It is possible to get a personal loan with a credit score of 630. The best lenders for this credit score range are FreedomPlus, Upgrade and Avant, as they offer the most competitive Annual Percentage Rates (APRs) and fees. To find out what loans you are likely to qualify for with a credit score of 630, it is best to check for prequalification. Generally, the minimum credit score to qualify for a personal loan is between 560 and 660, according to lenders surveyed by NerdWallet. Some lenders may require a higher score.
Although it is technically possible to apply for home equity and Home Equity Line of Credit (HELOC) loans with a credit score within a reasonable range, it is usually not recommended. Even if you meet the credit rating requirements, derogatory credit ratings can prevent you from being approved for a personal loan. Pre-approval does not affect your credit score and can save you from wasting time with lenders who will not accept your application. Rocket Loans may be a good option if you have a fair credit score (580 or higher) and need funds quickly. Unforeseen expenses such as emergency home repairs, medical bills, major home renovations or extensions, and vacations are also reasons why you might consider applying for a personal loan.
People who are close to you may not be concerned about your credit rating and may be willing to lend you money. Take note of the credit requirements for each available loan and narrow them down to those that you are likely to qualify for. Many lenders allow you to pre-qualify in order to preview your potential interest rate and monthly payments before you apply for a loan. An opening fee is charged to cover the costs of processing your application and creating your loan. If you cannot decide on a direct lender, using a loan aggregator can help narrow down your options.
While lenders consider several factors in a loan application, your credit rating is often given significant importance. Make sure that the loan terms that you qualify for meet your needs and that you can comfortably repay the loan. Personal loans can be used for any purpose but are most commonly used to consolidate debt and refinance credit cards. With Fiona, you can apply in 60 seconds or less and receive personalized quotes for personal loans from several lenders at once. Borrowers cannot use Marcus personal loans to refinance existing student loans, but the platform supports other forms of debt consolidation with a consolidation calculator and direct payment to external lenders.