Best Personal Loans for Fair Credit of October 2024
Best personal loans for fair credit come with an APR of 10% – 15%. People with fair credit are manipulated into believing that they can’t get a personal loan. That is not true! The lending market is different, and it allows people with even bad credit to get great offers. Still, some lenders will not approve of you. The best way to find a great offer is to shop around! In this case, you can reconsider your loan, discuss your lender’s ability to pay your loan regularly, work on your credit score, get a secured loan, or get a consigner loan.
Watch our video that shows how people with bad and fair credit can get a personal loan.
Here is what the FICO score range looks like:
- Excellent(800 to 850)
- Very Good (740 to 799)
- Good (670 to 739)
- Fair (580 to 669)
- Bad (300 to 579)
Different credit scores mean different things for lenders, but if you have between 580 and 669 points, most lenders will consider having a fair credit score. About 10% of Americans fall in this range.
If you have read some articles on trusted personal finance sites that claim it’s hard to get a loan if your credit score is fair, that you will pay a much higher APR, etc., they should update their content!
ElitePersonalFinance has created a special guide on how people with fair credit can get a personal loan!
Nowadays, getting a personal loan with fair and even bad credit is absolutely possible and relatively easy.
People with a fair credit score have many more options available. In this guide, we will walk you through the best of them.
The lending market has become more flexible in the recent few years, and this will continue. These days, people with fair and even bad credit scores have many more options to get a loan.
Loans that are available for people with a fair credit score are:
- Personal loans
- Alternative personal loans
You can also have found more options at credit unions, banks, credit cards, and so on. With a fair credit score, you have absolutely no reason to end up with predatory payday loans.
One of the most important things that everyone has to do to get better loan terms is shop around, register with many loan companies, and compare offers. Applying for a loan does not mean that you will lower your credit score (only when a company makes a hard inquiry can they lower your credit score, but this is not a part of the application process, and it will be done later only if you approve the offer), it’s totally free, and there are no obligations to accept the offer. So now, we move on to the best companies for fair credit. We highly recommend that you register with all of them and compare all offers.
ElitePersonalFinance has researched more than 100 personal loan companies in detail and has a list of the best that offer loans for people with fair credit.
Best Personal Loans for Fair Credit of October 2024
PersonalLoans
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| Loan Amount: | $1,000 – $35,000 |
| APR: | 5.99% – 35.99% |
| Min. Credit Score: | 580 |
| Approval: | 1 Day |
| Terms: | 90 days – 72 months |
| Origination Fee: | 1 – 5% |
| DTI Ratio: | N/A |
| Check rates | |
PersonalLoans is a marketplace, not a lender itself. Recently, they have significantly increased the number of lenders in their network. Now people have a better chance to get approved for a loan. Their minimum required credit score is 580, making them a great company for people with fair credit. Terms are competitive, so we highly recommend starting your search with PersonalLoans.
- APR is 5.99% to 35.99%.
- Loan amount is $1,000 to $35,000.
- Loan terms are 3 to 72 months.
Prosper
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| Loan Amount: | $2,000 – $40,000 |
| APR: | 7.95% – 35.99% |
| Min. Credit Score: | 640 |
| Approval: | 1 – 3 Days |
| Terms: | 3 – 5 years |
| Origination Fee: | 2.4% – 5% |
| DTI Ratio: | 50% |
| Check rates | |
Prosper is one of the biggest names in peer-to-peer lending. You won’t find them in lists for bad credit, but they are great for good and even fair credit. They request a little higher credit score of a minimum of 640 and a debt to income ratio of 50%, which means that not everyone with fair credit will get approved. Those who get approved will find Prosper is a really great option. Prosper also looks at other details to evaluate your credit risk. Once you apply, you actually create a loan “listing” that then appears on their marketplace. From there, you choose which loans are great for you.
- APR is 7.95% – 35.99%.
- Loan amount is $2,000 to $35,000.
- Loan terms are 3 to 5 years.
BadCreditLoans
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| Loan Amount: | $500 – $10,000 |
| APR: | 5.99% – 35.99% |
| Min. Credit Score: | 0 |
| Approval: | 1 Day |
| Terms: | 3 – 36 months |
| Origination Fee: | N/A |
| DTI Ratio: | N/A |
| Check rates | |
BadCreditLoans.com is a company that we recommend to people with really bad credit. They offer up to $10,000 loans, and their APR is 5.99% – 35.99%, which is in the range of personal loans, although it can be higher than this in some cases. Typically, people with really bad credit are approved for loans between $500 and $3,000. People with fair credit, which is close to bad, can try it. And you can be approved for more money in case your credit is fair ‒ you can get 10,000.
Upgrade
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| Loan Amount: | $1,000 – $50,000 |
| APR: | 8.49% – 35.99% |
| Min. Credit Score: | 560 |
| Approval: | 1 Day |
| Terms: | 2 – 7 Years |
| Fees: |
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