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Is it possible to have an unsecured loan having a 550 credit rating?

Is it possible to have an unsecured loan having a 550 credit rating?

A 550 credit history sounds much better than 500, however it’s nevertheless a poor credit rating. (It’s 30 points far from “fair” and 120 guidelines far from “good.”) You may be eligible for a a personal bank loan by having a 550 credit history but once again, your rate of interest would be higher and loan approval just isn’t assured.

Here’s an illustration from a single principal Financial, which works together individuals who have bad credit scores. The repayment schedule would be as follows if your loan amount was $1,500 at 35% interest

  • For a two-year loan, $88 every month ($2,112 complete)
  • On a three loan, $68 per month ($2,448 total year)
  • For a loan that is four-year $58 each month ($2,784 complete)
  • On a five-year loan: $53 each month ($3,180 complete)