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Loans for 600 Credit Score
Do you have a credit score of around 600 and are looking for a personal loan? Fair credit borrowers can still access some options to cover their financial needs.
Here are our choices for the best personal loans for a 600 credit score. Whether you need money for home improvement, debt consolidation, credit card refinancing, or personal expenses, you can find a suitable option for your current situation and get the money you need in no time.
Best Personal Loans for 600 Credit Rating
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees up to 12%
- $15 late fee
- $15 NSF fee
- Quick access to loan funds
- No prepayment penalties
- Flexible monthly payments
- Soft credit check when prequalifying
- Flexible loan amounts
- Origination fees up to 12%
- High maximum annual percentage rate
- Co-signers aren’t allowed
- Hard credit checks for final approval
- Limited repayment loan terms
One business day (same-day funding available)
Poor credit borrowers who can’t qualify for traditional personal loans
Upstart is a financial platform that enables borrowers with low credit to get personal loans with flexible payback options. Its key advantage is same-day funding.
Upstart does not do hard credit checks when you prequalify. In addition, customers can apply in the morning and receive their personal loan by the end of the day.
- Quick funding (same-day deposit available)
- Available to borrowers with poor credit
- Soft credit checks when viewing your rate
- At least 18 years also
- Permanent US resident
- Income confirmation
- Valid bank account or debit card.
- Origination fees: 1% to 10%, or $25 to $500, depending on the state
- Late payment fees: $5 to $30, or 1.5% to 15% of your loan amount
- Non-sufficient funds fees: $10 to $50 per payment returned
- Joint and secured loans are available
- Wide range of loan options for low credit
- Pre-qualifying doesn’t affect your credit score
- Convenient options for debt consolidation
- Relatively high interest rates
- Charges origination fees
- APRs are not disclosed when pre-qualify
- Not available in all states
Within one business day of approval via a direct deposit. Funding within several hours may be offered if you receive the funds on your debit card.
Borrowers with credit issues who want to avoid predatory lenders.
OneMain Financial is a reliable financial service that offers personal loans between $1,500 and $20,000 without minimum credit score requirements. With its joint applications, flexible repayment terms, and soft credit checks for pre-qualifying, it can suit borrowers with bad credit. Interest rates are usually high, though.
The company offers a wide range of secured, unsecured, and joint loan options with flexible repayment terms. Its personal loans are available to underbanked borrowers.
- Direct payment to creditors for debt consolidation
- Loan cancellation within 7 days
- Fast funding
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Live in states the company operates in
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- No fees for loan processing, late payments or prepayment
- Quick access to loan funds
- No prepayment penalties
- No origination and late fees
- Flexible monthly payments
- Reports on-time payments to credit bureaus
- Borrowers with any credit can qualify
- High interest rates
- Small loans amounts
- Hard credit checks are performed
- Not available in all states
One business day (same-day funding not available).
Poor credit borrowers who can’t qualify for traditional personal loans
Rise gives a credit boost to borrowers with low ratings by reporting payments to two major credit bureaus. Fast funding and lenient requirements are overshadowed by high rates.
Rise does not conduct traditional credit checks on its clients. Instead, it looks at applicants’ overall financial situation. Customers can also apply in the morning and obtain their personal loan before the end of the day.
- Quick funding
- No origination fees
- Soft credit checks performed
- Be a U.S. citizen, a permanent resident, or living in the U.S. on a valid visa
- Be at least 18 years old (19 in Alabama and some other states)
- Give a working email address
- Provide valid bank account details
- Confirm a sufficient monthly income to cover your loan payments
- Origination fees: 1.85% to 9.99%
- Late payment fees: $10
- Non-sufficient funds fees: $10 per payment returned
- No prepayment penalties
- Multiple rate discounts
- Next-day funding
- The due date may be changed
- Direct payments for debt consolidation
- APRs may be high
- Origination fees are charged
- Late fees may be applied
As soon as one business day after clearing verification
Fair-credit borrowers who need the money quickly
Upgrade is an online financial service that offers up to $50,000 loans to borrowers with good to fair credit. It provides several interest rate reductions and allows you to add a co-applicant or collateral to your application. Choose it if you need money quickly and are not concerned about relatively high interest rates.
Upgrade offers convenient maximum and minimum loan amounts along with flexible repayment terms. It also accepts fair credit borrowers and provides several interest rate discounts.
