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Subprime Personal Loans

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A subprime personal loan is a type of loan or line of credit that you can obtain if you have a poor credit score. Subprime personal loans usually have higher fees and interest rates, but can provide you with the funds you need and, sometimes, help you build on your credit. Subprime lenders can be defined as those who deal with borrowers with credit score 620 or below, exclusively or not. Most subprime personal loans have a fixed interest rate that remains the same during the loan’s term. Subprime loans often come with high loan costs so be mindful before jumping at the opportunity to borrow money.

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Helping You Find Subprime Personal Loans

Are subprime personal loans worth it?

It depends on your personal financial situation and what you need the money for. While a subprime loan can get you the cash you need, keep in mind you will likely pay high-interest rates and fees, which can make borrowing money expensive. If you’re weighing the costs of getting a subprime personal loan, make sure you take the time to really examine what your monthly budget is and how much you can afford to repay. Furthermore, consider total loan costs, not just monthly payments. 

Failing to repay your personal loan can result in your credit score declining even more and further impacting your chances of improving or building credit in the future. On the flipside though, repaying the loan on-time could equal an opportunity to boost your credit.

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Who qualifies for a subprime loan?

Requirements can vary by lender, but as a baseline an individual that might qualify for a subprime loan might meet one or more of the following: 

  • Little or no credit history
  • A credit score below 620
  • A high debt-to-income ratio 
  • Previous foreclosure or bankruptcy filed

To find out if you qualify for a personal loan, check offers at Acorn Finance. Our network of top national lenders can help subprime to excellent credit borrowers. Most of our lending partners have a credit score cutoff of 600 or above. We strongly urge borrowers to do what they can to boost their credit score before applying for a loan. 

Subprime Personal Loans: Frequently Asked Questions

If you have poor and or bad credit and need access to quick funds, one way to get the cash you need is through a subprime personal loan. These loans are catered to individuals who might not be able to qualify for a traditional prime rate loan because their credit score is below 620. Subprime lenders can offer personal loans, secured loans, and other loan products. While they are willing to take a greater risk more often than a non subprime lender, they are in the business of making money. Rates and fees are often high when dealing with a subprime lender. 

To determine if a subprime personal loan is the best option for you, take a few minutes to learn a bit more. Let’s dive in.

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What credit score is needed for a subprime loan?

While each lender will have different guidelines for what they consider subprime, according to the Consumer Financial Protection Bureau, a credit score between 580 and 619 is considered subprime. However, different reporting agencies might have different guidelines. For example, VantageScore considers anything up to 600 subprime or below 670 from Experian. Lenders that deal with subprime loans often consider a variety of requirements from credit score to income to determine eligibility. To find out if you qualify, get prequalified. 

Are subprime loans only offered by banks?

You can find subprime loans from a wide variety of lenders, including banks (both traditional and online), credit unions, and even the government through FHA loans and more. These are meant to provide second chances to those who need money or to finance a purchase but aren’t eligible for many mainstream loans due to their poor credit score. 

What are examples of subprime loans?

There are three different types of subprime loans available for borrowers — subprime mortgages, subprime auto loans and subprime personal loans. Each serves a different purpose and are available to individuals who might not otherwise qualify for loans to give them access to large purchases like a car or house, or access funds for an emergency. 

Subprime mortgages are available to those looking to buy a house but don’t quite have the credit requirements necessary. With a subprime mortgage, it’s not uncommon for the length of the loan to be 40 or 50 years compared to the standard 30-year fixed-rate mortgage. In these scenarios, a borrower could and will likely pay more interest over the length of the loan and face a higher interest rate than a prime mortgage. 

For a subprime auto loan, you could face higher interest rates and potentially prepayment fees if you pay your loan off ahead of schedule. Cars that are repossessed are commonly from subprime borrowers who are unable to make their monthly payments. 

Lastly, subprime personal loans can help you get out of a financial emergency or timely need for money, but can also be an expensive way to borrow money. While they’re available for urgent situations, borrowers should really weigh the pros and cons to ensure they’re able to make payments regularly and won’t fall behind on their payment schedule. 

What can you use subprime personal loans for?

As with any personal loan, you can use a subprime loan for a wide variety of uses. Some popular uses include consolidating other debt, paying for home improvements, financing a large purchase or paying an emergency bill or unexpected cost. While there are usually no restrictions around what you can use them for, any debt you add should be used responsibly to avoid any other financial trouble. 

Subprime personal loans are a quick way to get access to the funds you need, but they should be used responsibly. With the right subprime loan and on-time payments, you can potentially increase your credit score and work towards improving your financial situation.

What are the pros and cons of subprime personal loans?

If you’re considering getting a personal loan with a subprime credit score, it’s crucial to weigh the pros and cons so you can feel confident you’re making the right decision. When you have a subprime credit score, adding additional debt should be carefully considered to avoid additional negative consequences.


  • Subprime loans can help you increase your credit score with regular on-time payments and responsible borrowing. 
  • A subprime personal loan can help you get a mortgage or car or access to cash that otherwise you wouldn’t qualify for. 
  • You can get quick access to the funds you need when you get a subprime loan from some online lenders.


  • You’ll likely face the highest interest rates and potential fees with a subprime personal loan. 
  • Failing to repay can get you in more trouble with your credit score and continue the cycle of debt. 
  • With higher-than-normal income requirements, some might struggle to qualify even with poor credit.

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