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Personal Loan Rates For A 650 Credit Score – 2019

Written by Banks Editorial Team

Updated April 22, 2021​

3 min. read​

If you’re looking for the best personal loan rates that you can find at a 650 credit score, you have plenty of possibilities available. Here are some options you can try in order to find the rates that you want.

Fair Credit Overview

If you have a credit score of 650, or anything over 600, then this isn’t as bad as you might think. In fact, you can still find some amazing loans with favorable rates and terms. The key is to make sure you don’t get discouraged.

The exact approach you should take will depend on the purpose of your loan. If your score is under 620, getting a personal loan from a bank could be difficult. If it’s closer to or at 650, you may be able to get a loan from some credit unions or banks, but not all of them. Plus, you might not be able to get the rate you want even if the bank extends an offer since you’re on the low end. If you’re having trouble getting your preferred rate straight from a bank or credit union, you may have to look for other options for personal loan rates.

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How to Find The Best Personal Loan Rates

Personal Loan Rates Aggregators

Loan aggregators are sites that don’t offer you anything themselves but instead give you a giant list of possible sources for personal loan rates. Some aggregators will give you hundreds of choices fro personal loan rates. This is a good option for you to take if you want to get as many options as possible for personal loan rates, so that you can make your best choice. Here are some examples of aggregators that can find you the personal loan rates that you’re looking for:

  • Even Financial: This site is also called Hi Fiona. The low range of APR for this site is around 3.84%. Again, checking rates shouldn’t hurt your credit score. This site is well-regarded online.
  • Credible: This aggregator site will get you offers within two minutes of punching in all the data required. There’s also a Client Success Team there that can guide you through the process if you’re worried about it. This means it might be a good place to find rates if you’re a beginner or have a lot of anxiety about finding the personal loan that you want. Credible has over 2000 reviews and a 9.5 out of 10 score from TrustPilot. It’s always good to check third-party review sites in order to make sure an aggregator is likely to be fair and trustworthy.

One benefit of aggregators is that you can get a higher amount of money, going as high as $100,000. You also have the advantage of being able to have lenders ask you for your business, instead of the other way around. Finally, you don’t have to worry as much about figuring out whether you qualify for a particular lender’s services based on your credit score since this is largely determined for you.

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P2P Lenders

Unsecured P2P lenders will offer some of the best unsecured personal loans around. The cap for this tends to be around $35,000. This could be an amount you need for consolidating debt, buying a new car, or kick-starting a new business. This approach is essentially a service that directly connects you with a lending institution. Here are some examples of companies you can try if you want to go this route:

  • Prosper: This site has enabled just short of a million people to borrow $15 billion. It’s one of the more respected P2P sites online. Generally, they will offer fixed rates to either 3 or 5-year terms with just one payment per month. They also don’t have any extra fees. Rates vary from 5% or so all the way up through 10% or more. There are also origination fees occasionally. You can check rates here without worrying about your credit score.
  • Upstart: This P2P site has a convenient way to check rates by allowing you to choose what the purpose of your loan is right away. They have options like student loans, debt consolidation, college, large purchases and more. There are also categories for each like “refinance” or “personal expenses” that make choosing easier. Plus, they have a 5-star rating on TrustPilot with more than 5,000 reviews. According to the Upstart site, their borrowers save 23% compared to credit card rates. The actual APR options go from 4.73% to around 36%.

P2P lending is convenient because it is all online and you get fixed monthly payments. Being able to check your rate without damaging your credit score is also an advantage. The downside is that if your credit is below average, you will be hitting the upper range of those rates. However, at 650 this should be less of a problem since you’re more in the fair or average rating. There’s also the cap of around $40,000, and missing payments can hurt your credit score.

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