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.