Best loans for 500 credit score

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Key takeaways

Explore various options, including online lenders, credit unions, and peer-to-peer platforms, to find the best loan terms for a poor score.
Focus on improving your credit score through timely payments and reducing your debt, to access better borrowing opportunities in the future.
Consider alternative financing options such as secured loans, borrowing from friends and family, or cash advance apps.

Loans for a 500 credit score can be challenging to secure, but it’s not impossible. Plenty of lenders offer loans to borrowers with poor scores. Be prepared for higher borrowing costs – increased interest rates and fees – plus shorter repayment terms. You may have to go online or look at alternative funding sources, but yes, you can get a loan with a 500 credit score.

In this article, we will cover 500 credit score loan options, what to look out for, and how to get the best personal loans possible.

Top loans for a 500 credit score

Securing a loan with a poor credit score can be challenging, but there are still viable options available. Borrowers in this situation often need to explore alternative lending avenues that cater to those with less-than-perfect credit. Below are some top loan options for 500 credit score borrowers:

Online personal loan lenders

Many online personal loan lenders have flexible criteria, a low minimum credit score requirement, and offer fast funding. A 500 credit score personal loan direct lender might not even conduct a credit check, choosing to rely on other factors, including income, employment history, and debt-to-income ratio, rather than your score. While this can help you when you have a low credit score, it’s risky. Lenders who do not consider scores usually charge higher interest rates and fees to offset the increased risk.

Secured loans for bad credit

Secured loans are a practical option for borrowers with poor credit scores. These loans are backed by collateral, such as a car, savings account, or other valuable assets. The presence of collateral reduces the lender’s risk, making them easier to qualify for. Secured loans often come with lower interest rates and more favorable terms compared to unsecured loans. However, if you fail to repay the money as agreed, the lender has the right to seize your collateral to recoup losses.

Payday alternative loans

Payday alternative loans (PALs) are small, short-term loans offered by certain federal credit unions as a safer and more affordable option compared to traditional payday loans. These loans are designed to help borrowers who need quick access to cash but may have difficulty qualifying for other types of funding due to poor scores. PALs typically have lower interest rates (capped at 28%) and fewer fees than other bad credit loans with guaranteed approval and come with more reasonable repayment terms. To qualify for a PAL, you need to be a member of the credit union for at least one month and meet certain income requirements.

Loans with co-signer

A final option is to find a co-signer with a good score. Adding a co-signer reduces the risk for the lender, so they are more likely to approve the loan with favorable terms. The catch is, if you fail to make payments, the co-signer is responsible for the money, and their score will also suffer. Before you add a co-signer, make sure both of you understand the ramifications and have a repayment plan in place.

How credit scores affect loan rates

Credit scores play a crucial role in determining the interest rates and terms of a loan. Lenders use scores to assess the risk of lending to a borrower. A higher score indicates low risk, leading to more favorable terms and lower interest rates. Conversely, a lower score signals high risk, resulting in higher interest rates and stricter terms.

A 500 rating falls in the poor range on the FICO scale. A score this low is very high risk and indicates a poor credit history. It is below the minimum score required by most financial institutions and may disqualify you from borrowing.

If you are able to borrow money, you will most likely have to pay higher interest rates and additional fees, such as origination fees. The added charges help lenders compensate for the increased risk of default, but you will end up with higher fixed monthly payments and total interest costs.

To avoid the extra charges and decrease the risk for the lender, look for a co-signer or add on collateral for a secured loan.

Compare & find the best personal loans for a 500 credit score

When seeking a 500 credit score loan, it’s important to compare multiple offers to ensure you get the best possible terms and conditions. The easiest way to do this is to prequalify. Prequalifying for a personal loan lets you compare multiple lenders and see potential rates and terms without hurting your score. Try to prequalify with at least three lenders.

Once you have your potential offers, compare the APR, loan amounts, repayment terms, fees, and consider the lender’s reputation to ensure you get the best deal.

Annual percentage rate (APR)

The APR represents the total yearly cost of the loan. It includes both the interest and fees, expressed as a percentage. It provides a more comprehensive picture of the loan’s total cost. Try to secure a loan with a lower APR so that you’ll pay less over the life of the loan.

