1. Rocket Loans

Rocket Loans

If you are looking for a loan with quick same-day funding, look no more! Rocket Loans is a great online lender known for its quick turnaround and affordable interest rates. Accepting applicants with FICO scores as low as 640, the lender is a great option for fair credit borrowers.

Same-day funding
Competitive interest rates
Autopay discount
Late and origination fees
No option for joint borrowers or co-signers
Not available in all states

Rocket Loans Features

  • Minimum credit score: 640
  • APR: 5.97% to 29.99%
  • Loan term: 36 to 60 months
  • Loan amount: $2,000 to $45,000
Try Rocket Loans

2. Upgrade


If you are looking for a longer-term loan, consider applying for funding with Upgrade. The lender’s lenient qualification process, low borrowing limits, and flexible terms make it an excellent choice for applicants within the fair credit range. Plus, Upgrade offers a convenient mobile up and high-quality customer support.

Flexible loan terms
Low borrowing minimum
Available mobile app
High maximum APR
Origination fees
No deferment option

Upgrade Features

  • Minimum credit score: undisclosed
  • APR: 5.94% to 35.97%
  • Loan term: 24 to 84 months
  • Loan amount: $1,000 to $50,000
Try Upgrade

3. AmOne


AmOne is not a direct lender; instead, it is a lending marketplace that can connect you to a variety of lenders to help you find the best deal. Of course, the exact eligibility criteria and applicable rates will vary from lender to lender. However, quick quotes and the variety of options to choose from will surely help you find the best financial product for your needs.

Quotes provided in minutes
No hard credit pull
Support of financial search specialists
Not a direct lender
Rates and fees vary by lender
Website lacks transparency

AmOne Features

  • Minimum credit score: 550
  • APR: 5.37% to 35.99%
  • Loan term: 12 to 72 months
  • Loan amount: $1,000 to $50,000
Try AmOne

4. Universal Credit

Universal Credit

Universal Credit is another solid option for a fair credit loan. While the interest rates are on the high side, the lender is right on par with the competitors in terms of loan amounts and term length. In addition, you can enjoy some nice perks like a mobile app and free credit monitoring.

Next-day funding
Mobile app available
Free credit monitoring available
Origination fees
High minimum APR
No options for a co-signer or secure loans

Universal Credit Features

  • Minimum credit score: undisclosed
  • APR: 8.93% to 35.93%
  • Loan term: 36 to 60 months
  • Loan amount: $1,000 to $50,000

Strategies for Improving Fair Credit Score 

Being late on credit card payments, reaching credit limit, or declaring bankruptcy are only some of the factors that can negatively affect a person’s credit score. If your credit falls within the “fair” range, there are a few steps you can take to give it a boost:

  • Don’t go over your limit. To increase your credit score, it is essential to keep your credit balances low at all times. Aim to use no more than 30% of available credit each month.
  • Make payments on time. Making payments on time is a must to maintain good credit. If you can’t make a minimum payment on schedule, reach out to the lender immediately to discuss your options.
  • Don’t close credit accounts. If you have a credit account you no longer use, don’t rush to close it. Longer credit history often means a higher credit score.
  • Use different types of credit. Aim to have a mix of different types of credit accounts, such as a car loan, a line of credit, and a credit card.
  • Limit the number of credit checks. Don’t overdo it with frequent credit checks and applications, as this can quickly damage your credit score. If you do need to apply for credit, try to receive all your quotes from lenders within a two-week period, so that all the inquiries are treated as a single one.


Alternative Options for Personal Loans with Fair Credit

Alternative Options for Personal Loans with Fair Credit

Taking out a secured or unsecured personal loan for fair credit is not the only way to obtain the necessary funding. It is worth keeping the following alternative options in mind:

  • Credit cards. Using a credit card responsibly can not only be a great alternative to a personal loan, but it can help you to improve your credit score over time.
  • Cash advance. With cash advance, you can instantly withdraw cash from your credit card account. This option is a convenient way to get cash quickly, but it often comes with higher interest rates as compared to credit card purchases.
  • Balance transfer. With a balance transfer, you can move your debt to a different credit card. It is an excellent way to combine several loans at a better interest rate.
  • Peer-to-peer (P2P) lending. With P2P lending, you can borrow directly from the lenders, avoiding the use of intermediaries like banks or credit unions.


“Using a credit card responsibly can not only be a great alternative to a personal loan, but it can help you to improve your credit score over time.”


Final Word

There is no specific minimum credit score required to be able to get a personal loan, - there are all types of loans for all sorts of applicants out there! Having a fair credit score simply means that you need to devote extra time to doing research and finding the best deal available on the market.

Wondering how to get a loan with fair credit? A good place to start is to turn to online lenders, which often offer lenient qualification criteria, quick application processes, and quick fund disbursement. Your loan might come with high interest rates, but remember to pay your debt on time and continue to build up your credit to ensure more favorable loan terms in the future.

Frequently Asked Questions(FAQ)

Can you get a personal loan with fair credit?

Yes, you can get a personal loan with fair credit from a variety of alternative lenders available online. Some lenders even offer fair credit loans with guaranteed approval.

How much of a loan can you get with a 580 credit score?

The credit score of 580 falls within the “fair” range. This means that you can apply for fair credit loans, with amounts typically ranging from $1,000 to $50,000.

What credit score is needed for a $10,000 loan?

The minimum credit score needed to receive a $10,000 loan will vary depending on the lender and the type of loan you are applying for. Many online lenders accept fair credit applicants for such loans.

How do you compare the best personal loans for fair credit?

When comparing the best personal loans for fair credit, make sure to evaluate all the loan and application features carefully. This includes loan rates and terms, minimum and maximum loan amounts, the application process and qualification requirements, as well as the lender’s reputation online.

About the Authors

Tetiana Sitiugina-Babiuk

Written by: Tetiana Sitiugina-Babiuk

Financial Sector Specialist and Content Strategist

Independent writer, content strategist, and financial sector specialist. Tatiana has an extensive experience in working with financial institutions such as Bank of Canada and Risk Management unit at FinDev Canada. She holds an MA in Financial Risk Management from the University of Toronto.

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