Best personal loans for fair credit in May 2022

Written by

Edited By

Reviewed By

As of May 20, 2022

Why you can trust Bankrate

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

What To Know First

Seventeen percent of Americans have a fair credit score, or a FICO score between 580 and 669, according to Experian. With a less-than-stellar score, you might have a hard time finding ways to borrow money. Luckily, personal loans for fair credit are available. We’ve named the best fair credit loans below.

Methodology

To select the top personal loan lenders, Bankrate considered factors that help consumers decide whether a lender is a good fit for them, such as credit requirements and minimum APRs. We sought lenders with low fees and a range of loan amounts for borrowers with varying budgets and credit profiles. We also looked for conveniences like online applications and fast funding.

In addition, the lenders featured here were evaluated for notable features like customer discounts and flexible repayment options.

The Bankrate guide to choosing the best personal loan for fair credit
Best personal loans for fair credit in 2022
Details: 12 best personal loans for fair credit
What does it mean to have fair credit?
How to qualify for a loan with fair credit
How to improve your fair credit score
How to choose a fair-credit lender
Watch out for high interest rates
Assess fees and repayment terms
Find lenders that allow co-signers

Filters

Check Your Personal Loan Rates

Answer a few questions in two minutes or less to see which personal loans you pre-qualify for. It's free and will not impact your credit score.

