If you’re planning to borrow money, whether it’s for a personal loan, a small business loan, or a mortgage, you’ll need to know what credit score is required to get the best interest rate. A high credit score means you’re a low-risk borrower, which is important to lenders. The higher your score, the lower the interest rate you’ll qualify for. Here’s a look at what credit score you’ll need, depending on the type of loan you’re looking to get.
What credit score you need to borrow $50000.
What credit score you need to borrow money from a credit union.
If you need to borrow money, you should go to your local credit union first, especially if your credit score is fair or bad (below 690).
Online lender versus. Credit union.
|Minimum credit rating||600|
|Standard apr range||5.99% – 35.99%|
|Sum borrowed||$2,000 – $50,000|