To qualify, you must have a fair credit score of 600 or above and a debt-to-income (DTI) ratio below 40%. Peerform uses a proprietary algorithm to determine your qualification. Through the marketplace, borrowers can get loans ranging from $4,000 up to $25,000 with limited loan term options of either 36 or 60 months.

Is 600 an OK credit score?

Your score falls within the range of scores, from 580 to 669, considered Fair. A 600 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.

What kind of loans can you get with a credit score of 600?

Keep reading for a look at what types of credit and loans someone in this credit range may be eligible for, including credit cards, personal loans, auto loans, and home loans.

What’s the default risk with a credit score of 600?

The Consumer Financial Protection Bureau (CFPB) is a government agency that has oversight over the big three credit agencies, Equifax, Experian, and TransUnion. In a recent case study, the CFPB found that the default risk for people with a credit score between 600 to 609 is 20%.

Can you get a prime credit card with a credit score of 600?

If your credit profile is a little on the riskier side of the 600 to 650 range, then you may not qualify for a prime credit card, no matter how entry-level it may be. That’s where a secured credit card, like this one, can come in handy. As with all secured credit cards, you’ll need to make a deposit to open this card.

What should your credit score be to get a good credit card?

With the common FICO 8 scoring model ranging from 300 – 850, someone with a 550 – 600 credit score may be led to believe their score is fairly average. But a score of 600 is officially considered to be fair, which may eliminate you from being eligible for the top credit cards out there.