5 Apr

How Many Installment Loan Lenders Offer Consumers Financing If Their Credit Scores are Below 660

Having a credit score lower than 660 doesn’t mean that you won’t be able to get approved for any loan. Currently, there are 4 major lenders that offers installment loans for people with credit score lower than 660. Most of these loans can be applied on the internet by spending less than 5 minutes to fill an online application. The best way for consumers to shop for these loans is to use a loan comparison search engine. The following are lenders that offers personal loans for people with credit score under 600.

Lending Club is offering loans at competitive interest rates for people with a minimum credit score of 600. Lending Club allows you to take out a maximum loan of $40,000. The range of the interest rate is in between 5.99% – 35.89%. To qualify for a loan at Lending Club, you must have a debt to income ratio of not more than 40% and have lesser than 5 hard inquiries. You will need to have an established credit history of at least 3 years and possess at least 2 active credit cards. In addition, you must provide proof of your income and a stable job.

Avant offers loans starting from a loan amount of $1,000 up to $35,000 for people with credit score as low as 580. The interest rate of Avant loans is in between 9.95% – 36%. You can check your interest rate for the Avant loan without a hard pull on your credit score. Avant personal loans feature fixed interest rate so you will pay the same interest rate throughout the loan term. Avant loan has an A transparency score. There is no prepayment penalty so you can pay down the loan earlier without having to pay a penalty fee.

OneMain offers a loan amount of up to $25,000 and will approve anyone with a credit score as low as 600. It offers fixed interest rate in between 25.10% – 36%. The minimum requirements of getting approved for a OneMain loan is to have some credit history and never file for bankruptcy before. You must have a steady income and be in a minimum age of 18 years old to be qualified for a OneMain loan. OneMain loan can be used for all purposes except gambling, business, and college tuition fees. OneMain loan earns a B transparency score. OneMain loan can only be applied at a local branch.

Prosper offers loans starting from $2,000 up to a maximum amount of $35,000. The APR interest rate ranges from 5.99% – 36% and you can choose to repay within a loan term of 3 – 5 years. To qualify for a Prosper loan which operates through a peer to peer lending network, you must have a valid bank account, SSN, steady income, and less than 7 hard inquiries. You must have at least 3 types of accounts and a credit utilization ratio of lower than 50%.