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Best Personal Loans for Fair Credit

Your credit score matters when applying for financing. As a result, it’s much more difficult to get a personal loan with a fair credit score than with better credit. According to MyFICO, a fair credit score is one that ranges between 580 and 669.

Best Personal Loans for Fair Credit
Tara Mastroeni
Written by:Tara Mastroeni
Real Estate and Personal Finance Expert

If you have a fair credit score, you're going to want to consider applying for a fair credit personal loan. Doing so will vastly increase your chances of being approved. Still, you don’t just want to apply for any fair credit personal loan either. You'll want to consider a variety of factors. In light of that, our team of financial experts reviewed and ranked more than 30 online lenders in order to help you get funded.

Our Top Picks for Best Personal Loans for Fair Credit

rocketloans_logo
  • Same-day loan approval
  • Competitive interest rates
  • Credit scores as low as 640 accepted
Min. Credit Score
Min. Credit Score 640+
Loan Amounts
Loan Amount $2K-$45K
Est. APR
Loan Repayment 36-60 months
 upgrade_logo
  • Funding as soon as the next day
  • Can be approved with fair credit
  • Variety of discounts on rates
Min. Credit Score
Min. Credit Score Not disclosed
Loan Amounts
Loan Amount $1K-$50K
Est. APR
Loan Repayment 24 to 84 months
figure-review-logo
  • Autopay discount of 0.25%
  • Prequalify without hurting your credit score
  • Large loan amounts available
Min. Credit Score
Min. Credit Score 600+
Loan Amounts
Loan Amount Up to $50K
Est. APR
Loan Repayment 3-5 years

How to Choose the Best Personal Loan for Fair Credit?

Choosing the best personal loan for fair credit means looking at everything applicable that each lender has to offer. With that in mind, our experts looked at a variety of parameters as they were ranking their selections.

To give you a better idea of what to expect from the selection process, we've taken a closer look at those parameters below. Read them over carefully so that you have a better idea of how the selection process worked from start to finish.

  • Loan Features: To start, our experts looked at features like loan terms, loan amounts, and loan use limitations.
  • Interest rates and fees: Then, they also considered the different types of fees charged by the lenders and their minimum/maximum interest rates.
  • Application process: Next, they looked at the invasiveness of the application information requirements, whether the lender performs a hard-pull or soft-pull on your credit, and overall funding time.
  • Qualification process: The experts also considered qualification requirements, including minimum credit score, income requirements, co-signer or joint application optionality, and membership requirements.
  • Customer support: Additionally, they look at the level of accessibility to a live CSR representative, the degree of multi-channel support, and the availability of supplemental information and tools.
  • Online user reviews: They also read reviews on independent review sites like Trustpilot.
  • Perks and Bonuses: Finally, they considered specified service offerings like payment flexibility, advertising transparency, and advanced technology.

Best Personal Loans for Fair Credit in 2022 - Full Overview

1.Rocket Loans - Best for same-day funding

After conducting our research, Rocket Loans claimed the top spot on our list. In particular, they earned a perfect score for available perks, such as their auto-pay functionality and companion discount. In addition, the company also earned high marks for their robust customer service offerings and complimentary user reviews.
Pros
Same-day funding available
Offers autopay discount
Competitive interest rates
Cons
Charges origination and late fees
Not available in all states
No option for joint borrowers or co-signers


By accepting credit scores as low as 640, Rocket Loans has positioned themselves as a solid lender for those with fair credit. While there are only a few loan terms to choose from, their loan amounts are fairly high and their interest rates are pretty competitive, especially if you opt for the autopay discount.

Rocket Loans Features Table

Est. APR Min. credit score Loan Amount Loan term
5.97% - 29.99%
640 $2,000 - $45,000 36 or 60 months

The Bottom Line

If you need access to money right away, Rocket Loans’s same-day funding capability makes them a solid option. While you will have to pay a fee for the privilege of borrowing, overall, their rates are fairly affordable and they offer the opportunity for discounts. In addition, they're transparent about their funding requirements, which makes it easy to tell if you are a good candidate.

2. Upgrade - Best for longer loan terms

If you need to get a loan with a 600 credit score, you may want to consider getting financing from Upgrade. In our expert review, Upgrade received perfect scores for qualification leniency and ease of qualification process. Additionally, their customer service and user reviews also received high marks.
Pros
Low borrowing minimum
Flexible loan terms
Available mobile app
Cons
Charges an origination fee
High maximum APR
No deferment option


For the most part, borrowing from Upgrade comes with a lot of flexibility. They have both a low borrowing minimum and a high maximum. Plus, they offer the opportunity to choose a longer loan term than most of their competitors, up to 84 months.

Upgrade Features Table

Est. APR Min. credit score
Loan Amount Loan term
5.94% - 35.97% Undisclosed $1,000 - $50,000 24 to 84 months

The Bottom Line

Upgrade’s lenient qualification process and flexible loan terms secured them the second spot on our list of best personal loans for fair credit. Still, if you think you may need a deferment option in the future, it may be worth looking into other options.

3.Figure - Best for restriction-free loans

With perfect scores for qualification leniency, customer support, and perks, Figure came in at the third spot on the list. However, beyond that, it’s position was cemented when it received close-to-perfect marks for its strong user reviews and easy, online application process.
Pros
Autopay discount available
Few restrictions on use
Next-day funding
Cons
Not available in all 50 states
No option for joint borrowers or cosigners
Charges an origination fee


In most instances, Figure falls right in line with its competitors. However, the thing that sets them apart is their minimum credit score requirements. They advertise that they'll accept credit scores as low as 600. That said, they also make a point of clarifying that scores of 680 and above are preferred.

