Minimum credit score for a personal loan
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What is the minimum credit score that can guaranty approval for a personal loan?
It doesn’t work that way
Credit scores account for only a small part of the lending process when it comes to personal loans. Income, actual credit reports and debt to income ratio have higher impact on the lending decisions.
For example, a person with a Fico credit score of 710 but a thin credit report may be turned down, while a person with a 640 Fico score but with an extensive history would get approved.
It’s very hard to get a personal loan these days. Even people with excellent credit score may find it hard to get one.
There is no minimum score or any other magical number.
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