560 Credit Score Personal Loans

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 3.99%*

Receive funds quickly

Same-day and next-day available for certain offers*

Acorn Finance Icon

Best Loans for 560 Credit Score

A 560 credit score personal loan may be possible to obtain, but it will require some extra effort on your behalf. While it may be in your best interest to improve your credit score before applying for a loan, some lenders may be willing to work with you. If you choose to apply for a loan with a 560 credit score, you should find a lender that does not have a minimum credit score requirement. You should also make sure that you have enough income to support the loan payment. Alternatively, you may be able to apply with a cosigner who has good credit which can increase your chance of approval.

Quick. Simple. Secure.

How Acorn Finance Works

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 days*

COMPARE RATES FROM TOP LENDERS

“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.

FREQUENTLY ASKED QUESTIONS

Learn more about financing

Any credit score that is between 300 and 579 is considered “very poor.” Most lenders may choose to not do business with an individual with a credit rating of 560. It is estimated that 62% of borrowers who have a credit score in the 300 to 579 range, may become seriously delinquent and go more than 90 days past due on a debt payment in the future.

Read more - FAQ

How bad is a 560 credit rating?

Any credit score that is between 300 and 579 is considered “very poor.” Most lenders may choose to not do business with an individual with a credit rating of 560. It is estimated that 62% of borrowers who have a credit score in the 300 to 579 range, may become seriously delinquent and go more than 90 days past due on a debt payment in the future.

A person with a credit score of 560 may find it extremely difficult to qualify for an unsecured loan without the use of collateral or a cosigner. They may also have to pay extra fees or put down deposits to obtain credit cards. A credit score of 560 is usually the result of some recent or past negative credit activity on your credit report. Maybe you declared bankruptcy in the last 5 years, or, you had a car repossessed or a home foreclosed on. You could have several past due and delinquent accounts sitting in collections. With a credit score of 560, lenders may be a bit wary of loaning you money because they may be skeptical that you are going to be able to pay back the full loan amount on time and in full.

If you are looking to finance a home improvement project, you may want to consider increasing your credit score before applying for an unsecured personal loan. Increasing your credit score from 560 to 610 or better, may not be an easy task, but doing so will give you access to more competitive interest rates and it may allow you to obtain a loan without an origination fee.

What does it mean if your credit score is 560?

Having a credit score of 560 means that 91% of borrowers out there have a better credit score than you. That puts you in the bottom 9%. If you have a credit score of 560, it also means that you may have a 62% chance of defaulting on a personal loan. With a credit score of 560, you may already have a considerable amount of credit card debt as well. The average credit card debt of borrowers with a credit score is somewhere around $4,674.

With a credit score of 560, there is the chance that you are starting to rebuild your credit after filing either a Chapter 13 or a Chapter 7 bankruptcy. After a bankruptcy is finalized, it is common for individuals to see their credit score drop into the mid to low 500s. It may also mean that you have simply not kept up with payments and debts. It usually takes a lot of work to get your credit score up over 600 again and often it can take between 12 and 24 months of diligent credit building to do so. Maybe you didn’t file for bankruptcy, but instead, you had a foreclosure on a home or some other major credit incident that significantly impacted your credit score. If your credit score is low, you should invest time into rebuilding it as it can benefit you in many ways.

Can I get a personal loan with a 560 credit score?

Some lenders may still consider you for an unsecured personal loan with a credit score of 560, however, many will not. You will need to seek out lenders who specialize in lending money to bad credit borrowers. You may also have to come to the realization that you may be required to pay interest rates as high as 36% in some cases to borrow money. You also may be subject to pay an origination fee or a higher late-payment penalty than other borrowers who have better credit. So, is it possible to get a personal loan with a credit score of 560? Yes, but for the best chances, you might want to consider a secured personal loan or take a couple of months to improve your credit score as much as you can.

How much of a loan can I get with a 560 credit score?

If you are looking for an unsecured personal loan with a credit score of 560, you may find it difficult to qualify for a loan for a large sum of money. Without collateral, and without a cosigner, qualifying for an unsecured personal loan for even $5,000 may be difficult for someone with a credit score of 560. In addition, if you have a 560 credit score and limited income, this may cause more problems. Lenders usually consider a variety of factors when determining if a borrower qualifies and what they qualify for.

What’s the minimum credit score for a personal loan?

Depending on the lender, some lenders will want to see a credit score of at least 610 or 620. Some lenders may even require a credit score of 650 or 660 to even be considered. On the other hand, there are still lenders who specialize in loans for bad credit borrowers. These lenders will look closely at your income, your existing debts, and they may even analyze your spending habits to see if you could still manage to pay the monthly payments on time even though you have a credit score somewhere in the 500s.

What credit score is needed for a $5000 loan?

For an unsecured personal loan of $5,000, you should, at minimum, have a credit score somewhere between 610 and 640. This is usually where the starting point is for many lenders who are considering loaning money to an individual. If you have a credit score below 610, you could still see if you could qualify for a $5,000 unsecured personal loan. At Acorn Finance, most of our lending partners have a credit score cutoff of 600 or better. To find out if you qualify, complete the form and check offers within 60 seconds or less.

Can I get a loan today with a 560 credit score?

Yes, depending on the loan amount, there are some online lenders who are able to make a same-day personal loan. First you will need to find a lender that will work with low credit borrowers or a lender that considers other factors over credit score. If you are unable to find a lender that you qualify for and can fund a personal loan same-day, you may need to look at other options. You may be able to pawn an item to get cash today. You may also be able to use a payday loan. While both of these are certainly options, they can be expensive and risky. It’s usually best to try to qualify for a personal loan if possible.

Should I apply for a personal loan with a 560 credit score or increase it first?

Sometimes, emergencies happen with no regard to your current credit situation. A car can break down, a furnace can go out, or some other emergency can happen that you do not have the cash on hand to take care of. In those cases, you may not be able to take the time to increase your 560 credit score. If you do qualify for a personal loan with a credit score of 560, and you make all the payments on time, then you will be building your credit score at the same time.

If you are looking for a loan for a home improvement project, or something that is not completely time sensitive, then yes, you should take a couple of months to work on improving your credit score before applying for a personal loan.

Which lenders are best for a 560 credit score?

If you have a 560 credit score and need a loan right away, you may want to check out the following lenders and see what they can offer. . .
NetCredit
Oportun
LendUp

Closing Thoughts

While you may qualify for a personal loan with a 560 credit score, it’s usually best to rebuild your credit before taking out a loan. Rebuilding your credit score can increase your chance of approval and help you qualify for a lower interest rate and more favorable terms. If you can get your credit score at or near the 600 range, you can open up your options.

ONE HOME, ENDLESS POSSIBILITIES

More home improvement financing options

Your home is a work in progress. Whether you wish to redo, repair or redecorate your home, we can make it all happen with the most effortless financing options.

 

Trending home improvement projects

Barn Financing Options

Personal loan information

Trending Articles