Get Started


4.8 Bankrate Score	APR from 5.94- 35.97% with AutoPay	Loan Amount $1k- $50k Term: 3-5 yr	Min. Credit 560	See Offers Personal loans up to $50,000 with low fixed rates that will never change Affordable monthly payments that fit your budget and no prepayment penalties Fast funding, money is sent to your bank account within a day of clearing any verifications No obligation and no impact to your credit score when you check your rate Use your loan through Upgrade to pay on high interest credit cards, make a large purchase, finish that home improvement project, or almost any life event! 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/. **Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. APR From 5.94% Loan Amount $1k- $50k Min Credit 560 See Offers	Check rate with Bankrate
4.7 Bankrate Score	APR from 5.99% 3 or 5 year term	Loan Amount $2k- $50k Term: 3-5 yr	Min. Credit 660	See Offers Get a personal loan up to $50,000 with a fixed APR from 5.99% to 35.99%,Get money in as little as one business day, upon approval and verification,Join more than 450,000 customers at a trusted company with an A+ BBB rating,Use it for almost anything: consolidate debt or other unexpected expenses DISCLOSURE UPDATE AS OF 07.2021 Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. "Best Egg" is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of "Best Egg" refer to "the Best Egg personal loan", "the Best Egg Secured Loan", and/or "Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan," as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank's policies. Loan amounts range from $2,000 - $50,000. Residents of Massachusetts have a minimum loan amount of $6,500; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99% - 35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99% - 5.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents. APR From 5.99% Loan Amount $2k- $50k Min Credit 660 See Offers	Check rate with Bankrate
4.6 Bankrate Score	APR from 6.99- 22.78% with AutoPay	Loan Amount $5k- $100k Term: 2-7 yr	Min. Credit Not disclosed	See Offers Personal loans from $5,000 to $100,000 Low fixed rates (with AutoPay) and no origination fees Checking your rate will not affect your credit score Simple online application and live customer support Fixed rates from 6.99% APR to 22.28% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 1/18/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. APR From 6.99% Loan Amount $5k- $100k Min Credit Not disclosed See Offers	Check rate with Bankrate
4.6 Bankrate Score	APR from 5.99%	Loan Amount $5k- $35k Term: 2-5 yr	Min. Credit 600	See Offers	Check rate with Bankrate
4.5 Bankrate Score	APR from 6.34- 35.89%	Loan Amount $1k- $40k Term: 3-5 yr	Min. Credit Not disclosed	See Offers We’ve helped over 4 million members start their journey out of debt Get your cash in as little as 48 hours 1  Check your rate with no impact to your credit score 2 Take advantage of unique offerings—balance transfer loans, joint applications, auto loans, and other member perks. A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states.  APR ranges from 6.34% to 35.89% and is determined at the time of application. Origination fee ranges from 2% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of 3/15/22 and are subject to change without notice.  1. Between July 2021 and September 2021, more than two-thirds of personal loans issued by LendingClub Bank were funded within 48 hours after loan approval. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand. 2. Checking your loan rate generates a soft credit inquiry on your credit report, which is visible only to you. A hard credit inquiry, which is visible to you and others, and which may affect your credit score, only appears on your credit report if and when a loan is issued to you. Your loan APR will depend upon your credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and your credit usage and history.  Unless otherwise specified, all loans and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment.  Deposit accounts are subject to approval.  Only deposit products are FDIC insured.  “LendingClub” and the “LC” symbol, and “Radius” and the “R” symbol, are trademarks of LendingClub Bank.  © 2021 LendingClub Bank. All rights reserved. APR From 6.34% Loan Amount $1k- $40k Min Credit Not disclosed See Offers	Check rate with Bankrate
4.8 Bankrate Score	APR from 6.99- 19.99%	Loan Amount $3.5k- $40k Term: 3-6 yr	Min. Credit 660	See Offers No Fees. Ever. We don't deduct a sign-up fee from your loan amount. Loans from $3,500 to $40,000 and fixed rates from 6.99% to 19.99% APR. Only the most creditworthy applications qualify for the largest loan amounts and lowest rates. Discount when enrolled in Autopay You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose, our evaluation of your creditworthiness, your credit history, if we have recently declined your loan application and the number of loans you already have with us. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details. APR From 6.99% Loan Amount $3.5k- $40k Min Credit 660 See Offers	Check rate with Bankrate
4.6 Bankrate Score	APR from 7.95- 35.99%	Loan Amount $2k- $40k Term: 3-5 yr	Min. Credit 560	See Offers More than $16 billion in loans funded 9 out of 10 customers would recommend Prosper to friends or family* Co-borrower option available. Applying with a co-borrower could help improve your rates Get your money in as few as 3 business days, your monthly payment stays the same For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC. APR From 7.95% Loan Amount $2k- $40k Min Credit 560 See Offers	Check rate with Bankrate
4.4 Bankrate Score	APR from 7.99- 35.99%	Loan Amount $2k- $25k Term: 2-5 yr	Min. Credit 600	See Offers “” * Applications submitted on this website may be funded by one of several lenders, including: FinWise bank, a Utah-chartered bank Member FDIC; Coastal Community Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 60 months. Georgia loans have a minimum $3,500 loan amount. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 23.72% and origination fee of 6% will have a payment of $324.48 per month. (Actual terms and rate depend on credit history, income, and other factors.) Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled. APR From 7.99% Loan Amount $2k- $25k Min Credit 600 See Offers	Check rate with Bankrate
3.9 Bankrate Score	APR from 18.00- 35.99%	Loan Amount $1.5k- $20k Term: 2-5 yr	Min. Credit None	See Offers Personal and auto loans from $1,500-$20,000 (GA minimum $1,500 existing customers for new loans $3100 for others) A quick decision on your loan request Clear loan terms with no hidden fees and no prepayment penalties Apply online, by phone or at your local branch. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender. APR From 18% Loan Amount $1.5k- $20k Min Credit None See Offers	Check rate with Bankrate
4.5 Bankrate Score	APR from 22.95- 35.99%	Loan Amount $2k- $35k Term: 2-5 yr	Min. Credit 550	See Offers Personal loans from $2,000 to $35,000 online. Competitive rates from 9.95% - 35.99% APR and terms from 24 to 60 months Checking your loan options has no impact to your credit score. Fast Decisions, see your loan options in minutes Funding as soon as next business day *A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. Minimum loan amounts may vary by state. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. An administration fee of up to 4.75% will be deducted from the loan proceeds. Avant branded credit products are issued by Webbank, member FDIC. APR From 22.95% Loan Amount $2k- $35k Min Credit 550 See Offers	Check rate with Bankrate
	APR from	Loan Amount $15k- $100k	Min. Credit None	See Offers Best for users with 25k or more in debt Over 650,000 clients enrolled The leader in the debt negotiation with over $10 billion in debt resolved and over 500,000 clients enrolled since 2002. Request a free debt consultation to find out if you could settle your debt for less than you currently owe. Get debt relief in as little as 24-48 months (Terms Apply). APR From Loan Amount $15k- $100k Min Credit None See Offers	Check rate with Bankrate
	APR from	Loan Amount $10k- $100k	Min. Credit None	See Offers Client dashboard for 24/7 monitoring Available in 42 states across the US Please Note: National Debt Relief does not offer loans. They provide professional debt relief services. You must have over $10,000 in unsecured credit card debt to qualify for debt relief assistance. Service is not available in: CT, GA, KS, ME, NH, SC, OR, VT, or WV. APR From Loan Amount $10k- $100k Min Credit None See Offers	Check rate with Bankrate
	APR from	Loan Amount $10k- $100k	Min. Credit None	See Offers	Check rate with Bankrate
	APR from 7.99- 35.99%	Loan Amount $1k- $35k Term: 1-3 yr	Min. Credit None	See Offers Stilt is a mission-driven fintech company focused on providing credit to international students, immigrants and the underserved. We build products to improve financial inclusion and democratize access to the credit through providing accessible and reasonable personal loans. Immigrants, international students, other visa holders and those underserved by the traditional banking system often encounter many struggles while trying to build credit, apply for personal loans and build their financial future. Stilt’s services allow them to take a step forward in their path to financial health by applying for a personal loan with a unique qualifying process like Stilt’s. Stilt is focused on improving financial inclusion and access to credit at reasonable rates. APR From 7.99% Loan Amount $1k- $35k Min Credit None See Offers	Check rate with Bankrate

