Yusra3
VIP Contributor
If you're looking to take out a personal loan, your credit score will be one of the biggest factors affecting your approval odds and interest rate. Most personal loan lenders look for credit scores in the prime or better range.
According to data from several major personal loan lenders, the average credit score for approved personal loan borrowers is around 670-690. This falls within the "good" credit score range of 670-739.
However, to qualify for the very best personal loan rates from top lenders, you'll typically need excellent credit - meaning a score of 740 or higher. Scores in the 600s will still meet many lenders' minimum criteria but result in a higher interest rate.
Those with credit scores below 600 may have trouble qualifying for affordable personal loans from major lenders. But there are some non-prime personal loan options available, albeit with higher rates and fees.
While credit score requirements can vary, borrowers seeking competitive personal loan offers should aim for a 670+ credit score at minimum. The higher the score, the lower the rate you'll receive.
According to data from several major personal loan lenders, the average credit score for approved personal loan borrowers is around 670-690. This falls within the "good" credit score range of 670-739.
However, to qualify for the very best personal loan rates from top lenders, you'll typically need excellent credit - meaning a score of 740 or higher. Scores in the 600s will still meet many lenders' minimum criteria but result in a higher interest rate.
Those with credit scores below 600 may have trouble qualifying for affordable personal loans from major lenders. But there are some non-prime personal loan options available, albeit with higher rates and fees.
While credit score requirements can vary, borrowers seeking competitive personal loan offers should aim for a 670+ credit score at minimum. The higher the score, the lower the rate you'll receive.
