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Loans With Credit Score of 650
Get The Best Rates For Fair Credit Loans

If you are looking for a loan with a credit score of 650, 640 or 620, this means that you are deemed as having fair credit. At Pheabs, we can help you find the right loan for you and the most competitive rates for people with fair credit. If you need to borrow $300, $500 or $2,000, we work with more than 50 lenders across the US and Canada and can help you get same day approval and funds within 24 hours. Simply click on ‘Get Started’ to see if you qualify for a loan.

Representative Example:
Borrow $300 over 3 months, at 400% APR, 3 equal repayments of $218.91, total to repay $518.91

Author · Reviewed author · Edited author · Modified on 7 November, 2023

What is a Fair Credit Loan or Loan With a Credit Score of 650?

If you are searching for loans with credit scores of 680, 650, 640, 630 or 620, this means that you are classed as having fair credit according to the credit scoring agency, FICO. 

Some different bureaus such as VantageScore may refer to this as ‘near prime’ – and what it means is that you do not quite have a perfect or good credit score and have maybe just the occasional missed payment to take you down to ‘fair credit’ 

There are a number of loans for people with fair credit scores – and this ranges from being unsecured to secured. You may not be able to access the best rates possible out there which is usually reserved for people with good credit, but most mainstream banks, credit unions and online lenders will be glad to approve your loans assuming that you meet the criteria of being employed and having a stable income.

At Pheabs, we can help you compare loans for 650 credit scores, taking into consideration:

  • APR
  • Monthly payments
  • Loan amount ($300 to $5,000)
  • Loan duration (1 month to 7 years)
  • Fees

We will also consider loans for credit scores of 689, 687, 638, 655, 645, 621 and 592.

Key Features

Loan Amounts $100 to $5,000
Loan Durations 1 month to 7 years
Instant Approval Yes
Same Day Funding Yes
Credit Scores Accepted 650, 640, 630
Rates From 19.04% APR

Repayment Loan Example

Personal Loan – Borrow $500 over 6 months, based on 20% APR for fair credit score of 630, monthly interest repayments of $29.56, total repayable: $529.56

Payday Loan – Borrow $500 over 1 month, based on 200% APR for fair credit score of 630, monthly interest repayments of $83.33, total repayable: $583.33

How To Apply For a Personal Loan with Fair Credit

Step 1 – Submit Your Loan Enquiry

Start by clicking on the ‘Get Started’ button and you will be asked to complete your details on the Pheabs website in less than 5 minutes. Select your loan amount, how long for and enter your details including your name, age, DOB, address, income, employment and bank details so we know where to transfer funds to.

Step 2 – Get a Decision and Check The Terms

You receive an instant decision on the screen, matching your loan request with one of our 50 lenders to ensure you have the best rates possible. If you wish to proceed, you can check the terms of your loan including the rates charged, repayment terms, cancellation policy and more. You can electronically sign your loan agreement to progress to the final stage.

Step 3 – Receive Your Loan!

Subject to further checks by our lenders, once approved, your loan can be fully funded and transferred to your bank account immediately, within 1 hour or 24 hours.

What Are The Types of Loans With 650 Credit Score?

Personal loans – This is a loan used for personal use, whether it is to pay bills, buy a new car, pay for school fees, holidays, weddings or anything else in between. The loan amounts range from $100 to $50,000 and the loan is unsecured which means no collateral is required and typically the better your credit score, the more you can borrow and lower the rate you are charged, ranging from 7.99% to 36% APR.

Payday loans – This type of loan is used for emergencies and the idea is that you receive the funds quickly, sometimes within 1 hour, and then you repay on your next payday from work, making the loan duration around 2 to 4 weeks. With such convenience, this often comes with higher rates, ranging from 200% to 400% APR and loan amounts range from $100 to $2,000. You can find a direct lender in your state or area, see payday loans near more for more information.

Installment LoansIf you prefer to have some flexibility, you can repay over 1 to 60 months, repaid in equal monthly installments. You may be able to borrow higher amounts because the loan is spread over a longer period of time. You can borrow up to $50,000 over 1 to 7 years based on your income, credit score and credit utilization. 

Cash AdvancesA cash advance could be from work or from an online lender and it will give you money upfront that you can repay on your next payday from work. This could help you borrow $300, $1,000 or $2,000 and there are options for fair and bad credit histories.

Title Loans – For those with a car, bike or van, you can use this as collateral to borrow money and release around 25% to 50% of your vehicle’s value. You temporarily pass over the ‘title’ of the car until your loan is repaid. Whilst you can probably access more affordable loans with fair credit, this can still be an option for some larger sums (up to $15,000) and if you are more on the bad credit side.

Where Can I Get a Personal Loan With 650 Credit Score?

Online Lenders – With companies like Pheabs, you can access more than 50 online lenders who can offer loans for good, fair and bad credit and you can receive an instant decision and funds on the same day of approval. The rates you are offered may still depend on the US state you are in and also factors such as your income, employment, credit history, debt and affordability.

Banks – Well-known banks across the US and Canada have been known to offer personal loans to their customers, but they may veer towards people with excellent or good credit. However, if you have a long relationship with your bank and are a member of that bank, you may be able to access an affordable loan.

