Increase your odds of getting approved for a personal loan with these 4 tips – CNBC

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Personal loans provide a flexible way to fund any type of expense, especially since loan amounts can be as low as $600 and as high as $100,000. The money can be used for everything from home renovations, to debt consolidation, funeral costs, wedding expenses, surprise medical bills and car repairs, among other big-ticket items.

If you’re considering applying for a personal loan but aren’t sure if you’ll get approved, there are a few things you can do to help your chances. Below, Select details everything you need to know.

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1. Find a lender that meets your financial needs

There are personal loan lenders that cater to a variety of circumstances and financial needs. For example, while you might not think you can qualify with a bad credit score, there are actually some lenders that consider applicants with low credit scores around 580 or 600.

Upstart even accepts applicants with an insufficient credit history — the company also considers those with credit scores of at least 600. At another lender, Payoff, the minimum credit score required to apply for a personal loan is 550, so you do have some options to work with.

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Source: https://www.cnbc.com/select/how-to-improve-chances-of-personal-loan-approval/