personal loans fair credit

personal loans fair credit

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Personal Loans for Fair Credit

Will Your Definitely Get Guaranteed Loans?

Just because you are hearing that something is guaranteed definitely does not mean that just anybody can get it; guaranteed cash loans are called that because the majority of people who apply are able to get the loan. There are times when people will not get guaranteed cash loans.

The first thing that you will need to consider is the conditions for taking out the guaranteed cash loans. There are many people who are turned down because they have not read and do not meet the requirements. Do not embarrass yourself and risk ruining your credit rating by applying for something that you know you will not get.

Things that you should look out for with guaranteed cash loans are whether you need to be in a certain type of employment and whether you need to earn a set amount of money each month. These are conditions that are put in place for many companies but each one will have different ones; you will need to shop around for conditions for guaranteed cash loans that you can meet.

The most common condition is that you are earning the set amount of money. This will be dependent on your employment status that the lenders for guaranteed cash loans are willing to lend to. Most of the time the minimum amount is £750 per month, which covers most that are in full time employment, but there are some guaranteed cash loans that will accept as little as £333 per month, which covers those in part time employment.

The employment status is something that is important to all lenders. They are more interested in your current financial situation rather than your previous history, which puts them at a lot of risks because they are not checking to see if you have defaulted on payments in the past. Most companies for guaranteed cash loans will ask that you are in full time employment so they can guarantee to get the money back. However, there are some companies that will accept those in part time employment and even those who are unemployed.

Before you can get the guaranteed cash loans, you will also need to think about whether you need to prove your identity or your income. There are some companies that will ask that you send your details via a fax; this will involve your pay slip with your monthly income and your passport or driving license. However, not everybody has a fax machine and it has led to a number of companies that offer guaranteed loans to do the searches on your identity themselves.

Just because you see guaranteed cash loans on a website does not mean that you will definitely get the loan. The loans are only guaranteed if you meet the requirements that they set out and that you have inputted the correct details; you should make sure that you check all details are correct before you continue on with the application because this is a common reason for people not to be guaranteed.

3 Personal Loan Lenders You Won’t Scare Off with Fair Credit

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Searching for a personal loan for fair credit can feel like trying to find a prom date after getting head gear. Even though you’re working on improving yourself, it’ll be a while before you’re the perfect dance partner.

But here’s the good news: Some lenders are willing to let you borrow money with not-so-perfect credit. And finding them doesn’t have to come with the same drama as high school dating.

Find out what to expect when it comes to getting a personal loan with fair credit as well as three of the best options out there today.

How does fair credit affect personal loan qualifications?

Different lenders and credit bureaus have different thresholds, but here are the general ranges for credit score ratings:

  • Poor credit: 629 and below
  • Fair credit: 630 to 689
  • Good credit: 690 to 719
  • Excellent credit: 720 and above

If your credit score is in the 600s, you probably have fair credit — also referred to as average credit. Average credit puts you on the border between good and bad credit, where you won’t always meet a lender’s eligibility requirements.

But that’s OK. You might not be able to qualify for any loan you want, but with some research, you’ll find lenders with flexible standards that might be a good fit.

Personal loans for fair credit often cost more

Although some lenders will approve borrowers with fair credit, the best personal loan rates are reserved for people with excellent credit (720 to 850). Meanwhile, getting a personal loan with fair credit can lead to higher interest rates compared to borrowers with excellent credit.

Advertised rates start around 5.00% to 6.00%, for example, but most borrowers’ rates will be higher on personal loans for fair credit. The average personal loan rate is 10.13%, according to the Federal Reserve Bank. With fair credit, your personal loan rate will probably be close to that rate or a little higher.

Shop smarter with personalized loan rates from multiple banks

Your rate also will vary based on your lender’s guidelines and other financial factors, such as your income and monthly cash flow. On top of higher interest rates, origination fees of around 1 to 6 percent are commonly charged on personal loans for fair credit.

The bottom line: You might pay a little more for a personal loan for fair credit, but you can get approved.

3 best personal loans for fair credit

Of course, not every lender is willing to accept applicants with fair credit. Each lender has its own credit and eligibility requirements.

To get a personal loan for fair credit, you’ll need to know where to look. We did some of the legwork for you and found three personal loans that require a minimum FICO score well within the “fair credit” range.

