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Best 520 Credit Score Loan Options: Compare Rates & Terms
Borrowers with 520 credit scores are less likely to qualify for traditional personal loans. Such a rating is considered low and can be a sign of your past financial mistakes, making lenders wary of you.
However, you can still find loan providers who will approve you, even with a poor credit score. Plus, you can consider several alternatives, such as secured loans and co-sign loans. Here’s a look at the best 520 credit score loan options to borrow online.
Where to Get The Best 520 Credit Score Loan
- Be at least 18 years old
- Be a U.S. permanent resident
- Live in a qualifying area
- Have a valid bank or savings account
- Have a credit score of at least 550
- Provide income confirmation
- Origination fees: None
- Administration fees: 4.75%
- Late payment fees: May vary by state
- Prepayment penalties: None
- Dishonored payment fees: May vary by state
- Accepts borrowers with fair credit
- Next-day funding
- No prepayment fees
- Soft credit checks when pre-qualify
- Low minimum income requirement
- Convenient loan amounts and repayment terms
- Extra fees may be charged
- Relatively high maximum APRs
- No joint or secured loans
- Not available in all states
Next-day funding if you get approved before 4:30 pm Central Time Monday through Friday.
Borrowers with fair and good credit looking for fast loans
Avant is a trusted online service for borrowers with good to fair credit. The company offers unsecured personal loans with fast funding times, reasonable interest rates, lenient credit score and income requirements, and flexible repayment terms. However, it may charge extra fees and doesn’t offer joint and secured loans.
Avant provides a faster alternative to traditional bank loans and is available for borrowers with fair credit. It also offers reasonable interest rates and certain loan flexibility.
- Fast approval and funding
- The ability to change the due date
- Financial education tools
- Credit-building opportunities
- You need a credit score of at least 620
- Provide proof of income
- Specify your Social Security number
- Provide proof of identity
- Specify your employment status
- Origination fees from 1.99% to 6.99%
- Discounts on interest rates
- Debt consolidation loans with direct payments to creditors
- Soft credit check at the prequalification stage
- Opportunity to get joint loans
- Origination fee from 1.99% to 6.99%
- High minimum loan amount
- No mobile app for Android or iOS
24 – 72 hours from approval
Fair or good credit borrowers who want to cover their credit card debt.
Achieve can approve loans on the same day, but it takes one to three days to get money. All personal loans offered by the company are subject to origination fees. Achieve’s minimum loan is $5,000. It may not work if you need a small personal loan.
Achieve’s personal loans offer competitive rates and adjustable terms. These loans could work well for people seeking high loan amounts who don’t mind an origination fee. The service also provides various interest rate discounts.
- Joint loan option
- Discounts on interest rates
- Your driver’s license or passport;
- Be at least 18 years old;
- Recent pay stubs or your last tax return;
- A fresh bank statement;
- Valid email address and phone number.
- Potential origination fee;
- No application or late fees.
- Low APR;
- Monthly payments to creditors;
- Free checking of credit score.
- Limited loan purposes;
- Potential origination fee;
- Funding in 3 to 6 business days.
Three to six business days.
Fair or good credit borrowers who want to make a credit card debt consolidation.
Happy Money, a company focused on financial health, provides loans for debt consolidation. They work with lenders insured by FDIC and NCUA. Happy Money offers its users ways to control their money and debts better. Added to these are quarterly catch-ups during the first year for any queries or worries.
Eligible applicants can choose the most suitable plan for their needs. Existing clients can use tools for managing their finances. Happy Money refrains from adding application and overdue payment charges to their clients’ loans.
- Free access to credit score;
- No hard credit check during the prequalification;
- Low APR.
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees, prepayment penalties, or other fees may be applicable
- Prequalification for multiple personal loans on one platforms
- Low minimum interest rates
- Fast funding (same-day direct deposit may be available)
- High maximum interest rates
- Extra fees may be applied
- The company’s partners may perform a hard credit check
- Data privacy concerns
One business day (same-day funding available)
Borrowers with bad credit scores who want to consolidate debt or cover other significant expenses.
