Quick answer
A 620 credit score is in the middle of FICO's lower Fair range. Many personal loan lenders will consider it, and a strong income or low debt-to-income ratio can improve your offer. Expect APRs above Good-credit rates. Prequalify with several lenders, compare APR and total cost, and borrow only what you need.
At 620, small improvements to your application can move your APR more than you might expect. Income documentation, a lower debt load and a clean recent history all count.
Where 620 falls
FICO scores run from 300 to 850. According to myFICO, scores below 580 are rated Poor, 580 to 669 Fair, 670 to 739 Good, 740 to 799 Very Good, and 800 and above Exceptional. A 620 is in the Fair range. Lenders also use other score models and their own rules, so treat these bands as a guide.
What lenders look at besides the score
- Debt-to-income ratio. The lower, the better.
- Verifiable income, such as pay stubs or tax returns.
- Recent payment history and any open collections.
- Loan purpose. Some lenders price debt consolidation differently.
What a loan might cost
Lower scores usually mean higher APRs. Here is $7,500 over 36 months at a few APRs a borrower in this range might see. Illustrations, not offers.
| APR | Monthly payment | Total interest |
|---|---|---|
| 32.99% | $330.79 | about $4,409 |
| 24.99% | $298.16 | about $3,234 |
| 17.99% | $271.11 | about $2,260 |
Options, cheaper first
- Prequalify with several lenders that use soft inquiries.
- Credit unions, where membership can help.
- Add a cosigner for a better rate. See cosigner loan options.
- Consider a smaller amount or shorter term to lower total cost.
Getting from 620 to the 670s
Pay down revolving balances, since utilization is part of the 30% of a FICO score tied to amounts owed. Avoid opening several new accounts at once. See credit utilization ratio.
Shop without piling up inquiries
The CFPB explains that hard inquiries from loan applications can affect your score, while soft inquiries, such as prequalification checks and checking your own report, do not. Prequalify where you can, then submit full applications only to the lenders most likely to approve you.
When you are ready, use the form on this page to see whether partner lenders may have an offer for your profile, or call (800) 236-7761. Compare every offer by APR and total cost before you accept.
Examples are illustrations, not offers. Approval, APR and terms depend on the lender, your state and your credit profile.
Frequently asked questions about personal loans for a 620 credit score: how to qualify
Is 620 a bad credit score?
It is not Poor. On the FICO scale it is Fair, which many lenders will approve, though usually at higher rates than Good credit.
How much can I borrow with a 620 credit score?
It depends more on income and existing debt than on the score alone. Lenders want the new payment to fit within your budget.
Will a cosigner help with a 620 score?
Often yes, if the cosigner has stronger credit and income. Remember the cosigner is fully responsible if payments are missed.
Sources
- myFICO: What is a FICO Score? (accessed 2026-10-09)
- CFPB: What is a credit inquiry? (accessed 2026-10-09)
- CFPB: What are some ways to start or rebuild a good credit history? (accessed 2026-10-09)
- NCUA: Payday alternative loan rule will create more alternatives for borrowers (accessed 2026-10-09)
- CFPB: What is the difference between a loan interest rate and the APR? (accessed 2026-10-09)
Last updated 2026-10-09. How we research and update pages.