Secure a great loan in 3 easy steps

Answer a few questions

Take just two minutes to answer questions about yourself and the loan you need. This service is free, and it won't affect your credit score.

Compare your offers

Get prequalified and compare loan or other product offers based on the things that matter to you, like APR and monthly payments.

Lock in your rate

Choose a lender and visit its website to complete the application process. If you're approved, you could get cash in your account as soon as the next day.

The Bankrate guide to choosing the best personal loan for fair credit

Why trust Bankrate?

At Bankrate, our mission is to empower you to make smarter financial decisions. We’ve been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.

When comparing the best loans for people with fair credit, the first thing to look for is the lender’s minimum credit score requirement. Then, it’s important to compare interest rates across multiple lenders; unsecured loans for fair credit tend to carry higher APRs than loans for good or excellent credit, so shopping around is critical. Also, before deciding on a lender, make sure it offers flexible repayment terms and keeps fees to a minimum.

Loan details presented here are current as of the publication date. Check the lenders’ websites for more current information. The lenders listed below were selected based on factors such as credit requirements, APR, loan amounts and fees. To learn more, read our methodology section.

Best personal loans for fair credit in 2022


LENDER	ESTIMATED APR	MINIMUM LOAN AMOUNT	MAXIMUM LOAN AMOUNT
Avant	9.95%–35.99%	$2,000	$35,000
Best Egg	5.99%–35.99%	$2,000	$50,000
Upgrade	5.94%–35.97% (with autopay)	$1,000	$50,000
Payoff	5.99%–24.99%	$5,000	$40,000
Upstart	5.35%–35.99%	$1,000	$50,000
LendingClub	6.34%–35.89%	$1,000	$40,000
Prosper	7.95%–35.99%	$2,000	$40,000
FreedomPlus	7.99%–29.99%	$7,500	$50,000
Discover	5.99%–24.99%	$2,500	$35,000
PenFed	5.49%–17.99%	$600	$35,000
LendingPoint	7.99%–35.99%	$2,000	$45,000
LightStream	5.73%–19.99% (with autopay)	$5,000	$100,000

What you need to know about fair-credit loans

What does it mean to have fair credit?

Having fair credit means that you have some credit history but a moderately low credit score. People with fair credit typically have credit scores ranging from 580 to 669.

If you have a 600 credit score, for instance, you may have missed a few payments or you might carry a high balance on your credit cards. You may still qualify for a loan, but only with select lenders. If you do qualify, you might not get the lowest interest rate available. Those are reserved for people who have excellent credit.

Lenders that offer personal loans for fair credit may charge more or higher fees than lenders that target borrowers with good or excellent credit. This means that in addition to repaying your principal balance and interest, you might be on the hook for more money over the life of your loan.

FICO credit score ranges


CATEGORY	CREDIT SCORE RANGE	PERCENTAGE OF PEOPLE IN THIS CATEGORY
Excellent	800-850	21%
Very Good	740-799	25%
Good	670-739	21%
Fair	580-669	17%
Very poor	300-579	16%

Source: Experian

Can I get a personal loan with fair credit?

