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How to Get Approved for a Personal Loan with a 620 Credit Score

Last updated: May 2026 | By Chris, Founder of AskMyFinance.com

A 620 credit score is not great. But it is not a dead end either. Thousands of borrowers with scores in the 600-640 range get approved for personal loans every month. The key is knowing which lenders to approach, how to make your application as strong as possible, and what to do if you get denied.

Which Lenders Work With a 620 Score

Lender	Min. Credit Score	APR Range	Loan Amounts
Avant	580	9.95%–35.99%	$2,000–$35,000
LendingPoint	600	7.99%–35.99%	$2,000–$36,500
Upstart	300 (soft)	7.80%–35.99%	$1,000–$50,000
OneMain Financial	None stated	18.00%–35.99%	$1,500–$20,000
Best Egg	600	6.99%–35.99%	$2,000–$50,000

Rates as of May 2026. Verify current rates directly with each lender before applying.

Step 1: Check Your Credit Report Before Applying

Do this before anything else. Pull your free credit report from AnnualCreditReport.com. Look for errors: wrong account information, accounts that are not yours, or paid-off debts still showing as delinquent.

The Federal Trade Commission found that 1 in 5 consumers has an error on at least one of their credit reports. An error dragging your score from 650 to 620 could cost you a lower interest rate — or an approval. Dispute errors directly with each bureau: Equifax, Experian, and TransUnion.

Source: CFPB — How to Get Your Credit Report

Step 2: Know Your Debt-to-Income Ratio

Lenders care about your debt-to-income (DTI) ratio as much as your credit score. DTI is the percentage of your gross monthly income that goes toward debt payments.

Example: Your gross monthly income is $4,000. Your current debt payments (rent, car, credit cards) total $1,400/month. Your DTI is 35%.

Most lenders want to see a DTI below 40%-45%. A DTI above 50% is a red flag. If yours is high, paying down existing debt before applying will help your odds more than almost anything else.

Step 3: Use Pre-Qualification Tools First

Every lender on the list above offers a pre-qualification process that uses a soft credit pull. A soft pull does not affect your score. You enter basic information — income, employment, loan amount needed — and see your estimated rate and approval odds.

Pre-qualify with 2-3 lenders before submitting any formal application. Compare the offers. Then apply only to the lender with the best rate and terms. This minimizes the number of hard inquiries on your report.

Step 4: Prepare Your Documents

Have these ready before you apply:

• Government-issued ID (driver’s license or passport)
• Recent pay stubs (last 2-3)
• Most recent bank statement
• Tax returns if self-employed (last 2 years)
• Proof of address (utility bill or lease)
• Social Security number

Having these ready speeds up the process. Some lenders fund within one business day of approval when all documents are submitted promptly.

Step 5: Consider a Co-Signer or Secured Loan

Two options can significantly improve your odds and your rate:

Co-signer: A co-signer with a stronger credit profile (680+) can unlock approvals and lower rates that you would not get on your own. The co-signer is equally responsible for the debt. Not all lenders allow co-signers. OneMain Financial and a few others do.

Secured personal loan: Putting up collateral — a car, savings account, or other asset — reduces the lender’s risk. OneMain Financial offers secured personal loans. A secured loan can get you approved with a lower rate even at a 620 score.

What to Do If You Get Denied

Lenders are required by law to send you an adverse action notice explaining why you were denied. Read it carefully. Common reasons include:

• Too many recent hard inquiries
• High debt-to-income ratio
• Derogatory marks (missed payments, collections)
• Too short a credit history

Address the specific issue. If it is high DTI, pay down debt. If it is missed payments, focus on building a clean payment history for 6-12 months before reapplying. Each on-time payment helps.

How to Raise Your Score From 620 to 660+ Before Applying

Even a 20-40 point improvement can move you into a better rate tier. The fastest ways to move the needle:

Pay down credit card balances. Credit utilization is 30% of your FICO score. Getting each card below 30% of its limit — or better, below 10% — can add 20-40 points within 30-60 days.

Do not close old accounts. Closing a card reduces your total available credit and raises your utilization ratio. Keep old accounts open even if you do not use them.

Dispute errors. As noted above, one error removed can move your score significantly.

Source: myFICO — What’s in Your Credit Score

Frequently Asked Questions

Can I get a personal loan with a 620 credit score?

Yes. A 620 score is in the fair credit range. Several lenders — including Avant, LendingPoint, and Upstart — regularly approve borrowers in this range. You will pay a higher APR than someone with a 720 score, but approval is very possible.

What interest rate can I expect with a 620 credit score?

With a 620 score, expect APRs between 18% and 30% from lenders that specialize in fair credit. Your exact rate depends on your income, debt-to-income ratio, and the lender’s model. Use pre-qualification tools to see your rate before applying.

Does applying for a personal loan hurt my credit score?

A hard inquiry typically drops your score 5-10 points temporarily. Use lenders that offer soft-pull pre-qualification first. Only submit a formal application once you have identified the best offer.

What income do I need to qualify for a personal loan?

Most lenders look at your debt-to-income ratio rather than a specific income number. A DTI below 36% is strong. A DTI above 50% makes approval much harder regardless of your credit score.

Should I add a co-signer to improve my approval odds?

Yes, if you have someone willing and able. A co-signer with a higher credit score can unlock lower rates and higher approval odds. The co-signer takes on full responsibility for the loan if you do not pay.

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