There are many personal loan options for people with fair credit scores. However, you cannot always guarantee that you will get favorable interest rates even if you have a good or excellent credit score. After all, lenders often consider factors like your income, credit history, and existing debt when making lending decisions.
That’s why it’s paramount that you find the best personal loans for fair credit scores to match your financial needs, whether you plan to consolidate your debt, deal with your credit card bills, or cover other expenses.
To help you choose the ideal online lending platform for you, we’ve compiled a list of the 12 top providers of the best fair credit loans, starting with our top choice 1stPremierLending.com. Let’s dive in!
Top 12 Best Personal Loans for Fair Credit
- 1stPremierLending.com: Best personal loans for fair credit overall
- PersonalLoans.com: Best for debt consolidation loans
- MoneyMutual: Best for educational resources
- 247CreditLoans: Best for small loans
- SmartAdvances: Best for loan renewal
- BrighterLoans: Best for simple requirements
- Credible: Best for large loans
- LendingTree: Best for comparison tools
- CashUSA: Best for transparent terms
- 247FastFunds: Easiest lender connection
- Upstart Personal Loans: Lowest interest rates
- Pigeon Interpersonal Finance App: Best alternative to personal loans
1. 1stPremierLending.com: Best Personal Loans for Fair Credit Overall
Pros:
- Loans up to $20,000
- Rapid approval process in around two minutes
- Recognized member of the Online Lenders Alliance (OLA)
- Cutting-edge SSL encryption for online security
Cons:
- Can’t apply without a driver’s license
1stPremierLending.com is a versatile player in the loan brokerage domain, offering a wide range of financial services with a fairly relaxed eligibility criteria.
The application process is straightforward and fast, providing quotes in less than two minutes via an online form.
All U.S. citizens aged 18 years or older, holding a valid driver’s license, having a bank account, and receiving a basic income are welcome to apply. Eligible applicants even include unemployed persons who receive income from pensions, disability, or social benefits.
The Annual Percentage Rate (APR) offered by 1stPremierLending ranges from 5.99% to 35.99%. Clients can borrow any amount between $100 and $20,000, depending on various factors.
What sets 1stPremierLending.com apart is its commitment to online security. All transactions are protected by advanced 256-bit SSL encryption, making it a safe platform for borrowing money. Its OLA membership also confirms that the company has responsible lending practices.
In summary, 1stPremierLending.com stands out as our #1 choice because of its flexible loan options and security features. It even extends its services to unemployed borrowers with a regular income.
>>Apply for the best personal loans for fair credit at 1stPremierLending.com
2. PersonalLoans.com: Best for Debt Consolidation Loans
Pros:
- Loans up to $35,000
- Money in the bank by the next business day
- High lender variety
- Streamlined website design
Cons:
- Some lenders may conduct credit checks
If you’re aiming to consolidate your existing debts, PersonalLoans.com specializes in debt consolidation loans.
Loan amounts range from $250 to $35,000. The $35k cap goes beyond most other personal loans for fair credit borrowers.
The repayment terms are usually between three to 72 months, while the APR ranges between 5.99% and 35.89%. The company requires no collateral, which is a significant plus.
Applying for a loan is a breeze. Just follow the instructions on the home page, and you may receive loan offers within minutes. Just be aware that certain lenders in the network may perform a credit check.
Still, the higher cap on the maximum loan amount made PersonalLoans one of the more popular options for debt consolidation loans. You can still take out regular personal loans for fair credit, of course.
Once approved, the loan proceeds may be available as soon as the next business day, and you can repay the first monthly payment based on your agreement with the lender.
Furthermore, PersonalLoans.com sports a user-friendly interface that makes it easy to apply for the best personal loans for fair credit, especially debt consolidation loans.
