WalletHub recently published an interview with Greg Stoller, Master Lecturer of Strategy and Innovation, discussing the best personal loans for a 600 credit score.
Top personal loans for a 600 credit score should have reasonable APRs, low fees, flexible loan amounts, and varied repayment terms. Quick approval and funding, plus options for co-applicants, are also key features.
Stoller shared his perspective on when it’s appropriate for someone with a 600 credit score to apply for a personal loan. He noted that while a high credit score is a good indicator of current credit health, it doesn’t tell the whole story. A person might adopt good financial habits for a few years and improve their score, but if they fall back into old habits, they may struggle to repay the loan before it’s fully amortized.
When advising someone with a 600 credit score on applying for a personal loan, Stoller notes, ‘Like any other companies, banks are eager to put money to work because that is their primary way of earning revenues and profits. That doesn’t mean that if you have a 300-credit score that somebody eventually is going to help you, but I don’t think that all loan terms and conditions and loan decisions are created equally.”
He advises those with less-than-perfect credit seeking a personal loan to be patient and explore the possibility of obtaining a short-term line of credit before applying for a personal loan.
