Score Requirements by Lender Type
Traditional banks: Most require 660–700+ for personal loans. Chase, Wells Fargo, and Bank of America are rarely options for borrowers below 680.
Credit unions: Often accept 620+ with membership. More flexible than banks but require an existing relationship.
Online lenders (like Rise Up Lending): Accept from 520–560+. Evaluate full financial picture including income and employment.
What Rate Does Your Score Get You?
- ✓800+: 8.9%–11.9% APR (exceptional)
- ✓740–799: 11%–14.9% APR (very good)
- ✓670–739: 15%–19.9% APR (good)
- ✓580–669: 20%–27.9% APR (fair)
- ✓520–579: 28%–35.99% APR (building credit)
Key insight: A 580 score with $5,000/month income and low DTI often qualifies better than a 650 score with $2,500/month income and multiple existing loans.
What If Your Score Isn't High Enough?
- ✓Pre-qualify with a soft pull to check your actual options
- ✓Add a creditworthy co-signer to access better rates
- ✓Request a smaller loan amount to reduce risk
- ✓Pay down credit cards to reduce utilization before applying
- ✓Allow 30–60 days for score improvements to take effect
Elena Vasquez, CFP®
Chief Lending Officer · Rise Up Lending