Loan amounts

How much you can borrow will vary by lender and loan type. Most lenders have minimum and maximum amounts they give out. Look for a lender who will give you what you need but not more. Borrowing too much can lead to unnecessary debt, while borrowing too little might not solve your financial problem.

Repayment terms

Repayment terms dictate how long you have to repay the loan and the frequency of payments. Longer repayment terms typically mean lower monthly payments but higher overall interest costs. Shorter terms result in higher monthly payments but lower total interest paid. Assess your financial situation and choose a repayment schedule that fits your budget. Consider lenders who offer flexible terms in case your situation changes.

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Loan fees

All loans come with fees. Common fees for loans for poor scores include:

Origination fee
Processing fee
Late payment fee
Prepayment penalty

These additional costs can significantly impact the cost of the loan. When comparing offers, pay close attention to these fees and factor them into your decision. Avoid lenders with excessive or hidden fees, as these can quickly add up and exacerbate financial strain.

Lender’s reputation

Research each lender’s credibility by reading customer reviews and checking ratings from reputable sources like the Better Business Bureau (BBB). A lender with a good reputation is more likely to offer transparent terms and provide reliable customer service. Avoid lenders with a history of poor customer experiences or predatory lending practices.

Alternative financing options for a 500 credit score loan

If you’re having difficulty securing a 500 credit score loan, alternative financing options may be worth considering. These alternatives can provide the funds you need hopefully without the high interest rates and strict terms common with traditional lenders.

Borrowing from friends and family

If you can borrow from friends and family, this can be one of the easiest and cheapest solutions. Chances are you can borrow money without interest or fees and with a more flexible repayment schedule. Before you go this route, draw up a loan agreement. Put in writing the loan amount, repayment schedule, and any interest or fees (if applicable) to ensure both parties are on the same page.

Credit unions

Credit unions are member-owned financial institutions that often offer more favorable loan terms compared to traditional banks. They tend to be more lenient with their lending criteria and offer a variety of loans (not just PALs), usually with lower interest rates and fees. Many also offer a product called a credit builder loan, which can help you improve your score. You most likely will have to be a member to apply. Joining a credit union may require a small fee, but the benefits can be substantial.

Cash advance app

Cash advance apps let you borrow a small amount – up to $750 – without considering your score. Instead, you typically connect the app to your bank account, where you get direct deposits. The lender then views your transaction history and how much you earn to determine how much to advance you. Certain apps only advance the wages you’ve already earned, while others are more lenient. They typically have no credit check, no interest, and no mandatory fees.

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Peer-to-peer lending platforms

Peer-to-peer (P2P) lending platforms are exactly what they sound like. You find individual investors who are willing to lend you money. P2P lenders may have more flexible requirements and the competitive nature of these platforms can lead to better interest rates and terms. When using a P2P lending platform, ensure you fully understand the terms and conditions, and be mindful of any fees associated with the service.

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Are personal loans for a 500 credit score worth it?

Deciding whether a personal loan is worth it depends on the cost of borrowing, loan terms, and what you need the money for. Many personal loans for low scores come with higher interest rates and fees, which can result in a significant financial burden over time. If the loan will cost too much and add to your debt burden, it’s probably not a good idea.

If it’s for an urgent need and there are no other alternatives, the high cost may be worth it. A personal loan is certainly going to be better for you than a payday loan. If it’s not an urgent need and borrowing money now could hurt you financially in the future, it’s best to wait. Work on improving your score so that you can secure a loan with more favorable terms later on.

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What can you do if you’re denied a personal loan?

If you’re denied a personal loan, it’s essential not to panic. There are several steps you can take to improve your chances of securing a loan in the future or finding alternative financing.

Understand the reason: Request an explanation from the lender. Knowing why you were denied can help you address specific issues.

Check your credit report: Obtain a copy of your credit report and review it for errors or negative marks that could be impacting your score. You can get a free copy once a year from each of the three major credit bureaus via AnnualCreditReport.com. Dispute any inaccuracies with the issuing bureau.

Improve your credit score: Work on improving your score. It will take a little time, but is well worth the effort.

