Upstart personal loans
Finder score
- Not available in: West Virginia
Min. credit score | 300 |
---|---|
APR | 6.40% to 35.99% |
Loan amount | $1,000 to $50,000 |
If your credit score is fair – that is, between 580 and 669 – you may qualify for a personal loan, but you’ll pay a higher rate than someone with good to excellent credit. You’ll also likely be on the hook for origination fees, which can run anywhere from 1% to 10% of the loan amount.
Keep in mind that lenders have raised their rates in response to the Fed’s hikes and are tightening requirements, which means that some lenders that once accepted fair credit may not right now. The lenders in this list offer some of the most competitive rates and terms available today, even if fair credit personal loans are somewhat harder to come by.
To find the lowest APR for your credit score, prequalify with multiple lenders to compare rates and fees. In particular, look for a lender that has a low maximum starting APR and considers other factors besides your credit score. You can also add a cosigner if the lender allows it to increase your chances of approval and secure a lower rate, too.
Upstart personal loans
Finder score
Min. credit score | 300 |
---|---|
APR | 6.40% to 35.99% |
Loan amount | $1,000 to $50,000 |
Best Egg personal loans
Finder score
Min. credit score | 640 |
---|---|
APR | 8.99% to 35.99% |
Loan amount | $2,000 to $50,000 |
Rocket Loans personal loans
Finder score
Min. credit score | 640 |
---|---|
APR | 9.116% to 29.99% |
Loan amount | $2,000 to $45,000 |
Happy Money
Finder score
Min. credit score | 640 |
---|---|
APR | 11.52% to 24.50% |
Loan amount | $5,000 to $40,000 |
LendingPoint personal loans
Finder score
Min. credit score | 620 |
---|---|
APR | 7.99% to 35.99% |
Loan amount | $2,000 to $36,500 |
Upgrade personal loans
Finder score
Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.
Min. credit score | 620 |
---|---|
APR | 8.49% to 35.99% |
Loan amount | $1,000 to $50,000 |
Fiona personal loans
Finder score
Min. credit score | Poor |
---|---|
APR | 5.99% to 35.99% |
Loan amount | $1,000 to $250,000 |
First Tech Federal Credit Union personal loans
Finder score
Min. credit score | |
---|---|
APR | 7.99% to 13.29% |
Loan amount | $500 to $50,000 |
Finder’s lending experts review more than 120 lenders against 16 key metrics to narrow down the best personal loans:
We weigh the lender’s minimum and maximum APR to focus on the best low-interest personal loans. And we regularly review our top selections as lenders enter and leave the market.
The average APR on personal loans for borrowers with scores between 580 to 619 is a high 89.86%, with this group carrying an average loan amount of $4,811.89. For borrowers with scores between 620 and 639, the average APR is slightly lower, at 62.90%, and for those between 640 and 659, it’s 44.50%.
These high average APRs for all fair credit groups is likely due to the inclusion of installment and payday loans APRs into these averages. Unlike personal loans, which are capped at 36% APR, installment loans and payday loans charge interest and financing fees resulting in APRs as high as 400% and up.
Fair credit borrowers don’t qualify for the lowest rates, even with a lender that specializes in fair credit loans. For example, fair credit lender Upstart states on its website that “the average 5-year loan offered across all lenders using the Upstart platform will have an APR of 26.57% and 60 monthly payments of $27.29 per $1,000 borrowed.”
While you won’t get the best rates and fees on a personal loan if you have fair credit, it’s still a good idea if it helps you with the following:
However, there are some situations when getting a personal loan with fair credit isn’t necessarily a good idea:
Our Consumer Confidence Index reported that people found personal loan debt to be more stressful than credit card debt, so think before taking out a personal loan if any of the above factors are true for you.
Many traditional lenders and banks consider borrowers with a credit score below 670 to be “subprime” borrowers, but some lenders recognize that there is a fair credit bracket between the two, including:
A personal loan may not be the best option especially when rates are high and it’s difficult to qualify for a low rate.
These alternatives may work better for you:
It generally depends on how much you borrow, your interest rate and term. You can use our monthly repayment calculator to find out how much that loan you had in mind costs each month and overall:
Your loan
|
---|
Loan amount |
$
|
Loan terms (in years) |
|
Interest rate |
%
|
or
Compare personal loans nowPrincipal | $ |
---|---|
Interest | $ |
Total Cost | $ |
Narrow down top lenders by APR, loan amount and more to find the right loan for your credit score. Select Compare on up to four lenders to see their details side by side. Select Learn more to visit a partner’s site or select More info to read our editorial review.
Your options are limited when you have fair credit, but it’s still possible to find a good deal. Online lenders, credit unions and small banks might be your best bet. But if you have a credit score below 640, you might want to consider applying with a cosigner — that’s the cutoff for most fair-credit lenders.
To find the best borrowing options you can take a look at our guide to the best personal loans.
Compare Upgrade and Upstart personal loan features, benefits and differences.
Compare LightStream vs. SoFi: Find which lenders offer the right personal loans for you.
Best Egg vs. Upstart: Compare personal loan options to find out which lender meets your financial needs best.
Compare rates, fees, amounts, and funding speeds of two top online lenders to find the best personal loan for you.
Is SoFi or LendingClub a better fit for your borrowing needs? From APRs to turnaround time, we give a full comparison of their personal loans.
Compare 11 lenders to find one that’s a good fit for your needs.
Fast funding even with poor credit — but you’ll need a cosigner.
Compare top business loan marketplaces similar to Lendio to find the one that could work for your business.
Find out what Swift Capital can offer your business, with advances from $5,000 to $500K and short repayment periods that come with weekly repayment.
Financing up to $100,000 — but only for borrowers with good credit.