You will likely need a credit score of at least 600 for a $6,000 personal loan. Most lenders that offer personal loans of $6,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old; being a U.S. citizen, permanent resident or visa holder; and having a valid bank account.
Credit Score Required by Lenders That Offer $6,000 Personal Loans
| Lender | Loan Range | Credit Score Required |
| Payoff | $5,000 - $40,000 | 600 |
| Avant | $2,000 - $35,000 | 580 |
| LendingClub | $1,000 - $40,000 | 600 |
| Upstart | $1,000 - $50,000 | 580 |
| PenFed | $500 - $50,000 | 600 |
Lenders tend to have large loan ranges, and their minimum requirements for approval (credit score, income and other factors) will determine whether you can get at least the lowest loan amount. But the higher your credit score and income are, the greater the amount you're likely to qualify for.
Even if your credit score is 600, you won't necessarily be approved for a $6,000 loan. Your chances of approval do get better the higher your score is above the minimum requirement, though. The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score
This answer was first published on 10/15/21 and it was last updated on 10/15/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
You should have a credit score of 580 or higher to qualify for a $6,000 personal loan. If you have a less than perfect credit score you can apply with a co-signer to increase your chance of approval.
How hard is it to get a 6k loan? ›
$6,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
How much is the monthly payment on a $6,000 personal loan? ›
What is the monthly payment on a $6,000 personal loan? The monthly payment on a $6,000 loan ranges from $82 to $603, depending on the APR and how long the loan lasts. For example, if you take out a $6,000 loan for one year with an APR of 36%, your monthly payment will be $603.
How to qualify for a $6,000 loan? ›
Most online lenders will require a minimum credit score of 600 or higher to qualify for a $6,000 loan. However, if your credit score is lower, you may still be able to get approval from select lenders.
What is the minimum credit score for a personal loan? ›
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.
What is the easiest loan to get approved for? ›
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
How much would a $7000 loan cost per month? ›
Monthly payments for a $7,000 personal loan
| Loan duration | Average monthly payments ($7,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 1–12 months | $826.51 | $646.88 |
| 13–24 months | $367.03 | $318.62 |
| 25–36 months | $264.41 | $221.24 |
1 more rowMar 7, 2024
It will take 41 months to pay off $6,000 with payments of $200 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
How much would a $8000 loan cost per month? ›
Example Monthly Payments on an $8,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $722 |
| 24 months | 15% | $388 |
| 36 months | 15% | $277 |
| 48 months | 15% | $223 |
3 more rowsAug 31, 2021
You should have a credit score of 580 or higher to qualify for a $6,000 personal loan. If you have a less than perfect credit score you can apply with a co-signer to increase your chance of approval.
Credit Score Required by Lenders That Offer $6,500 Personal Loans
| Lender | Loan Range | Credit Score Required |
|---|
| Avant | $2,000 - $35,000 | 580 |
| LendingClub | $1,000 - $40,000 | 600 |
| Upstart | $1,000 - $50,000 | 580 |
| PenFed | $500 - $50,000 | 600 |
1 more rowOct 15, 2021
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
How to get a loan when no one will approve you? ›
Use Collateral To Secure The Loan
If your credit score is lower than you need it to be, you could consider a secured loan. The inclusion of collateral makes secured loans easier to get approved for, as it assures the lender they'll get their money back one way or another – even if you default on the loan.
What FICO score is used for personal loans? ›
For other types of credit, such as personal loans, student loans and retail credit, you'll likely want to know your FICO® Score 8, which is the score most widely used by lenders.
Does getting a small personal loan hurt your credit? ›
A personal loan will cause a slight hit to your credit score in the short term, but making on-time payments will bring it back up and can help improve your credit in the long run. A personal loan calculator can be a big help when it comes to determining the loan repayment term that's right for you.
How much can I borrow with a 580 credit score? ›
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 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.
What credit score is needed for a 6k loan? ›
The answer may vary depending on the lender, but, generally speaking, most lenders will require a credit score of 600 or higher in order to approve a $6k loan.
Is it easy to get a $5,000 personal loan? ›
Requirements for a $5,000 Personal Loan
Some lenders may have a strict minimum credit score requirement, while others may be willing to approve you with a lower credit score. You will also need to have a source of income and a history of paying bills and past debts on time.
Is it hard to get a 7k personal loan? ›
You will likely need a credit score of at least 640 for a $7,000 personal loan. Most lenders that offer personal loans of $7,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
What credit score do you need for a 7k loan? ›
Yes, you can get a $7,000 loan with bad credit if you have enough income to afford the monthly payments, but the loan is likely to have a high interest rate. Several lenders offer $7,000 personal loans for people with credit scores under 640, and a few may not even require a credit check at all.