Credit Unions – For those who are members of credit unions, there are a number of loan options available, even with fair credit scores. Ideally if you have been a member for a long time and have a good relationship with them, this will certainly help your application.

How Do I Qualify For a Personal Loan With 650 Credit Score?

  • You must be over 18 or 21 years of age depending on the lender
  • You must have a SSN
  • You must be a full-time resident of the US or Canada
  • Have a working checking account, cell number and email address to verify your loan
  • No recent bankruptcy
  • The loan is for you (not someone else)
  • You can afford the monthly repayments

How Does Your Credit Score Impact The Rates For a Personal Loan?

Very simply, the better your credit score, the lower the rate you are charged for a loan. This is usually the case, but not always. For example, someone with good credit may have a fortune of debt on their shoulders and be unemployed, so other factors such as your amount of debt and employment status will come into account.

Credit Score Score Range Estimated APR
Excellent 720-850 14.15%
Good 690-719 16.49%
Fair 630-689 19.04%
Bad 300-629 21.18%

How Can I Improve From a Fair Credit Score To a Good Credit Score?

Keep Up On Repayments

Making sure you stay on top of your monthly payments and bills is the best thing you can do to improve and maintain a good credit score. This includes making sure that you do not miss repayments for utilities, household bills, cell phone, rent, personal loans, mortgages, insurance and more. Keeping an eye on your upcoming bills, having automatic payments in place and budgeting are key – because every missed payment will cause your score to fall.

Become An Authorized User

A great little trick is if you can become an authorized user on the credit card or financial product for another family member or parent. Any good credit or consistent repayment history they have will be passed onto you as an authorized user, even if you do not ever use the card.

Keep Your Credit Utilization Low

This term refers to the amount of credit that you use and have available. If you are always pushing your credit cards to the limit or taking out lots of loans, this may cause lenders to be more cautious when giving you money and the rates they charge you. But if you can only use 30% of your credit limit each month, this will look healthy. You might consider asking your credit card providers to increase your rates.

How To Apply For a 650 Credit Score Loan With Pheabs

To get a free and no obligation quote from Pheabs for a fair credit loan, simply click on the ‘Get Started’ button. We require a few basic details about you, your employment and bank details and you can also select how much you wish to borrow and how long for.

We will match your loan request with our large panel of lenders to find you the most competitive rate and the company who is most likely to approve you. If you wish to proceed, you will be sent very clear terms about the loan which you can electronically sign.

Your chosen lender will carry out some final checks and if successful, they will transfer the funds to your checking account immediately. There are no fees for applying and to submit an application will not impact your credit score in any negative way. Please see our FAQs for more information about how our loans work.

FAQs and Common Questions

How Much Can I Borrow With a 650 Credit Score?

If you are looking at payday loans with a 650 credit score, you will typically be able to borrow $100 to $2,500, also taking into consideration your income, debt ratio and if you have any other loans open. You may be able to borrow higher sums if you are willing to use collateral such as your car, or if you add a cosigner to your loan agreement. 


How Fast Can I Get My Funds?

Once approved, you can typically receive funds within 1 hour, so it is not uncommon to apply, be approved and receive funds on the same day. To get funds quicker, it always helps to be available by email and cell phone in case the lender has any follow up questions and try to apply during office hours in case anything manual needs to be approved, rather than applying on a weekend or national holiday.


How Do The Repayments Work?

For payday loans, the loan and all of its interest is repaid in full on your next payday from work, which could be the last working day of the month. Otherwise for loans of 3 or 12 months or longer, the repayments are made in equal monthly installments. 

Repayments are collected via a process known as ACH authorization, so the lender would have verified your card during the loan application process and they will automatically take repayments so you do not need to call up, go to the bank or make a manual payment each time.


Is It Possible To Get a Loan With No Credit Checks?

Yes, it is possible to get a loan without credit checks, especially if you are using collateral or a cosigner. But generally speaking, lenders will carry out a credit check to see your credit history and get an idea of how well you might repay your loan.


Do I Need To Be Employed To Be Approved?

Yes, you should be employed either full-time, part-time, self-employed or contracted because it shows that you are earning a regular wage and this should help to pay off your loan. Exceptions may be made if you are receiving welfare or income through other means such as collecting rent, investments or pensions.


Are There Any Fees For Applying?

No, Pheabs does not charge a fee for applying for a loan and the only fees charged will be the interest on your loan which will be clearly presented to you in writing upon completing your application.


Can I Cancel My Loan Application At Any Point?

Yes, before the loan has been funded, you can cancel at any time. Once the loan has been funded and the money is in your bank account, you can still cancel, but you may be charged some interest based on how many days the loan has been open for. Some lenders will offer a cooling period which means that you can return the funds in 24 or 48 hours without incurring any fees. Always check the terms and conditions.


What Alternatives Are Available?

Before applying for a loan, it is always important to check the alternatives. Borrowing money from family and friends is always a free way to access funds and it can be zero interest. Consider also using a 0% credit card or selling unwanted items that you do not need.