Getting a Personal Loan With a 650 Credit Score

Where Can I Get a Personal Loan With a 650 Credit Score?

Learn which types of personal loans are most suitable for those people with fair credit — which means those with a minimum credit score between 650 and 700 points.

Check out their interest rates, fees, borrowing limits, as well as time frames of the loan term for borrowing, as well as criteria for credit qualifications.

Find out how you can improve and affect your credit score to increase your chances of getting approved.

If you need the best personal loan with fair credit, it’s searching for cash in a hurry that can be used to pay for a bill such as utilities, including home improvement, or to deal with financial emergencies.

If you’ve got a decent credit score, which isn’t the best but not bad, you could still be eligible for personal loans. It’s just a matter of being willing to pay more in interest on the loan.

We looked over 48 partner lenders across the United States to find the most affordable interest rates for those who have fair credit personal loans.

While you can collaborate with any lender to obtain the personal loans you need, we discovered that the top choices for those borrowers with fair credit are Upstart, Lending Club, and Prosper. Although we cannot accurately predict your minimum credit score requirement, these three lenders have loans that can be used in many different circumstances.

Best Personal Loans for Fair Credit Scores


Upstart is an online lender that offers personal loans that consider more than just your minimum credit score. When making a loan decision, Upstart looks at your credit union and your work history, education level, and area of study. In considering these elements, Upstart can better gauge its lending risk. So, you’ll obtain a lower interest rate at Upstart.

Upstart provides 3- and five-year loans ranging between $1000 and $50,000.


  • No prepayment penalty
  • Examine your education, field of study, and work background to determine loan approval and can give loan proceeds
  • The quick and straightforward application process


  • Loan amount of borrowing that is greater than five years
  • An origination fee is charged
  • Possibility of a high-interest rate


Prosper is another online lender offering short-term loans to those who meet the criteria.

To be eligible to receive the Prosper loan, it is necessary to have a credit score of a minimum of 640. Additionally, you must have a debt-to-income ratio that is less than 50%.

You must also have a quick and straightforward regular source of income and have not declared bankruptcy within the last year. Additionally, you should have less than seven inquiries about credit within the previous six months, as well as at least three open credit accounts.

If you’re eligible, Prosper offers low fees on loans that range between $2,000 and $35,000.


  • Interest earned (partially) is paid to investors
  • No prepayment penalty
  • You can check your rate in a matter of minutes without impacting your credit score and credit check.
  • Funds are disbursed as fast as one day or soon as the next day


Lending Club

Lending Club is a peer-to-peer personal lender. This means that when you request for loans at Lending Club, you don’t receive the funds through Lending Club. Instead, ordinary individuals looking to invest in personal loans can offer to pay for the loan.

If you’re seeking to take out $10,000, you may end up having to borrow $100 from 100 other people. Lending Club just serves as the market for loans and also helps to manage the repayments.

Lending Club offers loans up to $40,000, with either three or five-year loan terms.


  • No prepayment penalties
  • Your loan’s investors include normal individuals


  • Potential for a fixed APR range that is high
  • One-time origination fees request.

What do we choose?

Examine the customer service choices provided by the lender. There’s one more item to think about before signing the loan agreement if you’ve identified a lender.

We will recommend three of the top lenders to those with good credit and who need personal loans.

We made our selections by looking for lenders that specifically target those having personal loans for fair credit. They know who they are targeting and can make loans specifically for people who have fair credit. We examined every aspect of the lending options offered by each lender, including fees, interest rates, and lending limits—additional features.

Although there isn’t a magic solution for selecting the right personal loan, these personal loan lenders provide loans that work for most people.

If your particular financial situation means that the loans you’re offered don’t meet your requirements, many other excellent options are available.

This article aims to be the beginning point for your search for a loan offer. It offers a handful of repayment options for lenders to check out and suggestions for finding the best loan.

There is a chance that these lenders won’t consider the loan application or take applications from those within your area. Be prepared to research other lenders if this is the right choice for you.

If you’re looking to learn how to improve your credit score and ways to increase your chances of receiving a loan, we’ve given additional details below.

What is a credit score?

