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Updated 2022-11-01T20:59:58Z Insider's experts choose the best products and
services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page. Personal loans are
good choices for borrowers who need quick cash for expenses like home improvement projects, moving costs, or
vacation. You'll pay off a personal loan in monthly installments, and your interest rate will be the same for the life of the loan. Compare our picks for the best personal loans for fair credit
Upgrade Personal Loan Avant Personal Loan Best Egg Personal Loan LendingClub Personal Loan Navy Federal Credit Union Personal Loan Upstart Personal Loan PenFed Credit Union Personal Loan Payoff
Loan™ Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Editor's rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) 7.46% to 35.97% Editor's rating 3.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) 9.95% to 35.95% Editor's rating 3/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) 7.99% to 35.99% Editor's rating 2.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) 8.30% to 36.00% Editor's rating 3.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) 7.49% to 18.00% Editor's rating 3.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) 5.60% to 35.99% Editor's rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) 7.74% to 17.99% Editor's rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) 7.99% - 24.99% APR There are many options for borrowers with fair credit, which is defined by FICO as a score between 580 to 669. We've put together a list of lenders that accept borrowers with credit histories in this range. UpgradeFees Origination fee between 1.85% and 8.00% and a late fee of up to $10 Regular Annual Percentage Rate (APR) 7.46% to 35.97% Fees Origination fee between 1.85% and 8.00% and a late fee of up to $10 Regular Annual Percentage Rate (APR) 7.46% to 35.97% Upgrade Personal LoanDetailsRegular Annual Percentage Rate (APR) 7.46% to 35.97% Fees Origination fee between 1.85% and 8.00% and a late fee of up to $10 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Small minimum loan amount Check mark iconA check mark. It indicates a confirmation of your intended interaction. Quick access to funds Check mark iconA check mark. It indicates a confirmation of your intended interaction. Low minimum credit score Dash iconA dash. It often indicates an interaction to shrink a section. Origination and late fees Dash iconA dash. It often indicates an interaction to shrink a section. Not available in all states
HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.What stands out: Low minimum loan amount. Upgrade's minimum of $1,000 is toward the lower end of the personal loan providers on the list. Other than Upgrade, credit unions are probably your only other option for such a small amount. If you just need a bit of cash to tide you over, Upgrade is a good choice. What to watch out for: The lender isn't available in all 50 states. If you live in Iowa or West Virginia, you won't be able to take out a loan with the company. AvantFees Administration fee up to 4.75%, undisclosed late fee and returned payment fee Regular Annual Percentage Rate (APR) 9.95% to 35.95% Fees Administration fee up to 4.75%, undisclosed late fee and returned payment fee Regular Annual Percentage Rate (APR) 9.95% to 35.95% Avant Personal LoanDetailsRegular Annual Percentage Rate (APR) 9.95% to 35.95% Fees Administration fee up to 4.75%, undisclosed late fee and returned payment fee Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Funds generally deposited by the next business day Check mark iconA check mark. It indicates a confirmation of your intended interaction. No prepayment penalty Dash iconA dash. It often indicates an interaction to shrink a section. Multiple types of fees Dash iconA dash. It often indicates an interaction to shrink a section. High maximum APR Dash iconA dash. It often indicates an interaction to shrink a section. Low maximum loan limit HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.What stands out: Quick access to funds. If your loan is approved by Avant by 4:30 p.m. CT Monday through Friday, funds are generally deposited by the next business day, per the company's website. What to look out for: High fees. You'll pay an administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded. If you miss a scheduled payment, you may incur a late fee, which will vary by state. Best EggFees Origination fee between 0.99% and 5.99%, late fee of $15 Regular Annual Percentage Rate (APR) 7.99% to 35.99% Fees Origination fee between 0.99% and 5.99%, late fee of $15 Regular Annual Percentage Rate (APR) 7.99% to 35.99% Best Egg Personal LoanDetailsRegular Annual Percentage Rate (APR) 7.99% to 35.99% Fees Origination fee between 0.99% and 5.99%, late fee of $15 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Fast access to funds Check mark iconA check mark. It indicates a confirmation of your intended interaction. High customer satisfaction Check mark iconA check mark. It indicates a