| APR range | 8.99% - 35.99% |
| Loan amounts | $5,000 - $50,000 |
| Loan terms | 24 to 60 months |
| Origination fee | 1.99% - 6.99% |
| Minimum credit score | 620 |
| Pros | Cons |
|---|---|
Multiple APR discounts available Have the option of working with a dedicated loan specialist Low minimum APR | Charges an origination fee High maximum APR High minimum loan amount No autopay discount |
With a minimum loan amount of $5,000, Achieve may not be the right lender if you need a small personal loan.
Read our full Achieve personal loan review.
| APR range | 9.95% - 35.99% |
| Loan amounts | $2,000 - $35,000 |
| Loan terms | 12 to 60 months |
| Origination fee | Up to 9.99% |
| Minimum credit score | 580 |
| Pros | Cons |
|---|---|
Offers prequalification Flexible term lengths May receive next-day funding | Not available in every state $25 if your payment is 10+ days late late payment fee High minimum APR Doesn’t allow cosigners Charges an origination fee |
Avant considers borrowers with credit scores as low as 580, but if your score isn’t quite up to snuff, you may have a hard time qualifying, since this lender doesn’t allow cosigners.
Read our full Avant personal loan review.
| APR range | 5.99% - 29.99% |
| Loan amounts | $2,000 - $50,000 |
| Loan terms | 36 to 84 months |
| Origination fee | 0.99% - 8.99% |
| Minimum credit score | 600 |
| Pros | Cons |
|---|---|
Low minimum credit score Relatively low APRs Flexible repayment terms | Doesn’t allow co-borrowers Charges an origination fee Not available in Iowa, Vermont, West Virginia or Washington, D.C. |
If you don’t want to put up collateral, Best Egg also offers traditional unsecured personal loans.
Read our full Best Egg personal loan review.
| APR range | 11.72% - 17.99% |
| Loan amounts | $5,000 - $40,000 |
| Loan terms | 24 to 60 months |
| Origination fee | 1.50% - 5.50% |
| Minimum credit score | 640 |
| Pros | Cons |
|---|---|
No late fees, returned payment fees or prepayment penalties Transparent eligibility requirements Can prequalify with soft credit pull | Slow funding timeline No joint personal loans High minimum APR High minimum borrowing amount Not available in Massachusetts or Nevada |
But if you need a personal loan for any other purpose, look elsewhere. Happy Money loans can only be used to consolidate credit card debt.
Read our full Happy Money personal loan review.
| APR range | 9.57% - 35.99% |
| Loan amounts | $1,000 - $40,000 |
| Loan terms | 24 to 60 months |
| Origination fee | 3.00% - 8.00% |
| Minimum credit score | 600 |
| Pros | Cons |
|---|---|
Low minimum loan amount Can add a co-borrower May be approved in just a few hours Available in all states | Potential for high origination fee High minimum APR Charges a late payment fee, but doesn’t disclose fee amount |
Read our full LendingClub personal loan review.
| APR range | 7.99% - 35.99% |
| Loan amounts | $2,000 - $36,500 |
| Loan terms | 24 to 72 months |
| Origination fee | Up to 10% |
| Minimum credit score | 660 |
| Pros | Cons |
|---|---|
Quick approval decisions No prepayment penalties May receive a lower interest rate after six months of on-time payments | No cosigners or joint loans Potential for high origination fee Not available in Nevada or West Virginia Fair-credit borrowers may see an APR of nearly 36% Not available in Nevada or West Virginia |
Keep in mind, though, that you could be facing a steep origination fee with LendingPoint, and their maximum annual percentage rate (APR) is a bit high.
Read our full LendingPoint personal loan review.
| APR range | 8.99% - 35.99% |
| Loan amounts | $2,000 - $50,000 |
| Loan terms | 24 to 60 months |
| Origination fee | 1.00% - 7.99% |
| Minimum credit score | 560 |
| Pros | Cons |
|---|---|
Joint applications welcome No prepayment penalties Can be used for almost anything | Not available in Iowa or West Virginia Origination fees, late payment fees, insufficient fund fees and check processing fees Loan approval and disbursement may be slow processing |
As is typical with peer-to-peer lending, the application process can take longer than if you worked with a direct lender. Prosper’s loan approval process takes up to five business days, and they typically disburse funds within one to three business days.
