There’s no single magic number that guarantees you a personal loan, every lender sets its own requirements, and credit score is only one part of what they look at. But there are clear patterns across the industry, and knowing where you fall can save you from applying somewhere you’re unlikely to qualify, or worse, accepting a rate far worse than you needed to.

Here’s what the actual ranges look like, and what you can realistically expect at each one.

The General Ranges

Most lenders require a minimum credit score somewhere between 580 and 660 just to be considered for a personal loan at all. Below that, your options narrow considerably, though they don’t disappear entirely, more on that shortly.

To qualify for genuinely competitive rates, the kind that make a personal loan worth taking out, most lenders want to see a score of 670 or higher. And if you’re aiming for the best possible terms, lowest rates, largest amounts, most flexible repayment, you’re typically looking at scores in the 740-and-above range. For context, the average FICO score among approved personal loan borrowers recently sat around 714, which gives you a sense of where the “typical” successful applicant actually lands.

Here’s roughly how it breaks down:

Below 580 – Limited options. Some lenders specialise in bad-credit personal loans, but expect significantly higher rates and smaller loan amounts.

580 to 669 – Fair credit. You can likely qualify with several lenders, but rates will be on the higher end and loan amounts may be capped.

670 to 739 – Good credit. This is where rates start improving noticeably, and you’ll have access to a much wider range of lenders.

740 and above – Very good to excellent credit. You’ll typically see the lowest advertised rates and the most favourable terms across the board.

Why There’s No Single Universal Number

It’s worth understanding that these ranges are general patterns, not hard rules. Some lenders don’t publish a minimum score at all, and a few specialise specifically in working with borrowers who have lower scores, weighing other factors more heavily instead. It’s entirely possible to get denied with a good credit score if other parts of your financial profile look risky, and equally possible to get approved with a lower score if your income and existing debt levels are strong.

This is why checking your estimated rate with a few different lenders, most allow a soft credit check that doesn’t affect your score, gives you a far more accurate picture than relying on a single published minimum.

What Lenders Look at Besides Your Score

Credit score gives lenders a quick snapshot, but it doesn’t tell the whole story, which is why most lenders dig into a few other areas too.

Your secured personal loans, how much of your monthly income already goes toward debt payments, matters almost as much as your score itself. Most lenders want to see this below 40-50%. Your income and employment stability give lenders confidence that you can actually make the payments. And your broader credit history, not just the score itself, but whether you have any major negative marks like a bankruptcy, foreclosure, or past loan default, can affect your eligibility even if your current score has recovered.

If Your Score Is on the Lower End

A lower credit score doesn’t automatically mean no personal loan is available to you, it usually means the terms will be less favourable, and it’s worth being strategic about how you approach it.

Some lenders specifically work with fair or lower credit borrowers, often weighing income and employment more heavily than the score alone. A cosigner with stronger credit can sometimes unlock better rates than you’d qualify for alone, since the lender has an additional layer of security. And secured personal loans, ones backed by collateral like a savings account, can come with lower rates than unsecured options, since the lender’s risk is reduced.

It’s also worth resisting the urge to apply to many lenders at once hoping one approves you. Multiple hard credit checks in a short window can temporarily lower your score further, working against you rather than for you.

How to Improve Your Odds Before Applying

If you have a little time before you actually need the loan, even a few months of focused effort can shift your score meaningfully. Paying down existing credit card balances lowers your credit utilization, which is one of the more heavily weighted factors in most scoring models. Making every payment on time, consistently, is the single biggest factor in most scores over time. And checking your credit report for errors, which are more common than people realise, can occasionally reveal something dragging your score down unnecessarily.

None of these are quick fixes, but a 60-to-90 day runway before applying can genuinely move your score enough to access a meaningfully better rate.

The Bottom Line

There’s no single credit score that guarantees a personal loan, but the general pattern holds across most lenders: 580 to 660 gets you in the door, 670 and above gets you genuinely competitive rates, and 740 and above gets you the best terms available. If your score sits below where you’d like, looking at lenders who specialise in fair credit, considering a cosigner, or taking a few months to improve your score before applying are all reasonable paths forward.

The most useful thing you can do before committing to any lender is check your estimated rate with two or three options using a soft credit check, so you’re comparing real offers rather than guessing based on a published minimum.

Frequently Asked Questions

Can I get a personal loan with a credit score below 580?

It’s possible, but options narrow significantly and rates tend to be much higher. Some lenders specialise in bad-credit personal loans, often weighing income and employment more heavily than the score itself.

What credit score do I need for the best personal loan rates?

Most lenders reserve their best rates for borrowers with scores of 740 or higher, though some competitive offers start appearing around 670.

Does checking my rate before applying hurt my credit score?

No. Most lenders offer a rate check using a soft credit inquiry, which doesn’t affect your score. Only a full application typically triggers a hard inquiry.

This article is for general informational purposes only and does not constitute financial advice. For guidance specific to your situation, consult a licensed financial adviser.