A 550 credit history sounds much better than 500, however itвЂ™s nevertheless a credit score that is bad. (ItвЂ™s 30 points away from вЂњfairвЂќ and 120 points far from вЂњgood.вЂќ) 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.
HereвЂ™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)