Check your Approval Odds for a $1,600 loan
Image: 1600Where to get a $1,600 loan
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Taking out an $1,600 loan can be a smart move if it helps you achieve a financial goal.
But you’ll want to make sure you understand what type of personal loan is best for your situation and how those monthly payments will fit into your budget.
We’ll walk you through our recommendations for lenders to consider and how to apply for a loan.
Monthly payments for a $1,600 personal loan
| Loan duration | Average monthly payments ($1,600 loan) | |||
|---|---|---|---|---|
| Poor credit | Average credit | Good credit | Excellent credit | |
| 1–12 months | $204.46 | $190.02 | $174.81 | $155.89 |
| 13–24 months | $137.66 | $131.69 | $123.13 | $102.11 |
| 25–36 months | $74.06 | $69.34 | $66.11 | $60.28 |
| 37–48 months | $75.14 | $66.34 | $56.39 | $44.44 |
The best $1,600 personal loans
PenFed Credit Union
PenFed Credit Union is worth considering if you have good credit and need a small personal loan. You don’t need to be a member to apply, but the credit union charges late fees and returned payment fees.
Mariner Finance
Mariner Finance is worth considering if you don’t have the best credit or have a bankruptcy on your record and want a small personal loan. But you might have to complete the application process in person at a local branch.
Navy Federal Credit Union
A Navy Federal Credit Union personal loan might make sense if you’re part of the military community. NFCU offers unsecured and secured personal loans, but you must become a member first.
U.S. Bank
U.S. Bank offers unsecured personal loans, and you’ll typically find out whether your loan is approved quickly. U.S. Bank doesn’t charge any origination fees or prepayment penalties. To find the best options, you may want to become a U.S. bank customer before applying for a personal loan.
Oportun
Oportun might be worth exploring if you have bad credit (or no credit) and need a small loan (new customers may not qualify for large loans). Oportun offers prequalification so you can check your eligibility before applying. While you might qualify without having great credit, you’ll likely have to pay an interest rate on the higher end of Oportun’s rate range.
How to get a $1,600 loan
Before searching for a $1,600 loan, it’s a good idea to check your credit scores and reports. Understanding your credit situation can help give you a sense of your ability to get a $1,600 loan and the kinds of loans that might be available to you.
After checking your credit, you can begin to shop around for a loan. It might be helpful to see what your bank or credit union has to offer, but it’s best to compare potential options from various lenders so you can find the best rates and terms for you.
If a lender offers prequalification, you can see the terms you might be offered without affecting your credit. Just keep in mind that you might need to provide personal information required to run a soft inquiry on your credit reports. And there’s no guarantee your estimated terms will be your final ones.
Once you’ve researched available loans, you can start to assess the best option for you. Making sure your lender will offer you a loan at your preferred amount is a necessity, but the lender might also have eligibility requirements and state availability restrictions that determine your ability to apply, including your intended use for the funds. You might also want to consider how fast the lender may send you your funds after approval.
Your potential interest rate, the length of the loan and any fees will affect the overall cost. We recommend using a loan calculator to determine how much you might end up paying over the life of the loan.
FAQs about $1,600 loans
Depending on the lender and your bank, you may see personal loan funds within a few days — or even on the same day — of approval. But there’s no guarantee and ultimately it’ll depend on the policies of the lender and your bank. Some lenders may promise same-day payday loans or fast funding, but they can come with a high interest rate or costly fees. Consider if the speed is worth any associated costs or other compromises.
The ease of getting a $1,600 loan depends on your credit and a lender’s specific approval requirements. Borrowers with higher credit scores are more likely to be approved for a broader range of loans and with better terms. But certain lenders market to people whose credit is on the lower end of the spectrum, which takes some guesswork out of the application process. Those lenders likely charge higher interest rates and fees to applicants with bad credit. So when shopping for loans, look at a lender’s full range of rates and fees, not just their lowest advertised terms, and use prequalification to get an idea of what those terms might be for you.
$1,600 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don’t have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind. It’s a good idea to apply to prequalify with various lenders so you can shop around and compare potential offers without a hard credit inquiry that can temporarily hurt your credit scores.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.