It is possible to get a personal loan with a credit score of 600, as some lenders consider this to be a “fair credit score”. However, the interest rates and fees associated with such loans may be higher than those offered to borrowers with higher credit scores. There are lenders that specialize in offering personal loans to those with fair credit, but it is important to consider whether you will be able to make the payments before taking out the loan. Payments for personal loans can come in the form of installment loans, such as auto loans or mortgages, or credit cards.
These loans usually have higher rates, shorter repayment terms, opening fees, and smaller loan amounts. A debt consolidation loan is another term for a personal loan used to consolidate credit cards and other debts. If you do not qualify for an unsecured personal loan from OneMain Financial, you may be offered a secured loan. Loan terms typically range from 36 to 60 months, which may be attractive to borrowers who think they may need more time to repay the entire loan.
The lender will consider your credit rating, the length of the loan term, and the amount you are borrowing when deciding whether or not to approve your loan application. If you have bad credit or a poor credit history, having a co-applicant for your personal loan can be beneficial. Personal loans are offered by both online banks and traditional banks, including large credit unions. Most LightStream loans have a term of two to seven years, but you can get up to 12 years if you apply for a specific home improvement loan.