The credit score represents a number that represents a measure of an individual’s trustworthiness when it involves borrowing money. With a great score, they’re likely to repay the money they’ve borrowed. When they’ve got a poor score are less likely to repay their obligations.

When most people discuss your credit score, it’s usually referring to the FICO score. FICO scores were created at the time of 1989 through the Fair Isaac Corporation. Nowadays, Equifax, TransUnion, and Experian, the three major credit bureaus, keep track of the FICO scores of consumers.

History of payments

The section that shows payment history on your credit report reflects that you make timely payments on your charges. Each time you pay on time, your score improves. Each time you make a late payment, it hurts your score. More late payments result in a more significant drop in your scores.

This is the most significant impact on your credit rating. The best method to improve your credit score is to build a history of years of timely payments.

Sums due

The debt is made up of two components.

The first one is simply the minimum loan amount that you owe. The more debt consolidation loan you have to creditors, the more difficult it will be to make your monthly payments.

The less obligation significant you have, the less complicated it is. To improve your credit score, make an effort to pay as little as you can to creditors.

The second is the proportion of your credit limit which you’re currently using. Take all the balances on your credit cards as well as all your credit limits.

Divide your balances in half by the limit to determine how much credit you use. The lower this debt-to-income ratio is, the more favorable it is.

Credit history’s length

The longer you’ve had your bank account with credit agencies, the better your credit score. A more extended file indicates that you’ve had experience in handling debt. It will also make it easier for lenders to evaluate your financial situation.

Your score will also consider the average time of your credit accounts. If you have to open and close a lot of credit cards, and affecting your credit score. The lenders want to see relationships with long loan term lenders on your credit report.

Credit types

The more diverse kinds of loans you’ve experienced, the higher scores you’ll have. Possessing a credit card and managing it with care is something. Creditors want to determine how you handle different kinds of debt, such as car loans, student loans, and mortgages.

The more kinds of loans you’ve had, the better it will be for your credit score.

New credit inquiries

If you are requesting for any kind of loan, including a debt consolidation loan, the lender will ask for a copy of your credit history from an agency for credit.

Every time a lender seeks your information, the credit bureau is aware of this fact. The “hard pull” of your credit report will remain in your credit bureau for two years.

The idea of requesting for a lot of loans simultaneously is a concern to lenders. Why do you want to request for so many loans when you don’t need cash? They want to be sure you’ll be able to repay them, and if you’re borrowing too much at one time, you’ll be unable to pay your expenses.

What is a “Fair” rating on Credit?

FICO scores vary between 300 and 850, with higher scores being more favorable. Despite the wide variety of possible scores, scores loans you between 700 and 650 are considered acceptable. Beyond that, you’ll have excellent credit. If your credit score is above 775, you’ve got excellent credit.

Poor credit people aren’t likely to qualify for a loan. They’ll be charged high-interest rates if they are approved. Individuals who have bad credit will have a lot of issues receiving loans.

A fair credit score can be a sign of a variety of things. It could be that you’re just beginning to build credit or have committed financial errors during your life. Whatever the case, having an acceptable score means that you’re well on the way to getting a high score.

How to Increase Your Credit Score?

Your credit profile, desired loan amounts, requested loan duration, credit utilization, credit history, and other variables all influence the loan conditions you are offered. Not every borrower qualifies for the best interest rate. You must have great credit, complete certain requirements, and choose autopay to qualify for a personal loan for the lowest rate.

Although a record of punctual payments is the most effective way to increase your business score, you can find a few quick-term strategies to boost your score.

One option is to reduce the burden on your credit card by making more repayments for your outstanding debts. Also, refrain from making purchases with your credit card in the month before making the time to submit a loan request.

It will decrease the credit utilization ratio. The request for an increase in your credit line can also reduce the loan amount of credit you use. Be sure to ensure that the request isn’t going to cause the possibility of a hard pull.

Another option is to request an official copy of your credit file. Look it over for errors. If you find any data that isn’t accurate, you should contest the information by contacting the credit bureau. The removal of any incorrect late payments or another derogatory mark can increase your credit score with fair credit.