Best Personal Loans for Fair Credit 2022

Last Update: July 2, 2022 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 2022


Loan Amount: $1,000 – $35,000
APR: 5.99% – 35.99%
Min. Credit Score: 580
Approval: 1 Day
Terms: 90 days – 72 months
Origination Fee: 1 – 5%
DTI Ratio: N/A
Check rates

PersonalLoans is a marketplace, not a lender itself. Recently, they have significantly increased the number of lenders in their network. Now people have a better chance to get approved for a loan. Their minimum required credit score is 580, making them a great company for people with fair credit. Terms are competitive, so we highly recommend starting your search with PersonalLoans.

  • APR is 5.99% to 35.99%.
  • Loan amount is $1,000 to $35,000.
  • Loan terms are 3 to 72 months.


Loan Amount: $2,000 – $40,000
APR: 7.95% – 35.99%
Min. Credit Score: 640
Approval: 1 – 3 Days
Terms: 3 – 5 years
Origination Fee: 2.4% – 5%
DTI Ratio: 50%
Check rates

Prosper is one of the biggest names in peer-to-peer lending. You won’t find them in lists for bad credit, but they are great for good and even fair credit. They request a little higher credit score of a minimum of 640 and a debt to income ratio of 50%, which means that not everyone with fair credit will get approved. Those who get approved will find Prosper is a really great option. Prosper also looks at other details to evaluate your credit risk. Once you apply, you actually create a loan “listing” that then appears on their marketplace. From there, you choose which loans are great for you.

  • APR is 7.95% – 35.99%.
  • Loan amount is $2,000 to $35,000.
  • Loan terms are 3 to 5 years.


Loan Amount: $500 – $10,000
APR: 5.99% – 35.99%
Min. Credit Score: 0
Approval: 1 Day
Terms: 3 – 36 months
Origination Fee: N/A
DTI Ratio: N/A
Check rates is a company that we recommend to people with really bad credit. They offer up to $10,000 loans, and their APR is 5.99% – 35.99%, which is in the range of personal loans, although it can be higher than this in some cases. Typically, people with really bad credit are approved for loans between $500 and $3,000. People with fair credit, which is close to bad, can try it. And you can be approved for more money in case your credit is fair ‒ you can get 10,000.


Upgrade Disclaimer: Personal loans made through Upgrade feature APRs of 5.94% – 35.97%. All personal loans have a 2.9% to 8% origination fee deducted from the loan proceeds. The lowest rates require Autopay and directly pay off a portion of existing debt. 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 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. The actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges may increase the cost of your fixed-rate loan. There is no fee or penalty for repaying a loan early. Upgrade’s lending partners issue personal loans. Information on Upgrade’s lending partners can be found at

Loan Amount: $1,000 – $50,000
APR: 5.94% – 35.97%
Min. Credit Score: 600
Approval: 1 Day
Terms: 3 – 5 years
Origination Fee: 2.9% – 8%
DTI Ratio: 40%

Upgrade can help you if you have recently lost your job. Although they are a relatively new company, they make many personal loan lists on legit personal finance blogs. If you have a credit score of 600 or more, and your debt to income ratio is 40%, you can apply.

  • APR range: 5.94% – 35.97%.
  • Loan amount: $1,000 – $50,000.
  • Loan Terms: 3 – 5 years.


Loan Amount: $1,000 – $50,000
APR: 3.99% – 35.99%
Min. Credit Score: 500
Approval: 1 Day
Terms: 1 – 5 years
Origination Fee: 0 – 3%
DTI Ratio: N/A
Check rates

With over 10 billion in loans provided, LendingTree is one of the largest online personal loan companies in the marketplace today! Since LendingTree offers unsecured loans to borrowers with credit scores as low as 500, it’s a great place to apply if you have extremely bad credit. You can borrow up to $50,000, but the amount you receive will be less if your credit is poor. As well, its APRs range from 3.99% to 35.99%, but if you have bad credit, expect an APR near the top-end of the range.


Loan Amount: $500 – $4,000
APR: 59% – 160%
Min. Credit Score: 0
Approval: < 1 Day
Terms: 9 – 18 Months
Origination Fee: N/A
DTI Ratio: N/A

OppLoans is a type of alternative payday loan. These companies help people with bad credit, and some people in the lower half of fair credit, closer to bad. They have better terms than payday loans but worse than personal loans. What is great about these types of companies is that they are very flexible.

  • APR range: 59% to 160%.
  • Loan amount: $500 to $4,000.
  • Loan Terms: up to 2 years.

