Personal loans with a 580 credit score.
What you can realistically expect — APR ranges, lender choices, and the math of waiting to rebuild instead.
Borrowers with a 580 credit score can get personal loans, but the lender pool is narrow and APR typically ranges 22%–35.99%. Most major bank lenders set their floor at 660+; subprime-specialty lenders like OneMain Financial, Avant, LendingPoint, and Upstart serve the 580–629 range. A $10,000 loan at 28% APR over 36 months costs roughly $4,500 in interest. Consider waiting 6–9 months to rebuild credit above 620 if the use isn't urgent.
What 580 credit means for personal loans
A 580 FICO score sits in the lower end of the "fair credit" tier (580–669) and just above "poor credit" (below 580). At this score, you're in subprime territory for personal loans. Most large banks (Wells Fargo, Discover, Marcus by Goldman Sachs) require 660+ for personal loans, which means their offerings are off the table.
The lenders who DO serve 580 credit are subprime-specialty institutions. Their underwriting model accepts higher default risk in exchange for higher APRs and tighter loan terms.
Realistic APR ranges at 580 credit
| Loan amount | Typical APR (580 credit) | Origination fee | Term offered |
|---|---|---|---|
| $1,000–$5,000 | 26%–35.99% | 3%–8% | 24–36 mo |
| $5,000–$15,000 | 23%–32% | 3%–6% | 24–48 mo |
| $15,000–$25,000 | 22%–28% | 2%–5% | 36–60 mo |
Lenders that serve 580 credit
The specialty lenders below typically approve 580 credit, subject to income and other underwriting criteria:
- OneMain Financial — secured/unsecured up to $20,000; physical branch network
- Avant — $2,000–$35,000; online-only; subprime focus
- LendingPoint — $2,000–$36,500; fast funding
- Upstart — AI-driven underwriting; considers education and employment
- Universal Credit — Upgrade's subprime brand
Should you wait to rebuild credit instead?
Often yes. Moving from 580 to 620 typically takes 4–8 months of disciplined credit-building (lower utilization, on-time payments). At 620+, your lender pool roughly doubles and APRs drop 5–10 percentage points.
Math example: $10,000 loan, 36 months.
- At 580 credit (28% APR + 5% origination): Total cost ≈ $14,500
- At 640 credit (19% APR + 3% origination): Total cost ≈ $13,000
- At 680 credit (14% APR + 2% origination): Total cost ≈ $12,400
If the loan isn't urgent, the 4–8 month wait can save $1,500–$2,100 in total cost. Resources like the CFPB's credit guide have concrete improvement steps.
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