Can I get a $10,000 loan with 700 credit score?
You can borrow from $1,000 to $100,000 or more with a 700 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.
Can You Get a $10,000 Personal Loan With Bad Credit? In general, you need a credit score of 640 to qualify for a personal loan. If you have bad credit (say, in the lower “poor” or “very poor” range), you might still be able to secure a loan, but potentially at a higher interest rate.
Lender | Best for | Min. credit score▼ |
---|---|---|
Bank of America 5.0/5.0 | Bank small-business loans | 700 |
Wells Fargo 5.0/5.0 | Bank lines of credit | 680 |
Bluevine 5.0/5.0 | Fast business loans | 625 |
Fundbox 5.0/5.0 | Startup business loans | 600 |
661-780: Prime loan at 4.68% (new) or 6.04% (used) 601-660: Nonprime loan at 7.65% (new) or 11.26% (used) 501-600: Subprime loan at 11.92% (new) or 17.74% (used) 300-500: Deep subprime loan at 14.39% (new) or 20.45% (used)
You need to have a 660 credit score or higher to qualify for a Discover personal loan. You must also be a U.S. citizen or permanent resident and earn at least a $25,000 annual income.
Money problems or debt in your past may have left you with a poor credit rating. £10,000 loans with bad credit are available, but there will be a smaller pool of lenders willing to lend to you. You will likely have to pay higher interest rates too.
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While LLCs can be started at any credit level, there will be some notable disadvantages for business owners who have bad credit. Here are a few examples: Money will be hard to come by.
With a 700 score, you'll likely be above creditors' minimum score requirements. This means your application probably won't be denied based on your credit score, but it won't necessarily be possible to secure the highest loan amount or the best terms even with a good score.
Many give preference to borrowers with good or excellent credit scores (690 and above), but some lenders accept borrowers with bad credit (a score below 630). The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet.
What APR should I expect with a 700 credit score?
Having a 700 credit score puts you in the “prime” category for borrowing. According to Experian, the average rates for this category are 6.44% for new-car loans and 9.06% for used-car loans.
You will likely need a credit score of 660 or higher for a $20,000 personal loan. Most lenders that offer personal loans of $20,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
Credit score range | Average APR | Average loan amount |
---|---|---|
720+ | 14.34% | $19,657.52 |
680-719 | 21.19% | $16,032.83 |
660-679 | 32.30% | $12,392.46 |
640-659 | 44.50% | $10,010.65 |
Key takeaways:
And small loans generally range from $1,000 to $10,000 and can generally be obtained with lower interest rates than credit cards. Borrowers should shop around for lenders that offer loans in the size they need and understand the fees associated with taking out a loan.
The monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504.
- Upgrade. : Best for poor credit.
- Prosper. : Best for peer-to-peer lending.
- LendingPoint. : Best for long repayment terms.
- Upstart. : Best for thin credit.
- Avant. : Best for fair credit.
- Oportun. : Best for small loans.
- LendingClub. : Best for co-borrowers.
- SoFi. : Best for discounts.
Representative Example
Representative 6.1% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 5.9358%, (nominal). This would give you a monthly repayment of £193.02 and a total amount repayable of £11,581.20.
For a conventional loan, often backed by Fannie Mae and Freddie Mac, a minimum score of 620 is typically required. It's important to remember that while lenders have minimum credit score requirements, having a higher score can improve your chances of getting a better mortgage deal.
Most lenders require a minimum score around 670, which is considered a "fair" score. While you can qualify for and take out loans for bad credit, they'll come with much higher interest rates. Credit union personal loans are often more flexible and could be a good choice if you don't have great credit.
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Your business credit score is connected to your company's EIN number. It takes time to build up, so if you're just starting out, check out these tips for climbing the ladder of credit.
If your LLC has debts taken out in the company's name, only the LLC's business credit report will be impacted by whether you repay your debts on time. An LLC loan will only impact your personal credit if you cosign or guarantee it. If you don't do so, your credit report will remain unaffected.
Forming an LLC or corporation creates a separate legal entity with its own credit score different from the business owner(s) 's personal credit score. This differs from sole proprietorships and partnerships, where the business's credit is tied to personal credit profiles.