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Best Personal Loans For Fair Credit: 600+ Credit Score
There are some people in this world who relentlessly obsess over their credit scores. They check their online credit reports at least once a week and do everything in their power to ensure their score climbs ever higher. Then there’s the rest of us who realize that there’s more to life than three intangible digits. Sure, it’s important to be financially responsible, but it’s not the end of the world if a bill slips your mind from time to time.
If you’ve done a decent job being a responsible borrower, yet you’re not exactly the most financially fixated person you know, odds are you’ve at least established a fair credit score and can qualify for loans relatively effortlessly. But what kind of numbers are lenders looking for, and what are the best personal loans for fair credit applicants? Let’s take a closer look.
What Is a Fair Credit Score - 600, 650?
Credit scores range between 350 and 850 with the average American’s score falling somewhere around 650. Generally speaking, individuals with credit scores of 690 and above are considered to have good credit, while those with scores below 630 are largely deemed to have bad credit. Everyone in the middle, with scores between 630 and 690, has fair credit, and folks in this category have a lot of options when it comes to getting a personal loan with an average credit score.
Personal Loans for Fair or Average Credit - 600+
If you’re in the market for a cash infusion, here are three leading lenders that offer personal loans for average credit applicants.
- APR range: 6.95-35.99%
- Available loan terms: 36 to 60 months
- Loan amounts: up to $35,000
- Time to fund: One to three business days after approval
- Origination fee: Ranges from 2.4% to 5% of the initial loan amount
- Credit needed: 640+
Click to apply with Prosper
- APR range: 6.94-35.97%
- Available loan terms: 36 to 60 months
- Loan amounts: up to $35,000
- Time to fund: N/A
- Origination fee: 2.9% - 8%
- Credit needed: 620+
Click to apply with Upgrade
- APR range: 15.49-34.99%
- Available loan terms: 24 to 48 months
- Loan amounts: up to $25,000
- Time to fund: N/A
- Origination fee: 5% of loan amount
- Credit needed: 600+
Click to apply with LendingPoint
» MORE: Read our side-by-side Comparison of Upgrade vs Prosper
Prosper: Founded in 2005 as the United States’ first peer-to-peer lending marketplace, Prosper has since helped more than 840,000 people secure more than $13 billion in personal loans.  Prosper matches borrowers with lenders to facilitate fixed-rate loans ranging from $2,000 to $40,000 fixed-rate. The lender does charge origination fees that vary between 2.41%-5%, and their interest rates start as low as 6.95% but can balloon up to 35.99% for high-risk borrowers.
Upgrade: Headquartered in San Francisco and founded in 2016, Upgrade helps borrowers with greater needs by offering loans in amounts from $1,000 to all the way up to $35,000. Interest rates on Upgrade loans range from 7.99% to 35.97%, and all loans require origination fees that can be as low as 2.9% or as great as 8%. There are no pre-payment fees with Upgrade, however, and approve borrowers can receive funds in as quickly as one business day.
LendingPoint: Based in Atlanta, LendingPoint distinguishes itself from other institutions in this space by specializing in making fair credit score loans a reality for people who’ve neglected their finances in the past. LendingPoint positions itself as an advocate for borrowers with flawed credit reports and issues loans ranging from $2,000 to $25,000. APRs with LendingPoint range from 15.49% to 35.99%, and while some applicants may qualify for a 0% origination fee, others could pay up to 6%.
Personal Loans for Debt Consolidation
While many borrowers may seek loans that allow them to make large purchases, other applicants are more interested in paying for things they already own. If you’ve run up your credit cards in the past and are now looking for an easy — and affordable — way to pay down your debt, a consolidation loan could be just what you’re looking for.
Here are two lenders that specialize in providing such loans.
- APR range: 9.95-35.99%
- Available loan terms: 36 to 60 months
- Loan amounts: up to $35,000
- Time to fund: N/A
- Origination fee: up to 4.75%
- Credit needed: 580+
Click to apply with Avant
» MORE: Personal Loans For Debt Consolidation
Avant: Offering unsecured loans for fair credit — and even poor credit — Avant is an excellent choice for people with credit scores as low as 580. And applicants who earn upward of $40,000 per year will pay a lower APR than they’d get otherwise. Avant loans come with interest rates spanning from 9.95% to 35.99% for loan amounts up to $35,000.
