Best Personal Loan Rates With A Credit Score Of 650 To 659


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By Mark B. Huntley, Esq.

Last updated 10/29/2019


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Summary:  A review of the best personal loan rates based on credit scores between 650 to 659.

Finding the best rates for personal loans with a credit score between 650 to 659 can be confusing and frustrating.

Everyone advertises amazingly low interest rates that in the end you find out are only for people with excellent credit scores. 

Luckily, a credit score between 650 and 659 is considered a fair credit score and you should qualify for multiple low APR personal loan offers, so long as your debt-to-income ratios are good. 

With your FICO score, many lenders will consider your personal loan application under certain conditions. 

See our free rate charts for a 650 to 659 credit score:

best rates for personal loan with a credit score of 650 651 652 653 654 655 656 657 658 659 personal loans rate

Lenders determine your approval and loan APR interest rate based on your credit score, income, and debt ratios. 

If you fall short in any of these three categories, some lenders are willing to take on more risk but will charge you a higher interest rate to offset the increased likelihood that you will default on the loan.

While your credit score will be important in getting the very best offered rates, choosing the right lender will play an even larger role.

It will help you get a better deal if you understand how a credit score around 651, 653, or 655 affects your personal loan rates and which lenders offer the best options to people with lower FICO scores

We will explain in detail each of the major factors necessary to get the best personal loan rates with a FICO score between 650 and 659 within this article.

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Keep in mind that your interest rates won’t change much by a few credit score points, so if you have a 652, 654, or 657 credit score, you will be offered the same rates. 

Even with a VantageScore of 655, 656, or 658, you will qualify for the same personal loan offers, so long as they are the same as your FICO scores. 

Disclaimer: "Credit score" refers to FICO score in this article.  If you have a free credit score (i.e. VantageScore), that does not likely equal your FICO.  For example, a 655 VantageScore could be a FICO score of... 651, 716, 807?  Who knows?  90% of Lenders use FICO scores, not the free VantageScore you can get just about anywhere today. You can get your FICO score here.

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Reasons To Get A Personal Loan With A 650 To 659 Credit Score

From 2017 to 2018, the consumer Personal Loan market grew an astonishing 17%. 

Personal loans balances reached an all-time high of $125 million in 2018, with this being attributed to an increase in loan originations to people with fair or bad credit scores. 

Personal loans make a lot of sense for a lot of reasons, which is why they are so popular with people who have FICO scores in the 650's. 

  • Debt/Credit Card Consolidation
  • Down Payment For Home 
  • Major Purchase
  • Home Improvement
  • Medical Expenses
  • Moving/Relocation
  • Vacation
  • Start Business 
  • Education
  • Your Wedding
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Estimated Monthly Payments For Personal Loans Of $10,000 by FICO Score

Credit Score

3 Year 

(36 months)

5 Year

(60 months)

7 Year

(84 months)

650 Credit Score

$322

$212

$166

651 Credit Score

$322

$212

$166

652 Credit Score

$322

$212

$166

653 Credit Score

$322

$212

$166

654 Credit Score

$322

$212

$166

655 Credit Score

$322

$212

$166

656 Credit Score

$322

$212

$166

657 Credit Score

$322

$212

$166

658 Credit Score

$322

$212

$166

659 Credit Score

$322

$212

$166

*Sample Quote For Credit Scores of 650 to 659.  Single digit credit score changes don't change the payment, so a 651, 653, 655  and 657 score should all cost the same. Scores and estimated APR interest rates found on Nerd Wallet (10/27/2019). All loan payment amounts are based on a personal loan APR interest rate of 9.95% for fair credit borrowers with a credit score of 580 to 689.  The loan terms included in this chart are for 3 years (36 months), 5 years (60 months), and 7 years (84 months). However, speak to your lender about additional loan options.  Don't forget to ask about their personal  loan payment terms that cover; 1 year (12 months), 2 years (24 months), 4 years (48 months), 6 years (72 months), 8 years (96 months), 9 years (108 months), and 10 years (120 months). This is not an offer for a loan or a loan approval. Rates and stipulations change by state, income, credit score, and a variety of other factors. For informational purposes only. The only way to find out what APR rate you will qualify for is to apply.  

