How Much You Can Borrow with a 550 Credit Score (2024)

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How Much You Can Borrow with a 550 Credit Score? ›

With an Upstart loan, you can borrow from $1,000 to $50,000. And if your application is approved, you can receive funds as soon as the next day.

With an Upstart loan, you can borrow from $1,000 to $50,000. And if your application is approved, you can receive funds as soon as the next day.

One of the best credit cards for a 550 credit score is the OpenSky® Plus Secured Visa® Credit Card because it has a $0 annual fee and there's no credit check when you apply, so approval is almost guaranteed. You just need $300 for a refundable security deposit and enough income to make monthly payments.

You can likely borrow anywhere from a few hundred dollars to $50,000 with a 500 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

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.

For a conventional loan, often backed by Fannie Mae and Freddie Mac, a minimum score of 620 is typically required. It's important to remember that while lenders have minimum credit score requirements, having a higher score can improve your chances of getting a better mortgage deal.

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.

You can get a Discover credit card with any credit score or even no credit history at all. Discover has credit card options to fit every consumer. If you have bad credit or no credit history, you could get a secured card with Discover.

First Progress Platinum Elite Secured Mastercard: The First Progress Platinum Elite Secured Mastercard requires no credit history or minimum credit score for approval. Your security deposit is refundable, and the card is accepted nationwide.

How to get a 10k loan with 500 credit score? ›

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.

You will need a credit score of 580 or higher to get a $30,000 personal loan in most cases, along with enough income to afford the monthly bill payments. Other common loan requirements include being at least 18 years old, being a U.S. citizen or a permanent resident, and having a valid bank account.

The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.

Based on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month. The loan terms you receive will depend on your credit profile, including credit history, income, debts and if you secure it with collateral like a car or truck.

A good to excellent credit score of at least 670 is often required, but there are some lenders that weigh other factors more heavily — allowing you to qualify even with a lower credit score. One of those factors is your income level.

It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly mortgage payments.

For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use. Once you've made it to the good credit zone (670-739), don't expect your credit to continue rising as steadily.

While some lenders might be willing to lend you $50,000 if you have bad credit, you'll likely pay a much higher interest rate to offset the lender's risk.

$30,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.