The short version
Key takeaways
- Many personal loan lenders work with scores in the 580–600 range, but the lowest advertised rates go to borrowers with good to excellent credit — roughly 690 and up.
- Your score can easily be the difference between a single-digit APR and one in the 30s — thousands of dollars on the same loan.
- Lenders also look closely at your income and debt-to-income ratio, not just your score.
- Prequalifying with several lenders shows your likely rate without affecting your credit.
If you're thinking about a personal loan, the first question is usually whether you'll be approved. The honest answer: there's no single credit score cutoff. Lenders set their own requirements, and many don't publish them at all.
What's certain is that your score shapes two things — whether you're approved and how much the loan costs. A borrower with excellent credit and a borrower with fair credit might both be approved for the same $10,000 loan, yet one pays thousands of dollars more in interest.
This guide explains what lenders typically look for at each credit level, what that means for your rate, and how to improve your odds.
Credit score ranges at a glance
Lenders generally think about credit in bands. Using FICO's ranges:
| FICO Score | Range name | What to expect for a personal loan |
|---|---|---|
| 800–850 | Exceptional | Best rates; widest choice of lenders |
| 740–799 | Very good | Very competitive rates; most lenders available |
| 670–739 | Good | Solid approval odds; rates vary meaningfully by lender |
| 580–669 | Fair | Approval possible with many online lenders; higher APRs |
| 300–579 | Poor | Limited options; consider secured loans, a co-borrower or credit unions |
If you're not sure where you stand, see how credit scores work and check your score for free before applying.
What lenders actually require
Most lenders don't post a hard minimum, but published information and third-party reports give a reasonable picture as of October 2026:
- Lenders aimed at strong credit — such as LightStream, SoFi and PenFed — generally look for good to excellent credit. SoFi is reportedly around 680, and LightStream doesn't offer prequalification, so you'll want to be confident before applying.
- Lenders serving fair credit — such as Upgrade, Happen Bank (formerly LendingClub), Upstart and Prosper — work with a broader range. Approvals are commonly reported starting around 580–640, depending on the lender.
- Lenders serving lower scores — such as Avant and OneMain Financial — are reported to approve some borrowers with scores in the 500s, often at higher rates. OneMain also offers secured loans backed by a vehicle.
You can filter every lender we cover by credit level in our personal loan comparison.
How much your score changes the cost
This is where your credit score matters most. Personal loan APRs currently run from the single digits for top-tier borrowers to around 36% at the high end.
That gap is why it can be worth spending a few months improving your credit before borrowing — if the expense can wait.
Other things lenders look at
Debt-to-income ratio (DTI). Your monthly debt payments divided by your gross monthly income. Many lenders prefer it below about 36%, and a high DTI can lead to a denial even with a good score. Our DTI guide shows how to calculate yours.
Income and employment. Lenders want to see steady income that comfortably covers the new payment. Some set minimum income requirements.
Credit history details. Recent missed payments, collections or a bankruptcy weigh heavily. So does a very thin file with only one or two accounts.
Loan amount and purpose. Smaller loans and some purposes — like debt consolidation — can be easier to approve.
How to improve your approval odds and your rate
- Check your credit reports at AnnualCreditReport.com and dispute any errors. A single mistaken late payment can cost you.
- Pay down credit card balances. Lower utilization can lift your score relatively quickly — often within a billing cycle or two.
- Prequalify with three to five lenders. It typically uses a soft pull, so you can compare real offers with no effect on your score.
- Borrow only what you need. A smaller loan is easier to approve and cheaper to repay.
- Consider a co-borrower with stronger credit, if the lender allows joint applications. Remember they're equally responsible for the debt.
- Look at a secured option. Pledging a vehicle or savings can help you qualify or lower your rate — but puts that asset at risk. See secured vs. unsecured loans.
- Check credit unions. They often have competitive rates and may be more flexible with members.
The bottom line
You don't need perfect credit to get a personal loan — many lenders work with fair credit, and some go lower. But your score has an enormous effect on what you'll pay. Check your credit, improve what you can, prequalify with several lenders and compare offers on APR and total cost.
If your score is around 600, our guide to getting a personal loan with a 600 credit score goes deeper. Or compare lenders side by side in our personal loan comparison.
Quick answers
Frequently asked questions
What is the minimum credit score for a personal loan?
There's no universal minimum. Some lenders don't publish one at all, and lenders that serve fair credit are commonly reported to approve scores starting somewhere in the 550–600 range. Lenders focused on prime borrowers generally expect good credit, around 670 or higher.
Can I get a personal loan with a 650 credit score?
Often, yes. A 650 score falls in the fair range, which many online lenders serve. Expect a higher APR than borrowers with good credit, and compare several prequalified offers.
Do personal loan lenders use FICO or VantageScore?
It varies by lender, and many use FICO Scores. Your free score in an app may be a VantageScore, so the number a lender sees can differ somewhat — treat any free score as a guide, not an exact match.
Does checking personal loan rates hurt my credit?
Prequalification usually uses a soft credit check, which doesn't affect your score. A hard inquiry happens only when you submit a full application, and its effect is typically small and temporary.