Re: Credit score needed to get an installment loan?
Varies from lender to lender, amount of loan, and other factors that make up your credit history. Not just scores.
CH 7 Filed 7/27/15 Discharged 11/16/15 Starting Score: EQ 620 TU 568 EX 593 Current Score (07/13/16): EQ 674 TU 649 EX 674 (FICO's 08) Cap1 QS ($5350) (Combined QS and QS1) Discover It ($4100) MilStar ($8,600) Fingerhut ($800) Off to the garden 05/01/16
Re: Credit score needed to get an installment loan?
Installment loans are often secured by a lendor lien on the property being purchased, thus minimizing the risk to the lendor. That permits them to offer much higher credit levels than on unsecured loans or revolving lines of credit.
Will the loan you are seeking be secured by a lien, such as an auto?
In that case, your FICO score might be more of a determinant on the interest rate you secure than upon the actual approval of the loan.
