You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 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.
The best personal loans for a 580 credit score are from Upstart. The company offers $1,000 - $50,000 with APRs of 7.8% - 35.99% and repayment periods of 36, 60 months.
Best Personal Loans for a 580 Credit Score
| Lender | Loan Amounts | APRs | Credit Score Requirement |
| Upstart | $1,000 - $50,000 | 7.8% - 35.99% | None |
| Oportun | $300 - $10,000 | 35.95% - 35.99% | None |
| OneMain Financial | $1,500 - $20,000 | 18% - 35.99% | None |
| RISE | $500 - $5,000 | 60% - 299% | None |
| Jora Credit | $500 - $4,000 | 75% - 349% | None |
For more information, check out WalletHub’s complete picks for the best personal loans for bad credit. Then, you can estimate your potential rates with our free pre-qualification tool.
This answer was first published on 08/26/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 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.
How big of a loan can I get with a 580 credit score? ›
Personal loan averages by credit score
| Credit score range | Average APR | Average loan amount |
|---|
| 620-639 | 62.90% | $6,881.93 |
| 580-619 | 89.86% | $4,811.89 |
| 560-579 | 125.18% | $3,147.46 |
| Less than 560 | 165.30% | $2,568.42 |
4 more rowsConventional loan | Credit score: 620
To qualify for a conventional loan, you'll need a credit score of at least 620, though some lenders may choose to approve conventional mortgage applications only for borrowers with credit scores of 680 and up.
What credit card can I get with a credit score of 580? ›
Best credit cards for a credit score of 580 or lower
- Best for cash back: Discover it® Secured Credit Card.
- Best for no security deposit: Credit One Bank® Platinum Visa® for Rebuilding Credit.
- Best secured card with a low deposit: Capital One Platinum Secured Credit Card (see rates and fees)
In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.
Can I take out a loan with a 580 credit score? ›
Still, there are personal loans you can get if your credit score is less than ideal. Some lenders cater to applicants with lower credit scores in the poor range (below 580) to help them borrow money for emergency expenses, a medical bill, debt consolidation and other financing needs.
What credit score is needed for a $25,000 loan? ›
Typically, a desirable credit score for a $25,000 personal loan is around 670 and above, but some lenders work with those who have scores from 580 and up.
What credit score is needed to buy a $300K house? ›
What credit score is needed to buy a $300K house? The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of loan. For an FHA loan, the minimum credit score is usually around 580.
What credit score is needed to buy a $400,000 house? ›
Your credit score has less bearing on your ability to get a mortgage than you might think. The minimum FICO score for a conventional loan is 620. The best rate comes with a score of 740 or higher.
What is the minimum credit score to get a mortgage? ›
Credit score and mortgages
The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).
Credit scores of 580 or under are considered "poor." A low credit score can significantly limit your chances of getting approved for a $5,000 loan. Most lenders require a minimum score around 670, which is considered a "fair" score.
What credit score do I need for a $50,000 loan? ›
U.S. Bank typically looks for borrowers with a good to excellent credit score of 720 or higher for non-bank customers and 660 or above for existing customers. Additionally, applicants must provide proof of income, employment history and DTI ratio.
What credit score do I need for a $10,000 loan? ›
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.
What credit score do you need to get a $20,000 loan? ›
Requirements for a $20,000 Personal Loan
This means they'll want to see your credit score, income level and DTI ratio. Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670.
