What loan amount can I get with a 700 credit score?
You can borrow from $1,000 to $100,000 or more with a 700 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.
However, the exact loan amount you can get will depend on several factors, such as your income, debt-to-income ratio, and the lender's underwriting policies. Here is a rough estimate of loan amounts you might be able to get with a 700 credit score: Personal loans: $7,500 to $40,000. Home loans: $250,000 to $450,000.
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
You will likely need a credit score of 660 or higher for a $20,000 personal loan. Most lenders that offer personal loans of $20,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
You will need a credit score of 580 or higher to get a $30,000 personal loan in most cases, along with enough income to afford the monthly bill payments. Other common loan requirements include being at least 18 years old, being a U.S. citizen or a permanent resident, and having a valid bank account.
Check Your Credit Score
To qualify for a $100,000 personal loan, you should have a score of at least 720, though a score of 750 or above is ideal. Before you apply for a large personal loan, check your credit score so you know what kind of loan terms you're likely to qualify for.
While lenders vary in their requirements, you're more likely to get the best loan terms if your score is in the "good" category or higher, meaning at least 670. 1 But even if you have only a "fair" score, which starts at 580, you may be able to obtain a personal loan from some lenders.
For a conventional loan, often backed by Fannie Mae and Freddie Mac, a minimum score of 620 is typically required. It's important to remember that while lenders have minimum credit score requirements, having a higher score can improve your chances of getting a better mortgage deal.
How hard is it to get a $30,000 personal loan? This depends on your financial situation. For those with a good credit score — around 670 and up — a $30,000 personal loan may be pretty easy to get. But those new to credit or with a bad score may find it challenging.
The monthly payment on a $50,000 loan ranges from $683 to $5,023, depending on the APR and how long the loan lasts. For example, if you take out a $50,000 loan for one year with an APR of 36%, your monthly payment will be $5,023.
What is the easiest loan to get?
The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
The monthly payment on a $20,000 loan ranges from $273 to $2,009, depending on the APR and how long the loan lasts. For example, if you take out a $20,000 loan for one year with an APR of 36%, your monthly payment will be $2,009.
With a 700 score, you'll likely be above creditors' minimum score requirements. This means your application probably won't be denied based on your credit score, but it won't necessarily be possible to secure the highest loan amount or the best terms even with a good score.
The monthly payment on a $30,000 loan ranges from $410 to $3,014, depending on the APR and how long the loan lasts. For example, if you take out a $30,000 loan for one year with an APR of 36%, your monthly payment will be $3,014.
For a $40,000 personal loan, lenders will likely require a strong credit score and history, along with proof of income or employment. Better credit scores can also lower your interest rate and secure improved loan terms.
Requirements for a $25,000 Personal Loan
They will consider your credit score, income and current debts before making an approval decision. Typically, a desirable credit score for a $25,000 personal loan is around 670 and above, but some lenders work with those who have scores from 580 and up.
You can buy a $300,000 house with only $9,000 down when using a conventional mortgage, which is the lowest down payment permitted, unless you qualify for a zero-down-payment VA or USDA loan. Different lenders have different rules, but typically they require a 620 credit score for conventional loan approval.
| Credit score range | Average APR | Average loan amount |
|---|---|---|
| 720+ | 14.34% | $19,657.52 |
| 680-719 | 21.19% | $16,032.83 |
| 660-679 | 32.30% | $12,392.46 |
| 640-659 | 44.50% | $10,010.65 |
| Annual Percentage Rate (APR) | Monthly payment (15-year) | Monthly payment (30-year) |
|---|---|---|
| 7.00% | $898.83 | $665.30 |
| 7.25% | $912.86 | $682.18 |
| 7.50% | $927.01 | $699.21 |
| 7.75% | $941.28 | $716.41 |
You will likely need a minimum credit score of 580 to get a $1,000 personal loan. Most lenders that offer personal loans of $1,000 or more require bad credit or better for approval, along with enough income to afford the monthly payments.
What credit score is needed for $5,000 loan?
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.
Generally, you'll need a good to excellent credit score — 670 or higher — to qualify for a $20,000 loan. The higher your credit score, the better your chances of qualifying for a loan and securing a lower interest rate.
That means you'd need to earn about $10,839 a month, or $130,068 per year, in order to afford a $400,000 home. Your actual take-home pay will depend on your state of residence, tax filing status, and other withholdings, Walsh says.
To purchase a $300K house, you may need to make between $50,000 and $74,500 a year. This is a rule of thumb, and the specific salary will vary depending on your credit score, debt-to-income ratio, type of home loan, loan term, and mortgage rate.
Following this logic, you would need to earn at least $300,000 per year to buy a $600,000 home, which is twice your salary. This is a general guideline, of course, and the exact amount you can afford to comfortably pay each month will depend on your financial obligations and goals.