>>Apply for the best personal loans for fair credit at PersonalLoans.com
3. MoneyMutual: Best for Educational Resources
Pros:
- Provides financial education guides
- Loan amounts up to $5,000
- Speedy application and approval
- One business day payouts
Cons:
- Not available in NY and CT
MoneyMutual is the best option if you wish to expand your knowledge on financial matters while applying for the best personal loans for fair credit. Aside from the usual FAQs, the website features handy guides on payday loans, cash advances, and bad credit loans.
Loan amounts range from $100 to $5,000. Nevertheless, the website does not provide the approximate repayment period and interest rates since the exact loan terms will depend on your lender. It is also more likely to offer a better interest rate for loan amounts over $1,000 if you have a good credit score.
The company boasts it has served over 2 million customers and counting. It is also a member of the Online Lenders Alliance and the CFEF.
Unfortunately, the site doesn’t operate in CT, NY, and IL, but if you’re from any other US state, you can take advantage of unsecured and secured personal loans.
Applying for a loan is straightforward. MoneyMutual won’t ask for any unnecessary info and only stick to the basic data to make the process as smooth as possible. As usual, it’s best to come prepared and have your ID and SSN at hand.
If you’re tech-savvy and prepared, the application will take five minutes. Once you fill the application out, the platform will connect you to a potential lender in just minutes.
After checking the loan terms, you can accept the offer or restart the application process to find a better deal. If you accept, the loan proceeds will probably be in your bank account within 24 hours.
MoneyMutual is a practical option if you need educational resources that can teach you to make smart financial decisions while getting the best personal loans for fair credit.
>>Apply for the best personal loans for fair credit at MoneyMutual
4. 247CreditLoans: Best for Small Loans
Pros:
- Short-term loans up to $1,000
- Free lender matching services
- Quick approval process
- Next-day funding
Cons:
- No APR and repayment period estimate
247CreditLoans offers lending amounts up to $1,000. Although the maximum sum is lower than what other lenders offer, it could work for you in case you prefer a small loan that you can pay back in a shorter period to cut down on interest payments.
The company also stands out for its lender matching services with no hidden fees. Users can use the online platform at no extra cost to find suitable lenders.
Moreover, the site provides an opportunity for funds to be credited to the user’s account as early as the next business day.
Applying for a loan with 247CreditLoans involves a simple online process. Clients can fill out a form on the website, following which interested lenders may send them direct quotes within minutes. Further verification might require proof of address and identity.
Another distinctive feature of 247CreditLoans is the inclusive eligibility criteria. It works with various lenders who are often willing to extend offers to individuals with poor credit scores, not just those with fair scores. Additionally, its trustworthiness is confirmed by its OLA membership.
Even those who become unemployed after signing a contract with a lender might be able to negotiate a loan by contacting the lender directly. However, the annual percentage rate on loans may vary according to the lender, with no approximate APR range provided on the site.
Still, 247CreditLoans could be your go-to solution if you’re more interested in smaller loans than larger ones.
>>Apply for the best personal loans for fair credit at 247CreditLoans
5. SmartAdvances: Best for Loan Renewal
Pros:
- Loans up to $20,000
- Funds deposited within a business day
- APRs range from 5.99% to 35.99%
- Quotes delivered within two minutes
Cons:
- Certain lenders might have extra requirements
One of the distinguishing features of SmartAdvances is its provision for loan renewals for returning clients. Whether for renewals or new applications, the process is simple and user-friendly.
SmartAdvances.com is an online platform that aims to bridge the gap between lenders and borrowers. This marketplace offers financial services and acts as a facilitator for those seeking short to long-term loans.
The company has a broad loan amount range from as low as $100 for short-term loans to as high as $20,000 for long-term loans.
Depending on the credit score of the client, the annual percentage rates (APR) can vary from 5.99% for good credit to 35.99% for bad or no credit.
Once approved, the funds are typically wired within a single business day. Eligibility for this marketplace extends to US citizens above 18 years of age with a government-issued ID and a minimum income.
Even unemployed individuals may get approval if they have an alternate income source generating at least $1,000 monthly.
