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What credit score is needed for an unsecured personal loan?
This will depend on the specific lender offering unsecured personal loans. At SocietyOne, we consider each loan application on its individual merits.
The credit score needed for an unsecured personal loan isn’t a one-size-fits-all number, as it could depend on several factors, such as the loan amount and term you’re applying for. Your personal situation, such as employment status and income, could also matter.
This individualised approach reflects our values as we strive to provide loans that are tailored to each person’s unique circumstances. To give you a better idea, the higher your credit score, the more likely you are to be approved for an unsecured loan.
But are you concerned about the impact of applying for a loan on your credit score? Rest assured, receiving a quote from us will not affect your score. We do this by using a ‘soft check’ to obtain your credit score from the credit bureau.
It’s important to note that once you’ve submitted your loan application, we will conduct a ‘hard check’ credit check as part of our credit assessment process. This check could have an influence on your credit score.
And to help you have clarity on your credit standing, accessing your credit score with SocietyOne is not only free but also a straightforward process. We are committed to making financial literacy accessible, so we have made it easy for you to check your credit score without fear of impacting it negatively.
Simply have your driver’s licence handy for identity verification, and you can access your credit score information in just a minute on our mobile app. Once you’re registered on our Credit Score Tool, you can even track your progress in improving it over time.
This can also help you spot irregularities or incorrect information on your credit report, so you can be confident about your credit ranking. We can even help you take the next step in reporting any issues in your file!
And for those looking to improve their credit score, we also provide a comprehensive Credit Score Guide you can check out. This is filled with useful tips and tricks that can help you boost your score, potentially making it easier for you to secure favourable loans in the future.
Remember, our aim at SocietyOne is not just to provide loans but to empower you with the knowledge and tools necessary to take control of your financial future.