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Best Personal loans for Fair Credit April 2024

Having a fair credit score, typically ranging from 630 to 689 can make it more challenging to obtain a personal loan. It is still possible to find a solution. Education, homeownership status, income, and outstanding debts are some of the factors that lenders consider when evaluating loan applications. In other words, even if you have a credit score below 630, you could still qualify for a personal loan.

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Editor's Choice
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Key Facts

  • Good credit gets low rates and zero fees
  • Fast and easy online process
  • $100 Loan Experience Guarantee¹
  • Max Loan Amount: $100K
  • Powered by Credible

Pros

pros iconGet a loan for practically anything

pros iconAutopay discount available

pros iconDedicated app to manage your loan

pros iconLightStream doesn’t charge any fees

Cons

cons iconPersonal loan up to $100K

cons iconRequires steady income

cons icon1-3 Days till funding

LightStream is a part of Truist Bank. While most correspondence will come from LightStream, you might notice the name Truist on certain communications from us. We continue to serve customers across all 50 states, and you do not need to be an existing customer to qualify for a LightStream loan.

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and credit profile. The lowest rates require excellent credit. At least 22% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 07/01/2022 to 09/30/2022.

Rate is quoted with an AutoPay discount. AutoPay discount is only available before loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

  • $5K-$100K Loan Amount
  • 660 Min Credit
  • 2-7 years Loan Term
Easy Application
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Key Facts

  • Free-to-use marketplace with a choice of vetted lending partners.
  • Borrowers are in control and can compare competitive loan options.
  • No prepayment fees and origination fees as low as 0%
  • Max Loan Amount: $100K

Pros

pros iconGreat for Comparing Lenders

pros icon Fast and Easy

pros iconSecure 256-bit encryption

Cons

cons iconFees Vary

cons iconOther Variable Info

cons iconTerms are Limited

Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 4.60% – 35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties..

Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lenders will conduct a hard credit pull when you submit your application. Hard credit pulls will have an impact on your credit score. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile. Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680.

Bonus disclosure:
“All bonus payments are by gift card.”

*Not all available financial products and offers from all financial institutions have been reviewed by this website

  • $600-$100K Loan Amount
  • 550 Min Credit
  • 1-7 years Loan Term
  • 6.40-35.99% APR
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Key Facts

  • No sign-up, prepayment fees, or late fees
  • Flexible loan options
  • Great customer service available

Pros

pros iconNo origination fees

pros iconOn-time payment reward system

pros iconGood customer support

Cons

cons iconBorrowers need good credit

cons iconNo option to add a cosigner

cons iconNo next day funding

Marcus’ Disclaimer: Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans. Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. For example, a $402 monthly payment is based on a $15,000 loan with a 12.99% APR and 48 monthly payments. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.​

  • $4K-$40K Loan Amount
  • 740 Min Credit
  • 36-72 Months Loan Term
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Key Facts

  • Borrowers can find a personal loan option that fits their exact needs
  • Offers a comprehensive knowledge hub
  • Simple to use online loan comparison tool
  • Max Loan Amount: $100K

Pros

pros iconDeals with trustworthy lenders

pros iconWide range of personal loans to check out

pros iconEasy to use comparison tool

pros iconMore than four decades of experience

Cons

cons iconNot a direct lender

cons iconNo live chat

Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products. Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680

  • $600-$100K Loan Amount
  • 300 Min Credit
  • 24-60 Months Loan Term
  • 7.99-29.99% APR
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Key Facts

  • Approval in minutes. Funding in as few as 2 days.
  • Borrow up to $50k for emergency or unexpected purchases.
  • 100% online application; 3 & 5-year term options.
  • Low fixed rates available.
  • Max Loan Amount: $50K

Pros

pros iconEverything is available online

pros iconSpeedy application process

pros iconFast funding

pros iconSuper competitive rates

pros iconExcellent customer service

pros iconAutopay discount available

Cons

cons icon680 FICO score minimum

cons iconOrigination fees

Figure Disclaimer: Figure Lending LLC dba Figure. 15720 Brixham Hill Avenue, Suite 300, Charlotte, NC 28277. (888) 819-6388. NMLS ID 1717824.