Soft credit inquiry.  Multiple offers instantly.

Estimated Monthly Payments for Other Personal Loan Amounts (15k - 30k)

New Auto Loan Amount

3 Year 

(36 months)

5 Year

(60 months)

7 Year

(84 months)

$15,000

$484

$318

$249

$20,000

$645

$424

$332

$25,000

$806

$531

$414

$30,000

$967

$637

$497

*Sample Quote For Credit Scores of 650 to 659.  Single digit credit score changes don't change the payment, so a 652, 654, 656  and 658 score should all cost the same. Scores and estimated APR interest rates found on Nerd Wallet (10/27/2019). All loan payment amounts are based on a personal loan APR interest rate of 9.95% for fair credit borrowers with a credit score of 580 to 689.  The loan terms included in this chart are for 3 years (36 months), 5 years (60 months), and 7 years (84 months). However, speak to your lender about additional loan options.  Don't forget to ask about their personal loan payment terms that cover; 1 year (12 months), 2 years (24 months), 4 years (48 months), 6 years (72 months), 8 years (96 months), 9 years (108 months), and 10 years (120 months). This is not an offer for a loan or a loan approval. Rates and stipulations change by state, income, credit score, and a variety of other factors. For informational purposes only. The only way to find out what APR rate you will qualify for is to apply. 

Soft credit inquiry.  Multiple offers instantly.

Who Has The Best Personal Consumer Loan Rates? Credit Unions, Banks, or Online Lenders

Online lenders can offer the best personal loan rates regardless of if your VantageScore is 652, 654, or 656 because they have access to more customers, and their overhead costs are much less than a brick and mortar bank, or credit union. 

Many of you may have heard of a company called Amazon? 

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Amazon is an online platform that brings buyers and sellers together, which makes it easy to compare prices and get what you want. 

So it makes sense that the best consumer loan rates are offered by lenders who use this exact same business model but with loans. 

You can find out the best rates for personal loans with a credit score of 653, 655, or 657 by clicking on one of the orange buttons in this article. 

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We spent hundreds of hours reviewing personal loan lenders and have found that the best APR rates come from companies that have a large number of lenders that will make you a loan offer and compete for your business.

Our top-ranked personal loan lenders are all online financial service providers who specialize in helping people like you with FICO scores in the 651, 656, or 658 range.

Soft credit inquiry.  Multiple offers instantly.

Best Online Personal Loan Rates By State

Whether you live in Florida, California, or Texas, take advantage of the best online personal loans by state offered!

If you want to get the best possible APR rates for consumer personal loans in your state with a FICO score around 653, 655, or 657...

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Simply click on the state that you live in below and fill out a quick, free, no-obligation application to find out the best personal consumer loan APR rates possible! 

What Is My True Credit Score?

If you are getting a free credit score (link to free credit score) then most likely, it is a VantageScore and not a FICO score

VantageScore’s are considered ‘FAKO’ scores or for ‘Educational Purposes Only’ because 90% of lenders  don’t recognize this score as safe and predictable enough to make lending decisions. 

Did you know?


A recent Equifax study on personal loans found that 61% of lenders are now using alternative data to factor in their approval process. This is great news for people with bad credit and fair credit because, in the past, your cellphone, utility, or rent payments were not considered in your credit score.  

Equifax Commissioned Study (July '19) 

Whereas FICO scores are the original ‘credit score’ and almost all banks, credit unions and online lenders use your FICO score to determine your interest rates on a personal loan. 

So if you have a 650 to 659 VantageScore, it may not be your true ‘credit score’, which could mess up your plans on getting a fixed APR rate on your next loan and cost you thousands of dollars. 

VantageScores can be wildly higher or lower than your actual FICO score, which can cost you thousands of dollars in added interest if you make a decision based on your VantageScore. 

