Understanding Your 625 Credit Score

Personal loans are probably the most common type of funding available due to their versatility. Loan amounts for a personal loan can range anywhere from a few hundred dollars to a few thousand dollars, making them an ideal solution for a wide variety of expenses.

Furthermore, many personal loan lenders consider more than just credit scores and credit history when approving applicants for loans. They also consider income, assets, and other financial data that could help fair credit borrowers receive a better deal.

Consumers can access personal installment loans through lenders like banks or credit unions. Banks, however, rarely work with consumers with fair or poor credit. Instead, banks usually only work with borrowers with a pristine credit history. And so, with fair credit, you may have a better chance of approval for a personal loan with a credit union. Credit unions are nonprofit organizations that cater to consumers of all credit types, including those with fair or poor credit. Just keep in mind that you’ll have to become a credit union member before you can access their loans and other financial products.

You may also opt for an unsecured credit card instead of getting a personal loan. Some popular credit card products include:

• Capital One SavorOne Student Cash Rewards Credit Card

• Capital One Platinum Credit Card

• Mission Lane Cash Back Visa® Credit Card

• Capital One QuicksilverOne Cash Rewards Credit Card

• Citi Custom Cash® Card

• Avant Credit Card

• Citi Double Cash® Card

• Navy Federal Credit Union Platinum Card

However, credit card debt is a real issue for many consumers. According to the Federal Reserve, credit card debt increased by $50 billion in the fourth quarter of 2023 to reach a high of $1.3 trillion.2

You may also opt for a secured credit card to help prevent yourself from accumulating too much credit card debt. With secured credit cards, your credit limit is backed up by a security deposit, which issuers will draw from if you miss a monthly payment. But, when used responsibly, secured credit cards like the Secured Chime Credit Builder Visa® Credit Card can help improve credit utilization rates as well as give consumers access to a line of credit.