 TITLE: Can You Get a Personal Loan With a Credit Score of 550? CONTENT: Many personal loan lenders require a credit score that's at least in the 600s, which means your options will be limited with a 550 credit score. However, there are lenders that specialize in working with borrowers who have poor credit. Here are some places you can look:\n*   **Online lenders**: A few online lenders have a low credit score requirement. You may be able to get prequalified with a simple application that doesn't impact your credit score.\n*   **Credit unions**: Credit unions are not-for-profit financial institutions that serve their members—people who have accounts at the credit union. Credit unions may be more flexible than traditional banks when it comes to working with poor-credit borrowers. You can often qualify to become a credit union member based on where you live, work or by making a small donation to certain nonprofits.\n*   **Community banks**: Similar to working with credit unions, if you've been a regular customer at a community bank, you could ask a banker about their loan options. You may find that the banker will work with you based on your established banking relationship.\nThere are also some types of bad credit loans that are best to avoid, or only use as a last resort:\n*   **Payday loans**: A payday loan often doesn't require a credit check, but the loan's sky-high fees and short repayment term make it an expensive option. Some borrowers find themselves paying a fee to extend their repayment period, making the overall cost even higher.\n*   **High-interest installment loans and lines of credit**: Some lenders offer installment loans and lines of credit you may qualify for, but charge high fees and interest rates that make them difficult and expensive to repay.\n*   **Title loans**: If you own a vehicle, you can use it as collateral to take out a loan. Title loans are risky, however, because you risk losing your vehicle if you can't make a payment on time. END