Not all lenders offer loans to borrowers with fair credit since it's seen as a greater risk to the lender. However, many lenders will consider credit scores in the low 600s, though they'll likely charge higher interest rates.

Explore lenders that advertise fair credit scores before you apply. Additionally, check out lenders that offer prequalification. Prequalification lets you share some information with the lender but doesn’t result in a hard credit check, which would temporarily cause your credit score to dip. It also lets you see if you’re eligible for a loan from a particular lender.

What are the best personal loans for fair credit?

It's critical to choose a reputable lender for a fair-credit loan. In your search, you may encounter payday lenders or other predatory lenders, which advertise no-credit-check loans in exchange for extremely high APRs and fees. If you see a loan offer that's too good to be true or that has very short repayment terms or APRs in the triple digits, it's best to steer clear.

The best personal loans for borrowers with fair credit, such as those with a 600 credit score, generally come with APRs between 10 percent and 30 percent, few fees and a variety of repayment terms. The lenders profiled on this page are good places to start. They are reputable companies with loans for a variety of needs.

How to qualify for a loan with fair credit

To improve your chances of obtaining a personal loan with fair credit, try taking the following steps before you apply:

Use a co-signer: While a co-signer adopts some responsibility for your loan — and therefore some risk — they may also make it easier for you to qualify. Choosing a co-signer with good credit will improve your overall creditworthiness.
Prequalify: If you're unsure if you'll qualify for a loan with a particular lender, see if it offers prequalification. That way, you'll avoid harming your credit score even further before applying.
Pay down debt: Many lenders consider your debt-to-income ratio in addition to your credit score. By paying down credit card debt before applying for a loan, you'll look better to potential lenders.
Use a local bank or credit union: Your existing bank or a local credit union may be more lenient when it comes to your credit score, especially if you have a history of timely payments on your accounts.

How to improve your fair credit score

Raising your credit score will give you the best chance of qualifying for a personal loan with lower rates. Ways to improve your credit score include:

Pay off existing debt: Your credit utilization ratio makes up 30 percent of your FICO score. Lowering your total debt shows more responsible use of credit.
Make payments on time: Payment history makes up 35 percent of your credit score, so making late payments or missing payments altogether will tank your score.
Keep old accounts open and don't open new ones: Keeping old, unused accounts open raises the average age of your accounts, which makes up 15 percent of your credit score. Don’t open new credit accounts before applying for a loan, as that will lower the average age of your account.

How to choose a fair-credit lender

If you don’t have good or excellent credit, you might not find favorable lending terms for your personal loan needs. To find the best lender for you, keep an eye on the factors below.

Watch out for high interest rates

Many personal loan lenders advertise low APRs, but those rates are reserved for people with the best credit. With fair credit, you can expect higher APRs. When researching personal loan lenders, look for those that offer the lowest interest rates based on your credit score.

Assess fees and repayment terms

Find a lender that has minimal fees and flexible repayment terms, such as choosing your due date. Additionally, some lenders offer longer repayment terms that could reduce your monthly payment amount.

Find lenders that allow co-signers

If you can’t find a lender because of your fair credit score, search for one that allows co-signers. Also, consider waiting until you can boost your score.

Details: 12 best personal loans for fair credit

Avant: Best for very low credit
Best Egg: Best for home improvements
Upgrade: Best for fast funding
Payoff: Best for credit card debt
Upstart: Best for short credit history
LendingClub: Best for availability in most states
Prosper: Best for joint applicants
FreedomPlus: Best for competitive interest rates
Discover: Best for longer repayment terms
PenFed: Best for credit union members
LendingPoint: Best for subprime borrowers
LightStream: Best for a wide range of repayment terms

Avant: Best for very low credit

Overview: Avant targets bad- and fair-credit borrowers. Most of its borrowers have credit scores between 600 and 700, which covers much of the range for fair credit.

Why Avant is the best for very low credit: While Avant doesn't advertise its eligibility requirements on its website, a representative says the lender requires a 580 FICO score and 550 Vantage score.

Perks: With Avant, you can receive your funds as soon as the next business day after approval, and repayment terms are as long as five years.

What to watch out for: The lowest APR available is 9.95 percent, which is much higher than those of competitors. Avant also charges an administration fee and late fees.

