss, may result in many unexpected expenses. Suddenly, you find that your savings account is depleted and you are forced to rely heavily on high-interest credit cards. You are probably searching for a personal loan for one of two reasons, either to borrow more money or to consolidate debt. Whatever your reason is, you can qualify for a personal loan with a 650 credit score. However, you should expect to pay higher interest rates.

Ultimately, borrowers with a 650 credit score are at a turning point. It’s just as easy for your credit score to go up and enter the “good” range as it is for your credit to go down and enter the “poor” zone. The financial choices you make can impact your potential credit score, so choose wisely.

Quick. Simple. Secure.

How To Apply For 650 Credit Score Personal Loan

1 Pre-qualify

Fill out easy online form to check for pre-qualified offers with no impact to your credit score

2 Select offer

Compare terms and payment options to select offer that’s best for you

3 Finish application

Complete application process on your selected lender’s website

4 Receive funding

After loan approval, your funds should arrive within 1-2 business days2

“The process couldn’t have been any easier. I filled out a short form that took me less than 2 minutes and within seconds I got multiple offers from lenders.”


- Mike T. (TN)

“It was important to me that I could review my offers without any impact to my credit score, before deciding on the best loan option.”


- Carol R (FL)

“I like the easy online and 100% paperless experience of Acorn Finance. I received my money two days after completing my application.”


- Bob S (WI)

Are you a contractor?
Generate more revenue with Acorn Finance.

Offer customers the ability to finance their dreams with zero dealer fees.


Learn More About 650 Credit Score Personal Loan

650 Credit score personal loans do exist. If you are looking for some guidance on how and where to get a personal loan with a 650 credit score, keep reading.

Read more - FAQ

Can I get a personal loan with a 650 credit score?

Yes, you can still get a personal loan with a 650 credit score. Interest rates will be higher than people who apply for loans with good or excellent credit, but there are plenty of lenders out there that will consider your loan application.

If you can wait a couple of months before requesting a loan, it might be in your best interest to try to boost your credit score even by 10 points to be at or above the 660 mark. A credit score of 650 should get you a loan, however, a credit score of 660 will likely increase your chances of securing a loan with lower interest rates and or no origination fee.

An origination fee is a one-time percentage fee that lenders charge to cover the costs associated with processing the loan. The fee then is taken out directly from the total loan amount at the time the lender deposits the funds into your account.

For example, let us say you apply for a personal loan of $20,000 with an origination fee of 4%. That means once all the paperwork has been finalized, the lender will take $800 off the top and only deposit $19,200 into your account. If you need $20,000 exactly, then you will need to borrow almost $20,900 to cover the origination fee.

It is important to note that even loans that are applied for by people with higher credit scores can still come with an origination fee and that you should always shop around for different lenders that do not require it. However, having a credit score of 650 means that you will have a much harder time finding a loan that does not include an origination fee. If you can wait a few months to boost your credit score by even 10 points, you will greatly increase the chances of finding a loan without that additional fee.

What kind of loan can I get with a 650 credit score?

If you have a 650 credit score, you should qualify for most types of loans such as auto loans or personal loans. Having a credit score of 650 is considered having a “fair” credit score. You can still get a decent personal loan with a fair credit score, but you may need to pay a higher interest rate and maybe an origination fee. At least you are not in the “poor” credit range which can come with additional fees, even higher interest rates, and even subprime loans.

If you have a fair credit score, it is even more important that you shop around. While you may not be as desirable of a borrower compared to someone with excellent credit, you still represent an opportunity for a lender to make some money. At Acorn Finance you can check offers within 60 seconds or less with no impact to your credit score. So how does it work?
Acorn Finance has trustworthy lending partners that can offer APRs as low as 4.99% depending on your credit score. Individuals can discover simple and competitive payment options through Acorn Finance. To check offers at Acorn Finance, you will need to complete and submit a form. If you qualify with one or more of our lending partners, you can then receive multiple personalized loan offers. After checking offers, if you choose to move forward with one of them you can complete the process with the lender of your choice. Once you have claimed the best offer and finalized the loan, you can receive funds quickly.

Where can I get a loan with a fair credit score?

If you are looking to secure a personal loan for debt consolidation or a home improvement project, you can get a loan through Acorn Finance. By letting Acorn Finance do all the heavy lifting, you can have access to dozens of lenders throughout the country who specialize in personal loans.

Is 650 a good credit score for a personal loan?

A credit score of 650 is not considered a good credit score for securing a personal loan. Instead, it is considered a fair credit score. If you can wait a few months, you may want to consider applying for a personal loan a few months down the road after you have increased your credit score.

Make sure you make all your minimum payments on time, if you have extra funds, try to clear off any delinquent accounts or pay down as much credit card debt as possible, and avoid applying for any new lines of credit. Depending on how much debt you can clear, you should be able to boost your credit score within a few months.

Pros and cons of a loan with a 650 credit score

Before taking out any kind of loan you should consider the pros and cons. While there are general pros and cons listed below, you should consider how the loan will directly affect your financial situation. For example, if you are borrowing money to make home improvements, a pro may be that you are increasing your home value. This type of pro may help offset or justify any additional fees involved with borrowing the money.

If you are using a personal loan for debt consolidation, you may be exchanging several high interest credit cards and monthly payments for one monthly payment with a lower interest rate. In this case, you would be creating a more manageable and cheaper way to pay off debt.

There are several pros and cons to taking out a personal loan with a 650 credit score.

An opportunity to consolidate debt.
Get cash in hand to pay for untimely expenses.
Finance a dependable vehicle for a new job.

Higher interest rates.
Possible origination fee.

How can I raise my credit score by 50 points fast?

