It's free, simple and secure.
6.60% - 35.99%
$1,000 - $50,000
36 or 60 months
0.00% - 12.00%
300
Upstart’s AI modeling helps it look past low credit scores and instead predict whether an applicant will default based on additional criteria. This makes it a top contender for bad-credit loans.
But the lower your score, the more likely you’ll get slammed with an expensive origination fee. This is a one-time fee Upstart will deduct from your loan funds before sending them to you. Some lenders (including Upstart) charge origination fees to lower-credit borrowers as a way to offset the extra risk.
Upstart has transparent eligibility requirements, including:
9.95% - 35.99%
$2,000 - $35,000
24 to 60 months
Up to 9.99%
550
Avant distinguishes itself by offering a quick funding timeline and short term lengths and one of the lower credit score requirements on our list. With Avant, it only takes a few minutes to check rates and get an approval decision. Avant also offers next-day funding once it approves you.
Avant considers borrowers with credit scores as low as 550, but if your score isn’t quite up to snuff, you may have a hard time qualifying, since this lender doesn’t allow cosigners.
To get a loan with Avant, you’ll need to meet the following minimum requirements:
8.99% - 35.99%
$2,000 - $50,000
24 to 60 months
1.00% - 9.99%
600
Peer-to-peer lending works a little differently than a traditional personal loan. Individual investors fund your loan instead of a bank or a lender. Peer-to-peer financing is typically easier to qualify for, making it a viable option if you have rocky credit.
If you’re in a hurry, Prosper might not be for you. Although most people get their money in one to five days, that’s not always the case. It could take Prosper five days just to approve you, and investors have up to 14 days to fund your loan.
To get a loan with Prosper, you must meet the following requirements:
7.99% - 29.99%
$2,000 - $50,000
36 to 84 months
0.99% - 9.99%
580
Secured loans require collateral (or a valuable piece of property) that the lender can legally seize if you don’t make your payments. These loans reduce the lender’s risk and as a result, are usually easier to qualify for.
If you’re confident that you can repay, Best Egg’s secured personal loan (called the Secured Loan + Homeowner Discount) is worth considering. Instead of using your home as collateral (like home equity does), Best Egg uses your home’s permanent fixtures, such as cabinets and vanities.
If you don’t want to put up collateral, Best Egg also offers traditional unsecured personal loans
Best Egg uses your home’s permanent fixtures as collateral, but no appraisal is needed. Instead, Best Egg will review your credit history and home equity to see if you qualify.
You must also meet the requirements below to qualify for a Best Egg loan:
7.99% - 35.99% (with discounts)
$1,000 - $50,000
24 to 84 months
1.85% - 9.99%
580
If you’re thinking about switching banks and you need a loan, consider Upgrade. Upgrade-branded checking accounts (through CrossRiver Bank) come with some sweet perks. Not only can you get a lower rate on Upgrade personal loans, but it also has a generous cash back program.
Keep in mind that you don’t just have to open a checking account to get these perks. You have to get at least $1,000 directly deposited into your account to unlock the best rewards.
To qualify for a loan through Upgrade, you must meet the requirements below:
7.90% - 35.99%
$1,000 - $40,000
24 to 72 months
0.00% - 8.00%
600
LendingClub’s low minimum borrowing amount — $1,000 — is perfect if you’re looking for a personal loan for everyday bills. Plus, borrowers with fair credit might qualify for lower rates by adding a creditworthy co-borrower to their loan.
Keep in mind that you’ll have to pay a 0.00% - 8.00% origination fee with every loan and you’ll have to pay a late fee if you get behind on payments.
To be eligible for a LendingClub personal loan, you must meet the following requirements:
8.99% - 29.99%
$5,000 - $50,000
24 to 60 months
1.99% - 8.99%
640
While most top personal loan lenders offer at least one discount, Achieve has three. You can qualify for lower interest rates by allowing Achieve to repay your creditors directly, by showing proof of sufficient retirement savings and by applying with a co-borrower.
With a minimum loan amount of $5,000, Achieve may not be the right lender if you need a small personal loan.
Other than a credit score of at least 640, Achieve will typically ask you to provide the following documents and information:
8.95% - 29.99%
$5,000 - $40,000
24 to 60 months
1.50% - 5.50%
640
Happy Money lives up to its name by not charging late, returned payment or prepayment fees and allowing you to prequalify for credit card refinancing without damaging your credit. It also partners with credit unions, and credit unions typically offer competitive rates (check out that maximum APR).
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.
Happy Money provides clear eligibility requirements as to how you can qualify for a loan:
7.99% - 35.99%
$1,000 - $36,500
24 to 72 months
Up to 10.00%
660
LendingPoint’s mobile app appeals to tech-savvy borrowers who use it to prequalify and apply for a loan, check credit scores and track finances. The LendingPoint app has high ratings on Apple and Android.
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.
To get a loan from LendingPoint, you must meet its minimum criteria:
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.
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Yes. 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.