LendingTree serves as a handy platform for seeking personal loans. It allows borrowers to explore a variety of loan offers in one place. Many lenders that partner with LendingTree can provide loans swiftly. However, borrowers with bad credit scores typically get high interest rates.
LendingTree has accreditation from the Better Business Bureau, a non-profit group dedicated to customer safety and trust. The BBB rates LendingTree as A+, a symbol of excellence. The BBB’s decisions are based on how a company reacts to customer gripes, truth in marketing, and openness about company procedures.
- The ability to compare multiple loan offers in one place
- Loan funds in one business day
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Have fair credit (at least 660)
- Provide an active email address and phone number
- Late fee of $39
- Long repayment periods
- Three options for repayment help
- High level of customer satisfaction
- No origination fees
- Free FICO score monitoring tools
- Competitive interest rates
- Charges a $39 penalty for late payments
- Strict eligibility requirements
- No co-borrower permitted
One business day (same-day funding available)
Borrowers with fair credit scores who want to consolidate debt, renovate home, or make big purchases.
Discover is more than just a digital bank known for credit cards. It’s also a loan service provider. It gives out fixed-rate personal loans up to $40,000 to people nationwide. The company offers flexible repayment terms and reasonable interest rates to borrowers with fair to good credit.
Discover has some of the best rates in the industry. Plus, they charge no origination fees or prepayment penalties. This means that the overall cost of borrowing is less. If you are in a rush, Discover can transfer funds to you on the next business day.
- Zero origination fees
- No prepayment penalties
- Loan funds in one business day
- Be a U.S. permanent resident
- Live in a qualifying area
- Be at least 18 years old
- Have a valid bank account
- Provide income confirmation (the income should be received via direct deposit)
- Origination fees: None
- Late payment fees: None
- Prepayment penalties: None
- Non-sufficient funds fees: May vary by state
- Accepts borrowers with damaged credit
- Same-day funding is possible
- No origination, late, or prepayment fees
- Soft credit checks only
- Convenient loan minimums
- Very high APRs
- Low maximum loan amounts
- Suspected of loan term misrepresentation
- Not available in all states
Same-day or next-day funding, depending on the time you apply and get approved.
Bad credit borrowers looking for last-resort financing options
OppLoans offers small loans with fast funding, bad credit tolerance, and credit-building opportunities. However, it has APRs of up to 195% and was suspected of misrepresenting its loan terms.
OppLoans can help applicants with low credit scores get much-needed financial support and rebuild their credit. It offers fast and accessible loan options that can be a helping hand for people in a tight financial spot.
- Almost instant approval decisions
- Financial education
- TurnUp program
- Credit-building opportunities
- At least 18 years also
- Permanent US resident
- Income confirmation
- Valid bank account or debit card.
- Origination fees: 1% to 10%, or $25 to $500, depending on the state
- Late payment fees: $5 to $30, or 1.5% to 15% of your loan amount
- Non-sufficient funds fees: $10 to $50 per payment returned
- Joint and secured loans are available
- Wide range of loan options for low credit
- Pre-qualifying doesn’t affect your credit score
- Convenient options for debt consolidation
- Relatively high interest rates
- Charges origination fees
- APRs are not disclosed when pre-qualify
- Not available in all states
Within one business day of approval via a direct deposit. Funding within several hours may be offered if you receive the funds on your debit card.
Borrowers with credit issues who want to avoid predatory lenders.
OneMain Financial is a reliable financial service that offers personal loans between $1,500 and $20,000 without minimum credit score requirements. With its joint applications, flexible repayment terms, and soft credit checks for pre-qualifying, it can suit borrowers with bad credit. Interest rates are usually high, though.
The company offers a wide range of secured, unsecured, and joint loan options with flexible repayment terms. Its personal loans are available to underbanked borrowers.
- Direct payment to creditors for debt consolidation
- Loan cancellation within 7 days
- Fast funding
How to Compare Loans for a 520 Credit Score?
