Loans for 660 Credit Score for April 2024

Get a loan with 660 credit score from one of the lenders verified by our specialists. On 24.04.2024 there are 5 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 5
Updated
04.04.2024
17:07
Best Quick Loan Today 24.04.2024*
Mr. Payday
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $10.000
Mogo
Personal Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$15,000
Rate
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Effective interest rate on the product

up to 46.96%
Term
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Loan term for the financial product

up to 60 months
Coast Capital Savings
Personal Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
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Effective interest rate on the product

7.5%
Term
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Loan term for the financial product

60 months
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Cash 4 You
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$120-$1,500
Rate
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Effective interest rate on the product

up to 391.07%
Term
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Loan term for the financial product

up to 14 days
Credit Matik
Personal Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$250-$15,000
Rate
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Effective interest rate on the product

up to 32%
Term
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Loan term for the financial product

up to 12 month
Reviews
Royal Bank of Canada
4.6
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Review
Royal Bank of Canada
4.4
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Review
Royal Bank of Canada
2.4
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Review
Royal Bank of Canada
2
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Review
Royal Bank of Canada
4.2
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Review
Royal Bank of Canada
4.2
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.
Review

A credit score of 660 in Canada holds significance as it positions individuals just below the national average of 650. While this might seem modest, a credit score of 660 opens doors to various loan options.

A credit score of 660 places individuals within the fair credit range, indicating a credit history slightly below the average. However, this score still allows access to loans with diverse terms, including financing for homes, cars, education expenses, or debt consolidation. Beyond the numerical threshold, factors like income, employment history, and debt-to-income ratio play a pivotal role in shaping loan approval and conditions. As individuals navigate this credit landscape, careful consideration of lender criteria becomes paramount, ensuring alignment with specific financial needs and a clear understanding of potential origination fees associated with loans.

Features

  1. Diverse Loan Purposes. Despite the fair credit classification, these loans cater to diverse financial needs. Borrowers with a 660 credit score can utilize these loans for purposes ranging from home or car financing to covering educational expenses or consolidating existing debts.

  2. Varied Terms and Conditions. Lenders offering loans to individuals with a 660 credit score provide flexibility in terms and conditions. Borrowers can choose from a range of repayment periods, loan amounts, and interest rates, allowing for customization based on their specific financial situation and requirements.

  3. Collateral Requirement. Some loans may require collateral. Collateral serves as a form of security for the lender, and if the borrower fails to repay the loan, the lender may take possession of the collateral.

  4. Credit Score Impact. Borrowing and repaying a loan can impact the borrower's credit score. Timely payments positively influence the credit score, while defaults or late payments can have a negative impact, influencing future borrowing opportunities.

  5. Cosigner Option. In cases where the borrower's creditworthiness is a concern, some loans allow for a cosigner. A cosigner with a stronger credit profile can increase the likelihood of loan approval and may lead to more favorable terms.

Pros and Сons

Pros

Financial Inclusion. One notable advantage of opting for a 660 credit score loan is the opportunity for financial inclusion. Despite a fair credit score, borrowers gain access to funds, allowing them to navigate various financial challenges or seize opportunities that might otherwise be unavailable through traditional lending channels.

Bridge to Financial Stability. A 660 credit score loan serves as a bridge for borrowers aiming to achieve or restore financial stability. Whether overcoming a temporary setback or seizing an opportunity for growth, this type of loan offers a practical means to navigate financial challenges, promoting a pathway toward greater stability and resilience.

Credit Building Possibility. Beyond immediate financial needs, a 660 credit score loan presents a chance for credit improvement. Responsible management, including timely repayments, can positively impact creditworthiness. Successfully navigating the loan reinforces financial discipline, potentially paving the way for enhanced credit opportunities in the future.

Versatile Utilization. A 660 credit score loan is versatile in its application. Borrowers have the freedom to allocate funds based on their priorities, whether it involves consolidating debts, handling unforeseen expenses, or pursuing educational endeavors. This versatility makes the loan a valuable tool for addressing a spectrum of financial objectives.

