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Kathy Babette

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If you can’t rely on your own credit rating to get a private loan, try borrowing someone else’s good credit with a cosigner. A cosigner is a 3rd get together (normally an in depth family member or good friend) who has agreed to repay your loan if you should default on it. For these personal loans, a credit score rating of 550 or beneath might not be an impediment to qualifying. But other kinds of personal loans or lenders might nonetheless be an option, even with a 550 credit score score. If you’re looking for a private loan with a credit score rating of 550, you likely have a good idea of what your credit score is. Eligibility for a loan is not guaranteed. All loan applications are subject to credit score evaluation and approval.

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