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Because the lenders are not going to be looking at your 653, 655, or 657 VantageScore, they will be looking at your 652, 654, or 656 FICO score. 

To find out your FICO score, you need to go to MyFICO and purchase your scores and credit monitoring to be in a better position to get the best possible rates on your next consumer loan. 

Three Non-Credit Score Factors That Affect Your Consumer Personal Loans Interest Rates

It doesn’t matter if your FICO score is 651, 654, or 658. 

If you don’t have an income, you will have a difficult time qualifying for a personal loan. 

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Even with a good credit score, lenders will require you to prove that you have a reliable income, and you will be able to make your monthly payments. 

The bottom line is that your income, monthly expenses, and employment history will play a major role in getting the best offers possible for your personal loan. 

Soft credit inquiry.  Multiple offers instantly.

Personal Consumer Loans Based On Income Not A 650 - 659 VantageScore 

To qualify for a personal loan with a FICO score of 652, 653, or 655, you will need to provide proof of your monthly income. 

In fact, because your credit score is on the lower end, you may have a better chance of qualifying for personal consumer loans based on income and not your credit score. 

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To get approved, you will need to provide proof of your income, which can be done in many ways. 

The easiest way is to provide copies of your check stubs to your personal loan officer.

If you are self-employed, don’t worry.  Lenders can verify your income through tax returns and bank statements. 

Even if you deal in a cash business, so long as you can show consistent monthly cash deposits into a banking account, many good loan officers can get you qualified for a consumer loan. 

If you do not have a stable income, you can consider finding a personal loan co-signer to help you qualify.

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Soft credit inquiry.  Multiple offers instantly.

Debt-to-Income Ratios 

Another major factor that can affect your consumer personal loans offers is your debt-to-income ratios

To figure out all of your expenses and calculate your debt ratios, you will need to get a copy of your three credit reports from somewhere like MyFICO

Look through all of the open accounts and add up the total monthly payment amounts.

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You don’t have to add any monthly payments to this total that are not on your credit reports, such as private loans with family, payday loans, or other non-reported expenses. 

Once you have the total amount of monthly payments reported to the credit bureaus, you will divide that number by your total verifiable monthly income. 

The resulting number is your debt-to-income ratio. 

For example:

If I have $5,000 in monthly income and $2,000 in monthly expenses and I divided the monthly expenses 2k by monthly income 5k, I would have a 40% DTI. 

There are multiple debt-to-income ratio calculators on the internet.  I like the free one provided by Credit.com 

Lenders like to see DTI’s below 36% which indicates that you have a manageable debt level and will have enough money left over for savings and expenses. 

3 Steps To Calculate Debt-To-Income Ratio

1.

Add up all of your monthly bills including rent, car payments, student loans, utilities, etc.

2.

Divide your total monthly bills by your total monthly income

3.

The resulting number is your debt-to-income ratio

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Employment

Another crucial factor that many people may take for granted is your employment history. 

Lenders are looking for a stable employment history or, at least, a stable or rising salary history. 

When a lender looks at your employment history, they are hoping to see that you have been employed with the same company for a few years and have made consistent income from year to year.

best rates for PERSONAL loans with a credit score of 650 651 652 653 654 655 656 657 658 659 personal loan rates

If you have moved from one company to another over the past couple of years, it is OK too. 

If…

You can show that you have received similar pay or have received salary increased in each respective move. 

Lenders don’t care where you work; they want to be sure that you have a job and will keep it long enough to pay them back.

If you are moving from job to job, that is OK, so long as you can show the lenders that these moves are lateral or up, and your income has not been negatively impacted.

Soft credit inquiry.  Multiple offers instantly.

Take Action!

Finding the best personal loan rates can save you thousands of dollars over the life of the loan. 

There are multiple factors we have reviewed that determine how to get the best interest rates for a personal loan.

The first step is to fill out a quick, free, no-obligation application, and start your pre-approval process today! 

Disclaimers:

Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.

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Disclaimers:

Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.

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