Choosing the right loans for a 520 credit score may give you a headache. Here are some key factors to look at to navigate this financial maze:
- Eligibility requirements. Each lender may set its unique criteria as long as it follows federal and state laws. Make sure you can meet them before applying;
- APRs. Choose a lender with the lowest possible APR and fee ranges available for your initial parameters;
- Repayment terms. Review the repayment options a lender offers to ensure you can choose a convenient schedule;
- Monthly payments. Make all the calculations in advance to see whether your monthly loan payments meet your budget;
- Lender’s reputation. Review what other customers say about their previous borrowing experience to ensure you choose a trustworthy loan provider.
Is 520 a Good Credit Score?
A 520 credit score falls into the “poor” category, which is between 300 and 579. Such a rating indicates you have a lack of credit history or made some credit or financial mistakes in the past. Therefore, lenders may be wary of you and less likely to approve your loan request. Having a low credit score may also result in higher interest rates and unfavorable loan terms. For example, you may be asked to provide collateral or get a shorter repayment period.
What Can I Get with a 520 Credit Score: Types of Loans
Although problems may arise, there are still some options to consider with a 520 credit score. Below are some of them.
Credit Union Loans
Credit unions are focused on helping the communities they serve, not gaining profit. Therefore, they usually offer personal loan options with lower interest rates and apply more relaxed requirements, including those related to your credit history. To get a credit union loan, you need to be within the credit union’s field of membership. This includes having some common bonds with other members, such as your employment or area of living.
Secured Personal Loans
Unlike an unsecured personal loan, a secured one is always backed by collateral. This means that you need to provide your property as a repayment guarantee. Thanks to this, lenders take on less risk and can get their money back if you default. Therefore, secured personal loans are more accessible for bad and fair credit borrowers.
Auto Loans
Borrowers with credit scores of 520 can get auto financing, provided that they can make a down payment of at least 20%. Additionally, your car will be used as collateral, meaning that a lender can repossess it if you default. To improve your chances of getting approved, consider using a co-signer or ask a dealership about lenders that work with low credit borrowers.
Mortgages
While most conventional mortgage lenders usually require an applicant to have a higher credit score, some options for a 520 rating still exist. They include FHA loans, VA loans, and USDA loans. All of them are backed by the government and offer several perks, such as lower down payments and interest rates.
Online Loans
Online loans are issued by alternative lenders and represent more accessible and convenient alternatives to traditional loans. Their main benefits lie in a simple application process, more relaxed eligibility requirements, and same- or next-day funding via a direct deposit. However, these unsecured loans tend to be more expensive than regular personal loans.
Credit Cards
Credit cards may be convenient as they allow you to use money when needed and pay interest only for the amount you actually spend. At the same time, they usually have higher costs. Some options for a 520 credit score include secured credit cards and store credit cards (options like Amazon Secured Card may combine these two), and credit card cash advances.
Bad Credit Installment Loans
An installment loan is an alternative to a regular personal loan designed specifically for bad credit borrowers. It typically has a repayment period of up to 24 months, a loan amount between $500 and $5,000, and a higher interest rate that may reach 200%. While being expensive, bad credit installment loans still offer some sort of flexibility.
Payday Loans
Payday loans are short-term, high-interest debts that need to be repaid in one lump sum within just several weeks. The due date is usually tied to a borrower’s next paycheck. A payday loan comes with no hard credit report check and can be obtained quickly with any credit. Still, experts recommend using them only as a last resort due to their sky-high APRs of over 400%.
Credit-Builder Loans
As the name suggests, a credit-builder loan is an option designed specifically for establishing or improving an individual’s credit history. Instead of getting money on hand and then repaying the loan, you need to make your monthly payments upfront. These payments will be deposited into a savings account. You will be able to get the money only after the repayment period ends. Each on-time monthly payment will be reported to major credit bureaus, improving your credit.
Rates & Terms of Loans for a Credit Score of 520
Loans for a credit score of 520 are not created equally. Each lender may set its own unique requirements and take into account other factors, such as your income, debt-to-income ratio, and overall financial behavior. The exact terms and rates may also depend on the loan type. Here are some common details:
- Repayment periods: from several weeks to 84 months;
- Loan amounts: $1,000 to $50,000 (may be even higher for certain loan options);
- APRs: 5.99% to 35.99% for regular loans. Some options may have APRs of over 400%;
- Fees: origination fees are usually between 1% and 10%. Late fees and prepayment penalties may be applied.