SmartAdvances is a suitable choice if you want to have the option of not just applying for a one-time loan but also of possibly renewing the best personal loans for fair credit in the future.
>>Apply for the best personal loans for fair credit at SmartAdvances
6. BrighterLoans: Best for Simple Requirements
Pros:
- Minimal eligibility criteria
- Loans up to $35,000
- Rapid approval and payout by the next day
- Streamlined interface
Cons:
- Limited information on interest rates plus repayment terms
BrighterLoans has more lenient requirements than other similar platforms. People aged 18 and above with permanent U.S. residency can apply for loans via this broker.
Aside from the basic criteria, borrowers only need a valid checking account and a steady income of at least $800. Take note that some lenders might have extra requirements as well.
Furthermore, BrighterLoans has a fairly high loan limit, offering up to $35,000, which is more than some of its competitors.
However, the APRs can be a bit above average and vary case by case. The website does not disclose the estimate of the repayment period and APR since it depends on the lender.
The application process is straightforward and fully digital. Potential clients can fill out an online loan application on the BrighterLoans website, and quotes are typically prepared within minutes.
Once the terms are reviewed and accepted by the client, an e-signature is added to finalize the loan contract. After the deal is sealed, you can expect the funds to be transferred to your account by the next business day.
Thanks to its easy requirements, BrighterLoans is a practical alternative in case you are concerned that you might not meet the eligibility criteria of other lending platforms.
>>Apply for the best personal loans for fair credit at BrighterLoans
7. Credible: Best for Large Loans
Pros:
- Big loans up to $200,000
- 5.20% to 35.99% APR
- Best rate guarantee
- Extensive network of lenders
Cons:
- No small loans below $600
Credible is a reliable platform that assists users in finding large personal loans from various lenders within minutes. The platform offers impressively high loan amounts ranging from $600 to $200,000, with rates varying from 5.20% to 35.99% APR.
The company makes the application process straightforward and secure because it doesn’t sell your personal data to its lending partners.
One of the key features of Credible is its free prequalification service, allowing users to check their rates from multiple lenders. The platform also provides users with a clear cost breakdown to help them choose the right lender.
The platform caters to various loan goals, including debt consolidation, home improvement, credit card refinancing, auto loans, and even loans for those with poor credit.
Credible excels in offering substantial loans with amounts that are way higher than most similar platforms that provide the best personal loans for fair credit scores.
>>Apply for the best personal loans for fair credit at Credible
8. LendingTree: Best for Comparison Tools
Pros:
- Detailed lender comparison
- High loan amounts up to $50,000
- Multiple loan types available
- Checking rates doesn’t affect your credit score
Cons:
- Interest rates starts at 6.99%
LendingTree is unique among lending platforms because it provides a very informative comparison among different lenders.
While most websites display the APR and other basic loan terms, this company goes above and beyond by featuring lender overviews plus pros and cons. The website even suggests which types of borrowers each lender is appropriate for.
The platform gives you the chance to borrow more significant sums from $1,000 up to $50,000. However, the interest rates are higher than average beginning at 6.99%.
You can complete the streamlined application form within five minutes, although the exact funding time will depend on your lender.
In addition to personal loans, the platform also offers debt consolidation, home improvement loans, business loans, auto loans, and student loans.
LendingTree could be a helpful option if you want to carefully analyze how lenders that provide the best personal loans for fair credit stack up to each other with the help of handy comparison tools.
>>Apply for the best personal loans for fair credit at LendingTree
9. CashUSA: Best for Transparent Terms
Pros:
- Clear information on loan terms
- Up to $10,000 loans available
- Versatile repayment period
- Competitive interest rates
Cons:
- Might share data for marketing purposes
CashUSA is a provider of the best personal loans for fair credit with a refreshingly straightforward website. You don’t need to search different pages to get an overview of the loan terms since most of the important information is available on the home page.
The loan amounts range between $500 and $10,000, while the APR stays in the 5.99% to 35.99% range. You have the option to return the loan amount you took out in as short as three months or as long as six years.
