What are Acorn Finance’s credit requirements?
Acorn Finance is an online lending marketplace where you can easily compare rates and monthly payments from different lenders without impacting your credit score. Anyone can check for offers on Acorn Finance.
However, each lender that participates on the Acorn marketplace has a specific set of credit requirements that helps them determine, based on risk, who to lend money to. These requirements typically includes things like:
Your credit score
Your employment status and income level
Your credit history
Your debt-to-income ratio (lenders typically look to see if your outstanding debt obligations plus any new debt can be supported by your income so they can evaluate how likely it is that you will be able to repay the loan)
Generally speaking, the minimum credit score our lenders consider is around 560. They also look at other information from your credit report to determine your eligibility for a loan. For example, if you have a recent bankruptcy filing or have missed payments on loans or credit cards within the past few years, the lenders may not provide offers.
If your credit history is challenged, adding a co-borrower (such as a parent or spouse) with a stronger score can help.
This chart shows how lenders generally view different credit score ranges in terms of risk level:
What Is Acorn Finance?
Acorn Finance is a lending marketplace where the nation’s top online consumer lenders pre-qualify customers for personalized loan options in 60 seconds, with no impact to their credit score. Acorn Finance uses an initial soft credit inquiry to provide access (for eligible individuals) to competitive loan offers through a fast and easy online process.
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