How Much Can I Get In a Personal Loan With a 640 Credit Score?

You may be able to get several thousand dollars through a personal loan with a 640 credit score. It all depends on what kind of loan you want, the laws in your state, and your specific financial situation. A 640 credit score is a “fair” score in most cases. Meaning it’s not bad but it isn’t considered good either. 

If you’re facing a financial crisis and you’re in need of some fast cash, your credit score will play a large role in how much you can get. Having a good score will mean larger loans and lower interest rates. A poor credit score on the other hand may mean loan denials or high interest rates when you are approved. But what about a score right in the middle?

A fair credit score may allow you a few more options when it comes to loans. But you still won’t be able to get the best interest rates or most flexible loan terms. These things are reserved for good or excellent credit scores. So while you may be able to get the emergency cash you need, it may not come with the most ideal terms. 

Below is a breakdown of the credit score categories. It’s important to know the scores and where you fall on the scale. This way you’ll know what to expect when applying for loans, credit cards, and other financial products. 

  • Poor Credit – 580 or below
  • Fair Credit – 580 to 669
  • Good Credit – 670 to 739
  • Very Good Credit – 740 to 799
  • Excellent Credit – 800 and above

It’s important to note that having a low credit score doesn’t mean it has to stay that way. There are tried and true measures you can take to improve your credit. It may take a long time and it will most definitely take hard work and persistence, but it can be done. 

If you need financial help and you’re not sure where to turn, consider reaching out to a non-profit credit counseling organization. These organizations have experience helping borrowers improve their credit and their overall financial situation.

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