Could you get an unsecured loan by having a 550 credit rating?

Could you get an unsecured loan by having a 550 credit rating?

A 550 credit history sounds much better than 500, however it’s nevertheless a credit score that is bad. (It’s 30 points away from “fair” and 120 points far from “good.”) You could be eligible for an unsecured loan having a 550 credit history but once more, your rate of interest will likely to be high.

Here’s an illustration in one principal Financial, which works together those that have bad fico scores.

Should your loan amount had been $1,500 at 35% interest, the payment schedule could be the following:

  • On a two-year loan, $88 each month ($2,112 total)
  • On a three 12 months loan, $68 every month ($2,448 total)
  • On a loan that is four-year $58 each month ($2,784 total)
  • For a loan that is five-year $53 each month ($3,180 total)

(more…)

Continue Reading
Close Menu