LENDER:: Avant
BANKRATE RATING:: 4.5 / 5.0
MIN. CREDIT SCORE:: 580 FICO and 550 Vantage
EST. APR:: 9.95%–35.99%
LOAN AMOUNT:: $2,000–$35,000
TERM LENGTHS:: 2 to 5 years
MIN. ANNUAL INCOME:: Not specified
FEES:: Administration fee: up to 4.75%; Late fee: $25; Dishonored payment fee: $15

Read Bankrate's Expert Avant Review

Best Egg: Best for home improvements

Overview: Best Egg offers personal loans to borrowers with credit scores ranging from fair to excellent. Terms are three to five years.

Why Best Egg is the best for home improvements: Loan amounts range from $2,000 to $50,000, making them ideal for home improvement expenses from repairs to remodeling projects.

Perks: Approval and deposit of funds can come as quickly as one business day.

What to watch out for: The origination fee can go as high as 5.99 percent, and there’s a $15 late fee.

LENDER:: Best Egg
BANKRATE RATING:: 4.6 / 5.0
MIN. CREDIT SCORE:: 600
EST. APR:: 5.99%–35.99%
LOAN AMOUNT:: $2,000–$50,000
TERM LENGTHS:: 3 to 5 years
MIN. ANNUAL INCOME:: Not specified
FEES:: Origination fee: 0.99% to 5.99%; Late fee: $15; Returned payment fee: $15

Read Bankrate's Expert Best Egg Review

Upgrade: Best for fast funding

Overview: Upgrade offers loans ranging from $1,000 to $50,000 for a variety of purposes, like an emergency or debt consolidation.

Why Upgrade is the best for fast funding: Once you’re approved for a loan and your information is verified, you could receive your funds within one business day.

Perks: You can take advantage of the 5.94 percent APR if you qualify. The rate is lower than the minimum APR from most lenders profiled on this page.

What to watch out for: Upgrade’s origination fee can go as high as 8 percent, and if you don’t pay your loan on time every month, you could face a $10 late payment fee.

LENDER:: Upgrade
BANKRATE RATING:: 4.8 / 5.0
MIN. CREDIT SCORE:: Not specified
EST. APR:: 5.94%–35.97% (with autopay)
LOAN AMOUNT:: $1,000–$50,000
TERM LENGTHS:: 2 to 7 years
MIN. ANNUAL INCOME:: None
FEES:: Origination fee: 2.9% to 8%; Late fee: up to $10; Returned check fee: $10

Read Bankrate's Expert Upgrade Review

Payoff: Best for credit card debt

Overview: If you’re facing a mountain of credit card debt, you might be best suited for a Payoff personal loan for debt consolidation.

Why Payoff is the best for credit card debt: Payoff’s loans are exclusively for consolidating credit card debt, and the company provides your FICO score for free each month to help you track your progress.

Perks: There are no application or annual fees. Additionally, there are no fees for making late payments, paying your loan off early or paying by check.

What to watch out for: Even though you can get a Payoff loan with fair credit, its minimum credit score requirement is 600, which is on the higher end of a fair credit score. Payoff loans can also only be used for credit card debt consolidation, so it's not a good choice if you're looking to use a personal loan for emergency expenses or home improvements.

LENDER:: Payoff
BANKRATE RATING:: 4.5 / 5.0
MIN. CREDIT SCORE:: 600
EST. APR:: 5.99%–24.99%
LOAN AMOUNT:: $5,000–$40,000
TERM LENGTHS:: 2 to 5 years
MIN. ANNUAL INCOME:: Not specified
FEES:: Origination fee: 0% to 5%

Read Bankrate's Expert Payoff Review

Upstart: Best for short credit history

Overview: While Upstart evaluates your credit score to determine your creditworthiness, it’s not the company’s only method. It will also consider your education and job history, which might be helpful if you’re struggling to qualify for a personal loan based on your credit score.

Why Upstart is the best for short credit history: You can apply for a personal loan even with little credit on your report, and Upstart has no minimum credit score requirement.

Perks: You can borrow as little as $1,000, and there’s no penalty for paying your loan off early.

What to watch out for: If you don’t qualify for a loan on your own, you might have to look elsewhere, since Upstart doesn’t allow co-signers.

