Best Personal Loans for Fair Credit in March 2024

Checking rates won’t affect your credit score

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Privacy Secured  |  Advertising Disclosures
 
Written by Carol Pope and Lauren Nicholson | Edited by Amanda Push and Stephanie Cervone | Reviewed February 28, 2024
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderUser ratingsBest for…Minimum credit scoreAPR rangeLoan termsLoan amounts
(5,097)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

APR discounts6208.99% - 35.99%24 to 60 months$5,000 - $50,000See Personalized Results
Avant logo
(2,682)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Fast funding5809.95% - 35.99%12 to 60 months$2,000 - $35,000See Personalized Results
(2,467)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Secured loans6005.99% - 29.99%36 to 84 months$2,000 - $50,000See Personalized Results
(153)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Credit card consolidation64011.72% - 17.99%24 to 60 months$5,000 - $40,000See Personalized Results
(6,747)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Smaller loans6009.57% - 35.99%24 to 60 months$1,000 - $40,000See Personalized Results
(1,952)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Mobile app loan management6607.99% - 35.99%24 to 72 months$2,000 - $36,500See Personalized Results
(3,637)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Peer-to-peer lending5608.99% - 35.99%24 to 60 months$2,000 - $50,000See Personalized Results
Upgrade logo
(2,185)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Flexible loan terms5808.49% - 35.99%24 to 84 months$1,000 - $50,000See Personalized Results
(16,293)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Low credit scores3007.80% - 35.99%36 and 60 months$1,000 - $50,000See Personalized Results

Fair credit personal loan lenders at a glance

Achieve: Best for APR discounts

APR range8.99% - 35.99%
Loan amounts$5,000 - $50,000
Loan terms24 to 60 months
Origination fee1.99% - 6.99%
Minimum credit score620
ProsCons

 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

See Personalized Results

Avant logo

Avant: Best for fast funding

APR range9.95% - 35.99%
Loan amounts$2,000 - $35,000
Loan terms12 to 60 months
Origination feeUp to 9.99%
Minimum credit score580
ProsCons

 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

See Personalized Results

Best Egg: Best for secured loans

APR range5.99% - 29.99%
Loan amounts$2,000 - $50,000
Loan terms36 to 84 months
Origination fee0.99% - 8.99%
Minimum credit score600
ProsCons

 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.

See Personalized Results

Happy Money: Best for credit card consolidation

APR range11.72% - 17.99%
Loan amounts$5,000 - $40,000
Loan terms24 to 60 months
Origination fee1.50% - 5.50%
Minimum credit score640
ProsCons

 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

See Personalized Results

LendingClub: Best for smaller loans

APR range9.57% - 35.99%
Loan amounts$1,000 - $40,000
Loan terms24 to 60 months
Origination fee3.00% - 8.00%
Minimum credit score600
ProsCons

 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

See Personalized Results

LendingPoint: Best for mobile app loan management

APR range7.99% - 35.99%
Loan amounts$2,000 - $36,500
Loan terms24 to 72 months
Origination feeUp to 10%
Minimum credit score660
ProsCons

 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

See Personalized Results

Prosper: Best for peer-to-peer lending

APR range8.99% - 35.99%
Loan amounts$2,000 - $50,000
Loan terms24 to 60 months
Origination fee1.00% - 7.99%
Minimum credit score560
ProsCons

 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

See Personalized Results

Upgrade logo

Upgrade: Best for flexible loan terms

APR range8.49% - 35.99%
Loan amounts$1,000 - $50,000
Loan terms24 to 84 months
Origination fee1.85% - 9.99%
Minimum credit score580
ProsCons

 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

See Personalized Results

Upstart: Best for low credit scores

APR range7.80% - 35.99%
Loan amounts$1,000 - $50,000
Loan terms36 and 60 months
Origination fee0.00% - 12.00%
Minimum credit score300
ProsCons

 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

See Personalized Results

How to compare personal loans for fair credit

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.

What is a fair credit score?

A fair credit score ranges from 580 to 669 on the FICO model. If you have a fair credit score, you may not qualify for a lender’s lowest APR, and some lenders may not approve you for a personal loan at all.

If you get your credit score up to 670 (which is considered a good credit score), you’ll be more likely to qualify for loans and receive better offers.