If you are looking to raise your credit score by 50 points, and you need to do it quickly, there are a few things you can do to make that happen. Before you start, you should acquire a copy of your credit report from each of the three major credit bureaus. You are allowed to request one copy from each credit bureau every 12-months. You can also use an online credit monitoring service to give you a glimpse into your ongoing credit report whenever you would like.

Once you have access to your credit report, go ahead and take note of the areas that are dragging your score down. What is your current credit usage? Is it above 45%? Do you have any accounts that are sitting delinquent and unresolved? These two items are some of the easiest blemishes to clear up. Also, during this process, you will want to make sure you do not apply for any new lines of credit or have any hard inquiries hit your credit report. Do not apply for any credit cards at all.

If your credit usage is a little high, and especially if it is above 45%, you should pay down that as much as possible. Try to pay off a credit card completely, but do not close the line of credit. Simply, try to make the largest payments you can on the credit cards to get that credit usage down to the lowest possible percentage. This will help jump your credit score.

Next, look at those delinquent accounts. Do you have any unpaid bills that went to collections? Reach out to the collection agencies that hold those accounts and see if you can make an offer to pay them off and have them report to the three credit bureaus that the debt has been resolved. If you do this, you can ask the collection agency to send you a letter stating that the debt has been resolved and that the credit reporting agencies have been notified.

Once those two steps have been completed, you should hopefully see a rise in your credit score. It can take a while for your credit score to reflect the changes so be patient. Depending on how much credit usage you freed up and how much overall debt you erased, you could see a pretty dramatic upswing eventually.

One last thing you may want to try is there has been a recent trend of companies offering ways of reporting the monthly payments you make to streaming services and the like to your credit report. If you are making monthly payments to services like Netflix, HBO, Spotify, Disney+, Hulu, etc. Those streaming services may be able to be added to your credit report and you will be able to start getting credit for those on-time payments. Something to consider unless you think that would cause more harm than good.

Which bank has the easiest personal loan approval?

For someone looking for the easiest personal loan approval lenders, they may consider a no credit check installment loan. Several online lenders offer a personal installment loan with no credit check. The catch is you may pay some of the highest interest rates and fees for late payments.

If you are looking for the bank with the easiest approval process it may be because you have credit challenges or are in a hurry. Borrowers with credit challenges should find a lender that specializes in helping borrowers with fair credit. If a lender only works with borrowers that have excellent credit scores, and you do not have an excellent credit score, well this may result in a denied loan or complications. Simplifying the personal loan process has a lot to do with finding the right lender. At Acorn Finance, our network of lenders can assist a wide variety of borrowers. In addition, our lending partners can fund loans in as little as 1 business day, although funding times may vary.

What credit score is needed for a $3000 loan?

If you are looking for an unsecured personal loan of $3,000, you should have a credit score of at least 600. Even a score of 600 might make it difficult for you to secure a loan without a cosigner or collateral. A credit score of 600 is still considered a fair credit score but it is below the average consumer’s credit score. An unsecured personal loan of $3,000 is not a small sum of money, and a lender seeing someone with a credit score below 600 might view them as a risk.

Even with a credit score of 600, you may have trouble qualifying for an unsecured personal loan if your debt-to-income ratio is too high. If you are trying to qualify for an unsecured personal loan of $3,000 with a credit score of only 600, you should do everything you can to make sure you can lower your debt-to-income ratio to be within a lender’s parameters for consideration.

If you do qualify for an unsecured personal loan of $3,000 with a credit score of 600, be prepared to pay higher interest rates and possibly an origination fee. Aside from that, make sure you read the fine print for what kind of late fees to expect and what happens if you start missing payments. Although an unsecured loan is just that, not secured by collateral, it can still bring some dire consequences if you default. Defaulting could end up in a lawsuit which then would acquire additional fees and court costs which would be applied to any judgement granted against you. Make sure you are in a position to reasonably take on a personal loan of $3,000 and to keep up with the monthly payments. If not, you could end up owing much much more than $3,000 and your credit score could be impacted negatively for many years to come.

What credit score is needed for a $5000 loan?

If you are looking for a personal loan of $5,000, you should strive for a credit score of at least 630. A credit score of 630 is the beginning of the fair credit range. Someone with fair credit might be considered by a lender as someone worth taking a chance on who may be in the process of rebuilding their credit for whatever reason.

If your credit score is far above 630, then you should easily qualify for a loan of $5,000. The better credit score you have, the lower your interest rates will be and the less money you will have to pay over time. Also, a higher credit score comes with additional perks aside from a lower interest rate.

$5,000 is not a large sum of money, but it is still viewed by lenders as a substantial amount of money for someone who may already have a higher debt-to-income ratio or who have a proven history of miss or late payments. For that reason, lenders may be a little more stringent when reviewing someone’s credit history.

What credit score is needed for a $10,000 loan?

An unsecured loan of $10,000 is a pretty significant amount of money. $10,000 is enough to remodel a kitchen, put in a new small bathroom, or even finish a basement. Most lenders consider $10,000 to be a significant amount of money. To qualify for an unsecured personal loan of $10,000 or more, you should have a credit score of at least 630. A score of 630 places you at the beginning of the fair credit range. You may pay higher interest rates, however, a lender will still view you as someone who may be trusted to make the monthly payments and to pay back the full loan amount.

Closing Thoughts
If you have a credit score of 650, you should be able to qualify for a loan. Consider using Acorn Finance to help you search for a lender and a loan that works for you. You can access multiple lenders and multiple offers all at once. Having options is an excellent way to make sure you secure a personal loan that makes sense to your financial situation.

Have a 650 credit score? Get prequalified for a personal loan with no impact to your credit score!

Trending home improvement projects

Barn Financing Options