Personal Loans for Credit Score Under 600

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Checking offers will not impact your credit score*

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Funding up to $100,000 and APRs as low as 3.99%*

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Personal Loans & Lenders for Credit Under 600

Loans for a 600 score are a bit more challenging to get, but it is certainly possible. If you are in a position where you need to borrow money, it’s best to do some research. Acorn Finance gives you access to dozens of fully vetted lenders.

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How To Apply For Personal Loans for Credit Score Under 600

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)

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FREQUENTLY ASKED QUESTIONS

Learn More About Personal Loans for Credit Score Under 600

If you find yourself having a fair credit rating of 600, you might wonder if you can get a loan with the credit rating you have. Keep reading and take a look at your borrowing options if you have a credit score of 600.

Read more - FAQ

Is 600 a bad credit score?

A credit score of 600 is considered fair. Credit scores, which are usually FICO scores, have five different categories. A credit score of 300-579 is poor or bad. It indicates that the borrower had significant challenges in repaying debt, such as multiple missed payments, judgments, collections, and possibly a foreclosure or bankruptcy. A credit score between 580-679 is fair. A FICO of 670-739 is good. A very good credit score is 740-799, and a score of 800-850 is exceptional.

What can I get with a 600 credit score?

A 600 credit score is in the range of fair, but some lenders consider a credit score below 630 to be poor. This doesn’t mean that you can’t qualify for credit. You may be eligible for an unsecured credit card, but your chances of being approved and having a reasonable rate will be better if you get a secured credit card. You may qualify for an auto loan since the dealership will take the car as collateral. You might also qualify for a personal loan. You need to remember, though, that your rates on any type of borrowing, including loans and car loans, will be high.

Can I get a loan with a credit score under 600?

Personal loans for credit scores under 600 are more challenging to qualify for but not impossible. Some lenders do have loans for credit under 600, but the criteria is different than for borrowers with higher credit scores. You may find that you are eligible for less than you would be if you had a good credit score, or the term to pay it back will be shorter because of your credit score. Your rate will also be considerably higher than if you had a good credit score.

How much of a loan can I get with a 600 credit score?

Depending on the lender, you might be able to get a loan for up to $50,000 with a credit score of 600. One way to shop for amounts and rates is to apply using an online platform like Acorn Finance. You can apply to dozens of fully vetted lenders and can have multiple offers to check in minutes. You can compare amounts, rates, fees, terms, and conditions of any offers you receive. It’s a fast and easy way to see what you qualify for, and there is no impact on your credit rating. Having no impact on your credit score is an excellent feature if your credit score is on the low side. An application through Acorn Finance will not further reduce your credit score.

What credit score is needed to get a personal loan?

Some lenders will consider borrowers with a score of 550 and above. Other lenders don’t have a minimum credit score. Some lenders specialize in loans for people with poor credit. The minimum credit score will depend on the lender you deal with. Lenders usually like to see a credit score of 630, but some will consider borrowers with a score of 550.

Which lenders offer personal loans for a 600 credit score or lower?

Some lenders extend loans for credit scores under 600. Three lenders who do lend to those with lower credit scores are MoneyMutual, CashUsa, and CreditLoan. Loan amounts can be as little as $250 up to $10,000, depending on the lender.

What will my interest rate be for a personal loan with a 600 credit score?

Your interest rate can depend on several things. The lender will consider your credit score if you are securing the loan with an asset, the length of the loan term, and the amount you are borrowing. People with a 600 credit score have a fair credit score. The rates on these loans will often be between 27%-35.99%.

Adding to the cost of these loans are origination fees. These fees can be anywhere from 1%-8% of the loan. The rate you are charged depends on the amount you borrow, the term of the loan, and your credit rating. Some lenders offer loans to people with lower credit scores with no origination fees. If the rates are the same, this can be a much better way to go because it will save you some money.

Is it worth applying for a personal loan with a credit score under 600?

Loans for credit scores under 600 can be expensive and a bit difficult to qualify for. Your rate will be high, and you may pay origination fees. In addition, you may have to provide the lender with a lot of documentation such as proof of income and employment, proof of identity, proof of address, and a list of your assets and liabilities. If you don’t need the money for anything urgent, it might be best to hold off on borrowing and take some time to improve your credit score. Increasing your score by even 50 points can help you qualify more easily and at a better rate.

Which lenders are best for borrowers with fair to poor credit?

Some lenders specifically deal with borrowers with fair to poor credit. Personal loans with a 600 credit score can be easier to get than loans for credit scores under 579. Having said that, these loans usually have high rates, shorter amortization schedules, origination fees, and smaller loan amounts. When researching the market, make sure you protect yourself against lenders who are not legitimate. A legitimate lender will have a physical address, want to know your credit score, not ask for fees upfront, be registered in your state, and not make offers over the phone.

So, which lenders are best for borrowers with fair to poor credit? MoneyMutual, CashUsa, and CreditLoan are all rated highly for borrowers with poor to fair credit. Others you can consider are Upstart, OneMain, Avant, LendingPoint, LendingClub, and Upgrade. Each of these lenders has different criteria regarding rates, fees, terms, and amounts. Check their websites to see what works best for you.

Closing Thoughts

Loans for a 600 FICO score are a bit more challenging to get, but it is certainly possible. If you have time to wait, you can work on improving your credit score. Having a better score will give you more options when it comes to getting a loan. If you are in a position where you need to borrow money, it’s best to do some research. The first step is to check your credit score. The second step is to determine how much money you need. Finally, have a look at your budget to see what you can comfortably afford as a payment. Once you have this information, you can compare lenders and work with ones who can offer what you need.

An alternative way to go is to apply online using a platform like Acorn Finance. Online lenders are often more flexible in their criteria. Acorn Finance gives you access to dozens of fully vetted lenders. You can have multiple offers to check and compare. Applying this way is fast, easy, and convenient. It doesn’t impact your credit rating either because it only does a soft pull on your credit report.

Regardless of whether you apply to lenders individually or online, make sure you check rates, fees, and terms to get the best deal you can.

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