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How to get a fair-credit loan with a credit score lower than 680

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Don’t let fair credit stop you from getting affordable financing.

Weddings, cars and other big purchases aren’t usually expenses that can be paid for outright. Being practical is incredibly important, especially when it comes to purchases that can be highly emotional. If you’re looking for a loan and have your credit score in mind, you’re already ahead of the curve.

By taking into account what kind of loan your credit score can get you, you’re setting yourself up for success. Interest rates, terms, requirements and whether you can even get approved all come down to your creditworthiness. By considering it, you’re setting up realistic goals for repayments. This guide will take you through what to expect when you’re looking for a fair credit loan.

Even Financial Personal Loans

Even Financial Personal Loans

Get matched instantly with the right personal loan from top lending partners.

  • Minimum credit score: 550
  • Min. loan amount: $1,000
  • Max. loan amount: $100,000
  • APR: Starting at 3.84%
  • Loan terms: 2 to 7 years
  • Funds available as soon as next business day
  • No impact on your credit score to see offers

    What loan options are available to people with fair credit?

    Repairing your credit score can take time, but you have lending options if your credit is sitting at fair right now.

    Compare fair credit loans

    Personal loans typically come with repayment terms of three to seven years.
    Rates last updated January 20th, 2019

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

    Select your credit score range

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    Credible Personal Loans
    Get personalized rates in minutes and then choose a loan offer from several top online lenders.
    Good to excellent credit
    $100,000
    4.99% to 36% (fixed)
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit.
    550
    $100,000
    3.34% to 35.99% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    640
    $40,000
    6.95% to 35.89% (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    680
    $100,000
    6.79% to 15.49% (fixed)
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    550
    $100,000
    3.84% to 35.99% (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    550
    $10,000
    34% to 155% (Varies by state) (fixed)
    Best Egg Personal Loans
    A prime lender with multiple repayment methods.
    640 FICO®
    $35,000
    5.99% to 29.99% (fixed)
    OneMain Financial Personal and Auto Loans
    An established online and in-store lender with quick turnaround times. Poor credit is OK.
    Varies
    $30,000
    16.05%–35.99%* (fixed)

    Compare up to 4 providers

    Installment loans typically come with shorter repayment terms from a few months to three years.
    Rates last updated January 20th, 2019
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $5,000
    1 business day
    Must have direct deposit and meet minimum income requirements
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    $2,600
    1–2 days
    Must have an active checking account, regular source of income and email address.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    $10,000
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    LendYou Short-term Loans
    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
    $15,000
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    $2,500
    As soon as one business day
    Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.

    Compare up to 4 providers

    What exactly is a fair credit score?

    A fair credit score generally sits between 620 and 679.

    Credit scores aren’t as clear-cut as you might think. The three main credit bureaus — Equifax, Experian and TransUnion — each use their own scoring systems. There’s also FICO (Fair Isaac Corporation), which also uses a different system and is considered the industry standard by many lenders.

    Even though these bureaus collect the same information to determine your credit score, there’s enough variance in their algorithms to result in different scores among them.

    How does my credit score affect my application?

    Quite simply, the better your score, the better the loan. While a credit score is not the only factor, it’s widely used to determine rates, maximum limits on borrowing and if you can even get a loan in the first place.

    Though the scores may differ among agencies, they all try to determine 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.

    How do I compare my loan options if I have fair credit?

    A fair credit score limits your options slightly. Not all lenders will be willing to fund you, depending on other criteria, and others won’t give you the best loan terms. Here’s what you should look for when comparing lenders:

    • Interest rate. One of the biggest factors to look at is the APR that’s offered. Your credit score, the amount you want to borrow, your ability to repay and the loan term can all impact this number.
    • Maximum loan amount. Borrowing more than you need can lead to bigger trouble in the long run. Consider exactly how much you need to borrow, and why that amount is necessary.
    • Loan term. While a shorter term can mean you’ll be making larger payments, you’ll end up paying less in interest.
    • Turnaround time. Some lenders are able to get you the funds you need as soon as the day after you apply. These lenders may not always have the best rates though, so consider whether you really need to prioritize speed over savings.
    • Requirements. Different lenders may require you to meet different criteria. Credit score, age, income and residence are all factors that may determine your eligibility.

    I want better rates and terms on a loan. How can I improve my credit?

    Five main factors determine your credit score: payment history, credit utilization, how long you’ve held credit, type of credit used and number of credit inquiries. To repair your credit, keep in mind the factors below.

    • Pay off open balances. Credit utilization includes your debt compared to your total credit. If you aren’t using as much credit as you have available, your score can improve by paying down balances. Simply moving the balances will not affect your utilization rate.
    • Keep open balances low. Experts advise to keep your balance below 30% of your approved credit limit.
    • Don’t close an unused account if you don’t have to. Closing an account can negatively affect your credit utilization rate.
    • Avoid opening new accounts. Once your score improves, you can take advantage of better interest rates. So wait to open new accounts if you can.

    Compare loan options for different credit score ranges

    Loans for good credit (680+)Loans for excellent credit (720+)

    Bottom line

    Your credit score can affect your ability to get a loan. With interest rates, terms and eligibility all at least partially dependent on your credit score. It’s important to know not only what your score is, but also how your actions influence it.

    When you’re looking to take out a loan, make sure it’s both what you need and something that you can financially handle. If you can’t make timely payments, you could damage your creditworthiness and hurt future attempts at financing. Shop around, research, ask advice from an expert or even a trusted friend — and sleep on any big decisions.

    Frequently asked questions

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    Rhys Subitch

    Rhys Subitch is a content creator and editor for finder.com. They specialize in updating information on various pages to keep everything accurate for the readers, and enjoy the time they get to spend researching various topics because of it. Rhys lives with their cat and partner in Seattle. When not working they enjoy working on sewing and other craft projects.

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    Credible Personal Loans

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    Even Financial Personal Loans

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    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

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    2 Responses

    1. Default Gravatar
      DavidAugust 27, 2017

      I have a credit score of less than 680 and need a loan of $20,000.00 to pay off some credit cards. But I need a monthly payment of less than $400.00. Is there an institution through which I might be able to secure that type of loan?

      • finder Customer Care
        KyleAugust 28, 2017Staff

        Hi David,

        I’d be glad to help you. Your monthly payment will depend on a few things, some being your creditworthiness, loan term length and whether you choose a fixed or variable rate. If you want to have a payment of $400 or less, you should shop around to see what lenders are offering low fixed rates – a fixed rate will not change once you are locked in. Start here to find a loan that could work for you.

        Good luck loan hunting!

        Kyle

    US Personal Loans Offers

    Important Information*
    Credible Personal Loans

    Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

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