For licensing information, go to www.nmlsconsumeraccess.org. Equal Opportunity Lender. Equal Housing Opportunity. This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

As representative example, an eligible borrower obtained a loan amount of $15,000 with a 5% origination fee at an interest rate of 9.65% for 36 months. That would include an origination fee of $750.00 for an APR of 13.204%. They would receive $14,250.00 and make 36 monthly payments of $481.55. Loan amounts range from $5,000 to $50,000; loan term lengths are 36 months or 60 months.

California loans are made and arranged according to a Finance Lenders Law License. Licensed by the Department of Financial Protection and Innovation under the California Finance Lenders Law (License 60DBO81967). To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. Yet, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Figure’s Personal Loan APRs range from 5.75% to 31.44%, inclusive of a 0.25% discount for enrolling in autopay. The lowest APRs are for the most qualified applicants based on factors such as credit score, debt-to-income ratio, credit utilization, and credit inquiries; rates will be higher for other applicants. The advertised APR is only available for applicants who are eligible for and select 3-year loan terms; longer terms have higher rates. Rates frequently change, so your exact rate will depend on the date you apply.

You will be responsible for an origination fee of up to 5.00% of your loan amount, depending on your credit profile and the state where you reside. Loan terms and prices are also subject to change. Figure’s Personal Loan amounts range from a minimum of $5,000 to a maximum of $50,000. You may not be eligible for our maximum amount, as the minimum and maximum loan amounts vary depending on the state in which you reside and your credit profile.

Figure’s Personal Loan Referral Program is unavailable for borrowers or applicants in Kentucky, Ohio, or Rhode Island and does not apply to any of Figure’s other loan products. For either party to be eligible to receive the $150 gift card, they must fund the referred loan. Once complete, it may take up to 5 business days to fulfill the gift card orders, which will be delivered electronically to the email addresses associated with each account.

Next Day Funding requires the application to be approved and documents signed before 4 p.m. PST or 7 p.m. EST. Please check with your institution to ensure funds availability before attempting to access the funds. Limit one $100 bonus per customer. The bonus will be deposited in the Figure Pay account within 30 days of the second consecutive deposit, satisfying the requirements for the bonus.

HELOC:* Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing.
*Available APRs range from 8.75% – 17.40%*.(the advertised APR includes a combined 0.50% discount for opting into a credit union membership (0.25%) and enrolling in autopay (0.25%) as well as payment of higher origination fee in exchange for a reduced rate, which is not available to all applicants or in all states). The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select five year loan terms; APRs will be higher for other applicants and those who select longer loan terms. As representative example, for a borrower with a 60% CLTV and a 740 credit score who is eligible for and chooses to pay a 4.99% origination fee in exchange for a reduced APR on a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 10.55%. The total loan amount would be $55,275. Alternatively, a borrower with the same credit profile who pays a 3.99% origination fee would have an APR of 10.85% and a total loan amount of $55,425. Your actual rate will depend on many factors such as your credit, combined loan to-value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. APRs for home equity lines of credit do not include costs other than interest. Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.

  • $5K-$50K Loan Amount
  • 680 Min Credit
  • 36-60 months Loan Term
  • 6.10-22.94% APR
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Key Facts

  • Competitive rates available for good credit scores and income source
  • Access to financial advisors, private networking events, & unemployment protection
  • Flexible terms & payment options with no fees whatsoever
  • Max Loan Amount: $100K

Pros

pros iconPersonal loan application process is easy and only takes a few minutes to complete

pros iconSoft credit check that doesn’t affect your credit score and gives you personalized rates

pros iconFixed and variable rate loans available ranging from $5,000 to $100,000

pros iconNo late or origination fees required

pros iconExcellent customer support team

pros iconOnline autopay comes with a discount on interest

pros iconExclusive benefits for members (ex. networking events and access to financial advisors)

pros iconUnemployment Protection feature comes with a temporary payment pause (up to 12 months)

pros iconNo prepayment penalties

Cons

cons iconMay take up to 4 days to receive funds after approval (longer than other online lenders)

cons iconHigh eligibility requirements (ex. good credit and sufficient income)

“SoFi” is a registered trademark of Social Finance, Inc. SoFi is not affiliated with colleges and universities listed on SoFi.com. Colleges and universities listed on SoFi.com do not endorse, promote or recommend SoFi loan products.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. (www.nmlsconsumeraccess.org)

Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

©2022 Social Finance, Inc. All rights reserved.”