Cons

Higher Costs. One notable drawback of using a 660 credit score loan is the potential for higher costs. Given the increased risk associated with fair credit, lenders may impose higher interest rates and fees. Borrowers should be prepared for the possibility of paying more over the life of the loan compared to those with stronger credit profiles.

Limited Loan Options. While a 660 credit score opens doors to financing, individuals in this credit range may still encounter limitations in terms of loan options. Certain lenders may be hesitant to extend larger loan amounts or offer more favorable terms, potentially restricting the borrowing capacity and choices available to individuals with fair credit.

Challenges in Securing Favorable Terms. The fair credit classification may result in challenges when negotiating favorable loan terms. Borrowers with a 660 credit score may find themselves facing higher interest rates or shorter repayment periods, making it essential to carefully evaluate the terms offered by different lenders to minimize the overall financial impact.

Impact on Future Credit Opportunities. While successfully managing a 660 credit score loan can contribute to credit improvement, the process is not without risks. Missed payments or defaults can further damage creditworthiness, potentially limiting future credit opportunities and hindering the borrower's ability to secure more favorable terms in subsequent financial transactions.

How to Get a Loan With a 660 Credit Score?

Apply for a Loan

  1. Check and Understand Your Credit Report. Begin by obtaining a copy of your credit report from credit bureau. Review the report for inaccuracies or discrepancies. Understanding your credit history will help you address any potential issues that might impact your score and understand your credit limit better.

  2. Improve Your Credit Score. Take proactive steps to improve your credit scores. Timely payments, reducing outstanding debts, and avoiding new credit applications can positively influence your creditworthiness over time. Even small improvements can make a significant difference in the loan approval process.

  3. Evaluate Your Debt-to-Income Ratio. Lenders often consider your debt-to-income ratio, which is the proportion of your monthly income dedicated to debt repayment. Aim to reduce existing debts to improve this ratio, making you a more attractive candidate for lenders and making your credit report better.

  4. Explore Loan Options. Research lenders who specialize in working with individuals with fair credit. Some financial institutions and online lenders offer loans tailored to this credit range. Compare interest rates, terms, and fees to identify the most favorable options for your financial situation.

  5. Consider a Co-Signer. If possible, consider having a co-signer with a stronger credit profile. A co-signer provides additional assurance to the lender, potentially leading to more favorable loan terms and bigger credit limit. Keep in mind that both you and the co-signer share responsibility for the loan.

  6. Provide Collateral. Offering collateral, such as a valuable asset, may improve your chances of loan approval. Secured loans backed by collateral often come with more lenient credit requirements, but it's crucial to assess the risks associated with potential asset forfeiture if you are unable to repay the loan.

  7. Prepare a Strong Loan Application. Craft a comprehensive loan application that highlights your financial stability. Include details about your income, employment history, and the purpose of the loan. Demonstrating a clear plan for repayment can bolster your case with lenders.

  8. Start Small and Gradually Build Credit. Consider starting with a smaller loan amount. Successfully managing and repaying a smaller loan can contribute positively to your credit history. As your credit score improves, you may qualify for larger loans with more favorable terms in the future.

Requirements and Conditions

  1. Enough Money Coming In. Lenders want to see that you have a steady income, making a certain amount to qualify for a loan. This shows them that you're financially stable and can manage to pay back what you borrow.

  2. A Good Work History. Lenders like it when you've had a stable job for a while. They might ask for a specific amount of time you've been employed or that you consistently earn money. This is to make sure you have the financial ability to pay back what you owe.

  3. Not Too Much Debt. Lenders check how much money you owe compared to how much you make. If you owe less in comparison, it's better. It shows you're in good financial shape and may improve your chances of getting a loan.

  4. Something Valuable for Secured Loans. If you're looking at loans where you give something valuable as a guarantee, like a car or savings, lenders might have rules about what they accept. The value of what you give can affect how much you can borrow and the terms of the loan.

  5. Good Credit Habits Matter. While having a 640 credit score is important, lenders might look at other things in your credit history. They might want to see that you've been paying on time, without late or missed payments or have improved your credit recently.

  6. Show Your Money Situation. Lenders might ask for documents like your recent pay stubs, tax returns, and bank statements. This helps them understand how much money you're making, what you're spending, and how financially healthy you are.

