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.
Updated on
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.
Written by:Tara Mastroeni
Our Top Picks for Best Personal Loans for Fair Credit
- Same-day loan approval
- Competitive interest rates
- Credit scores as low as 640 accepted
- Funding as soon as the next day
- Can be approved with fair credit
- Variety of discounts on rates
- Autopay discount of 0.25%
- Prequalify without hurting your credit score
- Large loan amounts available
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
Pros
Cons
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.
Try Rocket LoansRead more in the full Rocket Loans review.
2. Upgrade - Best for longer loan terms
Pros
Cons
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.
Try UpgradeRead more in the full Upgrade review.
3.Figure - Best for restriction-free loans
Pros
Cons
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.
Try FigureRead more in the full Figure review.
4.AmOne - Best for getting quotes from multiple lenders
Pros
Cons
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 AmOneRead more in the full AmOne review.
5.Universal Credit - Best for mobile app users
Pros
Cons
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.
Try Universal CreditRead more in the full Universal Credit review.
6.Netcredit - Best for borrowers with bad credit
Pros
Cons
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.
Try NetcreditRead more in the full Netcredit review.
7.SoFi - Best for high borrowing limits
Pros
Cons
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 Read more in the full SoFi review.