What credit score do I need for a $3,000 loan?

Assuming that the $3,000 is for a personal loan, the simple answer is that there is no specific credit score to qualify for one. There are various options available to you depending on the purpose of the loan.

Generally, lenders require a good to excellent FICO® score, meaning at least a 670, to approve your personal loan at a low-interest rate. Specifying the purpose of the personal loan may also impact the rate and available special offers. For instance, CareCredit® is a medical credit card for plastic surgery, dermatological treatments, and other medical procedures.

While your credit score is a major factor in helping you qualify for a credit card, lenders also look at your employment status, income, current debts, and history of late payments, if any. Preliminary research on the available options for personal loan providers will reveal that there are lenders who specialize in lending to people with fair to bad credit. But the chances are that such loans may be available to you for higher interest rates.

Surveying the field thoroughly to understand which lender provides the best terms can help you get the best deal. If you are someone with bad credit, you could also take time to build your credit score to a goal number so you can qualify for a better loan, especially if it’s for something like debt consolidation, or home improvement.