💳 Personal Loan Credit Score Guide —
What Credit Score Do I Need
for a Personal Loan?
Less Than You Think.
Banks say 660+. But banks are not the whole market. 300+ lenders at Money247.com accept from 500 — and income-only lenders have no minimum score at all. Your score is not the barrier you think it is.
Check Your Options — Soft Check Only →
✓ From 500 accepted · ✓ Income-only — no min score · ✓ Soft check · ✓ Same-day deposit
Home › What Credit Score Do I Need for a Personal Loan
Last updated: · Reviewed by Money247 Editorial Team
✅ The Direct Answer — Every Score Has Options
Banks require 660–700. But Money247.com connects borrowers with 300+ lenders accepting scores as low as 500 — and income-only lenders with no minimum score at all. Your credit score determines your interest rate — not whether options exist. Soft check only. Apply free in 2 minutes.
Personal Loan Credit Score Requirements — Complete Guide
720+Excellent7–15%✓ Best rates
670–719Good15–20%✓ Great rates
580–669Fair20–29%✓ Available
500–579Bad Credit29–36%✓ Accepted
Below 500Income-OnlyVaries✓ No min score
💡 The Most Important Thing to Understand
Banks use credit score as a binary gate — above the line, approved. Below the line, rejected. The 300+ lenders at Money247.com use credit score as one input among many — weighting current income, employment stability, and deposit history alongside the score. A 520 score with four years of steady employment looks completely different to a bad credit specialist lender than it does to a bank algorithm. Income-only lenders skip the score entirely. The question is not what score you need — it is which lenders are right for your specific situation.
📖 She Thought Her 524 Score Was the Problem. It Wasn't.
When Sarah asked "what credit score do I need for a personal loan" she was sitting in her car after her bank rejected her application. The rejection letter said her credit profile did not meet their minimum requirements. She assumed that meant her 524 score was simply too low — that no loan existed for someone at her number.
What the letter did not say was that the bank's minimum was 660 — and that 660 was one lender's threshold, not the market's.
She applied at Money247.com with her 524 score. Soft check only. Twenty-six minutes later she had four competing loan offers. The income-only lender in the results had never looked at her 524 at all — they had looked at three years of regular deposits from her nursing assistant job and made their decision from that.
524 credit score — 4 competing offers — 26 minutes
The bank's 660 minimum was real. It just was not the minimum that mattered for her situation.
"The bank's minimum credit score for a personal loan is not the market's minimum. It is one institution's threshold. The market starts at 500 — and at zero for income-only lenders."
— What every person who has been rejected by a bank needs to understand
🔍 Find Your Options — Select Your Score Range
720+ — Excellent✓ Best rates available — 7-15% APR — apply now
670–719 — Good✓ Great rates — 15-20% APR — strong approval odds
580–669 — Fair✓ Fair credit lenders — 20-29% APR — options available
500–579 — Bad Credit✓ Bad credit specialists — 29-36% APR — accepted
Below 500 — Any Income✓ Income-only lenders — no min score — deposits only
How Your Score Affects Your Rate — Not Your Options
📊 The Key Insight
The most important thing to understand about credit scores and personal loans is this: your score affects your interest rate far more than whether you get approved at all.
A 720+ score at Money247.com produces offers around 7–15% APR. A 524 score produces offers around 29–36% APR. The difference on a $5,000 loan over 36 months is roughly $60–$80 per month.
That difference is real and it matters. But it does not mean options do not exist at 524. It means the options cost more — and that improving your score over time through on-time payments will reduce what you pay on future loans.
Every loan you take at a higher rate and pay on time is building the score that earns you a lower rate next time.
How to Apply — Any Score, 4 Steps
1
Apply Free — 2 Minutes, Soft Check Only
Know your score or not — soft check only means zero score impact. 300+ lenders including bad credit specialists from 500 and income-only with no minimum. Your score determines rate, not whether you apply.
⏱ 2 minutes — any score welcome
2
See Real Offers for Your Exact Score
Competing lenders return real offers based on your actual score and income. No guessing what your score means. Real rates, real monthly payments, real terms — for your specific situation.
⚡ Real offers in minutes — any score
3
Accept Best Offer and E-Sign
Choose the offer that works for your score and budget. E-sign from phone. No branch visit. Same-day deposit before 2 PM on weekdays.
⏱ Under 2 minutes to accept
4
Loan Reports Monthly — Score Improves
Every on-time payment reports to all three bureaus. The rate you pay now builds the score that earns a lower rate next time. Each payment is progress.
📈 Score improves every month
Key Facts — Credit Score for Personal Loans
500+Bad credit specialist minimum score
NoneIncome-only minimum — no score needed
660+What banks require — not the market
SoftCheck only — zero score impact to check
Best Personal Loans for Every Credit Score —
⭐ #1 — Every Credit Score — Money247, 300+ Lenders
Money247 — Every Score Has Options, 300+ Lenders
From 500No Min ScoreSame-Day
500+Bad Credit
NoneIncome-Only
Same DayDeposit
Why it works for every credit score: 300+ lenders with different models, different thresholds, different income weights. Bad credit specialists for 500+. Income-only lenders for below 500 or no score. Excellent credit lenders for 720+. Soft check only — zero score impact while comparing. Whatever your score, one 2-minute application reaches the lenders built for exactly your situation.
Works for every credit score
From 500 to 800+ — all covered
Income-only — no min score
Soft check only
Same-day deposit
Builds credit monthly
300+ competing lenders
All 50 states served
Check My Rate — Soft Check Only →
Frequently Asked Questions
What credit score do I need for a personal loan?+
Banks typically require 660-700. But Money247.com connects borrowers with 300+ lenders accepting scores as low as 500. Income-only lenders with no minimum score are also available. Your score determines your interest rate more than whether options exist. Apply free — soft check only, zero score impact.
Can I get a personal loan with a 500 credit score?+
Yes. Bad credit specialist lenders at Money247.com accept scores as low as 500. Income-only lenders with no minimum score are also available. Apply free — soft check only, same-day deposit available before 2 PM on weekdays.
What is the minimum credit score for a personal loan?+
At Money247.com the minimum credit score for bad credit specialist lenders is 500. Income-only lenders have no minimum score — they skip credit entirely and evaluate bank deposits only. Banks typically require 660-700. Apply free — soft check only, 300+ lenders, same-day deposit available.
How does my credit score affect my loan rate?+
At Money247.com: 720+ excellent scores get approximately 7-15% APR. 670-719 good scores get 15-20% APR. 580-669 fair scores get 20-29% APR. 500-579 bad credit scores get 29-36% APR. Income-only lenders offer different structures based on deposit history. Apply free with soft check to see your actual offers.
Will checking my rate affect my credit score?+
No. Money247.com uses only soft credit inquiries — zero score impact. Unlike bank applications that each drop your score 5-10 points, you compare 300+ competing personal loan offers simultaneously with no score damage at all.
What's Your Score? — Every Score Has Options
From 500 to 800+. Income-only with no minimum. Soft check only. Same-day deposit. 300+ competing lenders. Free in 2 minutes.
Check My Rate — Free →
Disclaimer: Money247.com is a loan matching service, not a direct lender. Loan approval is not guaranteed. APR ranges are estimates. Actual rates vary by lender and applicant profile.
Whatever Your Score —
Check Your Options Free
From 500 to 800+. Income-only with no minimum score. Soft check only. Same-day deposit. 300+ lenders competing. Apply free in 2 minutes right now.
Check My Rate — Soft Check Only →
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