Can You Get a Personal Loan With a 550 Credit Score?
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
How Does a Credit Score Under 550 Impact Personal Loan Interest Rates?
Tips for Getting Approved for a Personal Loan With a Credit Score Under 550
Find a Cosigner
Get a Co-Borrower
Improve Your Credit
Pay Down Your Debt
Wait
Alternatives to Personal Loans
Family Loans
Credit Cards
Cash Advances
Payday Loans
Lines of Credit
The Takeaway
3 Personal Loan Tips
Shopping around helps ensure that you’re getting the best deal you can. Lantern by SoFi makes this easy. With one online application, you can find and compare personal loan offers from multiple lenders. If the interest rates you’re being offered seem too high, try lowering the loan amount. Generally, the larger the loan, the greater the risk for lenders, who likely charge a higher interest rate for the increased risk level. Don’t assume that if you have bad credit, you can’t get a personal loan. There are lenders who specialize in bad credit loans.
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