Cost Calculation Example
Suppose that you’re going to borrow $5,000. The table below demonstrates how the cost of your loan will vary based on the loan term and the APR:
| APR | Loan Term | Monthly Loan Payment | Total Cost of Borrowing |
|---|---|---|---|
| 15% | 24 months | $242.43 | $5,818.40 |
| 15% | 60 months | $118.95 | $7,136.98 |
| 24% | 24 months | $264.36 | $6,344.53 |
| 24% | 60 months | $143.84 | $8,630.39 |
| 35% | 24 months | $292.59 | $7,022.23 |
| 35% | 60 months | $177.45 | $10,467.09 |
The exact 520 credit score loan APR highly depends on the lender, your creditworthiness, and your overall financial shape. The examples above may differ from the personalized loan terms offered to you by lenders. Use our loan calculator to figure out how much your particular loan will cost.
Loan calculator
ESTIMATED MONTHLY PAYMENT
TOTAL LOAN AMOUNT PAID
TOTAL INTEREST PAID
TOTAL COST OF LOAN
How to Get a Personal Loan with a 520 Credit Score?
The process of getting a personal loan with a 520 credit score may vary by lender. Here’s the most common scheme:
- Compare lenders. Look at the eligibility requirements and loan terms and choose several loan providers with the best offers.
- Pre-qualify. This process takes place online and doesn’t affect your credit score. You will be asked to provide some basic personal and financial information.
- Review your potential loan terms. Choose an offer with the best terms, paying special attention to APRs, repayment periods, and overall trustworthiness.
- Submit a final application. This typically involves providing supporting documents. Some lenders may allow an online process, while others will ask you to visit a store.
- Accept an offer. If approved, you need to read and sign a loan agreement to get the funds.
- Receive the money. Lenders usually transfer funds via a direct deposit into your active bank account. The process may take from one business day to several weeks.
Eligibility Requirements for a 520 Credit Score Loan
Most lenders set the following eligibility criteria for a 520 credit score loan:
Also, loan providers may pay attention to your debt-to-income ratio, job stability, and employment status.
Ways to Improve Your Credit Score
Although there are several borrowing options for people with low credit, your FICO rating directly affects your loan rates and terms. The higher the credit score, the better conditions you can expect to get. Therefore, it’s recommended to boost your rating before applying. Here are some steps to take:
- Keep track of your bill and loan due dates. Your payment history is one of the most important factors. By paying on time, you can boost your credit quickly;
- Get a secured credit card or a credit-builder loan;
- Don’t close credit card accounts. This can affect your credit mix and length of credit;
- Pay off some high-cost credit card balances to reduce your credit utilization rate.
Alternatives to 520 Credit Score Loans
Still haven’t found what you’re looking for, as none of the options above seem right to you? Consider a few more alternatives:
- Borrowing from family;
- Cash advance apps;
- Pawn shop loans;
- Payday advances.
Why Choose BadCredify
BadCredify is a company created to guide people through their financial matters with ease. We make it fast and simple to assess loan offers from multiple lenders and choose the right one that aligns with your current goals. Our innovative platform allows you to find the loan option with the best possible terms based on your request and the data provided. By filling out just one simple form, you can see what products you can potentially qualify for without the need to undergo a hard credit check or visit the lender’s website directly. This approach saves you time and effort while keeping your credit score safe.
We know that each situation is unique. Therefore, we provide various loan solutions for borrowers with any credit and financial situation. Just complete our simple form in 5 minutes and get your personalized loan offer today.
FAQ
How Much Can I Borrow with a 520 Credit Score?
The amount you can borrow with a 520 credit score depends on your income, loan type, and the lender. It may be from $1,000 to $50,000 or even higher.
Can I Get a Personal Loan with a 520 Credit Score Online?
Sure, you’re welcome to apply online. Consider alternative lenders and cash advance apps if you’re looking for a completely online loan process.
Why Is My Credit Score Important for Getting a Loan?
Your credit score demonstrates your overall financial behavior and indicates how likely you are to repay the loan.
Can I Get a Home Loan with a 520 Credit Score?
You can get FHA loans, VA loans, and USDA loans with a 520 credit score.
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