confirmation of your intended interaction. No prepayment penalty Dash iconA dash. It often indicates an interaction to shrink a section. Origination fees Dash iconA dash. It often indicates an interaction to shrink a section. High maximum APR HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.What stands out: High customer satisfaction. Best Egg has a 95% customer satisfaction rate, which is supported by its stellar A+ Better Business Bureau trustworthiness score. What to watch out for: Origination fees. You'll face an origination fee between 0.99% and 5.99%, which is baked into your APR. On a loan term of four years or longer, the origination fee will be at least 4.99%. LendingClubLendingClub Personal Loan Fees Origination fee between 1% and 6%, late fee of 5% of the minimum payment amount or $15, whichever is greater Regular Annual Percentage Rate (APR) 8.30% to 36.00% LendingClub Personal Loan Fees Origination fee between 1% and 6%, late fee of 5% of the minimum payment amount or $15, whichever is greater Regular Annual Percentage Rate (APR) 8.30% to 36.00% LendingClub Personal LoanDetailsRegular Annual Percentage Rate (APR) 8.30% to 36.00% Fees Origination fee between 1% and 6%, late fee of 5% of the minimum payment amount or $15, whichever is greater Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Low minimum loan amount Check mark iconA check mark. It indicates a confirmation of your intended interaction. Can add co-borrower to loan application Check mark iconA check mark. It indicates a confirmation of your intended interaction. No prepayment penalties Dash iconA dash. It often indicates an interaction to shrink a section. Multiple types of fees Dash iconA dash. It often indicates an interaction to shrink a section. High maximum APR Dash iconA dash. It often indicates an interaction to shrink a section. Slower access to funds
HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.What stands out: Add a co-borrower to your application. If you have poorer credit and are worried your loan might not be approved as a result of your standing, you can choose to add a co-borrower and may qualify for a better rate. What to watch out for: Slower access to funds. You'll get access to your funds within two to four business days, and while that is relatively fast, you can get funds deposited more quickly from other personal loan companies. Navy FederalNavy Federal Credit Union Personal Loan Regular Annual Percentage Rate (APR) 7.49% to 18.00% Navy Federal Credit Union Personal Loan Regular Annual Percentage Rate (APR) 7.49% to 18.00% On Navy Federal Credit Union's website Navy Federal Credit Union Personal LoanOn Navy Federal Credit Union's website DetailsRegular Annual Percentage Rate (APR) 7.49% to 18.00% Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Wide range of loan amounts Check mark iconA check mark. It indicates a confirmation of your intended interaction. No origination fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. No prepayment penalties Check mark iconA check mark. It indicates a confirmation of your intended interaction. Co-borrower allowed Check mark iconA check mark. It indicates a confirmation of your intended interaction. 24/7 customer service Dash iconA dash. It often indicates an interaction to shrink a section. Membership required to get a loan Dash iconA dash. It often indicates an interaction to shrink a section. Late fee HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
What stands out: No origination fees or prepayment penalties. This could save you money on the overall cost of your loan, and other lenders on our list charge these fees. What to watch out for: Lofty membership requirements. It's relatively hard to qualify for Navy Federal membership. You're only eligible if you are active military member, veteran, employee or retiree of the Department of Defense, or family member of someone in one of those groups. UpstartFees Origination fee up to 8%, late fee of 5% or $15, whichever is greater Regular Annual Percentage Rate (APR) 5.60% to 35.99% Fees Origination fee up to 8%, late fee of 5% or $15, whichever is greater Regular Annual Percentage Rate (APR) 5.60% to 35.99% Upstart Personal LoanDetailsRegular Annual Percentage Rate (APR) 5.60% to 35.99% Fees Origination fee up to 8%, late fee of 5% or $15, whichever is greater Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Small minimum loan amounts Check mark iconA check mark. It indicates a confirmation of your intended interaction. No prepayment penalty Check mark iconA check mark. It indicates a confirmation of your intended interaction. Quick loan fund disbursement Dash iconA dash. It often indicates an interaction to shrink a section. Only three and five year terms Dash iconA dash. It often indicates an interaction to shrink a section. Potential for high origination fees HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.What stands out: Approval isn't dependent solely on credit scores. For people who have struggled with credit in the past, Upstart will factor in a few other pieces of information for a better shot at approval, including employment history and education history. What to watch out for: Limited repayment terms. While other lenders offer several options on how long you'll have to repay, Upstart only offers three-year and five-year terms. This choice could be impractical for borrowers on either extreme of the borrowing scale. However, there is no prepayment penalty, so you can pay your loan off at any time without a fee. PenFedPenFed Credit Union Personal Loan Regular Annual Percentage Rate (APR) 7.74% to 17.99% PenFed Credit Union Personal Loan Regular Annual Percentage Rate (APR) 7.74% to 17.99% On PenFed Credit Union's website PenFed Credit Union Personal Loan
