Key takeaways It’s possible to qualify for a loan with a 550 credit score, but interest rates may reach 36% or more. In this current financial climate, lenders are being cautious, often offering smaller loan amounts, shorter terms and higher fees to reduce their risk. Options like buy now, pay later services or payday loans are more common for borrowers with low credit scores, but they can have significant risks and drawbacks. Choose lenders that offer prequalification to avoid additional damage to your credit score. For many Americans, the reality of an uncertain job market and rapidly rising cost of living is causing them to lean on credit cards to bridge the gap. Bankrate’s 2026 Credit Card Debt Report found that, among credit card debtors, more than 4 in 5 (84%) say their credit card debt impacts their financial choices — such as whether to make a big purchase, take a vacation or look for a new job.…