A 670 credit score typically falls into the 'fair' credit range, opening doors to various personal loan possibilities. JetzLoan connects you with lenders who understand your financial situation and can offer competitive rates.
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A 670 credit score is generally considered 'fair' credit. This means you’ve likely had some credit history, but may have a few blemishes on your report. While not excellent, it doesn’t disqualify you from obtaining a personal loan with 670 credit. Many lenders specialize in working with borrowers in this score range. However, the terms you receive will depend on several factors, including your income, debt-to-income ratio, and employment history.
The average APR range for personal loans for borrowers with a 670 credit score typically falls between 9%–24%, but this can vary significantly depending on the lender. Typical loan amounts available to those with a 670 FICO score range from $1,000 to $50,000. While some lenders may offer loans with no hard credit check, these often come with higher interest rates and less favorable terms. It's important to compare offers carefully.
Understanding your credit report is crucial before applying for a loan. You can obtain a free copy of your credit report from each of the three major credit bureaus annually. Checking your report allows you to identify any errors that may be impacting your score and address them proactively. A can I get a loan with 670 credit score question is commonly asked, and the answer is generally yes – but preparation is key for securing the best possible rate.
| Lender | Estimated APR Range (for a 670 Score) | Loan Amounts Available | Typical Loan Terms | Key Features/Requirements |
|---|---|---|---|---|
| LightStream | $5,000–$100,000 | 6.49%–25.49% | 700+ | Same day |
| Upstart | $1,000–$50,000 | 6.20%–35.99% | 600+ | 1 business day |
| LendingClub | $1,000–$60,000 | 6.53%–35.99% | 600+ | 1–3 business days |
| Upgrade | $1,000–$50,000 | 9.99%–35.99% | 580+ | 1–2 business days |
| Avant | $2,000–$36,500 | 9.95%–35.99% | 550+ | 1–2 business days |
Fortunately, several lenders are willing to work with borrowers who have a 670 credit score. Online lenders like Upstart and LendingClub often have more flexible approval criteria compared to traditional banks. Credit unions can also be a great option, as they may offer lower interest rates to their members. According to recent data from Experian, approximately 65% of applicants with a 670 credit score are approved for personal loans when using online lending platforms.
It's important to note that the lender will also consider your debt-to-income ratio (DTI). A DTI of 43% or less is generally preferred, meaning your monthly debt payments shouldn’t exceed 43% of your gross monthly income. Securing pre-qualification from multiple lenders can help you understand your potential rates and terms without impacting your credit score. Many lenders offer a soft credit check for pre-approval, which won't affect your credit report.
Comparing offers is essential to find the most favorable loan terms. Look beyond just the APR; also consider origination fees, prepayment penalties, and any other associated costs. JetzLoan makes it easy to compare personalized loan offers from a network of trusted lenders, helping you make an informed decision.
Review your credit report from all three major bureaus (Experian, Equifax, TransUnion) and dispute any inaccuracies. Correcting errors could significantly improve your score.
Reducing your credit utilization ratio – the amount of credit you're using compared to your total available credit – is crucial. Aim for below 30%, and ideally under 10%. Paying down balances may increase your score.
Ask a trusted friend or family member with good credit to add you as an authorized user on their account. Their positive payment history could reflect on your report, but ensure they have responsible spending habits.
Each application triggers a hard inquiry on your credit report, which can temporarily lower your score. Limit applications in the months leading up to applying for a loan. Avoid opening new accounts depending on lender.
A secured personal loan uses collateral, like a savings account or vehicle, to reduce risk for lenders and potentially qualify you with a lower score. However, be aware of the risks if you default depending on lender.
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