On PenFed Credit Union's website DetailsRegular Annual Percentage Rate (APR) 7.74% to 17.99%
Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Wide range of loan amounts Check mark iconA check mark. It indicates a confirmation of your intended interaction. Low minimum APR Check mark iconA check mark. It indicates a confirmation of your intended interaction. No origination fees or prepayment penalties Check mark iconA check mark. It indicates a confirmation of your intended interaction. Coborrowers allowed Dash iconA dash. It often indicates an interaction to shrink a section. Need to be a member to get a loan Dash iconA dash. It often indicates an interaction to shrink a section. Late fee HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
What stands out: Add a co-borrower to your application. If you don't have the best credit and are concerned your lender might not approve your loan as a result, you can choose to enlist a co-borrower and may qualify for a better rate. What to watch out for: Membership requirements. You need to join the credit union to take out a loan. Members of the military and employees of qualifying organizations will be eligible, but if you don't qualify, you can join by opening a savings account with a $5 minimum deposit. Happy MoneyFees Origination fee between 0% and 5% Regular Annual Percentage Rate (APR) 7.99% - 24.99% APR Fees Origination fee between 0% and 5% Regular Annual Percentage Rate (APR) 7.99% - 24.99% APR On Happy Money®'s website Payoff Loan™On Happy Money®'s website DetailsRegular Annual Percentage Rate (APR) 7.99% - 24.99% APR Fees Origination fee between 0% and 5% Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive interest rates Check mark iconA check mark. It indicates a confirmation of your intended interaction. No prepayment or late fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. Low minimum credit score requirement Dash iconA dash. It often indicates an interaction to shrink a section. Origination fees Dash iconA dash. It often indicates an interaction to shrink a section. Slow access to funds Dash iconA dash. It often indicates an interaction to shrink a section. Limited loan purpose Dash iconA dash. It often indicates an interaction to shrink a section. Not available in all states HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
What stands out: Solid minimum APR. Happy Money's lowest APR of 5.99% is one of the better rates on our list, though you'll only qualify for that rate with a great credit score. What to watch out for: Limited loan purpose. Happy Money personal loans are designed to help borrowers eliminate high-interest credit card debt. If you're looking to get a personal loan for another purpose, you should choose a different lender. Credit score requirementsEach lender sets its own credit score requirements to qualify for a loan, though you'll likely get a lower rate with a higher score. For our top picks, we've chosen lenders that either list low minimum credit scores or have unspecified minimums but are known to accept borrowers with poor credit. Credit unions usually don't publicize their minimum credit score requirements, but we've picked them because they're known to be accessible to borrowers with fair credit. You can find your credit report for free on annualcreditreport.com from any of the three major credit bureaus weekly through the end of 2022. While this report won't give you your credit score, it will show you information about your credit and payment history, which lenders use to decide whether to give you a loan. Reviewing your credit report can help you know what you need to improve. You can find your score at no cost on your credit card statement or online account. You can also pay for it from a credit reporting agency. Credit scores range from 300 to 850. Here's how scores break down, according to FICO:
When you look at your rates with many companies, it won't affect your credit score because most lenders will generate a soft credit inquiry when displaying personalized rates. However, if you accept a loan, lenders will likely perform a hard credit inquiry, which may negatively impact your credit score. A hard inquiry gives a lender a full look at your credit history. If you don't qualify for a loan with the lender you prefer or are being offered a higher APR than you can afford, here are some tips you might think about to improve your credit score:
