Question by : What is the average interest rate for a personal loan on k with a credit score of 600? Best answer for What is the average interest rate for a personal loan on k with a credit score of 600?:
Answer by coraann
You would need a credit score of almost 800 to be approved for a loan of $ 50k.
Answer by wizjp
100%. The only one lending anyone with a score that low that much money unsecured will be a loan shark.
Answer by Lord Sharpstone
Traditional banks would not loan you $ 50k on a 600 score with out significant assets to put up as collateral and even then I do not know of any that would take the risk in today's market. No small time loan comapanies will loan that much in terms of Title Loans on cars and or Pay Day loans. Even if they would loan you that much I would not recommend them as you would end up paying 4 times that amount in user fees and interest.
Answer by Judy
None, because there's no way you'd get a loan like that. It would be hard even if you had great credit -with a 600 score, not going to happen.
Answer by Dan B
A person with a 600 score will not get a personal loan (unsecured loan) for any amount of money. Score needs to be above 720 (probably above 760) to even start thinking about a loan of this type..
Answer by M W
Personal loans are a thing of the past. A 600 score doesn't qualify you for any kind of loan.
Answer by Calvin C
I love easy questions :) No one is going to give you a personal loan for any amount of money with a 600 CS so there is no interest because there will be no loan.
Answer by Stan
No bank or finance co will approve a loan for that amount. If you own your home free and clear, you might be able to get a secured credit line for that limit. I understand that rates are now under 2%
Answer by Johnny
This idea has become outdated I used this credit repair service to fix credit in such situation. They had disputed wrong items in my credit report - mycredit.3web.me
Answer by shannon
0%, cause you won't get one
Getting the personal loan with a credit score between 600 and 700 is not going to be difficult at all. You can either get a secured personal loan or a unsecured loan from the lender. Many people have the habit of choosing only the unsecured loans since they do not want to take high risks. But the truth is that there are no risks involved with a secured loan. You just need to make sure that you are spending wisely after getting a personal loan. Since you have to manage the household expenses along with the monthly payments to lender, planning a family budget becomes vital too. The advantage of getting the secured loans is the low interest rate associated with them. It is always a good option to choose the secured loan instead of the unsecured loan.
Another option to get these loans is to use the credit unions and the private lenders. There is huge competition among the online lending institutions.
So getting the loans from the individual lenders would always be a good solution. Some people might think about getting these loans for their credit card debts.This has to be avoided. Never get a personal loan to consolidate other debts. Instead you can approach the debt settlement companies and get help from them. Getting the loans with the help of a cosigner would be a better solution if you do not want to place a collateral. Since you are giving the security against defaulting on the loan, the lender would be more happy to give the loan.
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