Can you get a personal loan with a 500 credit score?

Reviewed by Turan Zeynal, Managing Partner, Outset Funding Partners · Last reviewed July 23, 2026

TL;DR

Yes, but the honest answer is that the product menu shrinks dramatically at 500 FICO. Realistic options: subprime installment lenders (OppLoans, NetCredit, OneMain Financial), secured personal loans backed by savings or a vehicle title, credit-builder loans through a credit union, and — if you own a home — a HELOC. Expect APRs of 30%–160%, loan amounts capped at $1,500–$10,000, and mandatory income verification. Payday loans are technically available but almost always a trap; try every alternative first.

Quick facts

Approving lenders at 500 FICO: OppLoans, NetCredit, OneMain, some CUs
Typical APR range: 30% – 160%
Loan amount: $1,500 – $10,000
Term: 9 – 48 months
Secured option APR: 10% – 18% (savings-secured)
Minimum income (typical): $1,500 – $2,000/month
Rate check impact: Soft pull — no FICO impact
Funding speed: 1 – 3 business days

The 60-second answer

A 500 FICO puts you in the bottom quartile of US credit files. It doesn't disqualify you from borrowing, but it does mean you're paying subprime pricing: at 500 FICO, a $5,000 loan over 3 years can cost $3,500–$8,000 in interest depending on the lender. That's before you weigh options that don't require prime credit at all — a savings-secured loan at a credit union prices at 10%–18% APR regardless of FICO.

The best move at 500 is almost always the smallest, cheapest bridge that solves the immediate problem, then 6–12 months of disciplined payments to unlock a refinance in fair-credit territory. Consolidating small debts with a $2,000 credit-builder loan is often more valuable than a $10,000 personal loan at 130% APR.

How it works, step by step

Pull all three reports at AnnualCreditReport.com
Free federal reports. Dispute anything inaccurate — a single removed collection often lifts a 500 FICO to 540+, which opens the fair-credit tier and cuts APRs in half.
Try a savings-secured loan first
If you have $500+ in savings, most credit unions will lend against it at 10%–18% APR — regardless of your FICO. Cheaper than any unsecured 500-FICO option, and it builds credit through reported on-time payments.
Check rates with subprime lenders using soft pulls
OppLoans, NetCredit, OneMain, Universal Credit all offer soft-pull rate checks. Compare APR after fees. Skip any lender that requires a hard pull before showing a rate.
Consider a co-signer or joint applicant
A co-signer with 700+ FICO can drop your APR by 50–80 points. Only ask someone who fully understands they're 100% liable if you default.
Avoid payday and title loans unless there is no other path
Payday loans price at 300%–500% APR and often trap borrowers in rollover cycles. Title loans can lose you your car in 30 days. Every alternative on this page is safer.

Pros and cons

Pros

✓Real approval possible at 500 FICO through subprime specialists and secured products
✓Savings-secured loans at credit unions bypass FICO entirely — often 10%–18% APR
✓Credit-builder loans (SelfLender, some CUs) build a positive tradeline while you save
✓One clean year of installment payments typically moves a 500 → 560+ file
✓Refinancing from 100%+ APR to 25%–30% inside 12 months saves thousands

Cons

×Unsecured APRs regularly hit 100%+ at 500 FICO — brutally expensive
×Loan amounts capped low ($1,500–$10,000 typical)
×Many 'no credit check' 500-FICO offers are payday products in disguise — APRs 300%+
×Missing one payment at this tier can drop FICO into the 400s
×Origination fees of 5%–10% off the top on top of already-high APRs

500 FICO options ranked cheapest to most expensive

Option	When to use	Watch out for
Savings-secured loan (credit union)	You have $500+ in a CU savings account	Savings frozen as collateral until loan is repaid
Credit-builder loan (Self, SeedFi, CU)	You need a tradeline more than immediate cash	You don't get the money until the loan is paid off — it's a forced-savings tool
OneMain Financial	$1,500–$10,000, willing to visit a branch, income verifiable	APR usually 25%–36%; secured version cheaper but requires collateral
OppLoans / NetCredit / Rise	$500–$4,000 emergency, no other option	APRs 60%–160%. Use only for smallest possible amount, shortest possible term
Payday / title loan	Almost never	300%–500% APR. Title loans can repo your car in 30 days

Frequently asked questions

What's the lowest credit score for any personal loan?

Some lenders will approve down to 300 FICO with sufficient income and stable employment — OppLoans and NetCredit publish no formal FICO minimum. Realistically, unsecured personal loans dry up below 500. Below that, options are secured loans, credit-builder loans, or borrowing from family/employer.

Are 'guaranteed approval' 500 FICO loans real?

No. Any lender advertising 'guaranteed approval, no credit check' is either a payday loan in disguise or a scam. Real lenders always verify income, and virtually all pull credit (soft or hard). If a website asks for a 'processing fee' upfront before disbursing the loan, close the tab — that's the classic advance-fee scam.

How much can I borrow at 500 FICO?

Typically $1,500–$5,000 for a first-time subprime borrower, capped at $10,000 for OneMain-tier lenders with income verification. Larger amounts ($15k+) generally require 620+ FICO, collateral, or a co-signer with prime credit.

How fast can I raise a 500 FICO?

Realistic path: 500 → 560+ in 90 days if you pay down every card below 30% utilization, dispute one inaccurate collection, and add an on-time installment loan. 500 → 620 typically takes 6–12 months of disciplined payments. There's no legitimate service that raises FICO faster than that.

Is it worth applying at 500 FICO or should I wait?

If the money is for a genuine emergency (medical, car repair, back rent), a small subprime loan can prevent a worse outcome (collections, repo, eviction). If the need is discretionary, wait 3–6 months, work on the score, and borrow at half the APR.