Can I get a 10k loan with 500 credit score?
Lenders may accept borrowers with a 500 credit score but expect you to meet additional criteria, such as a minimum income or employment history. Look into fees and interest rates. Ask about fees and interest rates you might pay if you get a loan.
Get a secured loan
A secured loan is a type of personal loan that requires collateral. Because the lender can repossess your collateral if you default, lenders may be more willing to offer loans to bad-credit borrowers. You might also find that APRs are lower on a secured loan compared to a traditional personal loan.
| Lender | Loan Amounts | APRs |
|---|---|---|
| Oportun | $300 - $18,500 | 10.07% - 35.95% |
| OneMain Financial | $1,500 - $20,000 | 18% - 35.99% |
| RISE | $500 - $5,000 | 60% - 299% |
| Jora Credit | $500 - $4,000 | 99% - 349% |
To increase your chance of qualifying for a $10,000 unsecured loan, you should have a credit score of 600 or higher. Some lenders start their minimum credit score requirements at 600, however, there are some lenders that require a credit score in the high 600s or low 700s.
£10,000 loans with bad credit are available, but there will be a smaller pool of lenders willing to lend to you. You will likely have to pay higher interest rates too. In some cases, you may not be able to borrow the full £10,000.
| 8.00% | |
|---|---|
| Two-Year Repayment | $452.27/month, $854.55 in interest over time |
| Five-Year Repayment | $202.76/month, $2,165.84 in interest over time |
| Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time |
The minimum may be as low as 500 or as high as 670, depending on the lender. Loan amount ranges. Some lenders offer competitive options for smaller loan amounts (below $2,500). While several personal loan lenders offer loan amounts as high as $100,000, bad credit lenders tend to limit you to $50,000 or less.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 500 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
Is it hard to get a $10,000 dollar loan?
The main factor in determining if you qualify for a $10,000 personal loan is your credit history. You'll need a credit score of at least 670 before you apply. Lenders look at your debt-to-income ratio when deciding approval. A DTI ratio of 36% or lower is ideal.
Generally, you need a good to excellent credit score of 670 or above to qualify for a $10,000 loan. However, some lenders specialize in working with borrowers with fair or poor credit.
- Become A Freelancer. Freelancing is one of the most popular ways to make money quickly. ...
- Invest In Cryptocurrency. ...
- Participate In Online Surveys. ...
- Become A Virtual Assistant. ...
- Do Odd Jobs. ...
- Create An Online Course. ...
- Become An Affiliate Marketer. ...
- Sell Your Stuff.
You could get a personal loan with a credit score of 580, but your options will likely be limited and costly. While you may be able to get a personal loan with a lower credit score, a score in the good range of at least 670 should give you access to more options.
Representative 6.1% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 5.9358%, (nominal). This would give you a monthly repayment of £193.02 and a total amount repayable of £11,581.20.
To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 670 and above.
Representative example
You could borrow £10,000 over 48 months with 48 monthly repayments of £237.16. Total amount repayable will be £11,383.68.
Like banks, credit unions typically fund loans 1 to 7 business days after approval. Online lenders: Online lenders tend to offer the fastest funding times — with some, you can get money the same day you apply. If you need cash fast, an online lender may be the best option.
| Interest Rate | 2-Year Repayment Timeline | 5-Year Repayment Timeline |
|---|---|---|
| 11.48% | $468 per month, $1,239.44 in total interest | $220 per month, $3,189.54 in total interest |
| 15.00% | $485 per month, $1,636.80 in total interest | $238 per month, $4,273.96 in total interest |
What Is A Hardship Loan? A hardship loan is a type of financing that helps people dealing with a financial crisis caused by an emergency expense or an income shortfall. You can use a hardship loan to cover everything from a surprise medical or car repair bill to necessities like food and rent.
What is the easiest type of loan to get with bad credit?
Secured loans
With a secured loan, you'll have to offer your lender an asset as collateral, like a car, a home or even a savings account. Because secured loans require valuable collateral, they're often easier to obtain than unsecured loans and generally offer better rates, since the lender is at less risk.
Secured, co-signed and joint loans are the easiest to get with bad credit. A secured loan requires collateral like a car or savings account, which the lender can take if you fail to repay. A co-signed or joint loan requires you to add someone with better income and credit to the application.
Fair Finance is a direct lender. This means there is no middle man involved, such as a credit broker, agent or financial advisor. If you want to take out a personal loan with us, you apply to us directly. We then make the lending decision without needing to involve anyone else.
If you need the money now, there might be other ways to borrow, such as credit unions, employer salary advance schemes or Community Development Finance Institutions. But it's important to avoid being tempted to take out high-cost credit that you might be able to get but would struggle to afford, such as payday loans.
The best quick loans overall are from LightStream. The company provides funding as soon as the same day you apply, has an APR range of 7.49% - 25.99%, and offers loan amounts of $5,000 - $100,000. To qualify for a loan from LightStream, borrowers must have a credit score of at least 660.
