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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.
Upstart Personal Loans
Annual Percentage Rate (APR)
Debt consolidation, credit card refinancing, wedding, moving or medical
FICO or Vantage score of 600 (but will accept applicants whose credit history is so insufficient they don’t have a credit score)
0% to 8% of the target amount
Early payoff penalty
The greater of 5% of monthly past due amount or $15