You can likely borrow anywhere from a few hundred dollars to $50,000 with a 500 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 500 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. You will need a credit score of None+ to qualify for a personal loan from Upstart .
Best Personal Loans for a 500 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 and it was last updated on 04/12/23. 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 likely borrow anywhere from a few hundred dollars to $50,000 with a 500 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 kind of home loan can I get with a 500 credit score? ›
For homebuyers with scores between 500 and 579, it's still possible to obtain a mortgage guaranteed by the FHA, but a minimum 10% down payment is required. Here are some FHA lenders to consider. New American Funding: This lender offers FHA 203(k) loans for homes that need renovations or repairs.
What can I get with a 500 credit score? ›
What Does a 500 Credit Score Get You?
Type of Credit | Do You Qualify? |
---|
Secured Credit Card | YES |
Home Loan | YES (FHA Loan) |
Unsecured Credit Card | MAYBE |
Auto Loan | NO |
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Why can't I get a loan with a 500 credit score? ›
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 500 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.
What interest rate can I get with a 500 credit score? ›
Auto loan interest rates by credit score
Credit score | Average APR, new car | Average APR, used car |
---|
Prime: 661-780. | 7.01%. | 9.73%. |
Nonprime: 601-660. | 9.60%. | 14.12%. |
Subprime: 501-600. | 12.28%. | 18.89%. |
Deep subprime: 300-500. | 14.78%. | 21.55%. |
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Is a 500 credit score enough to buy a house? ›
Generally speaking, you'll likely need a score of at least 620 — what's classified as a “fair” rating — to qualify with most lenders. With a Federal Housing Administration (FHA) loan, though, you might be able to get approved with a score as low as 500.
What credit score is needed to buy a $300K house? ›
What credit score is needed to buy a $300K house? 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.
Can I get a 10k loan with a 500 credit score? ›
Your credit score can make or break your ability to get a $10,000 loan. Generally, it can be hard to meet personal loan requirements if your credit score is below 640. That doesn't mean that it's impossible, but you may need to stick to bad credit loans (which typically have higher APRs).
How long does it take to build credit from 500 to 700? ›
The time it takes to raise your credit score from 500 to 700 can vary widely depending on your individual financial situation. On average, it may take anywhere from 12 to 24 months of responsible credit management, including timely payments and reducing debt, to see a significant improvement in your credit score.
How can I raise my credit score 100 points in 30 days? ›
For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.
Personal loans up to $5000 are available online for borrowers with credit scores as low as 500, providing a fast way to access funds. Interest rates are higher for bad credit borrowers, often starting around 35%, but loans come with fixed rates and transparent terms.
What is the easiest loan to get approved for? ›
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
What is the minimum credit score you will need to borrow money? ›
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.
Can I buy a car with a 500 credit score? ›
Can I get a car with a 500 credit score? Buying a car with bad credit is possible with credit scores as low as 500. Having a high down payment, getting a good deal on the car and having a cosigner can all improve your likelihood of being approved.
Can your credit score go up 100 points in a month? ›
While there are no shortcuts for building up a solid credit history and score, there are some ways that can provide you with a quick boost in a short amount of time. In fact, some consumers may even see their credit scores rise as much as 100 points in 30 days.
What is a good credit score to buy a car? ›
Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.
Can you get an FHA loan with a 500 credit score? ›
Minimum credit score: 500
You may qualify for an FHA loan with a score as low as 580 if you're making the minimum 3.5% down payment, or 500 if you're putting down 10% or more.
What credit score is needed to buy a $500000 house? ›
Expect to need a minimum credit score of 620+
What is the easiest home loan to get approved for? ›
Government-backed loan options, such as FHA, USDA and VA loans, are typically the easiest type of mortgage to get because they may have lower down payment and credit score requirements compared to conventional mortgage loans.
What is the lowest acceptable credit score to buy a house? ›
For a conventional mortgage in California, you typically need a minimum score of at least 600. If you qualify for certain government-backed loans, however, you may be able to buy a home with a score as low as 500. Read on to learn about credit scores and how they affect your ability to make a home purchase.