What are the best personal loans with fair credit to use? This article aims to discuss the best personal loans for borrowers with credit scores ranging from 580 to 669. In the meantime, a credit score or history is an important factor when applying for a loan, and personal loans are no exception. Lenders use this to find out or determine if you are qualified or eligible for the loan.
It also helps you find out how much you can borrow and what your interest rate will be. If your credit score ranges from 580 to 669, this means that you have fair credit. It also means that you will experience difficulties finding and obtaining a personal loan. But do not get worked up because there are still some lenders who offer this type of service to borrowers with fair credit. Check out the next outline.
Best Personal Loans For Fair Credit
Different lenders provide personal loans to borrowers. However, many of them require you to have a high credit score to be able to qualify. But if you have a fair credit score but need a personal loan, fret not, because I am about to share information on the best providers to check out:
- Happy Money.
- Best Egg.
Not all personal loan lenders have a mobile app for convenient access, but LendingPoint is different. With their mobile app, you can manage and keep track of your account easily and conveniently. What’s more, they offer loan amounts ranging from $2,000 to $36,500 and loan terms of 24 to 72 months. The approval period at LendingPoint is very quick, and their interest rate is low as well.
Achieve is the best when it comes to APR discounts. However, you need a minimum credit score of 620 and meet the qualification areas to get a personal loan from Achieve. But do not be discouraged because there are different APR discounts available, and you can choose from any of them.
Upgrade is another of the best personal loan providers for fair credit that you should check out. They provide loans to borrowers with poor credit and can start applying for loans from $1,000 to $50,000. Moreover, if you have a credit score of 580 and meet the lender’s requirements, you will be able to secure a personal loan from Upgrade.
The best platform for credit card consolidation is Happy Money. It is also one of the best personal loans for people with fair credit. Moreover, there are no late fees, prepayment penalties, or returned payment fees. With just a soft credit pull, you can prequalify for a personal loan at Happy Money.
If you are interested in getting a secured or unsecured loan as a middle-income borrower, Avant should be your first pick. It is also one of the best personal loans for fair credit and offers flexible repayment terms. What’s more, borrowers can access loans from $2,000 to $35,000 from Avant as long as they are qualified.
If you need a reliable place to get smaller loans, LendingClub has got you covered. Their services are available and accessible in all states, but they have a high minimum APR. Nonetheless, LendingClub allows borrowers to add a co-borrower so they can jointly apply for a loan and be approved within a few hours.
The Best Egg is perfect for secured loans. You do not also need a high credit score to qualify. With a minimum of $600, you can get a personal loan from this lender. What’s more, Best Egg has flexible repayment terms and relatively low APRs.
Upstart does not use your credit score to determine your eligibility. Instead, they use your employment and education information during the application process. Moreover, Upstart has an APR range of 6.40% to 35.99% and allows borrowers to access loans from $1,000 to $50,000 as well. More importantly, if you have a bad credit score like 300, you are still qualified for a loan from Upstart.
When it comes to peer-to-peer lending, Prosper is taking the lead. What’s more, there are no prepayment penalties, and you can use their loan to do anything. However, their loan disbursement can be slow, and you cannot access their services if you reside in West Virginia or Lowa. Additionally, Prosper has late payment fees, origination fees, and insufficient fund fees.
One of the best personal loans for fair credit I urge you to check out LightStream. With this in mind, they offer loans from $5,000 to $100,000 and do not have to worry about the interest rates because they are very low. Moreover, LightStream’s repayment terms are open for up to 7 years. In addition to this, you need a minimum credit score of 660 to get a loan from this online personal loan lender.
How To Compare Personal Loans for Fair Credit
If you are shopping for personal loans for fair credit with the interest of applying, there are various factors that you can look out for to get the best terms and rates. Here are some of the things you should look out for when choosing a personal loan with fair credit:
- Borrower’s requirements.
- Payment flexibility.
- Repayment term.
- Annual percentage rate (APR).
- Credit-building tools.
- Monthly payments.
- Funding time.
Generally, personal loans are funded into the borrower’s account in less than 7 days, but the lender’s funding time can differ.