Loan Companies Like Upstart, Avant, HappyMoney, Upgrade, LendingTree

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Last Update: September 25, 2023 Loan Reviews Loans

If you have fair credit, it’s challenging to obtain a cheap personal loan from a bank. For context, they typically lend to Americans with credit scores of 700 or more. However, if you have a credit score in the 600 to 690 range, don’t fret. There are plenty of affordable options available in the marketplace, and you don’t have to settle for a payday loan. For example, loan companies like Upstart, Avant, LendingTree, Upgrade, and others can help you obtain a low-cost personal loan with flexible terms.

But how do they work?

Well, first, it’s essential to define a personal loan. With fixed annual percentage rates (APRs), personal loans let you borrow a sum of money and repay the funds with equal monthly payments over typical terms of one to five years. In addition, each monthly outlay includes a portion of your principal balance and the interest owed.

More importantly, personal loan APRs often range from 5.99% to 35.99%, though individuals with the highest credit scores often obtain the lowest rates. However, with a credit score in the 600 to 690 range, you can still qualify for an APR of 10% to 15%. As evidence, LendingTree’s July 2021 Personal Loan Offers Report found that borrowers with credit scores in the 640 to 679 range received an average APR of 22.74%. However, the top 10% of borrowers in this credit score range received an average APR of 10.94%. Thus, affordable options are available if you know where to look.

Furthermore, bad credit personal loans have APRs of 15% to 35.99%, and alternative payday loans have APRs of 100% or more. As a result, if you want to obtain the best fair credit personal loan in the shortest amount of time, please consult our marketplace. With a few clicks, you can browse dozens of lenders willing to help, and inquiring won’t impact your credit score. In addition, you can also read our reviews below to learn more about what kind of offers are available.

The Best Personal Loans For Fair Credit

You don’t have to settle for a mediocre personal loan if you have a fair credit score. For example, plenty of lenders extend credit to borrowers with moderate credit, and under certain circumstances, you can even obtain good credit APRs.

Since many online lenders use alternative data that traditional lenders don’t always accept, your creditworthiness is more than a simple score. Therefore, your income, savings, spending habits, education, and rent history can often outweigh a weak credit score. Thus, please take the time to consider all of your options before settling for subpar financing.

Lender:Loan Amount:APR:Min. Credit Score:Best For:
Upstart $1,000 – $50,0004.6% – 35.99%300Low credit scores, high DTI ratios
LendingPoint$2,000 – $36,5009.99% – 35.99%580$25,000 annual incomes
ZippyLoan$100 – $15,00012% – 35.99%0Bad or no credit
NextDayPersonalLoan$100 – $40,000Not ListedNot ListedComparing bad credit loans