The platform safeguards your online privacy through SSL encryption. However, keep in mind that it may share your information to its lending partners, although only for marketing reasons.
The application process is easy while the approval decision only takes minutes. You can look forward to the funds being deposited to your account within a single business day. If you need assistance, the support team is available via email or phone.
CashUSA is a simple solution if you want to check out the basic loan information you need in one place before applying for the best personal loans for fair credit.
>>Apply for the best personal loans for fair credit at CashUSA
10. 247FastFunds: Easiest Lender Connection
Pros:
- Loans up to $5,000
- Minimal questions asked
- Rapid approval
- Next-day deposit
Cons:
- Certain lenders may have additional requirements
247FastFunds is an online lending platform that makes it easier for you to directly coordinate with your lender regarding the best personal loans for fair credit.
The platform will provide you with the lender’s contact information, while the lender may also reach out to you to request for the extra requirements.
The website also has a streamlined application process involving only the necessary questions. Nevertheless, you should be aware that the company and its lending partners may perform a credit check.
It offers loan amounts ranging from as little as $100 to as much as $5,000, aiming to cater to a wide range of financial needs. Once approved, borrowers like you can expect the funds to be deposited in your bank account by the next business day.
The APR varies between lenders, providing some flexibility depending on individual circumstances.
247FastFunds is a viable option if you prioritize the convenience of easily communicating with your lender after you get offers of the best personal loans for fair credit scores.
>>Apply for the best personal loans for fair credit at 247FastFund
11. Upstart Personal Loans: Lowest Interest Rates
Pros:
- Low fixed rates starting at 5.2%
- Borrow loans up to $50,000
- Soft credit check without credit score impact
- Funding in one business day
Cons:
- No small loans below $1,000
The main attraction of Upstart is that it offers some of the most favorable interest rates for the best personal loans for fair credit. The APR starts as low as 5.2%, although it could go up to 35.99% based on various factors.
The personal loans range from $1,000 to $50,000, which is great if you plan to borrow a bigger sum of money. Nevertheless, there are no loans available below $1,000 if you only need a smaller amount.
Another key advantage is the initial soft credit check, which allows you to check the rates without affecting your credit score. However, a hard credit inquiry, which can impact your score, will be performed if you proceed with the application.
Still, the loans come with no hidden fees and no prepayment penalty charges. After your application is approved, the funds may be sent to your account in just one business day.
To summarize, Upstart is a cost-effective source of the best personal loans for fair credit because it combines low interest rates with large loan amounts.
>>Apply for the best personal loans for fair credit at Upstart Personal Loans
12. Pigeon Interpersonal Finance App: Best Alternative To Personal Loans
Pros:
- Simplifies lending among friends and family
- Educates users on financial principles
- User-friendly interface
- Convenient reminders and tracking
Cons:
- Does not directly provide personal loans
Pigeon is a new interpersonal finance app that streamlines the process of lending money among friends, family, and acquaintances.
This app is worth considering if you’re searching for a worthy alternative to the best personal loans for fair credit, which it does not offer since it focuses on peer-to-peer lending instead.
The online platform helps reduce the discomfort associated with traditional IOUs by offering a secure way to negotiate, create, and manage loans with people in your personal circle.
Furthermore, Pigeon aims to empower its users about sound financial principles through educational resources. The app serves as a relationship-based technology platform that helps foster trust and transparency in personal financial transactions.
Its features also include practical functions like payment reminders and monitoring. The app is free to use and is available in more than 40 countries.
Overall, Pigeon has good potential as an alternative to the best personal loans for fair credit if you prefer borrowing money from your family and friends instead of lending companies through a handy app.
>>Check out Pigeon as a top alternative to the best personal loans for fair credit
How We Chose the Best Personal Loans for Fair Credit
To help potential borrowers like you get the best personal loans for fair credit, we ranked the companies that offer financial solutions based on six benchmarks.
