Get a loan with 690 credit score from one of the lenders verified by our specialists. Increase your chances of getting a loan — fill out an application with a free credit rating check.
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Fact Checked
Update date 07.04.2025
A 690 credit score in Canada is considered good. It gives access to many personal loan options. At this score, borrowers usually qualify for credit products with fair terms. This makes it easier to find financial solutions that fit their needs. The score shows a history of responsible credit use. This helps borrowers get higher limits and flexible repayment plans. While some top offers may need higher scores, a 690 score still provides good choices. It allows borrowers to handle everyday credit needs without major limits.
Requirements and Conditions
Requirements
You must be at least 18 or 19 years old, depending on your province or territory.
A valid government-issued ID and Social Insurance Number are required to verify your identity.
You must be a Canadian citizen or permanent resident to meet legal eligibility requirements.
Proof of income, such as pay stubs, tax returns, or bank statements, is typically required to show financial stability.
Lenders may review your employment history to confirm consistent and ongoing income.
You may be asked to submit additional financial documents, depending on the lender’s criteria.
Conditions
Interest rates and loan terms are based on your overall financial profile and may vary by lender.
Repayment terms, including loan duration and monthly payment structure, differ depending on the lender and loan type.
Lenders will evaluate your debt-to-income ratio to determine your ability to handle new loan payments.
Collateral may be required for secured loans, and its value can affect loan amount and terms.
A co-signer may be requested if your financial profile does not fully meet approval standards.
The loan purpose may influence the available loan product and its conditions.
Your full credit history, including payment habits and account status, will be reviewed as part of the application process.
Finanso Opinion
A 690 credit score is considered good and can unlock a wide range of personal finance options, especially when it comes to loans. It reflects responsible financial habits and a reliable credit history, which lenders value when reviewing applications. With this score, borrowers typically gain access to better interest rates and more flexible borrowing terms. Credit utilization is still important. Managing the balance between available credit and debt helps keep your credit strong.
FAQ
Will checking my credit score lower my score?
No, checking your own credit score won’t hurt it. This check is a soft inquiry. It does not affect your score and is just for information. However, when you apply for a loan or credit, the lender may do a hard inquiry. This type of check can slightly lower your credit score. Hard checks are usually done by lenders when they decide to lend money. They can lower your score by a few points for a short time.
What credit score do I need to get a personal loan?
The credit score needed for a personal loan depends on the lender and your financial situation. Banks usually want a good to excellent score, often starting at 660. If your score is lower, you might still qualify with private lenders who help those with bad credit. Remember, lenders do not only look at your credit score. They also check your income, job stability, debt levels, and repayment history before approving the loan and setting terms.
