Best Personal Loans for Fair Credit of April 2024

Last Update: September 25, 2023 Credit Report Loan Reviews Loans

Best personal loans for fair credit come with an APR of 10% – 15%. People with fair credit are manipulated into believing that they can’t get a personal loan. That is not true! The lending market is different, and it allows people with even bad credit to get great offers. Still, some lenders will not approve of you. The best way to find a great offer is to shop around! In this case, you can reconsider your loan, discuss your lender’s ability to pay your loan regularly, work on your credit score, get a secured loan, or get a consigner loan.

Watch our video that shows how people with bad and fair credit can get a personal loan.

Here is what the FICO score range looks like:

  • Excellent(800 to 850)
  • Very Good (740 to 799)
  • Good (670 to 739)
  • Fair (580 to 669)
  • Bad (300 to 579)

Different credit scores mean different things for lenders, but if you have between 580 and 669 points, most lenders will consider having a fair credit score. About 10% of Americans fall in this range.

If you have read some articles on trusted personal finance sites that claim it’s hard to get a loan if your credit score is fair, that you will pay a much higher APR, etc., they should update their content!

ElitePersonalFinance has created a special guide on how people with fair credit can get a personal loan!

Nowadays, getting a personal loan with fair and even bad credit is absolutely possible and relatively easy.

People with a fair credit score have many more options available. In this guide, we will walk you through the best of them.

The lending market has become more flexible in the recent few years, and this will continue. These days, people with fair and even bad credit scores have many more options to get a loan.

Loans that are available for people with a fair credit score are:

  • Personal loans
  • Alternative personal loans

You can also have found more options at credit unions, banks, credit cards, and so on. With a fair credit score, you have absolutely no reason to end up with predatory payday loans.

One of the most important things that everyone has to do to get better loan terms is shop around, register with many loan companies, and compare offers. Applying for a loan does not mean that you will lower your credit score (only when a company makes a hard inquiry can they lower your credit score, but this is not a part of the application process, and it will be done later only if you approve the offer), it’s totally free, and there are no obligations to accept the offer. So now, we move on to the best companies for fair credit. We highly recommend that you register with all of them and compare all offers.

ElitePersonalFinance has researched more than 100 personal loan companies in detail and has a list of the best that offer loans for people with fair credit.

Best Personal Loans for Fair Credit of April 2024