As we reviewed providers of the best fast cash loans, we considered the eligibility criteria, loan amount, interest rates plus origination fees, repayment terms, approval time, and ease of use plus customer service.
Eligibility and Minimum Credit Score Requirement
The first step in finding the top personal loan for fair credit is ensuring that you meet the eligibility requirements. Most lenders we recommend require a minimum credit score of 580, although some may prefer a higher score.
If your credit score is below 580, there are still some options available to you, such as BadCreditLoans, one of the top personal loan providers for low credit scores.
Loan Amount
The next step is to determine how much money you need to borrow. The loan amount you qualify for will be based on factors such as your credit score, income, and employment history. Most lenders we work with offer loan amounts ranging from just $100 all the way to $50,000 or even $200,000 in some cases.
>>Apply for the best personal loans for fair credit at 1stPremierLending.com
Interest Rates Plus Origination Fees
Once you’ve determined how much money you need to borrow, the next step is to compare interest rates as well as the origination fees. The interest rate is the percentage of your loan amount that you will be required to pay in addition to your regular payments.
Origination fees are one-time charges assessed by the lender at the time of borrowing. These fees can range from 0% to 8% of the loan amount. The charges are typically deducted from the total loan amount before the loan proceeds are disbursed to your bank account.
Repayment Terms
Repayment terms refer to the length of time that you have to repay your loan. The typical repayment term for a personal loan is two to five years, but some lenders offer terms as long as seven years. If you want to repay that personal loan ASAP and avoid the prepayment penalty, you can do it in just three months in most cases.
Loan Approval Time Frame
This benchmark evaluates the amount of time it takes to get approved for a personal loan. Some lenders can approve and fund emergency loans within minutes. Others could take a few days, while others may take a week or longer. Of course, we looked for the fastest options.
Ease of Use and Customer Service
Last but not least, the best providers of personal loans have an easy-to-navigate website, clear loan payment terms, and a streamlined application process. Excellent customer service is also crucial in case you have questions or need help with your loan.
>>Apply for the best personal loans for fair credit at 1stPremierLending.com
FAQ: Things You Should Know About the Best Personal Loans for Fair Credit
Find out the answers to common questions about the best personal loans for fair credit.
What Is Fair Credit?
Fair credit is a type of credit rating that describes a FICO score of 580 to 669. Individuals with fair credit may find it slightly hard to qualify for loans and lines of credit, but they will likely have better terms than those with poor credit. This credit score is also sometimes referred to as the “average” credit.
Can You Get a Personal Loan With Fair Credit?
Yes, you are likely to get approved for the best personal loans for fair credit if you have an average credit score or higher. In this case, there is a good chance you can find online lenders, like 1stPremierLending.com, who are willing to work with you. Otherwise, you can try to get a cosigner to help you secure the loan.
How Can I Compare Fair Credit Personal Loans?
If you have fair credit, you could get approved for a personal loan from some lenders. However, these loans are likely to have higher interest rates than for those with good or excellent credit scores. In some cases, you may also have to provide collateral, such as a vehicle or other asset, to secure the loan.
To compare fair-credit personal loans, start by checking out our list of the best lenders for fair credit. Then, compare offers from multiple lenders to see which one has the lowest interest rate and fees. Make sure also to consider the loan’s terms and conditions before you apply.
How Can I Get a Personal Loan With Fair Credit?
There are a few things you can do to get a fair credit personal loan. One option is to look for lenders that specialize in the best personal loans for people with fair credit. Another option is to use a cosigner. A cosigner is someone who agrees to sign the loan with you and be responsible for the debt if you can’t repay it.
You can also try to improve your credit score before you apply for a loan. Raising your credit score can make you more likely to qualify for better interest rates. Finally, be sure to shop around and compare offers from multiple lenders before choosing a personal loan.
>>Apply for the best personal loans for fair credit at 1stPremierLending.com
How Can I Improve My Fair Credit Score?
