Personal Loan 600 Credit Score
Loans for fair credit with fair interest rates
If you’re looking for 600 credit score personal loans, online lenders may be the answer. FICO, the most widely used credit scoring formula considers credit scores between 580-669 as fair. The good news is that 600 credit score loans are available online, with fair, competitive APRs. These loans don’t require collateral.
With a no-collateral personal loan, you pay fixed-amount installments over a set period of time until the debt is completely repaid. It’s the best type of personal loan, allowing you to repay reasonable monthly payments or, repay the loan early with no prepayment penalty.
So, which lenders offer 600 credit score personal loans?
LendingPoint is an online lender offering 600 credit score personal loans with fair rates. You may be able to find lenders that offer 600 credit score personal loans but with super high interest rates.
The difference with LendingPoint 600 credit score personal loans is that APRs range from 15.49% up to 35.99%. While these rates are slightly higher than prime rate borrowers, LendingPoint considers borrowers with 600 credit scores near-prime rate borrowers.
You get fair rates for fair credit.
Fair credit borrowers can expect to be offered personal loan amounts ranging from $2,000 up to $25,000.
Rarely can you find loan amounts up to $25,000 for 600 credit score borrowers, and at competitive, fair rates. LendingPoint offers loans to people who may have been turned down by banks but have the income to repay a personal loan.
Fair credit borrowers have an opportunity to get a fresh start on paying down and consolidating debt and building credit. LendingPoint looks at more than just your credit score.
Read our review to learn about the pros and cons of 600 credit score personal loans from LendingPoint as well as what you’ll need to qualify.
How does a 600 credit score loan from LendingPoint work?
LendingPoint gives borrowers access to money at fair rates by understanding your credit story and helping you grow financially stronger. With loan amounts ranging from $2,000 to $25,000 you have the option of using the money for a variety of needs. Fair terms are offered with 600 credit score personal loans because LendingPoint considers other factors like length of time on job and good banking habits.
One of the best features in applying for a LendingPoint personal loan 600 credit score is that you can check your eligibility without affecting your credit score. Acceptable income types that can apply: (1) Job Income; (2) Self-Employed; (3) Social Security/Disability; (4) Retirement/Pension.
Who is LendingPoint?
LendingPoint is a direct lender based in Kennesaw, GA. Founded in 2014, LendingPoint offers access to personal loans in 40 states (and Washington, DC). LendingPoint is working to revolutionize access to consumer credit. LendingPoint offers personal loans for borrowers with fair to bad credit, primarily for debt consolidation.
Build your credit.
600 credit score personal loans can help build your credit by adding a positive line of credit to your credit reports. LendingPoint will report your monthly payments to the major credit bureaus. To improve credit, make sure you make all of your payments on time and never miss a payment. On-time payments will improve your credit scores over time.
100% online application and funding.
Application, loan documents and funding are completely processed online. As soon as you submit your application, you will receive an instant decision on your eligibility and the loan amount you qualify for. Once funded you can manage your account anytime online. Review your balance and make payments online at your convenience.
Choose your own terms.
Repay in fixed installments over time or pay off your loan anytime. It’s up to you.
Repay your loan early.
There is no penalty for repaying your loan early. Pay off the loan anytime without additional charges. Pay only the number of days you keep your loan, for example, if you pay off your loan in a month, you would only pay the finance charges accrued during the one-month period.
How to qualify for a loan with LendingPoint?
LendingPoint takes into account more than your credit score. They view a potential borrower’s ability to repay the loan based on current circumstances. While past credit history is important it’s not the only determinant.
Additionally, applicants should have the following:
- A credit score of at least 600
- An active checking account
- Must be 18+ years old.
- Must be a legal resident of the US.
- An active email account
- Personal information such as your Social Security Number and address.
- Monthly income from a job, self-employment or benefits like SSI, disability, unemployment check or retirement benefits.
- Financial information (such as information about your expenses like monthly rent or mortgage payment).
LendingPoint doesn’t require you to have a set minimum income and doesn’t limit your income to what you earn from a job. If you have retirement, disability or unemployment checks, you may still qualify for a loan.
Active duty servicemembers and their covered dependents cannot apply for a loan via LendingPoint. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR. Only U.S. citizens can apply for a loan.
How long does it take to get loan funds?
The application process is quick, and you’ll know if you’ve been approved within minutes. If electronic funding is selected and your loan agreement is signed, submitted and approved, you could have funds in your bank account as quick as the next business day.
Loans for any reason.
The opportunities are endless: consolidate debt, vacation, fix things around your home, major purchase, moving expenses, tuition, holiday cash, wedding expenses, and much more. Get funds in your account by the next business day, though in some cases it can take several days.
It’s no secret that good credit borrowers get the lowest rates. Less than perfect borrowers often face much higher rates. With LendingPoint, your creditworthiness is based on several factors, not just credit scores. LendingPoint actually grades creditworthiness which means average or bad credit borrowers have an opportunity to get a fair rate.
Borrowers with a low credit score may actually earn a high grade and receive favorable loan terms. Most lenders only look at credit scores, giving borrowers little chance for fair rates and terms.
What are the APRs offered via LendingPoint?
LendingPoint offers a fixed APR personal loan product that ranges from 15.49% up to 35.99%. Your rate will depend on your credit scores, state you live in and how often you make a payment. As with most 600 credit score personal loans, LendingPoint interest rates are slightly higher due to less than less perfect.
Does LendingPoint charge an origination fee?
Yes, LendingPoint charges a loan origination fee of 0% to 6% of the loan amount. LendingPoint deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Does LendingPoint charge a late fee?
Yes, LendingPoint may charge borrowers a late payment fee
Does LendingPoint charge prepayment fees?
No, LendingPoint does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow via LendingPoint?
Loan amounts start at $2,000 and go up to $25,000.
What is the maximum loan term you can get with LendingPoint?
LendingPoint offers personal loans with terms ranging from 24 to 48 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
Summary of LendingPoint loan details.
- Minimum credit score: 600
- Minimum income: $20,000
- Minimum credit history: 24 months
- Debt-to-income ratio: 35% or below
- APR range: 15.49% – 35.99%
- Loan amount: $2,000 – $25,000
- Loan duration: 24 – 48 months
Check your rate with no affect to your credit score.
What is the estimated funding time for a personal loan via LendingPoint?
After loan approval and document validation, funds can be sent to your bank account as soon as the next business day.
Pros of using LendingPoint
- Quick application process. If you’re in a hurry, LendingPoint’s application only takes a few minutes to complete, and you’ll know if you’ve been approved shortly after.
- No prepayment penalty. Pay off your loan early, LendingPoint doesn’t have a prepayment penalty. This means you can pay back your full loan amount at any time, which will reduce the total cost of interest you’ll pay.
- Apply with fair credit. The people at LendingPoint know everyone does not have good credit. But emergencies happen to everyone, even people with fair credit. LendingPoint looks at more than just credit scores to approve loans.
- Use your loan as you see fit. If you’ve been approved, use your loan funds for just about any purpose, whether you need a car repair or pay down debt.
Cons of using LendingPoint
- Origination fees. LendingPoint might charge you an origination fee of 0% to 6% depending on your state of residence and loan amount.
- Slightly higher rates. Any loan you qualify for with a less-than-stellar credit score is going to have higher rates, and LendingPoint’s loans are no exception. Expect an interest rate around 15.49%–35.99%%.
What do customers say about LendingPoint?
LendingPoint received an average score of 9.6 out of 10 from reviewers on Trustpilot. Many customers cited the easy application and good customer service as reasons to go with the loan.