  7. Know About Paying Early. Check if there are rules about paying back the loan early. Some loan agreements have conditions or fees if you want to pay it off before the agreed time. Understanding these terms helps you plan your loan payments better.

  8. Follow the Rules. Make sure you meet all the legal and other requirements for getting a loan. This includes things like being old enough, having the right citizenship status, and following the laws in your area. Meeting these conditions ensures a smooth and lawful loan approval process.

Best Places to Get a Loan for a 660 Credit Score

Fusion Credit Union

Fusion Credit Union presents a diverse array of loan options designed to meet the financial needs of both individuals and businesses. The credit union offers loan amounts spanning from $300 to $10 million, accompanied by flexible repayment terms extending up to 25 years. This allows borrowers with lower credit score customize their loans according to their unique financial situations. Fusion Credit Union strives to blend personalized service, ensuring regular human contact, with modern conveniences like online applications and a mobile app, enhancing the borrowing experience.

While Fusion Credit Union boasts competitive starting Annual Percentage Rates (APRs), potential borrowers should be mindful of the possibility of higher APRs, capped at 10%. It's important to note that the absence of 24/7 customer support and unclear turnaround times might present some challenges in the borrowing process. However, Fusion Credit Union stands out for its inclusive approach, as it does not set a minimum credit score requirement and allows the inclusion of a co-signer or co-borrower. Whether individuals are seeking funds for personal needs such as debt consolidation or businesses are embarking on significant ventures, Fusion Credit Union caters to a diverse range of financial requirements.

Desjardins

Desjardins provides adaptable loans to accommodate various individual financial requirements. The convenience of same-day funding and additional benefits for loyal customers makes it a practical choice, particularly in urgent situations. However, it's essential to note that the Annual Percentage Rate (APR) range can vary, influenced by factors like the loan amount and credit history. While Desjardins holds a lower TrustPilot rating and doesn't offer specific advantages for strong credit histories, it remains a noteworthy consideration.

To be eligible for Desjardins loans, individuals typically need a minimum credit score of 640. The services are primarily tailored for residents in 13 provinces, with a notable concentration in Ontario and Quebec. Desjardins underscores its commitment to swift loan processing, aligning with their overarching objective of providing timely financial assistance.

DMO Credit

DMO Credit delivers swift and adaptable solutions for borrowers in search of immediate access to funds. The streamlined application process, which does not involve credit checks, ensures rapid access, including the possibility of same-day funding. DMO Credit operates in eight Canadian provinces and sweetens the deal with additional perks and discounts, enhancing its overall attractiveness.

Despite the advantages, including the option to include a co-signer and a broad service reach, potential drawbacks exist, such as a relatively higher Annual Percentage Rate (APR) range and the absence of 24/7 customer support. Eligibility spans across eight provinces, making DMO Credit a suitable choice for those seeking prompt financial solutions, especially when faced with challenges posed by traditional credit checks.

Known for its efficiency in turnaround time, DMO Credit stands out as a practical option for individuals dealing with urgent financial needs, with same-day funding as a readily accessible feature.

GoDay

GoDay distinguishes itself with its accommodating personal loans, extending approval to credit scores below 620 and providing access to amounts up to $15,000. The round-the-clock customer support and favorable TrustPilot ratings make it a versatile choice for diverse financial needs. Its attractiveness is further heightened by additional perks and the option for same-day funding. However, it's important to note the absence of available Annual Percentage Rate (APR) details, the lack of a mobile app, and the possibility of incurring late payment fees. Eligibility spans across eight provinces, with the added option for co-signer applications. GoDay adeptly addresses a range of personal needs, ensuring the potential for same-day funding to meet urgent financial requirements.

Ways to Receive the Money

  1. Direct Deposit to Bank Account. Many lenders opt for the direct deposit method, transferring the approved loan amount directly into the borrower's bank account. This is a secure and swift way to access the funds, allowing for quick utilization.

  2. Check or Cheque Issuance. Some lenders still issue physical checks or cheques to borrowers. Upon loan approval, a check is mailed to the borrower's address or made available for pick-up, providing a tangible form of the loan amount.