LENDER:: Upstart
BANKRATE RATING:: 4.5 / 5.0
MIN. CREDIT SCORE:: No minimum credit score requirement
EST. APR:: 5.35%–35.99%
LOAN AMOUNT:: $1,000–$50,000
TERM LENGTHS:: 3 or 5 years
MIN. ANNUAL INCOME:: Not disclosed
FEES:: Late fee: 5% or $15 (whichever is greater); Origination fee: up to 8%; Returned check fee: $15; One-time paper copies fee: $10

Read Bankrate's Expert Upstart Review

LendingClub: Best for availability in most states

Overview: LendingClub offers personal loans of $1,000 to $40,000 for three- or five-year terms.

Why LendingClub is the best for availability in most states: While some lenders only operate in a limited number of states, LendingClub accepts applications from borrowers in every part of the United States.

Perks: You may qualify for a loan if you have a credit score of at least 600. The lender also allows a 15-day grace period on late monthly payments.

What to watch out for: It can take 48-hours from loan approval to funding. You’ll also be subject to an origination fee of up to 6 percent.

LENDER:: LendingClub
BANKRATE RATING:: 4.3 / 5.0
MIN. CREDIT SCORE:: 600
EST. APR:: 6.34%–35.89%
LOAN AMOUNT:: $1,000–$40,000
TERM LENGTHS:: 3 or 5 years
MIN. ANNUAL INCOME:: Not specified
FEES:: Origination fee: 3% to 6%; Late fee: greater of 5% or $15

Read Bankrate's Expert LendingClub Review

Prosper: Best for joint applicants

Overview: Prosper offers loans to borrowers with fair credit that’s on the higher side. The minimum credit score is 640, so if you’re still in the fair range but moving up, you might qualify.

Why Prosper is the best for joint applicants: Prosper accepts joint applications, and having a co-borrower could improve your chances of being approved for a loan or for a larger loan amount.

Perks: Prosper lets you change your monthly due date to ensure on-time payments.

What to watch out for: Prosper charges many fees, including an origination fee of 2.41 percent to 5 percent, a late fee of 5 percent or $15 (whichever is greater), a $15 insufficient funds fee and a check fee of 5 percent or $5 (whichever is less). Getting your money can take up to three days after you’re approved, which might be too long, depending on your situation.

LENDER:: Prosper
BANKRATE RATING:: 4.4 / 5.0
MIN. CREDIT SCORE:: 640
EST. APR:: 7.95%–35.99%
LOAN AMOUNT:: $2,000–$40,000
TERM LENGTHS:: 3 or 5 years
MIN. ANNUAL INCOME:: None
FEES:: Origination fee: 2.41% to 5%; Late fee: greater of 5% or $15; Insufficient funds fee: $15; Check fee: lesser of $5 or 5%

Read Bankrate's Expert Prosper Review

FreedomPlus: Best for competitive interest rates

Overview: FreedomPlus offers loans of $7,500 to $50,000, with funding in as few as 48 hours.

Why FreedomPlus is the best for competitive interest rates: Whereas its maximum APR is 29.99 percent, some personal loan lenders charge as much as 36 percent.

Perks: While FreedomPlus does not disclose its eligibility requirements, it is possible for borrowers with credit scores in the low- to mid-600 range to be approved.

What to watch out for: The minimum loan amount of $7,500 is a bit high compared with other options on this list. If you need to borrow less, you’ll need to explore other personal loan options.

LENDER:: FreedomPlus
BANKRATE RATING:: 4.3 / 5.0
MIN. CREDIT SCORE:: Not specified
EST. APR:: 7.99%–29.99%
LOAN AMOUNT:: $7,500–$50,000
TERM LENGTHS:: 2 to 5 years
MIN. ANNUAL INCOME:: Not specified
FEES:: Origination fee: 1.99% to 4.99%

Read Bankrate's Expert FreedomPlus Review

Discover: Best for longer repayment terms

Overview: While Discover accepts borrowers with fair credit, it favors those on the higher end of the fair-credit spectrum; borrowers typically have credit in the mid-600 range to qualify for a personal loan. If you’re on the lower end of fair credit, you may not qualify.

Why Discover is the best for longer repayment terms: Its relatively long repayment terms — up to seven years — could mean lower monthly payments.

Perks: Discover offers competitive interest rates, fast funding and no origination fee or closing costs.

