Your chances of getting a personal loan with a 648 credit score are very good! A 648 credit score is considered fair in most cases. And you’re working your way toward good credit, which according to the FICO scoring model is 670 to 739. In the fair credit score range, you’re likely to be approved for certain types of personal loans, you just may not be offered the same interest rates or terms that someone with good credit would be offered.
Your credit score will play a large part in what kinds of loans you get approved for, and what kinds of interest rates and terms come along with them. A good score can set you up for success by allowing you to get larger loans and better credit cards, while also providing you with the interest rates and terms you need. But a bad credit score may mean more loan denials and less favorable terms and conditions when you are approved.
With a fair credit score of 648, you’re basically right in the middle. It’s not necessarily a bad score, but it isn’t considered good either. This means you may be eligible for certain types of loans, you just won’t be offered the best interest rates and terms that the lenders have. Those are reserved for good, very good, or excellent credit. But there are still several types of loans that you will qualify for.
Common types of loans for borrowers with fair credit include personal installment loans, payday loans, title loans, and potentially bank or credit union loans but that will depend on their specific eligibility requirements. Depending on your needs and your specific financial circumstances, one of these loans may be the answer you’re looking for.
The most important thing to remember when you’re shopping around for a loan is that you should never sign for one unless you’re 100% sure that you can make the payments on time. Repaying the loan in full by the due date is crucial for maintaining your credit score.