Can People Get a Personal Loan with Fair Credit Score?

Yes, of course. We have many more problems finding loans for people with bad credit, and we are sure that some will get predatory payday loans. People with a fair credit score have many more options available. In this guide, we will walk you through the best of them.

The competition between big lending companies makes the market much more flexible. In brief, these days, there is much more competition between lending companies who want to give you a loan. Therefore, you get more offers, receive them faster, have better terms, the loan amount is higher, APR is much more competitive, contracts are more transparent, and fewer or no hidden fees. Now things look totally different compared to a few years ago. And many experts claim that this process will continue.

Although many personal loan companies want to work with bad credit, most have set minimum credit scores to register. If you are even a few points below what they want, you won’t be able to register. What’s interesting is that these minimum values vary within the range of what is considered to be a fair credit score. They are typically between 570 and 640. So, with a bad credit score, you won’t be able to register with most of these top companies. However, with fair credit, you will be able to register with some of them, and with good, very good, and excellent credit, you will be able to register with all of them. Now you can see how important it is to add some points if you have fair credit. Even a few points difference can help you get much better offers. If you are close to having a good credit score, you can even cross the line, which will get you even better offers.

However, some companies will accept your application without a minimum credit score requirement. All people, including those with bad credit, can apply.

Another important factor in applying for a personal loan is the debt to income ratio. Some companies have some minimum requirements for it, while others do not. If you are below their requirement, you have to find ways to cover the minimum required to receive better offers from lenders. Your debt to income ratio is an important factor in your credit score, so if you boost it, this will instantly impact your credit score.

Many lenders will also look more carefully at your ability to pay the loan. Although credit score is the primary factor, lenders pay more attention to income, education, etc. This opens the door for people with fair and even bad credit.

Alternative payday loans. You can also try alternative payday loans if you have difficulties getting a personal loan or are not receiving many offers to compare. We have a lot of information on alternative payday loans on our site that you can review later. But in brief, they are loans with a higher APR than personal loans but much lower than payday loans. They work with bad and fair credit, so it’s absolutely possible to apply for most of them. They are also much more flexible and give a lot of benefits. For example, your APR will be high if you have bad credit now and get a loan. But if you start paying the installments on time and improving your credit report, they will start lowering your APR and giving you much better terms. Some of the loans reviewed on this page are alternative payday loans.

Avoid payday loans. We gave tips to people with really bad credit on avoiding payday loans because we know that some of them will end up taking predatory payday loans. There is absolutely no need for you to end with payday loans with an APR of 400% or more. But for people with fair credit and above, let’s close this topic.

How to Deal with Your Fair Credit Score?

When you apply for a loan and your credit is considered fair, some lenders will still feel that you are unreliable for them. And that is why most of them will not approve you, or they will give you less money and a high APR. That’s why every point that you can add to your credit report is useful and, in some cases, can lead to significant loan term improvements. Although we highly recommend that you start working on your credit score seriously, this is not an easy and fast process. But of course, there are some ways to add a few extra points very fast. Here is what you can do:

  • Request your credit report from AnnualCreditReport.
  • Check your credit report for errors. Many credit reports have errors. If you find some errors, you can instantly request them to be deleted, which will increase your credit score.
  • Have you recently paid some of your loans? Do you have a credit card that is in good standing? Ask your lenders and issuers to report that to 3 bureaus, and this will give you a few more points.
  • Increase your debt to income ratio, one of the main credit score factors and an important factor that lenders use to determine your credit risk.

Tips to Get Better Personal Loans with Fair Credit Score

  • Shop around!

A fair credit score definitely opens the door for applying to many loan companies, but there will still be some that will consider you to be slightly risky. Many lenders will also look at factors like your income, education, and so on.

You won’t lower your credit score by doing this because a hard inquiry that lowers it will be performed only when you accept the offer. Applying for loans doesn’t change your credit score. It’s free to apply, and there are no obligations to accept any offers.

Register with all companies you can and compare the best offers for you.

  • There are also other ways to lower your APR

If you have a regular income, you put collateral or add a cosigner or guarantor. In this case, many companies will offer you better terms like those with an excellent credit score. But in this case, you have to be sure that you will pay the loan on time.

Reconsider the loan if you haven’t been approved. In most cases, you can ask a lender again to check your application and explain that you can pay the loan. Many people achieved success in doing this.


With a fair credit score, many options are available to get a loan on a reliable APR. If you can add a few points, you can significantly improve the offers and get better terms. Do not fall to predatory payday lenders. We are sure that you will get a great personal loan with a fair credit score.



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