There are a few things you can do to boost your fair credit score:
- Pay your bills on time. This is the most important factor in determining your credit score and the loan amount you can take out.
- Keep your credit card balances low. Your credit utilization ratio, the percentage of your credit limit that you’re using, makes up 30% of your credit score.
- Apply for a secured credit card to start building up your credit history if you don’t have one already.
- Use a mix of different types of credit. This could include revolving credit (such as credit cards) and installment loans (such as auto or personal loans).
- You can request a free copy of your report from each of the three major credit bureaus every year. Check all credit reports for errors and report them to the credit bureau.
- Consider working with a credit counseling or credit optimization service. These services can educate you so you can better understand your credit score and what steps you can take to improve your creditworthiness.
Note that there is no one-size-fits-all answer to this question, as the best way to improve your credit score may vary depending on your individual situation.
How Does a Personal Loan Affect Credit Score?
A personal loan can affect your credit score in a few different ways. If you make your payments on time and in full, your credit score could improve. However, if you miss payments or default on the loan, your credit score might suffer.
Additionally, taking out a personal loan may result in a hard credit inquiry on your credit report, which can temporarily lower your credit score. That’s why we always tell fair credit borrowers to search for companies that only perform a soft credit check.
How Much Do Personal Loans for Fair Credit Cost?
Personal loans for fair credit usually come with higher interest rates plus fees than loans for good or excellent credit. The average annual percentage rate (APR) for a personal loan with fair credit is typically between 5.99% to 35.99%.
Some lenders may offer personal loans with fair credit at higher APRs, but this will depend on the lender’s individual policies. For personal loans, the origination fee ranges from 1% to 8% of the loan amount in most cases, so a $10,000 personal loan with a 5% origination fee would have an upfront cost of $500.
You may also be responsible for paying other fees, such as a late payment fee or prepayment penalties if you pay off your loan early.
What Is the Easiest Loan To Get Approved For?
The easiest loan to get approved for is a government-backed loan, such as an FHA or VA loan. These loans are designed for borrowers with low credit scores and minimal down payment requirements.
Another option is a co-signer loan, where another person cosigns your loan application to increase your chances of approval.
Ultimately, the easiest loan to get approved for is the one that best suits your individual financial needs. If you’re looking for unsecured personal loans, we recommend checking out 1stPremierLending.com, also an easy option for fairly creditworthy borrowers.
How Big of a Loan Can I Get With a 600 Credit Score?
The size of the loan you can apply for with a 600 credit score will depend on the lender and the type of loan you are applying for. Some lenders may be willing to work with you if your credit score is not as high as others, but it is always best to shop around and compare rates before making a decision.
Generally speaking, it’s possible for you to get a loan for up to $10,000 if your credit score is 600 or higher. If you’re looking for unsecured personal loans above $10k, we recommend checking out Credible.
What Credit Score Do I Need to Borrow $5,000?
There is no definitive answer to this question as lenders will consider a variety of factors when determining whether or not to approve a personal loan. However, you probably need a credit score above 600 to have a good chance of being approved for a loan of this size.
If your credit score is below 600, you may still be able to get approved for a loan, but you will likely need to provide additional documentation or collateral. If you have a low credit score but have a regular income, payday loans for bad credit could be a viable alternative for you instead.
Final Words on Finding the Best Personal Loans for Fair Credit
Whether you want to borrow money for personal expenses, consolidate credit card debt, or get a loan for a new business endeavor, we hope this guide has helped you find the best fair credit lenders for your needs.
Check out our list of companies that offer fair credit loans and see if you can match the minimum credit score requirements.
1stPremierLending.com is the best option for most fair credit borrowers, thanks to its versatile loan options and secure platform. Still, other online lenders that provide the best personal loans for fair credit might be more well-suited based on your preference.
To wrap things up, don’t try to go above what your credit history allows you, check the repayment terms and loan agreement in detail, and don’t miss those monthly payments. Stay safe!
>>Apply for the best personal loans for fair credit at 1stPremierLending.com
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