- Rate discounts for auto pay, direct payment, and reward checking
- Allows to add a co-applicant
- Mobile app for managing your loan
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information and social security number
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Optional fees (up to 6%)
- Low interest rates
- Co-applicants are allowed
- No prepayment penalties
- Flexible loan amounts
- Interest rate discounts are available
- Multiple repayment options
- No origination fee
- Good credit is required for better loan terms
- Hard credit check if you continue your application
- Late fees might apply
- No co-signer option available
- No physical branches
One to three business days
Applicants with good to excellent credit scores who want to consolidate debt, make major purchases, or cover their long-term needs.
SoFi is a financial website that provides unsecured personal loans. The company doesn’t specify its minimum credit score requirements, but most of its borrowers have credit ratings of 680 and higher. Loans from SoFi are also accessible with a co-borrower with good to outstanding credit. Personal loan candidates need to have a sufficient income and a low debt-to-income ratio.
SoFi does not do credit checks on its customers when they prequalify for a loan. Instead, it examines applicants’ whole financial situation. The company offers reasonable interest rates and flexible repayment terms to qualified borrowers.
- No prepayment penalties
- No origination fees
- Low interest rates
- APR discounts
- Co-applicant option available
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees, prepayment penalties, or other fees may be applicable
- Prequalification for multiple personal loans on one platforms
- Low minimum interest rates
- Fast funding (same-day direct deposit may be available)
- High maximum interest rates
- Extra fees may be applied
- The company’s partners may perform a hard credit check
- Data privacy concerns
One business day (same-day funding available)
Borrowers with bad credit scores who want to consolidate debt or cover other significant expenses.
LendingTree serves as a handy platform for seeking personal loans. It allows borrowers to explore a variety of loan offers in one place. Many lenders that partner with LendingTree can provide loans swiftly. However, borrowers with bad credit scores typically get high interest rates.
LendingTree has accreditation from the Better Business Bureau, a non-profit group dedicated to customer safety and trust. The BBB rates LendingTree as A+, a symbol of excellence. The BBB’s decisions are based on how a company reacts to customer gripes, truth in marketing, and openness about company procedures.
- The ability to compare multiple loan offers in one place
- Loan funds in one business day
- Be a U.S. permanent resident
- Live in a qualifying area
- Be at least 18 years old
- Have a valid email address
- Have a valid personal checking account
- Provide income confirmation
- Origination fees: 1% to 5%, depending on your state
- Cash advance fees: 10%
- Late payment fees: vary by state
- Non-sufficient funds fees: None
- Next-day funding
- No application fees or prepayment penalties
- Bad credit is accepted
- Flexible repayment terms
- Convenient minimum loan amounts
- Very high APRs
- Low loan maximums
- Origination and late payments fees may be charged
- Not available in all states
Next business day
Borrowers with bad credit in need of fast cash
NetCredit helps bad credit borrowers qualify for personal loans and credit cards. Despite fast approval and funding, APRs and fees are high. Additionally, NetCredit is unavailable in 14 states.
NetCredit offers cheaper alternatives to regular personal loans and provides bad credit individuals with more flexibility. Additionally, it has fast funding times and allows borrowers to improve their credit.
- The ability to change the due date;
- Refinancing with the same lender in some states;
- Credit-building opportunities.
Can You Get a Personal Loan with a 600 Credit Score?
Yes, you can get a personal loan with a 600 credit score, but your options might be limited and come with less favorable borrowing conditions. A 600 credit score is considered fair. This means that you could be considered a potential risk to most lenders. Therefore, your loan interest rate is likely to be high.
However, loan approval isn’t all about credit score. Lenders also consider your income, work history, and debt-to-income ratio. Borrowers with fair credit should demonstrate a steady job, stable income, and DTI of below 35% to increase their approval chances.
Why Does Your Credit Score Matter for a Personal Loan?
Your credit score shows lenders how much of a risk you pose. A high credit score demonstrates your responsible financial behavior. Therefore, lenders are more likely to give you a personal loan with lower interest rates.
If your credit score is low, lenders might think you’re a risk. Thus, lenders could reject your loan application or offer you unfavorable loan terms.
Here’s a look at how your credit rating can affect your personal loan APR based on the average interest rates for each credit score range:
| Credit Score | Average APR |
|---|---|
| Poor (300-629) | 28.5%-32.0% |
| Fair (630-689) | 17.8%-19.9% |
| Good (690-719) | 13.5%-15.5% |
| Excellent (820-850) | 10.73%-12.5% |
Please note that your particular loan APR will be determined based on a wide range of factors. The examples provided above are for informational purposes only. You can use our loan calculator to find out how your loan cost and monthly payments will vary based on the APR estimates.
