Credit Score of 680 - Can I Get a Personal Loan?

Reader Question: Can I qualify for a personal loan with a credit score of 680 points?

I cannot answer that question with any level of certainty, because I'm not a mortgage lender. Only a lender can tell you whether or not you qualify for a personal loan with a credit score in the 680 range. So the only way to find out for sure is to apply for a loan.

With that being said, I can tell you that you probably won't qualify for the best interest rates with a 680 credit score. In the current economy, most lenders are limiting their best offers to borrowers with excellent credit -- which, by most definitions, means a 750 or above. So the real question you should be asking is, "Can I get a personal loan with a reasonable interest rate when my credit score is 680 points?"

Now for some good news. The Internet makes it really easy to get offers from lenders. You can apply for a personal loan online and get offers with one business day.

When writing this response, I looked at the criteria listed on some of the lender websites. It seems that most of them prefer a credit score in the upper 700s, but that might just be for the best interest rates. It's possible that you could get a loan with a score of 680 or above, but you won't get the lowest rates.

Lastly, I would like to point out that lenders look at other factors beyond your credit score. For example, they will also review your debt-to-income ratio to determine how much debt you currently have (relative to your gross monthly incomes). The DTI ratio is another important consideration, so keep that in mind when you apply for personal loans online.

Hope that helps. Good luck.