Fixed rates from 3.99% APR to 9.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 01/16/24 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

  • $5K-$100K Loan Amount
  • 680 Min Credit
  • 24 to 84 months Loan Term
  • 8.99-29.99% APR

Top Fair Credit Personal Loan Providers

660

Min Credit Score

7.99-25.49%

APR. Fixed Rate

$5K-$100K

Loan Amount

2-7 years

Repayment terms

No

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

1 days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Get a loan for practically anything
  • con-icon Autopay discount available
  • con-icon Dedicated app to manage your loan
  • con-icon LightStream doesn’t charge any fees
  • con-icon Personal loan up to $100K
  • con-icon Requires steady income
  • con-icon 1-3 Days till funding

Loan Purpose

drop-down-btn
  • Car
  • Major Purchase
  • Household Expenses
  • Vacation
  • Wedding
  • Other

Loan Type

drop-down-btn
  • Secured Personal Loans
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans
sofi logo
SoFi

Low Rates. No Fees are Required.

680

Min Credit Score

8.99-29.99%

APR. Fixed Rate

8.99-29.99%

APR. Variable Rate

$5K-$100K

Loan Amount

24 to 84 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

Same-day funding if approved before 7:00 PM ET days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Personal loan application process is easy and only takes a few minutes to complete
  • con-icon Soft credit check that doesn’t affect your credit score and gives you personalized rates
  • con-icon Fixed and variable rate loans available ranging from $5,000 to $100,000
  • con-icon No late or origination fees required
  • con-icon Excellent customer support team
  • con-icon Online autopay comes with a discount on interest
  • con-icon Exclusive benefits for members (ex. networking events and access to financial advisors)
  • con-icon Unemployment Protection feature comes with a temporary payment pause (up to 12 months)
  • con-icon No prepayment penalties
  • con-icon May take up to 4 days to receive funds after approval (longer than other online lenders)
  • con-icon High eligibility requirements (ex. good credit and sufficient income)

Loan Purpose

drop-down-btn
  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding

Loan Type

drop-down-btn
  • Unsecured Personal Loans

660

Min Credit Score

7.99-24.99%

APR. Fixed Rate

$3K-$40K

Loan Amount

36-84 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

7 days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon No origination fees
  • con-icon Flexible repayment terms
  • con-icon Fixed rates
  • con-icon No cosigned loans available
  • con-icon No secured or joint loans available
  • con-icon No autopay discount

Loan Purpose

drop-down-btn
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding
  • Other

Loan Type

drop-down-btn
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans

What Does it Mean to Have Fair Credit?

Credit scores considered fair range usually between 630 to 689 based on the credit scoring model. The good news is that you should still be able to get a credit card or loan if your scores are in this range. However, you may not be eligible for the best rates or terms.

Is it Possible to Get a Personal Loan with Fair Credit?

The short answer is yes. There are many reasons why you might have fair credit scores. They range from past bankruptcies to a history of late payments.

Your credit score might even dip drastically if you have a large amount of outstanding debt compared to your income. However, the most noticeable outcome of a fair credit score is higher interest rates from lenders. You can still get a personal loan if you have fair credit, but expect to pay somewhere around 20% APR.

How to Qualify Personal Loans for Fair Credit

We won’t lie; it can be challenging to secure a personal loan when you have fair credit. But fortunately, some things can improve your chances (and credit score).

Get a co-signer: If you can't or won't, a co-signer pledges to repay the loan. Typically this is a family member or close friend. When you use a co-signer, the lender will take their credit score into account along with your own, which can improve the chances of being approved for the loan and even lower your interest rate.

Pay down existing debt: You might have a fair credit score because you have too much outstanding debt. Pay that debt down, and your credit score will rise, making it easier to secure a personal loan for fair credit.

Payments on time: Few things will hurt your credit score more than late payments. If you want a steady rise in your score, keep making all your payments on time. You’ll be amazed at the improvement.

