What Credit Score Do You Need For a Personal Loan?

Your credit score is one — but not the only — factor that lenders use to decide your rate and loan amount.
Annie MillerberndOct 15, 2020

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Credit score requirements for personal loans vary across lenders. Many give preference to borrowers with good or excellent credit scores (690 FICO and above), but some lenders accept borrowers with bad credit (below 630).

The minimum credit score to qualify for a personal loan is typically 610 to 640, according to an anonymized dataset of NerdWallet users who pre-qualified for personal loans.

A high credit score doesn’t guarantee you’ll qualify or get a . Qualifying rests largely on your creditworthiness, which is usually a combination of your credit history and score in addition to income and debt. Use the calculator below to learn what loan options you may have based on your credit score.


Just because you meet a lender’s minimum credit score requirement doesn’t always mean you’ll qualify for a loan.

Lenders have a range of criteria they consider on an application. Some look at , like where you went to college and what field you work in. Others look mostly at your credit report and history, along with your income and debts.

Here’s what most lenders look at on a personal loan application:

Though lenders consider a few factors on a loan application, your credit score is often given a lot of weight.

Borrowers with fair or bad credit often qualify for high rates, which can be up to 36%. A low credit score could also be the reason a lender approves you for a low loan amount.

Lenders that offer may look beyond your credit score to make a loan decision. , for example, look at a member’s standing with the credit union and other factors on an application.

Loan applications can cause a temporary dip in your score. can show you potential loan offers and won’t hurt your credit score. If you don’t qualify for the loan you want, you can with a co-signer or by building your credit.

: Learn how much your monthly payments could be, based on your loan amount, term and credit score.

: Find out how much consolidating your debt could save you.

: Determine your debt-to-income ratio and learn how lenders use it.

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