By Emma Moore
on July 3, 2019
Read in 1 min

Taking out a personal loan usually isn't something you do without a good reason. You're facing a big expense and you need the money now. What you might wonder, though, is whether you can actually get the loan. Considering whether you can get a personal loan with your credit scores, is always a good idea.

Why Your Scores Matter

When lenders work with you, they're taking a pretty big risk. It's their money on the line and they don't always know if you'll be able to pay them back. To deal with this, they use a tool that will help them to determine your trustworthiness. Credit scores are an important part of the lending industry and something that just isn't going to go away.

Your scores matter because they're going to help your lender determine how much interest to charge. If you don't know your score, you simply don't know what your odds of approval are.

Will You Get a Loan?

The good news is that there are personal lenders who are happy to work with people who have low scores. Traditional banks have largely gotten out of the personal loan game. These companies have stepped in to provide the service and are willing to look at other factors before denying someone.

What you do need to know, though, is that almost every lender has a floor for lending. While most are going to look more at your ability to pay than anything else, many lenders still tie their loans to a minimum score. These scores are generally above six hundred, but there are some lenders who might be willing to work with those who have lower scores and who exhibit a strong ability to pay.

Even if the lender will work with lower scores, the lender is still going to use those scores to figure out your interest rate. Those who have lower scores get higher rates because they represent a risk, and then a higher score allows the lender to recoup more money more quickly. As such, your scores might let you get a loan but they might not let you get the payments that you would prefer.

Can you get loans with your credit scores? It largely depends on the lender and on how low your scores are. If you have a rating of over six hundred, you're virtually guaranteed to find a lender who will be willing to work with you. In any case, though, it's usually your monthly income and your ability to pay that are going to play the biggest role in determining whether or not you are able to get a loan.

This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.


Lizzy Martini. “What Credit Score Is Needed for a Personal Loan?” Rise Blog, 18 Jan. 2019,