  3. Wire Transfer. In certain cases, lenders may offer the option of a wire transfer. This involves electronically transferring the loan funds directly to the borrower's bank account. Wire transfers can be expedited for quicker access.

  4. Prepaid Debit Card. A growing number of lenders provide the option to load the approved loan amount onto a prepaid debit card. Borrowers can use the card for purchases or withdrawals, offering a convenient and flexible way to access the funds.

  5. Digital Wallets. With the rise of digital finance, some lenders may transfer loan funds to digital wallets. Borrowers can then use mobile apps or online platforms to manage and spend the money as needed.

  6. Cash Pickup. In specific situations, borrowers may have the option to pick up the loan amount in cash from a designated location. This method is less common but can be suitable for individuals who prefer physical cash.

  7. ACH Transfer. Automated Clearing House (ACH) transfers involve electronic transactions between banks. Lenders may utilize ACH transfers to deposit the loan funds directly into the borrower's bank account, offering a secure and automated process.

Things to Pay Attention To

  1. Interest Rates. Understand the interest rates associated with the loan. Whether it's a fixed or variable rate, the interest significantly impacts the overall cost of borrowing. Compare rates from different lenders to secure the most favorable terms.

  2. Fees and Charges. Be aware of any additional fees or charges that may accompany the loan, such as origination fees, application fees, or prepayment penalties. These can contribute to the total expense of the loan and affect its affordability.

  3. Repayment Terms. Examine the repayment terms, including the duration of the loan and the frequency of payments. Consider whether the terms align with your budget and financial goals. Longer terms may result in lower monthly payments but higher overall interest costs.

  4. Credit Score Impact. Understand how the loan may impact your credit score. You can check your scores in major credit bureaus. Timely payments positively affect your credit, while missed payments can negatively affect it. Clarify the impact on your creditworthiness before committing to the loan.

  5. Prepayment Options. Check if the loan allows for early repayment or has penalties for paying off the loan before the agreed-upon term. Understanding prepayment options is essential for borrowers who may want to settle the loan sooner.

  6. Loan Amount and Eligibility. Confirm the maximum loan amount you qualify for based on your financial situation. Assess eligibility criteria, such as minimum credit score requirements and income thresholds, to ensure you meet the lender's standards.

  7. Collateral Requirements (if applicable). For secured loans, identify the collateral required and understand the associated risks. Failure to repay a secured loan may result in the loss of the collateral.

  8. Terms and Conditions. Carefully review the terms and conditions outlined in the loan agreement. Ensure you understand all aspects of the contract, including any clauses related to late payments, default, and changes in interest rates.

How to Repay a Loan for a 660 Credit Score

  1. Understand the Terms. Review the loan agreement thoroughly to understand the repayment terms. Take note of the interest rate, monthly payment amount, due date, and any potential penalties for late payments or early repayment.

  2. Create a Budget. Develop a comprehensive budget that incorporates your loan repayment into your monthly expenses. Determine how much you can comfortably allocate towards loan payments while meeting other financial obligations.

  3. Prioritize Loan Repayment. Make loan repayment a financial priority. Allocate funds to your loan payment before considering discretionary spending. Consistently paying on time contributes to a positive payment history.

  4. Emergency Fund. Establish or maintain an emergency fund. Having a financial safety net can help prevent missed loan payments during unexpected expenses or emergencies, maintaining the consistency of your repayment.

  5. Consider Extra Payments: If your financial situation allows, consider making extra payments or paying more than the minimum required amount. This can help reduce the overall interest paid and shorten the repayment period.

  6. Track Your Credit Score. Keep an eye on your credit score regularly. Timely and consistent loan repayments can positively impact your credit score over time. Monitoring your score allows you to track improvements, identify any potential issues.

  7. Avoid Taking on Additional Debt. During the loan repayment period, avoid taking on additional debt whenever possible, create a healthy credit habits. This helps maintain a manageable debt-to-income ratio and demonstrates responsible financial behavior to potential lenders.

  8. Plan for Future Expenses. Anticipate future financial needs and expenses to avoid financial strain. Planning for major expenses can prevent disruptions to your loan repayment schedule.