Other personal loans we considered
Which lender is the most trustworthy?To help you decide on a lender, we've compared each institution's Better Business Bureau score. The BBB measures businesses based on factors like their responsiveness to customer complaints, honesty in advertising, and transparency about business practices. Here is each company's score: All of our top picks are rated A- or higher by the BBB, with the exception of Navy Federal. Navy Federal is not rated because the credit union is in the process of responding to formerly closed complaints. Previously, the business had an A+ rating from the BBB. There is one recent controversy related to Navy Federal. A Navy Federal employee alleged that the lender pressured mortgage underwriters to approve loans even without proper reason to believe applicants could pay back the loans. She then filed a lawsuit and said Navy Federal retaliated against her whistleblowing by changing her job duties. She dropped the case in late 2020. If Navy Federal's history bothers you, you may feel more comfortable with another lender on our list. Keep in mind that a high BBB score does not guarantee a positive relationship with a lender, and that you should continue to do research and talk to others who have used the company to get the most comprehensive information possible. How did we pick the best fair credit personal loans?Personal Finance Insider's mission is to help smart people make the best decisions they can with their money. With that in mind, we looked at several personal loan lenders closely. We evaluated multiple factors to determine the best personal loan lenders for people with fair credit, including:
How do I choose the best fair credit personal loan for me?To get the best fair credit personal loan, think about what means the most to you. Many borrowers focus on the lowest interest rate, but also think about any fees, the minimum credit score needed, and the accessibility of the lender's customer service. You'll also want to make sure you're able to select a term length that works for you and that the lender you pick allows your reason for your loan. You'll want to understand if you qualify for a loan or if you may need to add a cosigner to boost your chances of being eligible. Guides like this one will help you weigh multiple lenders to compare their pros and cons. Make sure to also read individual reviews of any lenders you're considering. Frequently asked questionsYes, many lenders offer personal loans for borrowers with fair credit scores. All of the lenders on our list have options for borrowers with credit scores on the lower end of the spectrum. Improving your credit score will likely get you more favorable loan terms. There might be cheaper avenues available if you aren't comfortable taking out a personal loan:
You're able to use a personal loan for many purposes, though the list changes depending on the lender. Some common options include:
Every reason available isn't listed here, and you should reach out to your individual lender to ask about what choices it offers. This depends on how much you want to borrow, what APR you get from your lender, and how long you take to pay off the loan. The higher the loan amount and APR, the more expensive a loan will be. With a longer term length, you will split up your payments over an extended period so you'll make smaller monthly payments, but it will cost you more total interest. Depending on the lender, you may be able to get your money as soon as the same day you apply. Often a lender will send the money relatively quickly after the application is approved, but there is usually no guarantee on the speed of the approval process.
Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >> Read more Read less Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards. Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available. **Enrollment required. Related articlesLoadingSomething is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. More... Can you get a loan with fair credit?Applicants with fair credit scores — generally from 630 to 689 — may have a harder time qualifying for a loan than those with good or excellent credit. But it's still possible. Many lenders consider additional factors on an application, such as education, whether you rent or own your home, income and outstanding debts.
What credit score do you need to take out a small loan?Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 690.
How big of a loan can I get with a 580 credit score?You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Can I get a loan with a 500 credit score?Lenders can consider giving a personal loan to a borrower with a 500 credit score. However, most lenders have preset requirements that help determine who can qualify for a loan. If you have a 500 credit score and need a personal loan, you should identify subprime lenders.
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How to get a small personal loan with fair credit
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