Editor's choice: Credible personal loans
- Loan range: $1,000-$100,000
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- Funds as soon as 1 day
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Credit is one of the big deciding factors lenders look for when processing your application. While you may not get the lowest rates available, you may still be able to get a loan with fair credit — all while building your score along the way.
While you likely won’t be able to get the best rates, there are multiple lenders willing to work with people who have fair credit. Your main choices will be online lenders and peer-to-peer marketplaces. These provide quick access to loan funds and typically don’t have the same stringent requirements as banks. For example, LendingPoint specializes in loans for borrowers with fair credit, offering up to $25,000 to people with credit scores in the mid-600s.
However, some banks and credit unions also offer loans to people who have fair credit. Many offer personal loans that can help you build credit. Repairing your credit score can take time, but you still have options if your credit is sitting at fair right now.
A fair credit score generally sits between 620 and 679. But there’s no exact measure — your score will largely depend on your past financial history and the credit bureau your lender uses.
Lenders use your credit score — along with other factors — to determine your loan terms. Although your score may differ between agencies, it’s used to gauge how well you’re meeting your financial obligations.
The better you are at meeting your financial commitments, the less risk you’ll pose to a lender. On the other hand, if you’ve struggled to pay your bills on time or have missed payments, your offered rates will most likely be subprime.
A fair credit score limits your options slightly. Not all lenders will be willing to fund you, and others won’t give you the best loan terms. Here’s what you should look for when comparing lenders:
To repair your credit, keep in mind these five factors: payment history, credit utilization, how long you’ve held credit, type of credit used and number of credit inquiries.
To help, take four simple steps to make your credit file more appealing to potential lenders.
You may also want to consider a credit builder loan offered by some banks, credit unions and online lenders.
A personal loan may not be the solution you’re looking for, especially if you need to borrow a larger loan amount or you have a short credit history. In these cases, it may be best to compare some short-term options.
Your credit score can affect your ability to get a loan and the rates you get, but fair credit won’t necessarily keep you from being approved by a lender.
When you’re looking to take out a loan, make sure it’s both what you need and something that you can financially handle. Compare your personal loan options, research, ask advice from an expert or even a trusted friend — and sleep on any big decisions.
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