Alternatives

  • Consolidate Your Debts. If you're grappling with high-interest credit card debts, consider the option of consolidating them through a Balance Transfer. This entails moving your outstanding balances to a credit card with a lower interest rate or a special 0% APR promotional offer. By doing so, you consolidate all your debts into a single account, leading to reduced interest payments.
  • Leverage Your Home's Value. Homeowners have the opportunity to use a Home Equity Line of Credit (HELOC) to address financial challenges. HELOCs involve borrowing against the equity in your home, providing flexibility in accessing funds as needed. With typically lower interest rates compared to personal loans, HELOCs prove advantageous for those who have equity in their homes.
  • Peer-to-Peer Lending. Another alternative is Peer-to-Peer Lending, where funds are borrowed directly from individual investors. Platforms like goPeer facilitate this process with competitive interest rates and flexible terms, offering a viable option for those exploring diverse and borrower-friendly financial alternatives.
  • Tap into Your Car's Value. Car Title Loans offer a solution for urgent financial needs, especially when dealing with a less-than-ideal credit score. By using the value of your vehicle, you can quickly secure a loan. Pledging the car as collateral makes obtaining a loan feasible, even if your credit score is not optimal.
  • Credit Cards for Low Credit Scores. For individuals with credit scores that are less than ideal, exploring Credit Cards for Low Credit Scores or considering a credit card cash advance can be viable options. Specifically designed for those with lower credit scores, these financial tools become valuable when obtaining traditional credit cards poses challenges. Secured or prepaid credit cards, represented by providers like Neo Secured Credit Card, KOHO Everything, and Home Trust Secured Visa, not only aid in credit rebuilding but also offer cash back incentives on purchases.

Editorial Opinion

A 660 credit score often falls within the fair credit score range, a position that can impact one's financial options. This score, reflective of an individual's creditworthiness, underscores the importance of maintaining a positive payment history. Lenders closely scrutinize payment patterns, and a fair credit score signals that there may be room for improvement in this aspect.

Navigating the landscape of 660 credit score loans requires careful consideration. Whether seeking a loan or credit card, individuals in this credit range should be aware of the nuances in interest rates and terms. While obtaining credit might be achievable, the associated conditions may vary, emphasizing the significance of comprehending the intricacies of each financial product. In essence, a 660 credit score serves as a reminder that conscientious financial habits, particularly a steadfast payment history, are pivotal for accessing more favorable lending opportunities and steering one's credit journey towards improvement.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

FAQ

What does it mean to have a 660 credit score?

Having a 660 credit score places an individual within the fair credit score range. While it's not considered a bad credit score, it falls short of the good credit score range. Credit scores in this bracket may indicate a mixed credit history, highlighting the importance of maintaining consistent and timely payments to improve one's creditworthiness over time. While a 660 score may still make individuals eligible for loans and credit, it's advisable to be mindful of potential limitations and work towards enhancing the score for better financial opportunities in the future.

Where can I get a personal loan with a 660 credit score?

With a 660 credit score, you can explore various lending options for personal loans. While traditional banks may have stringent criteria, online lenders, credit unions, or alternative financial institutions often consider credit scores in this range. Pay attention to your debt-to-credit ratio, as it plays a role in your creditworthiness. Maintaining a favorable ratio by managing existing debts responsibly can enhance your chances of approval. Be mindful of the number of recent credit inquiries, as numerous inquiries within a short period may impact your score. Opt for lenders who consider your overall financial profile, including income and employment history, offering a holistic evaluation beyond just the credit score. Consider peer-to-peer lending platforms, online lenders, or credit unions that may be more accommodating to borrowers with a 660 credit score.

Is 660 a good credit score in Canada?

In Canada, a credit score of 660 is generally considered fair, it's neither bad credit scores, nor good. Credit score ranges help lenders assess an individual's creditworthiness, and while 660 is not in the excellent or good credit score range, it is not classified as poor either. It's essential to note that credit scores are just one part of the evaluation process; lenders also consider other factors like income, employment history, and the overall information in your credit file. While a 660 credit score may still make you eligible for certain financial products, it's advisable to work towards improvement for access to more favorable terms in the future. Regularly monitoring your credit file and practicing responsible financial habits can contribute to elevating your credit score over time.

Loan Terms