Best for very low credit

Avant
4.5Check rate with Bankrate
- Min. credit score:
- Not disclosed
- Fixed APR From:
- 9.95% –35.95%
- Loan amount:
- $2,000– $35,000
- Term lengths:
- 1 to 5 years
- Min. annual income:
- $14,400
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.
APR from 7.96- 35.97% with AutoPay | Loan Amount $1k- $50k Term: 2-7 yr | Min. Credit 560 | Check rate with Bankrate | ||
APR from 8.99- 35.99% | Loan Amount $2k- $50k Term: 3-5 yr | Min. Credit 600 | Check rate with Bankrate | ||
APR from 8.99- 29.99% | Loan Amount $5k- $40k Term: 2-5 yr | Min. Credit 640 | Check rate with Bankrate | ||
APR from 8.05- 36.00% | Loan Amount $1k- $40k Term: 3-6 yr | Min. Credit Not disclosed | Check rate with Bankrate | ||
APR from 9.95- 35.95% | Loan Amount $2k- $35k Term: 1-5 yr | Min. Credit Not disclosed | Check rate with Bankrate | ||
| Check rate with Bankrate | ||||
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APR from 7.99- 29.99% | Loan Amount $5k- $50k Term: 2-5 yr | Min. Credit 620 | Check rate with Bankrate |
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.
LENDER | ESTIMATED APR | MINIMUM LOAN AMOUNT | MAXIMUM LOAN AMOUNT |
---|---|---|---|
Avant | 9.95%-35.95% | $2,000 | $35,000 |
Best Egg | 8.99%-35.99% | $2,000 | $50,000 |
Upgrade | 7.96%-35.97% (with autopay) | $1,000 | $50,000 |
Happy Money | 8.99%-29.99% | $5,000 | $40,000 |
Upstart | 6.50%-35.99% | $1,000 | $50,000 |
LendingClub | 8.05%-36.00% | $1,000 | $40,000 |
Prosper | 6.99%-35.99% | $2,000 | $50,000 |
Achieve | 7.99%-29.99% | $5,000 | $50,000 |
Discover | 6.99%-24.99% | $2,500 | $35,000 |
PenFed | 7.74%-17.99% | $600 | $50,000 |
LendingPoint | 7.99%-35.99% | $2,000 | $36,500 |
LightStream | 7.99%-23.99% (with autopay) | $5,000 | $100,000 |
[National Debt Relief] (https://www.bankrate.com/loans/debt-consolidation/national-debt-relief/) | 6.25%-35.99% | $10,000 | $100,00 |
Pacific Debt Inc | Not disclosed | $10,000 | $100,000 |
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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.
CATEGORY | CREDIT SCORE RANGE | PERCENTAGE OF PEOPLE IN THIS CATEGORY |
---|---|---|
Exceptional | 800-850 | 20% |
Very Good | 740-799 | 25% |
Good | 670-739 | 21% |
Fair | 580-669 | 18% |
Poor | 300-579 | 16% |
To improve your chances of obtaining a personal loan with fair credit, try taking the following steps before you apply:
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.
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.
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.
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.
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:
Fair credit loans are typically offered by the same entities as traditional personal loans. These include the following:
When applying for a loan with fair credit, credit unions and online lenders tend to be the better choice. That is because they tend to have less stringent requirements than banks and lower interest rate caps and fees than peer-to-peer lenders.
If you’re unable to take out a personal loan due to your fair credit, you may want to look at other options.
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.