Avant has flexible personal loan requirements and considers applicants with a credit score as low as 580. Additionally, Avant has no set income requirements for its personal loans.

Personal loan amounts range from $2,000 to $35,000. Loan terms of two, three, four, and five years are available. Avant does charge an origination fee 4.75% of loan balance of the loan balance.

2. LendingClub: 600 FICO minimum

A peer-to-peer lending platform, LendingClub pools funds from individual investors to offer personal loans. The minimum required FICO score is just 600, and there are no set income requirements.

With a LendingClub loan, you can borrow $1,000 to $40,000. Loan terms of three and five years are offered. Make sure you plan for the LendingClub origination fee, however, which will be between 1 and 6 percent of the loan.

Upstart welcomes applications from borrowers with a credit score as low as 620. Borrowers with an annual income of at least $12,000 are eligible.

Upstart personal loans allow you to borrow $1,000 to $50,000 and offer terms of three and five years. The lender will assess an origination fee of 1 to 6 percent.

How to shop around for personal loans with fair credit

If you have fair credit, you’ll pay a little more for a personal loan than borrowers with good or excellent credit. But you still should put in the time to find the best deal you can. Follow these tips to identify the best personal loan for fair credit.

First, you want to make sure you know what your credit score and history look like. That way, you can be sure you’re looking at the right lenders.

You also should know how lenders might view other factors in your personal finances, such as:

  • Credit report and payment history: They form your overall track record of borrowing behavior.
  • Income: This is how much money you have coming in that you can use to repay the loan. Lenders also might consider your employment history, career field, or educational attainment.
  • Cash flow: This is the money going out. It might be measured by your debt-to-income ratio or by looking at your fixed housing costs, such as your rent or mortgage. Lenders will want to make sure you’ll have enough leftover each month to reasonably keep up with payments.

Lenders will gather these details through the underwriting process once you apply. They’ll use them to create an overall picture of your financial resources and behavior and estimate how likely you are to repay the personal loan.

The three lenders above are a good starting point for your personal loan search. But other lenders provide personal loans for fair credit too. Take some time to perform a comprehensive search for a personal loan.

Check with different types of lenders, from online personal loans for fair credit to major banks and local credit unions. Each lender will have its own perks and drawbacks. For example, you’ll likely find low interest rates with online lenders, better repayment terms with major banks, and more flexible repayment options with credit unions.

3. Get and compare personal loan rate quotes

Once you have a few top picks, request a rate quote from the lender. Make sure it uses a soft credit check to avoid dinging your credit.

The lender can give you a custom rate estimate for a personal loan, which might include different loan term offers and should outline other costs, such as an origination fee. Comparing these personalized rates quotes will point you to the personal loan that is the best deal.

If you need to borrow some cash for an urgent expense or to consolidate debt, a personal loan for fair credit is a viable option. Shopping around is a smart way to find lenders that will approve your application, even with fair credit — and offer decent loan terms.

4 Personal Loans Sources for Fair Credit

The best places to apply for a personal unsecured loan if you have only fair credit are credit unions or online lending sources such as peer-to-peer lenders Prosper or Upstart. Traditional banks generally shy away from granting personal loans to anyone with less than sterling credit, which means a credit score of 700 or higher. However, credit unions and online lending sources frequently have somewhat less stringent requirements, accepting applicants with credit scores below 700 or even slightly below 650.

Another option in seeking a loan with fair credit is to secure a co-signer, such as a family member, who has excellent credit. Paying down your outstanding debt as far as possible prior to applying for a personal loan can increase your chances of approval, since the level of your total outstanding debt and your monthly debt obligations are important factors that lenders consider when they review your loan application.

Credit unions are generally less stringent with their loan criteria than traditional banks, and they often offer lower interest rates as well. Dealing with a local credit union is also the fastest way to get money in hand, as opposed to using online lending sources that typically take a week or more to fund your loan following approval. Your chances of being approved for a personal loan increase if you already have an existing checking account, savings account or another loan with the credit union.