Pay down debts
Make timely payments on all bills
Reducing your utilization ratio to below 30%
Keep old accounts open and active
Only apply for new accounts when necessary

Small, consistent efforts can lead to significant improvements over time.

Consider alternative lenders: Explore other lending options, such as credit unions, online lenders, or peer-to-peer lending platforms, which might have more flexible requirements.

Seek a co-signer or co-borrower: If possible, find a co-signer or co-borrower with a good score and positive payment history to help you qualify. A co-borrower will have equal access to the funds.

Build a savings cushion: In the meantime, focus on building an emergency savings fund to reduce your reliance on loans for unexpected expenses.

By taking these steps, you can strengthen your financial profile and increase your chances of loan approval in the future.

Frequently asked questions

1. Can I get a personal loan with a 500 credit score?

You can get a personal loan with a 500 credit score, but your options may be limited. As the score is poor, you will need to look for bad credit loans, secured loans, or find a co-signer. Some online lenders and credit unions may approve you, but expect higher interest rates and stricter terms.

2. What does it mean to prequalify for a personal loan with a 500 credit score?

Prequalifying for a personal loan means that a lender has conducted a preliminary assessment of your finances and done a soft pull on your credit. Soft pulls have no impact on your score. This process gives you an estimate of the loan amount, interest rate, and terms you might qualify for. It’s a useful step to gauge your loan options and compare before formally applying.

3. Do lenders consider giving personal loans to borrowers with a 500 credit score?

Yes, some lenders do consider giving personal loans to borrowers with a 500 score, though it is more challenging. Look into online lenders, credit unions, and peer-to-peer platforms. Many loans for poor scores will come with higher interest rates, extra fees, and stricter repayment terms to mitigate the risk. You may need to provide collateral or secure a co-signer to improve your chances of qualifying for best personal loans for fast cash and securing more favorable terms.

4. What kind of payments can build credit for a 500 FICO score?

Payments on credit card bills and installment loans for a 500 credit score are almost always reported to the three national credit bureaus – Equifax, Experian, and TransUnion. All on time payments that are reported will help improve your score. If you’re wondering if your lender reports payments, ask them. Most payday lenders do not report payments – but they may report a failure to pay. Landlords and utility companies typically do not report payments. Certain companies will report rent, utilities, and other monthly bills to help raise your rating. This is a special service and usually comes with a small fee.

5. Should you consider a payday loan?

No, avoid payday loans. These loans come with extremely high interest rates and short repayment terms, which can easily trap you in a cycle of debt. While they might seem like a quick solution for immediate cash needs, exploring alternatives like credit unions, personal loans, or borrowing from friends and family is often a safer and more cost-effective choice.

6. How much of a loan can I get with a 500 credit score?

Personal loan amounts will vary depending on the lender, your income, and your debt-to-income ratio. Many lenders offer bad credit personal loans ranging from $500 to $10,000.

7. Can you get a car loan with a 500 credit score?

Yes, you can get a car loan with a 500 credit score, but expect higher interest rates and possibly a larger down payment. Subprime auto lenders specialize in loans for bad credit borrowers, but financing terms may not be ideal. Adding a co-signer or improving your score before applying can help you secure better rates and lower payments.

Bottom line

Securing a loan with a 500 credit score can be challenging, but it’s doable. Look into online lenders and credit unions to see if you can find a loan that fits your budget. Before you borrow money, know your options, compare offers, and find the best match for you.

If the loan costs too much, it may not be in your best interest financially. Look into alternatives like getting a co-signer or borrowing from friends and family. Or if you can wait and take the time to improve your credit score. With a higher score, you’ll have better borrowing options in the future.

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7. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

8. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

9. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC.

10. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank.

11. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

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17. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

18. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

19. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

20. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

21. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

22. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

23. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

24. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

25. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

26. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

27. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

28. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

29. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

30. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

31. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

32. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

33. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

34. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

35. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

36. Tipping or not tipping has no impact on your eligibility for SpotMe®.

37. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

38. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

39. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

40. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

41. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

42. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

How Can I Get Loans for a 500 Credit Score

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