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5 Best Low Interest Loan Options for a Personal Loan 700 Credit Score

Writer and editor - Lauren Ward | Updated on 2019-10-31

Generally speaking, a credit score above 700 is “good.” It shows lenders that you are consistent and reliable about paying off your debts. Even if your credit is good, though, there is a wide range of factors that can improve (or hurt) your credit score. Those factors include your total debt, credit utilization rate, late payments, and the length of your credit history.

What Is a Good Rate for a Personal Loan with 700 Credit Score?

The average personal loan with a 24-month duration has an interest rate of 10.6 percent. That rate may decrease the higher your credit score becomes. Longer loans also tend to have lower interest rates.

How Much of a Personal Loan Can I Get with a 700 Credit Score?

The rule of thumb is that you can owe up to 200 percent of your annual pre-tax income. So, if you earn $50,000, you may be able to secure as much as $100,000 in financial backing. Of course, this number will fluctuate between lenders and on the interest rate and the length of your credit history. You can check our list of recommended lenders below for a more specific answer.

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Getting a Personal Loan with a 700 Credit Score

You have plenty of options when it comes to getting a personal loan if you have a credit score of 700 or more. The key is researching loans so that you have a clear idea when it comes to negotiating terms and rates. Here are a couple of features to consider:

APR

The APR, or annual percentage rate, is what the lender charges you for borrowing money. Long and short, it is what determines how much you have to pay when the loan expires. If possible, look for lenders who offer low APRs.

Fees

Be wary of fees. Companies will try to take advantage of borrowers by lumping on a series of additional charges to pad their pockets. That can include origination, late-payment, prepayment, and transaction fees. Try to work with lenders who have few or no costs besides interest.

Loan Terms

The terms of your loan include all the nitty-gritty details, including interest rates, repayment timeframes, and fees. The lender is typically the one that devises them, but they require your approval. Everyone has different needs and preferences when it comes to loan terms, so make sure to find flexible terms.

Loan Limits

As the name suggests, a loan limit refers to how much money you can receive from a lender. Some companies have minimum loan amounts, while others have maximums. In this situation, if your desired loan is large, pursuing multiple loans from different lenders is advised to improve your chances of approval.

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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