One credit union that operates nationwide and offers personal loans online is Penfed Credit Union. You have to join the credit union prior to applying, but you can do that online as well. Penfed offers personal loans up to $25,000, with terms up to five years. Penfed also offers lines of credit, which may be an easier, less costly way to get the money you need if you don't need it in one lump sum. The lowest interest rate offered on a line of credit is the prime rate plus 7%, adjusted quarterly. The lowest rate offered on a standard personal loan is 10.25%, as of December 2015, available for loans with repayment terms of no longer than three years. Veterans get preferential treatment. Penfed does not charge any loan origination fees.

Prosper is one of the oldest and more well-known online peer-to-peer lenders. Prosper is typically a bit less demanding on credit scores than Lending Club, a similar peer-to-peer lender. Loan applications may be approved with credit scores as low as 640. One of the drawbacks to using Prosper, as opposed to using a local or online credit union, is that it generally takes up to two weeks to have your loan funded. Prosper operates in all states except Iowa, North Dakota and Maine, and it offers loans from $2,000 to $35,000, with repayment terms up to three to five years. Rates range from 7 to 34% and are heavily impacted by your credit score. Loan origination fees range from 2 to 5% of the loan amount, and these are also affected by your credit score.

Upstart is another online peer-to-peer lender that considers applicants with credit scores as low as 640. Upstart requires that your monthly payments not exceed 55% of your monthly income. The firm is a bit different in that it takes into account schools attended, grades and work history, particularly for younger borrowers with limited credit histories. Upstart offers loans up to $35,000 for a maximum of three years. Interest rates are lower on the top end than with most peer-to-peer lenders, maxing out at 22%. The minimum rate is 4.67%. Upstart's loan origination fees range from 1 to 6% of the total loan amount. Upstart is available in all 50 states.

Best Personal Loans for Excellent, Good & Fair Credit Scores

Many people seek out personal loans without really understanding the mechanics behind the process. Getting accepted by a lender for a personal loan is determined by several factors, some of which you may not have control over. Lenders will look at a number of components before deciding whether or not to approve someone for a loan including debt to income ratio, credit history, and recent employment status. All these factors are important to note because they will not only affect whether or not you are accepted for the unsecured loan you are requesting, but these elements will also determine the interest rate you pay throughout the course of your loan.

One of the biggest influencers is a person's credit score. What exactly is credit score, how does it work, and what constitutes a good credit score? Let's learn everything there is to know about this all-important little number and check out a few of the industry leaders that work with each range of credit scores so you can know who to turn to for the best personal loan no matter where on the credit score spectrum you fall.

Your credit score is a combination of past loans received, repayment history, credit card spending habits, and other financial markers. Altogether, these indicators give lenders a rough idea of how responsibly you handle your money. Obviously, the more responsible you are with your money, the better your credit score will be and the more likely you are to receive the loan you are requesting.

While there is no guarantee that you will be approved or rejected for a loan, especially as terms and considerations fluctuate from one lender to the next, here is a general breakdown of credit scores and how those holding such scores will fair:

Obviously, someone with excellent credit will have a much easier time getting approved for a loan and will also receive a more attractive interest rate to work with. And, though it is not impossible to find a lender that will work with someone holding a poor or bad credit rating, it is much harder to come by, and the interest rates you are going to pay will naturally be much higher as a result. Scores are generally checked by running a soft credit pull. Despite what you may have heard about pulls, soft credit pulls will not affect your credit score at all. Only a hard pull can lower your score temporarily.

An interesting concept that most people aren’t aware of is that avoiding debt completely is actually not good for building your credit score. Lenders and financial institutions like to see that you are using the financial system wisely and responsibly. Someone with little credit history will most likely have a lower score than someone who has taken out loans and paid them back responsibly. This is how you will create a good credit rating.

One final note, these scores are based on the FICO scoring system. Not every lender will use this system to rank your score, but the vast majority do. For this reason, we’ve used FICO as our scale.

Best Loan Providers for Excellent Credit Scores

A credit score above 720 is considered excellent in the eyes of a lender, and this is naturally what anyone should aim for when starting to build their credit. Such a score is accrued by taking out credit cards and paying bills on time, making smart financial decisions, and not exceeding a healthy debt to income ratio, staying below 36% at all times.

If you have excellent credit, of course, you can have your pick of the litter, but that doesn't mean you should choose your lender arbitrarily. In fact, since you have so many options, you want to make sure you are getting the best deal possible, and you’ll have plenty of offers to compare. Here are two great choices for borrowers with excellent credit scores to consider:

It isn’t easy to be approved for a loan by SoFi, but if you can, they are one of the top choices anyone with excellent credit should consider.