Loan calculator
ESTIMATED MONTHLY PAYMENT
TOTAL LOAN AMOUNT PAID
TOTAL INTEREST PAID
TOTAL COST OF LOAN
How to Apply for Personal Loans for Credit Under 600?
Here are some common steps to take to get a personal loan with a credit score below 600:
- Check your credit. Request your credit reports from major credit bureaus and review your credit score. This will help you set realistic goals.
- Add a co-signer. Find someone with a stronger credit score who can co-sign the loan. It may increase your approval chances and help you seek better loan terms.
- Gather the required documents. Lenders usually need your ID card, bank statements, utility bills, and other documents to verify your identity, income, and address.
- Fill out the loan application form. Choose the needed loan amount and a preferable repayment period and complete a form by providing your personal and financial details.
- Wait for approval. The lender will check your application details by performing a credit inquiry. Then, you will get a response via email. It typically takes from a few minutes to several hours.
- Sign an agreement. If approved, review the loan terms carefully and accept an offer by e-signing the contract.
- Get the loan funds. The money will be deposited into your bank account within 1-3 business days of approval. Some lenders may even offer you a same-day deposit.
How to Improve Your Credit Score?
Credit score improvement doesn’t happen overnight. With some work and smart financing, it’s possible in several months. Here are our tips and tricks for boosting your FICO rating:
Check Your Credit Report
Identify errors or inconsistencies that can lower your score. Did you find something odd? Report it to the credit agencies immediately.
Keep Up with Your Bills
Delinquent payments usually damage your credit score the most, so you need to manage your bills and loans responsibly. Use payment reminders or automatic payments so as not to miss due dates.
Lower Credit Card Balances
If your outstanding balance gets close to your credit limit, it can hurt your score. Try to hold your credit utilization under 30% of your available limit.
Leave Old Accounts Open
Credit history duration is essential. Closing old accounts may shorten your credit history, negatively impacting your score. So keep your old accounts open, even if you don’t use them.
Manage Different Credit Types
A diverse mix of credit, like credit cards, mortgage loans, and installment loans, can be beneficial for your score. It signals that you responsibly manage different credit types.
Avoid New Loan Applications
Each new loan request can slightly reduce your score. Don’t apply for new loans too frequently, especially if you’re planning a significant financial step like purchasing a home.
Talk to Creditors
If paying your bills becomes a challenge, contact your creditors and ask about available options. They might be open to creating a payment plan or reducing your debt amount.
Become a Credit Card Guest User
If you know someone with good credit, think about becoming a guest or authorized user on their credit card. Their good payment record can lift your credit score.
Consider a Credit-Builder Loan
Credit-builder loans require you to make upfront payments without getting a loan amount on hand. Once you repay the loan in full, you can access the loan funds. Each of your on-time payments is reported to credit bureaus, boosting your FICO rating.
Methodology
BadCredify assesses personal loan offerings from over 40 lenders and financial organizations. We review information on the companies’ websites and cross-check the details using other open sources and customer reviews.
Our experts go through the pre-qualification process and evaluate the terms offered. We pay special attention to interest rates and fees, repayment terms, safety and convenience, funding times, and eligibility criteria. Then, we choose the lender that offers the best terms based on the factors considered.
FAQs
What is the minimum credit score requirement for personal loans?
Each lender may set its own criteria. Some loan providers only accept borrowers with a score of at least 670 or 580, while others set no minimum credit score requirements. Remember, a higher score can boost your chance for better loan terms.
How much does a loan with a credit score under 600 cost?
The cost of fair credit personal loans varies by lender and state. However, the prices range between 5.99% and 35.99%.The exact cost will be determined after a lender reviews your application details and credit profile.
What credit score should I aim for?
Typically, borrowers with good to excellent credit are offered better loan conditions. Aim for a credit score of 670 to 850 to access all the benefits.
How can I use a personal loan?
Personal loans can be used for a variety of purposes, from covering emergency expenses to financing big life events, making home improvements, and consolidating debts. However, some lenders set restrictions on using the loan funds for business, investment, and gambling needs. You may also face restrictions on using a personal loan to make a down payment on a house.
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