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 6.4% - 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 | 6.4% - 35.99% | None |
Oportun | $300 - $18,500 | 10.07% - 35.95% | None |
OneMain Financial | $1,500 - $20,000 | 18% - 35.99% | None |
RISE | $500 - $5,000 | 60% - 299% | None |
Jora Credit | $500 - $4,000 | 99% - 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.
What will a 580 credit score get me? ›
What Does a 580 Credit Score Get You?
Type of Credit | Do You Qualify? |
---|
Unsecured Credit Card | YES |
Home Loan | YES (FHA Loan) |
Personal Loan | MAYBE |
Auto Loan | MAYBE |
1 more row
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 kind of car loan can I get with a 580 credit score? ›
Compare Bad Credit Auto Loan Companies
Subprime Auto Lender | Starting APR | Minimum Credit Score |
---|
Ally | 4.74% | 580 |
AutoPay | 5.69% | 575 |
myAutoloan | 6.99% | 575 |
Prestige Financial | Varies | None |
5 more rowsMar 12, 2024
What credit score do I need for a $50,000 loan? ›
Most lenders prefer borrowers with a credit score in the good to excellent range (670 or higher), indicating a history of responsible financial management.
How long does it take to go from 580 to 700 credit score? ›
Average Recovery Time
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.
What size loan can I get with a 580 credit score? ›
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.
What credit score is needed for a $300000 loan? ›
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 for a $10,000 loan? ›
Requirements will vary across lenders. However, qualifying for a $10,000 personal loan typically requires a credit score that exceeds 640, an active checking account, and a steady, verifiable income, among other factors.
What is the monthly payment on a $25000 loan? ›
Advertising Disclosures
Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
---|
$20,000 | 5 | $415.07 |
$25,000 | 3 | $771.81 |
$25,000 | 5 | $514.57 |
$30,000 | 3 | $926.18 |
13 more rows
There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.
Can I get a $40,000 car with a 600 credit score? ›
In general, you'll need a FICO credit score of at least 600 to qualify for a traditional auto loan, but the minimum credit score required with vary from lender to lender. As interest rates increase due to inflation, securing a subprime auto loan may be more difficult — but not impossible.
Can I buy a home with a credit score of 580? ›
The Federal Housing Administration (FHA) insures FHA loans, which allows mortgage lenders to accept a credit score as low as 580 with a 3.5 percent down payment, or 500 with a 10 percent down payment.
How much of a personal loan can I get with a 560 credit score? ›
Best Personal Loans for a 560 Credit Score
Lender | Loan Amounts | APRs |
---|
Upstart | $1,000 - $50,000 | 7.8% - 35.99% |
Oportun | $300 - $10,000 | 35.95% - 35.99% |
OneMain Financial | $1,500 - $20,000 | 18% - 35.99% |
RISE | $300 - $5,000 | 60% - 299% |
1 more rowAug 26, 2022
How much would a $50,000 loan cost per month? ›
The monthly payment on a $50,000 loan ranges from $683 to $5,023, depending on the APR and how long the loan lasts. For example, if you take out a $50,000 loan for one year with an APR of 36%, your monthly payment will be $5,023.
How to qualify for a $5000 personal loan? ›
Requirements for a $5,000 Personal Loan
In general, lenders will typically check your income, credit score, payment history and DTI ratio. Some lenders may have a strict minimum credit score requirement, while others may be willing to approve you with a lower credit score.
What credit limit can I get with a 580 credit score? ›
Fair credit.
If you have a fair credit score between 580 and 669, you may be able to qualify for credit cards that have limits up to $500, $700 or more. As an example, the Credit One Bank Wander® Card for fair credit offers credit limits that start at $500.
Can I buy a house with 580 credit score? ›
The Federal Housing Administration (FHA) insures FHA loans, which allows mortgage lenders to accept a credit score as low as 580 with a 3.5 percent down payment, or 500 with a 10 percent down payment.
Is 650 a good credit score? ›
As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.
Is 600 a good credit score? ›
So what scores qualify as a poor, fair, good or excellent score vary. When it comes to FICO credit scores, the company says a score of 600 is considered a fair credit score. According to a report from Experian®, the average FICO credit score in America was 714 in 2022. So 600 falls below that national average.