SoFi started out primarily as a student loan refinancing institution, attempting to help young workers get a leg up in the competitive world while struggling under the weight of these substantial student loans. Today, SoFi is known for being one of the leading online lenders for all different types of loans including personal loans, mortgages, parent refinancing, and more. Rather than being aloof, cold, and unapproachable like many of the other reputable financial institutions out there (think banks), SoFi has built a reputation for being friendly, understanding, and supportive to its customers. It has structured its lending system around basic social concepts, creating a social network for its borrowers to meet, network, and grow from one another. SoFi regularly hosts social events where clients can mingle, seek out new job opportunities, and learn about smarter financial practices so they can make better decisions in the future. All these factors combine to create a positive, successful, and welcoming atmosphere where borrowers feel like equals and not like they’re second-class citizens because they need a loan.

Other factors that make SoFi stand out include:

  • Low APRs
  • Variable or fixed rates
  • No fees or prepayment penalties
  • Unemployment protection

Another great option for those with excellent credit is LightStream. Since it is a division of the SunTrust Bank, LightStream is a trusted name in the industry. You know that your finances will be completely and securely taken care of if you choose to go with this lender. Its loans come with possibly the lowest interest rates in the industry, making it an attractive offer for any borrower. LightStream is also extremely flexible about what you can use its loans for. In fact, its catchphrase is “Loans for Practically Anything”. Here are a few highlights that make LightStream stand out:

  • APRs as low as 4.99% (with autopay)
  • Loans up to $100,000
  • Repayment plans ranging from 2 to 7 years
  • No fees to worry about

Best Loan Providers for Good Credit Scores

Next, let's look at someone with good or average credit. Bear in mind; this is going to be where most people sit. If you are new to establishing credit or if you weren't as careful as you should have been in the past but didn't make any major financial mistakes, then you probably land in this category. Fortunately, there are still several lenders that will work with you and even offer competitive rates and loan terms for your personal loans. Here are a few of the best options to consider.

Unlike SoFi and LightStream, LendingClub is a peer-to-peer lender marketplace. This means that rather than finance their loans directly, LendingClub connects borrowers to investors who want to fund personal loans as a business investment. Via its online process, this lending portal allows borrowers to reach hundreds of possible lenders with one easy application. This cuts down on the application and approval processes considerably, making the entire experience much easier on borrowers than it could be otherwise. Some reasons to choose LendingClub over the competition include:

  • Fixed rates as low as 5.99%
  • Up to 5 years for payment plans
  • No processing fees (though fees will vary depending on the lender you choose in the end)
  • Accepts borrowers with a credit score as low as 600
  • Easy online process

Discover is known as one of the major credit card companies in the world. With decades of reputable service, people trust this company without a doubt, and Discover has given borrowers many reasons to rely on it. Unlike other top-tier brands, Discover works with the lower range of borrowers on the scale, making personal loans with upper level benefits a possibility for those with less than perfect credit. Other reasons borrowers prefer Discover are:

  • Generous 30-day money back guarantee
  • No prepayment penalties
  • Reliable and trusted name in the industry
  • Available in all 50 states
  • Green loans

Best Loan Provider for Fair Credit Scores

Finally, we'll address individuals with fair credit scores. This is obviously going to be the hardest category for someone to find a loan from, but all hope is not lost. There are still several lenders willing to work with these borrowers. Remember that a low credit score doesn’t automatically infer reckless spending habits. A lack of credit activity can also result in a low score. If you fall into this category, consider applying for a personal loan with Avant.

Avant is known as a more discerning lender, using state of the art technology to judge the responsibility level of a borrower rather than traditional metrics. What makes it stand out is that you can borrow small amounts, as low as $2,000, in case you need a little bit of extra cash just to get out of a tight month.

  • Rates as low as 9.99%
  • Repayment plans up to 5 years
  • Deal with individuals with low credit scores
  • Available in most states

Personal loans are an excellent solution if you are looking to consolidate debt from several sources, improve your credit score, have an event or large expense to pay off, or take out a loan without having to worry about collateral or a co-signer. Look towards the right lenders for your credit score, and enjoy the success of approval as you take steps towards healthier financial stability today.

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