- Excellent Credit: 800 – 850
- Very Good Credit: 740 – 799
- Good Credit: 670 – 739
- Fair Credit: 580 – 669
- Poor Credit: under 580
What Interest Rate Can I Expect If I Have Bad Credit?
When you have a FICO score under 670, you’re considered a subprime borrower. If your FICO score is less than 580, your credit falls into the “very poor” range.
Every lender sets its own criteria (including credit score thresholds) for loan approval and pricing. That makes it difficult to predict precisely what APR you’ll be offered for a personal loan if you have bad credit. Interest rates on personal loans can range from roughly 4.99% to 36%. If your credit rating is poor, you might be offered rates on the higher end of that scale.
You may also come across lenders who promise “guaranteed approval” or “no credit check” for bad credit personal loans. Promises like these should be a red flag. Legitimate lenders don’t make these guarantees, according to the Federal Trade Commission, or even say you’re likely to qualify for a loan before you apply.