Read our full Prosper personal loan review.
| APR range | 8.49% - 35.99% |
| Loan amounts | $1,000 - $50,000 |
| Loan terms | 24 to 84 months |
| Origination fee | 1.85% - 9.99% |
| Minimum credit score | 580 |
| Pros | Cons |
|---|---|
Funds may be available as soon as one business day after approval Offers joint personal loans APR discounts for autopay and the option to allow Upgrade to pay off creditors directly | $10 fee for late payments and insufficient funds Potential for high origination fee High maximum APR |
Read our full Upgrade personal loan review.
| APR range | 7.80% - 35.99% |
| Loan amounts | $1,000 - $50,000 |
| Loan terms | 36 and 60 months |
| Origination fee | 0.00% - 12.00% |
| Minimum credit score | 300 |
| Pros | Cons |
|---|---|
Low minimum credit score requirement Offers a wide range of loan amounts Minimum APR is the lowest on this list | Maximum origination fee is the highest on this list Not available in Iowa or West Virginia Limited repayment term options |
While Upstart’s minimum loan term is on the long end, you can pay off your loan early with no prepayment penalty.
Read our full Upstart personal loan review.
Comparing lenders is key to finding the loan with the best terms for your situation (and credit profile). If you’re on the hunt for a personal loan for fair credit, keep an eye on:
APR: Because lenders reserve the lowest APRs for excellent-credit borrowers, look for lenders with the lowest maximum APRs. Since you have fair credit, lenders are more likely to offer you an APR on the upper end of their range.
Fees: Some lenders charge origination fees, late fees and prepayment penalties. Avoid these fees — but if you can’t, prioritize lenders with the lowest fees.
Loan terms: A longer loan term may mean lower monthly payments, but you’ll likely pay more interest over the life of your loan. Choose the shortest loan term that provides a monthly loan payment you can comfortably afford.
Loan amounts: Choose a lender that offers loans in the amount you need. Be sure to factor in any origination fees when assessing loan amounts, since the origination fee will be subtracted from the funds deposited in your account.
Funding timeline: After loan approval, you could be waiting for your funds for anywhere between a few hours to a week, depending on the lender. If you need money quickly, pay special attention to each lender’s funding timeline.
Qualifying for a loan with fair credit isn’t always easy, but there are some steps you can take to make the process go a bit more smoothly.
Avoid applying for new credit: When you apply for new credit, lenders will typically perform a hard credit inquiry to examine your credit score and history. These hard pulls can temporarily damage your credit score. If you know you’ll need to apply for a personal loan, avoid applying for other credit to keep your score as high as possible.
Prequalify: Prequalification doesn’t hurt your credit score and can help you see the loans you’re eligible for before jumping into the formal application process.
Add a cosigner: Using a cosigner to get a personal loan can improve your chances of approval, especially if they have a strong credit profile. However, this isn’t a risk-free route: If you’re unable to repay the loan, it’ll negatively impact your cosigner’s credit and they may be held liable for repayment.
Although it may be more difficult to secure a personal loan with a fair credit score, many lenders are willing to work with borrowers with less-than-perfect credit. Keep in mind you may receive a higher APR, as lower rates are typically reserved for borrowers with good or excellent credit.
Loans for fair credit often require that you provide documents proving your income and identification. When applying for a personal loan, you’ll most likely need to provide documents such as W-2s, a government-issued form of ID and bank statements.
Loans that don’t require credit checks, like payday loans, can be easy for borrowers to qualify for and offer quick access to cash. However, these types of loans are often predatory and charge interest rates as high as 400%. Instead, consider a payday alternative loan or a secured loan.
The minimum credit score required for a personal loan varies from lender to lender. Some lenders don’t specify their minimum required scores, so be sure to ask the lender directly before applying. Some lenders offer loan products specifically for borrowers with fair or bad credit.