Figure Features Table

Est. APR Min. credit score Loan Amount Loan term
5.75% - 31.44%
600 $5,000 - $50,000 36 or 60 months

The Bottom Line

While many lenders put restrictions around how their funds can be used, Figure does not. As long as you don't plan to use the funds for anything illegal, you're good to go. You can even use it to fund your education. With that in mind, if you have to finance a non-traditional expense, Figure may be your best bet.

4.AmOne - Best for getting quotes from multiple lenders

In our fourth spot is AmOne, a lending marketplace that can help you collect quotes from a variety of lenders. In particular, AmOne also received top scores in our qualification leniency and customer support categories. However, those ratings were supplemented by the fact that the company receives mostly positive user reviews.
Pros
Using AmOne doesn’t impact credit
Financial search specialists are available
Quotes provided in minutes
Cons
Not a direct lender
Website lacks transparency
Rates and fees vary by lender


Since AmOne is not a direct lender, it’s difficult to nail down specifics about their borrowing criteria. In this case, eligibility requirements and applicable rates and fees will vary by lender. However, AmOne can help match you with a lender that is the best fit for your financial profile.

AmOne Features Table

Est. APR Min. credit score Loan Amount Loan term
4.37% - 35.99%
550 $1,000 - $50,000 12 to 72 months

The Bottom Line

If you’re not sure which lender is right for you, AmOne might be a good place to start your search. Their streamlined application process and dedicated support specialists make it easy to get quotes from lenders who may make a good match. Just bear in mind that you’ll have to go through the application process again once you decide who to pick.

Try AmOne

5.Universal Credit - Best for mobile app users

Overall, Universal Credit received perfect scores from our experts for their qualification leniency, customer support, and perks. Plus, near-perfect scores for its user reviews. However, their “Interest Rates and Fees” score is the main reason why they aren’t higher up on this list.
Pros
Next-day funding
Free credit monitoring available
Mobile app available
Cons
High minimum APR
Charges an origination fee
No option for secured loans or a co-signer

Universal Credit
Unfortunately, Universal Credit chooses not to disclose its eligibility requirements, which can make it hard to know for sure if you qualify for a loan with them. If you do, you’ll have access to a high borrowing maximum, but you may pay more for the privilege. Their minimum APR is significantly higher than some of their competitors.

Universal Credit Features Table

Est. APR Min. credit score
Loan Amount Loan term
8..93% - 35.93%
Undisclosed $1,000 - $50,000 36 or 60 months

The Bottom Line

Universal Credit is a solid option for a lender. As far as loan amount and loan term are concerned, they’re right on par with their competitors. Plus, they offer perks like free credit monitoring and a mobile app. Still, if keeping your interest payments as low as possible is a priority, you may want to consider another lender.

6.Netcredit - Best for borrowers with bad credit

In NetCredit’s case, their qualification leniency, ease of application process, customer support, and perks all contributed to the company earning the sixth spot on our list. For those who may have a hard time qualifying elsewhere, this lender is an excellent choice. Unfortunately, high fees and fewer loan features mean that it may not be the right fit for everyone.
Pros
Same- or next-day funding
No origination fee
No minimum credit score requirement
Cons
Extremely high APR range
Low borrowing maximum
No option to add a cosigner

netcredit
NetCredit’s standout feature is that it does not have a minimum credit score requirement. Instead, the company uses alternative data to inform its lending decisions. As a result, you will need to have a verifiable source of employment in order to be approved. Those who qualify can borrow up to $10,000.

Netcredit Features Table

Est. APR Min. credit score Loan Amount Loan term
19.5% - 155%
None Up to $10,000 06 to 60 months

The Bottom Line

If you’re worried about being approved elsewhere, NetCredit may be a great choice. Their choice to use alternative data to inform their lending decisions makes them a good option for those who won't qualify with traditional lenders. However, in exchange for the qualification leniency, you will likely end up paying more for the loan, especially if your credit score is on the lower end of the fair range.

7.SoFi - Best for high borrowing limits

In our review, SoFi, was given perfect scores for their customer service and bonus perks. In addition, they earned high marks for their qualification leniency and competitive interest rates and fees. Unfortunately, the company was a little weak when it came time to measure satisfaction through user reviews.
Pros
No fees
Autopay discount available
Mobile app available
Cons
Not available in all states
Longer approval and funding times
May have higher minimum credit score requirement


SoFi chooses not to disclose all of their eligibility criteria on their website, third-party sources maintain that their minimum credit score requirements are on the high end. Some sources report a score requirement as high as 680, which may be difficult for some borrowers to achieve.

SoFi Features Table

Est. APR Min. credit score
Loan Amount Loan term
6.99% - 21.78%
Undisclosed $5,000 - $100,000 24 to 84 months

The Bottom Line

While SoFi may not be a good lender for every borrower, Those who qualify can access some serious perks. For one, the company has a variety of educational content available, as well as perks like career coaching. For another, the borrowing limits are significantly higher. With a decent credit score, you can borrow up to $100,000.

Try SoFi

8.Oportun loans - Best for secured personal loans

During the review, Oportun Loans received their highest scores for their easy application process, above-par customer service, and bonus features. Regretably, their user reviews and interest rates and fees did not stack up to their competitors, which is why they did not earn a higher spot on the list.
Pros
Secured loan options available
Option for direct deposit
Has physical branches
Cons
Higher APR range
Low borrowing limit
Loan options vary by state