Updated onSeptember 30, 2023
How Much Can I Borrow with a 650 Credit Score?
Best Personal Loans for 650 Credit Score
Here are 3 top personal loans for 650 credit score:
1. SoFi - Best for High Borrowing Limits
SoFi is suitable for borrowers looking for competitive interest rates and qualification leniency. It also offers bonus perks.
Pros
Cons
SoFi does not publish all its eligibility criteria. However, some sources note its credit score requirements are as much as 680.
Here are SoFi’s requirements at a glance:
Features
| Ast. APR | Min. Credit Score | Loan Amount | Loan Term |
| 6.99% - 21.78% | Undisclosed | $5,000 - $100,000 | 24 to 84 months |
The Bottom Line
If you qualify for a SoFi loan, you can get benefits, including access to education content and career coaching and the advantage of significantly higher borrowing limits than those offered by other lenders. With a sound credit score, you can lend up to $100,000.
Read the full SoFi review for more details.
2. Upstart - Best for very low to no credit
Upstart is an AI lending platform rather than a direct lender. Upstart connects you with banks and partner credit unions that provide loans. It is suitable for individuals with poor credit as it considers non-traditional factors when assessing your creditworthiness. Also, as Upstart finds several potential lenders for you, it can increase your chances of approval.
Pros
Cons
Upstart’s lending partners:
- Extend loans ranging from $1,000 to $50,000
- Have fixed APRs ranging from 5.22% to 35.99%
- Offer an origination fee of up to 7%
- Provide 36 to 60 months to repay the loan
- Offer same-day funding upon loan approval
- Provides loans to borrowers with low credit scores - as low as 300
- Approves borrowers with no credit score or credit history
The Bottom Line
Upstart is a suitable option if you have no credit or bad credit. Borrowers with as little as 300 credit scores have better odds of securing a loan than they do with other lenders.
Read the full Upstart review for more details.
3. Discover - Best for low fees
Discover has personal loans available for borrowers with bad credit. They don’t have a minimum credit score as they assess your creditworthiness according to other factors.
Pros
Cons
Discover unsecured personal loans go from $2,500 up to $35,000, and it has a fixed APR of between 5.99% to 24.99%. There are no origination fees, and you can choose from terms ranging from 36 - 84 months. Discover’s unsecured personal loans are suitable for those with bad credit as Discover does not have minimum credit score amounts.
The secret to acquiring a small business loan that meets the needs of your business is to find a loan company that offers you acceptable interest rates and terms. In this article, our experts have outlined the pros and cons of the best small business loans currently on the market. Now, you simply have to decide which loan is right for your business, and apply. It’s that easy!
Read the full Discover review for more details.
Final Word
If your credit score is 650 - in the “fair range” - you might need to overcome some obstacles when you apply for a loan. However, keep in mind that there are lenders, including SoFi, Upstart, and Discover, ready to accommodate borrowers with a credit score of 650.
Finally, you should research loans and credit products with satisfactory rates and terms for individuals with fair credit and be informed when you apply for a personal loan with a 650 credit score.
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About the Authors
Written by: Rebecca Beris
Rebecca has been working as a content writer and editor for over 12 years. During this time she has written content for various fields including, lifestyle, blogs, software technical writing, finance industry, and visual arts. She has been writing for companies in the areas of forex, crypto, banking, fintech, and fund...
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