What to watch out for: The $39 late fee is high compared with competitors. Additionally, Discover doesn’t have a co-signer option.

LENDER:: Discover
BANKRATE RATING:: 4.8 / 5.0
MIN. CREDIT SCORE:: 660
EST. APR:: 5.99%–24.99%
LOAN AMOUNT:: $2,500–$35,000
TERM LENGTHS:: 3 to 7 years
MIN. ANNUAL INCOME:: $25,000
FEES:: Late payment fee: $39

Read Bankrate's Expert Discover Review

PenFed: Best for credit union members

Overview: PenFed is a credit union offering unsecured personal loans of up to $35,000. Its loan eligibility requirements are undisclosed, but third-party sources claim credit score requirements hover in the mid-600s.

Why PenFed is the best for credit union members: Anyone can join PenFed, and it serves all 50 states and Washington, D.C.

Perks: The low minimum loan amount of $600 is enticing for those who don’t need to borrow much but still need help.

What to watch out for: You'll have to become a member of PenFed to get a loan from the credit union, and the length of your PenFed membership can be a factor in determining your APR.

LENDER:: PenFed
MIN. CREDIT SCORE:: Not specified
EST. APR:: 5.49%–17.99%
LOAN AMOUNT:: $600–$35,000
TERM LENGTHS:: 1 to 5 years
MIN. ANNUAL INCOME:: Not specified
FEES:: Late fee: $29; Returned check fee: $30

Read Bankrate's Expert PenFed Review

LendingPoint: Best for subprime borrowers

Overview: LendingPoint specializes in loans for subprime borrowers, with loan amounts of $2,000 to $36,500.

Why LendingPoint is the best for subprime borrowers: You could get a loan with a credit score as low as 600, which is in the range of fair credit.

Perks: There is no prepayment penalty for paying your loan off early, and the credit score requirement is low compared with other fair-credit lenders.

What to watch out for: You’ll need to prove income of at least $35,000 and employment. There’s no co-signer option, which means if you don’t qualify on your own, you won’t be able to get a loan.

LENDER:: LendingPoint
BANKRATE RATING:: 4.4 / 5.0
MIN. CREDIT SCORE:: 600
EST. APR:: 7.99%–35.99%
LOAN AMOUNT:: $2,000–$36,500
TERM LENGTHS:: 2 to 5 years
MIN. ANNUAL INCOME:: $45,000
FEES:: Origination fee: 0% to 6%

Read Bankrate's Expert LendingPoint Review

LightStream: Best for a wide range of repayment terms

Overview: Despite a minimum credit score requirement of 700, LightStream has personal loan options to cover all your borrowing needs.

Why LightStream is the best for a wide range of repayment terms: Depending on how much you borrow, you can take up to 7 years to pay off your loan.

Perks: LightStream doesn't charge any fees, and the company allows joint applications, which may be helpful if you have trouble qualifying on your own.

What to watch out for: The minimum credit score threshold is on the higher side of the fair-credit spectrum. You’ll need to prove a few years of credit history as well.

LENDER:: LightStream
BANKRATE RATING:: 4.6 / 5.0
MIN. CREDIT SCORE:: 700
EST. APR:: 5.73%–19.99% (with autopay)
LOAN AMOUNT:: $5,000–$100,000
TERM LENGTHS:: 2 to 7 years
MIN. ANNUAL INCOME:: Not specified
FEES:: None

Read Bankrate's Expert LightStream Review

Alternative loan options for fair credit

If you’re unable to take out a personal loan due to your fair credit, you may want to look at other options.

Credit union: While you usually have to join a credit union before taking out a personal loan, they tend to be more forgiving to those with fair credit. Talk to your local credit union about what you need to qualify.
0 percent APR credit card balance transfer: If you’re looking to pay off credit card debt, consider getting a credit card with a 0 percent APR introductory offer. That way, you can move your balance over and keep interest from adding up. Keep in mind that you might not qualify for the full balance to be moved over, so there’s a chance that you’ll end up paying off your new card while still making payments on your old one.
Home equity loan or line of credit: If you have a home, you may be able to use that as collateral and take out a home equity loan or home equity line of credit (HELOC). Remember, your home is used to secure the loan, so if you miss payments, the house could be subject to foreclosure.