Compare Fair Credit Personal Loans Rates
- APR: 6.99-35.99%
- Loan Term: 3-180 months
- Min Credit Score: 550
- The nation’s largest online lending marketplace
- Over $260 billion in loans facilitated
- One short form for multiple loan options
Read LendingTree Review »
LendingTree Disclaimer: A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details. Rates and APR assume fixed rate for the term of the loan may not be available for all consumers, ask your lender for a fixed rate quote. 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 *This examples are for illustrative purposes only. The examples and match rates are not a guarantee, agreement, or commitment to loan funds or extend credit. Interest rates and terms are subject to change at any time without notice.
- APR: 7.49 - 24.49%
- Loan Term: 24 - 84* months
- Min Credit Score: 660
- Good credit gets low rates and zero fees
- Fast and easy online process
- $100 Loan Experience Guarantee¹
Read LightStream Review »
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. Rateis quoted with AutoPay discount. AutoPay discount is only available prior to 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. 1After receiving your loan from us, if you are not completely satisfied with your experience, please contact us. We will email you a questionnaire so we can improve our services. When we receive your completed questionnaire, we will send you $100. Our guarantee expires 30 days after you receive your loan. We reserve the right to change or discontinue our guarantee at any time. Limited to one $100 payment per funded loan. Truist teammates do not qualify for the Loan Experience Guarantee. Truist Bank is an Equal Housing Lender. © 2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
- APR: 4.60-35.99%
- Loan Term: 12-84 months
- Min Credit Score: 600
- 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%
Read Credible Review »
Credible Disclaimer: “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 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.”
- APR: 6.24-35.99%
- Loan Term: 6-144 months
- Min Credit Score: 550
- Borrowers can find a personal loan option that fits their exact needs
- Offers a comprehensive knowledge hub
- Simple to use online loan comparison tool
Read Bankrate Review »
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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Rate collection and criteria: Click here for more information on rate collection and criteria.
- APR: 5.75-22.94%
- Loan Term: 36 & 60 months
- Min Credit Score: 680
- 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.
Read Figure Review »
Figure disclaimer: Figure Personal Loan is available in all 50 states including Washington DC.
¹To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, 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 APRs start at 4.00% for the most qualified applicants and are higher for other applicants. Loan example, for a borrower with a CLTV of 45% and a credit score of 800, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 5.75% and a 3.00% origination fee. Your total loan amount payment would be $51,500. Origination fees range from 0-5.75% of your initial draw depending on your credit score and the state in which your property is located. The advertised rate is available only to borrowers using primary residences as collateral. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term and occupancy status. * For Figure Home Equity Line, APRs can be as low as 3.00% for the most qualified applicants and will be higher for other applicants, depending on credit profile and the state where the property is located. For example, for a borrower with a CLTV of 45% and a credit score of 800 who is eligible for and chooses to pay a 5.75% origination fee in exchange for a reduced APR, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 3.00%. The total loan amount would be $52,495. Alternatively, a borrower with the same credit profile who pays a 3% origination fee would have an APR of 4.00% and a total loan amount of $51,500. 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 an origination fee in exchange for a lower rate. Payment of origination fees in exchange for a reduced APR is not available in all states. In addition to paying the origination fee in exchange for a reduced rate, the advertised rates include a combined discount of 0.50% for opting into a credit union membership (0.25%) and enrolling in autopay (0.25%). 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.
- APR: 8.99-23.43%
- Loan Term: 24-84 months
- Min Credit Score: 680
- 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
Read SoFi Review »
Fixed rates from 8.99% APR to 23.43% 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 03/06/23 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.
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:
- Check your credit reports from Experian, TransUnion, and Equifax.
- Make all your payments on time.
- Lower your credit utilization rate.
- Ask a family member or friend to apply with you as a co-signer.
- Take advantage of score-boosting programs.
- 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.
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.