Credit bandCredit typeDescription
300 to 579PoorConsidered a risky borrower — may not qualify with many lenders
580 to 669FairMay have a thin credit history, have missed a couple of payments or have a high debt-to-income ratio
670 to 739GoodConsidered an above-average borrower in the eyes of lenders and may qualify for most loans
740 to 799Very goodConsidered a dependable borrower and may be eligible for low APRs
800 to 850ExcellentConsidered a low-risk borrower and may receive the lowest APRs

Where to get a personal loan with fair credit

There are many places to get a personal loan if you have fair credit, including online lenders, brick-and-mortar banks and credit unions.

Online lenders

Online personal loans for fair credit are a fairly common (and convenient) way to borrow money. Unfortunately, the internet can be rife with scammers. Generally, the lower your credit score, the more of a target you may be for predatory lending.

We’ve used our expert eye to vet each lender on this list. Still, always practice due diligence before providing personal information online.

Banks

Some borrowers may feel more comfortable with the in-person experience of borrowing from a brick-and-mortar bank. At the same time, banks typically have more stringent requirements than online lenders, so you might not qualify for a personal loan from a bank if you have fair credit.

Credit unions

Personal loans from credit unions come with lower APRs, but you have to become a member to be eligible. Some credit unions are only available for certain borrowers, such as military members or employees of a specific organization.

Personal loan rates for fair credit

You might still be eligible for a loan with fair credit — but it’ll probably be more expensive, thanks to a high APR. Below you’ll find the average APRs provided to LendingTree users from our lending partners, organized by credit score.

Credit score rangeAverage APRAverage loan amount
720+16.01%$18,594
680-71925.78%$15,302
660-67937.57%$11,160
640-65951.61%$8,088
620-63971.55%$6,300
580-619112.28%$4,397
560-579152.35%$3,071
Less than 560175.16%$2,405

Source: LendingTree user data on closed personal loans for the fourth quarter of 2023.

A 2024 LendingTree study analyzed random LendingTree borrowers across many forms of credit, including mortgages, personal loans, credit cards and auto loans. The data found that increasing your credit score from fair to very good could save you almost $1,500 in personal loan interest payments and fees.

How to improve your credit score

Improving your credit score isn’t an overnight process. Still, the time and effort it takes can open the door to a larger lender selection, lower APRs and higher loan amounts. Here’s what you can do to boost your credit score:

 Pay your bills on time

Paying your bills in full and on time is the most important step to getting your credit in order. Just a single missed payment can cause your credit score to plummet by 50 to 100 points, as payment history accounts for 35% of your score.

 Sign up for credit monitoring

Credit monitoring can help you keep tabs on your financial health. Since many services send you an alert when they detect suspicious activity, credit monitoring can make it easier for you to dispute anomalies or put a stop to credit-ruining identity theft.

 Consider a secured credit card

No credit is better than bad credit, but a thin credit history can prevent you from moving from fair credit into the good range. If you’re struggling to build credit, you might want to apply for a secured credit card. You’ll need to put down a small deposit, but using a secured credit card responsibly might help you improve your score and gain access to better loan options in the future.

 Eliminate debt

The amount of debt you have is one of the factors that affects your credit score. If you owe money on several credit cards, try to pay them down. After they’re paid off, it’s best to keep them open and use them sparingly. Closing your account completely can be detrimental to your credit score as it lowers the average age of your credit history.

 Check your credit report for errors

Unfortunately, it can be common to find a mistake on your credit report. You can dispute a credit report error with the relevant credit bureau. Start by checking your credit report at AnnualCreditReport.com and carefully analyzing your reported history.

How to get a loan with fair credit

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.

loading image

Alternatives to fair credit loans

While personal loans for fair credit may be a good option for some people, other alternatives worth exploring include:

 Buy now, pay later

Buy now, pay later apps allow you to make everyday purchases with a low down payment (or none at all). However, these apps are easy to use and don’t require much for approval, so it can take discipline to avoid overspending.

 Secured loans

Secured loans can be a good alternative to fair credit loans, especially if you have a lower credit score and have trouble getting approved. A secured loan requires that you put down collateral (like a vehicle) to lower your risk in the eyes of lenders. Keep in mind that if you default on the loan, you risk losing your collateral.

 Credit cards

If you need access to funds on a rolling basis rather than a lump sum, a credit card may be a better choice than a personal loan. Credit cards are especially helpful for small, recurring expenses like bills. Keep in mind that credit card interest rates can be high for borrowers who don’t have good to excellent credit.

How we chose the best personal loans for fair credit

We reviewed more than 30 lenders to determine the overall best nine personal loans for borrowers with fair credit. To make our list, lenders must offer personal loans to borrowers with credit scores below 670. We further prioritized lenders with competitive APRs and considered the following factors:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

Frequently asked questions

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.