Securing the loan: One easy way to get approved for a fair credit personal loan is to secure that loan with something of value. If the lender knows that they have collateral securing the loan, they will be far more likely to approve your loan.

Keep credit utilization low: You can also help yourself by not using all your available credit. It’s suggested that you keep your credit utilization below 35% to see the greatest benefits to your credit score.

Improve Your Fair Credit Score

If you want to get approved for a fair credit loan, the usual advice revolves around building up your credit score. Many people use this reliable strategy to improve their chances of approval when applying for a fair credit personal loan. Here are six methods you can use to boost your credit score:

  1. Check your credit reports from Experian, TransUnion, and Equifax.
  2. Make all your payments on time.
  3. Lower your credit utilization rate.
  4. Ask a family member or friend to apply with you as a co-signer.
  5. Take advantage of score-boosting programs.
  6. Don’t apply for new credit accounts too frequently.

How to Compare Personal Loans for Fair Credit

Getting personal loans with fair credit score can be a significant financial decision. Because the loan can greatly impact your finances for years to come, comparing offers from several lenders before committing to any personal loan is good. Below are four considerations when shopping for a fair credit loan.

1. Avoid High-Interest Rates & APR

Your loan’s APR is the annual percentage rate; however, it comprises more than the actual interest rate. Finding the lowest interest rate can help you get a lower monthly payment, but you also need to consider other fees that can increase the APR and your monthly payments. These include origination fees that can increase your cost of borrowing.

2. Use Marketplace Lenders

Marketplace lenders are a great way to find the lowest interest rates and best repayment terms for your fair credit loan. Marketplace lenders like LendingTree and Monevo match lenders with borrowers. Because they have relationships with the lenders, they can negotiate the best terms. Marketplace lenders will also assist in prequalifying your loan, giving you the most accurate lender comparisons.

3. Be Aware of Repayment Terms and Fees

Your loan repayment terms include the interest rate, monthly payment requirements, associated penalties, or special repayment provisions. Knowing these terms can help you understand the total cost of the loan and budget for repayment and avoid any nasty surprises, like prepayment penalties. This is when the lender charges you for paying off the loan balance ahead of time.

4. Gravitate towards Lenders that Allow for Co-Signers

You might improve the loan terms quickly by recruiting a co-signer with an excellent credit score. Look for lenders who will allow you to use a co-signer, and you can get better loan terms, leading to potentially considerable savings over the life of the loan.

Best Personal Loans for Fair Credit According to Lendstart

Lender Rating Good For Min APR Minimum Credit Score
Lendingtree 8.4/10 Overall Fair Credit Scores 5.99% 550
Loans Under 36% 8/10 Range of Repayment Options 5.99% 300
5K Funds 8.2/10 Online Experience 5.99% 500
Monevo 9.4/10 Longer Repayment Terms 5.73 300

Alternative Options for Fair Credit Loan

Despite taking action to improve your credit score, shopping lenders, and looking for a co-signer, there could be times when you’re unable to secure a fair credit loan. But, don’t fret; certain loan alternatives might work for you.

0% introductory APR credit cards: Some credit card companies will offer new customers terms that include no interest for as long as 18 months. If you’re confident you can pay off the loan before the 0% introductory rate ends, this can be an acceptable way to get a fair credit loan without paying any interest.

Home equity loan: If you’re a homeowner with equity in your home, you can pull some of that equity out in a home equity loan. Home equity loans often have lower interest rates, but be careful. Because your home is securing the loan, you could potentially face foreclosure if you default on the loan.

Home equity line of credit (HELOC): Similar to a home equity loan, a HELOC is a line of credit that you can draw on as needed. HELOCs are a useful way to have credit available whenever you need it, but like the home equity loan, any funds borrowed are secured by your home.

Conclusion

We’re confident that our personal loans guide has given you a better understanding of your options for fair credit loans.

As you’ve learned, several options for fair credit loans are available, including personal loans, secured loans like HELOCs, and even 0% interest rate introductory credit card offers. Best of all, a personal loan can help improve your credit score over time. Not every loan option is best for every borrower. We recommend you continue educating yourself about the best personal loan options available.