Getting approved with a lower credit score can be challenging, but it’s not impossible. JetzLoan connects you with lenders who understand your unique financial situation.
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A credit score of 520 falls into the 'very poor' range. This means lenders typically view you as a high-risk borrower. However, obtaining a personal loan with a 520 credit score is still possible, although it may come with higher interest rates and stricter terms. It’s important to understand that your credit score impacts not only approval odds but also the APR range 6%–36% you'll receive.
The average borrower with a score between 500-529 can expect loan amounts ranging from $100 to $2,000 depending on lender. Approval rates are lower than those for borrowers with good or excellent credit; typically around 15%-30%. Many lenders specializing in bad credit loans offer options like installment loans and secured personal loans as alternatives. Some may even provide a no hard credit check option, although these often come with higher fees.
Understanding your score is the first step to improving it. A 520 FICO loan might require exploring lenders focused on rebuilding credit or considering a co-signer to increase your chances of approval. Securing a personal loan can be a valuable tool for consolidating debt, covering emergencies, or making necessary purchases when other options aren't available.
| Lender | Loan Type | APR Range (Estimated) | Loan Amount Range | Fees & Requirements |
|---|---|---|---|---|
| OppLoans | Installment Loan | 96.15% - 182.23% | $500 - $4,000 | Origination fees apply; limited credit check. |
| OneMain Financial | Secured/Unsecured Personal Loan | 19.9% - 79.9% | $1,000 - $25,000 | Collateral may be required; credit check and income verification. |
| Avant | Personal Loan | 38.46% - 97.64% | $2,000 - $35,000 | Origination fee; credit check required. |
| Rise Credit | Installment Loan | 50.18% - 359.67% | $500 - $5,000 | Credit check; may have origination fees. |
| World Business Lenders | Business Line of Credit (Personal Use) | Varies – Contact for Quote | $1,000 - $50,000 | May require collateral; credit check and business plan. |
| Local Credit Unions | Secured/Unsecured Personal Loan | 8.0% - 20% | $500 – $25,000 (Varies) | Membership required; credit check and income verification. |
While traditional banks may be hesitant to approve loans with a 520 credit score, several online lenders specialize in working with borrowers who have less-than-perfect credit. These lenders often focus on factors beyond your credit history, such as income stability and employment status. For example, some lenders will require proof of consistent income for the past six months, while others may accept alternative forms of credit data. Finding a lender that considers your overall financial picture can significantly increase your approval odds.
A recent study showed that approximately 40% of applicants with a credit score between 500-520 were approved for personal loans through online lenders specializing in bad credit. Loan amounts typically range from $500 to $2,000, and the APR range can vary significantly depending on the lender and your individual circumstances. It’s crucial to compare offers from multiple lenders before making a decision.
The best strategy is to look for lenders that offer pre-qualification options. This allows you to see potential loan terms without impacting your credit score. Pre-qualification doesn't guarantee approval, but it can give you a good idea of what to expect and help you narrow down your choices. Many lenders also provide educational resources about improving your credit, which is a valuable benefit for long-term financial health.
Reducing your credit utilization ratio (amount of debt compared to available credit) is crucial. Even small payments can help, and focusing on high-interest debts first maximizes impact.
If a trusted friend or family member with good credit is willing, becoming an authorized user on their account could boost your score – but ensure they have responsible spending habits. This can quickly improve your credit history.
Carefully review your credit reports from all three major bureaus (Experian, Equifax, TransUnion) and dispute any inaccuracies you find. Correcting errors can improve your score significantly.
Payment history is the most important factor in your credit score. Set up automatic payments or reminders to ensure you never miss a due date. Consistent on-time payments demonstrate reliability.
A secured credit card requires a cash deposit as collateral, making it easier to get approved with bad credit. Use it responsibly and pay your balance in full each month to build positive credit history.
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