By Sabrina Karl

Personal loans have become popular for consumers wanting to consolidate debts, pay off medical bills, or finance a large one-time expense. Though their rates are higher than other borrowing options, their flexibility makes them a good choice in some situations.

But how hard is it to qualify for one of these loans? It depends, because every lender sets its own approval guidelines. In general, the higher your credit score, the better the selection of loans and interest rates you’ll be offered.

Though there is no industry standard for a minimum credit score, those with poor credit, defined as a FICO score of 579 or lower, will have a hard time qualifying for most personal loans. And any that they are offered will have exorbitant rates. Those in this situation would be wise to raise their score to 580+ before applying.

In the fair credit range of 580-669, more loans will be available, but rates will still be high. If you must take a personal loan while in this credit tier, pay it off as quickly as you can to minimize your sizable interest expense.

Good credit begins at 670, and here your options for a reasonable personal loan go up considerably. Though it’s not a hard and fast minimum, 670 is a good rule of thumb for the minimum score you’d want before applying for a personal loan.

Meanwhile, anyone with excellent credit, defined as 740+, should be able to qualify for a personal loan from almost any lender, and with rates in the best range they offer.

Keep in mind, however, that your credit score only measures your reliability to pay back the loan. Lenders will also want to see your ability to repay, so information on your income, savings, and debts will also be requested and considered.