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What Credit Score Do You Need to Be Approved for a Personal Loan?

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In fact, a personal loan can get a borrower with a score of 620 and lower. Still, there exist some peculiarities. Personal loans are the kind of unsecured loan, which doesn’t require collateral. That’s why you might be assigned to pay a high rate. On the other hand, you can pay a low interest rate and here lies the main peculiarity – your credit score influences the interest you will be charged to pay.

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The potential borrowers with a 750+ credit score in most of the bank institutions may be asked to pay a 10.99% APR, while those, whose credit score is 620 and lower, – 17.99%. In simple words, the first person may even receive 8.18% APR on $10,000 for 48 months and, in the result, pay off a debt in the amount of $11,758.80. The second person on the same conditions will have to pay $17,288.46 with 30% APR.

Furthermore, a person with an excellent credit score may ask for a longer repayment period and other privileges while those with a worse score will be captured in the restrictions.

Personal Money Service is always happy to find the best place to get a personal loan online.

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