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10 Best Bad Credit Options for 600 Credit Score Personal Loan

Writer and editor - Lauren Ward | Updated on 2019-10-17

According to most sources, a credit score of 600 is “bad” and having a bad credit score can limit your ability to obtain loans or qualify for credit. As a result, the lines of credit you get, such as credit cards, allow relatively low spending limits.

10 Ways to Get a Personal Loan with a 600 Credit Score

A 600 credit score for a personal loan is not the end of the world. Sure, it is bad for the short term, but you can take several other steps to improve your likelihood of getting a personal load. Per our tips below, that includes paying your bills on time, selectively applying for credit cards, and not closing unused credit cards.

When it comes to finding a personal loan, you have to be willing to shop around first. You can check out our recommended list of lenders on our comparison page for some excellent options to start with.

You should also reach out to multiple lenders to compare quotes to see who can offer you the most favorable terms. If you have the opportunity to get pre-approved for a loan, we highly recommend you take it.

Additionally, it pays to be flexible when it comes to the types of loans you are willing to accept. For instance, while most personal loans are unsecured, you can put down collateral to improve your odds of success. With collateral on the table, lenders accept your assets to secure your loan and help cover your financial obligation.

Aim for loans of less than $10,000 in total. The smaller the financial obligation, the lower the risk it is for the lender. If you require more funding than this, consider taking out more than one loan. Working with multiple lenders can improve your approval chances while increasing your maximum loan amount.

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Improve Your Credit Score

It is almost impossible to estimate the size of a personal loan for someone with a 600 credit score. There are a variety of factors that go into determining whether a lender will approve your application. One way to increase your likelihood of a thumbs up is by improving your credit score.

Pay Your Bills on Time

There is no silver bullet when it comes to fixing your credit score. Establishing a track record for paying off your bills each month, though, is one of the best strategies for restoring your good credit. Doing so sends creditors and lenders the message that you can manage your finances and, thus, are worth approving.

Only Use Credit Cards When Necessary

You should never apply for a credit card just for the sake of it. Having unnecessary credit cards can negatively impact your credit scores and make you more susceptible to overspending and debt accumulation. Furthermore, do not close unused cards unless they carry annual fees. Creditors like to see that people have multiple ways of paying off their financial obligations.

Lauren Ward

Lauren Ward
Writer and editor

Specializing in original, well-researched web content, including blog posts, news articles and web copy. Areas of expertise include personal finance and lending. 10 years of experience as freelance writer and working at Federal Reserve Bank of Richmond.
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