FreedomPlus: Though this lender typically approves applicants with scores above 700, it’s certainly not unheard of from them to grant a loan to individuals with ratings around 640. FreedomPlus offers interest rates ranging from 4.99% 29.99% for loans in amounts from $10,000 to $35,000. In many cases, funds can arrive in as quickly as two days, and origination fees vary from 0% to 5% of the loan amount. FreedomPlus is also one of the few lenders that accepts cosigners.
Personal Loans For Thin Credit
Perhaps you’re the type of person whose credit history isn’t necessarily good, fair, or bad — but it’s more a matter of it being nonexistent. If you’ve largely relied on cash until now, or if you just moved to the U.S. from a foreign country, you might be best off with a lender that offers loans for individuals who don’t have much credit experience. Here’s a look at one of our top picks:
Upstart: Instead of solely considering an applicant’s credit history, Upstart weighs other factors including education, work history, and the likelihood of on-time payment. Upstart is among the best options for college-age students with sparse credit history, and the lender offers loans for up to $50,000 with rates ranging from 7.43% to 29.99%.
Can I get a personal loan with a fair credit score?
To qualify for a personal loan, you’ll need to meet the lender’s requirements, which can vary, but usually include credit score. Requirements can also include income, debt-to-income, and so forth. The lender wants to evaluate the risk of the loan and the likelihood that the borrower will be able to repay.Â
Personal loans are typically unsecured loans, meaning they are not backed by collateral. Instead, they are based on the creditworthiness of the applicant(s). Offers can be returned for applicants with a fair credit score, but not all lenders will be willing to work with fair credit scores. Finding the right lender is key to finding a loan offer that works.
Remember, there are three main credit bureaus, each with its own credit score rankings and calculations. If you know which credit bureau the prospective lender uses, you may want to request a copy of your credit score from the credit bureau. By doing so, you can learn what your score is and possibly identify ways to improve it.Â
The three main credit bureaus are:Â
- Equifax
- Experian
- TransUnion
What is the best loan company for fair credit?
Lenders can establish requirements, including credit score. However, it’s not as simple as if you meet the credit score requirement you can qualify for any loan with that lender. When lenders evaluate applications, they may focus more on certain requirements, such as credit score or income, but they generally use several factors. They aim to evaluate the risk involved in the loan decision for them.Â
For example, if an applicant has fair credit and it appears the monthly payment is more than they can realistically afford – this may be a red flag. As an applicant, request loans that are within the scope of what you can handle.Â
Some lenders have lower credit score requirements, but it can be time-consuming to seek out lenders to apply with. At PrimeRates, we’ve done the research for you. Our lending partners are fully vetted and ready to extend loan offers to those in need. Leverage our user-friendly platform to find the best lender or loan company based on your needs. Find the right offer in minutes with no impact on your credit score at PrimeRates.
Can you get a loan with a fair credit rating?
A fair FICO score usually falls between 580 and 669, which may be good enough to return a loan offer, but it depends on more than just FICO or credit score. Other requirements, such as income or debt-to-income, can be considered, too. When there is more risk for a lender, they may be conservative with offers. The best way to determine if you qualify for a personal loan with fair credit is to check offers. At PrimeRates, you can shop and compare loan offers in minutes. With access to various lenders, you can increase the chance of finding a lender willing to work with you while saving time.
What loan can I get with a 600 credit score?
While credit score can play a role in loan offers and approvals, there are a lot of other factors that are situationally dependent. For example, the loan amount requested, the income of the applicant, the support of a co-signer, and so forth are all factors that can impact loan offers. To find out if you qualify for a personal loan, compare offers at PrimeRates with no credit score impact.Â
Can I get a 20000 loan with fair credit?
A $20,000 loan can come in different forms, such as a secured loan like an auto loan or an unsecured loan like a personal loan. With a secured loan, the lender receives security from the collateral backing the loan. For example, with an auto loan, the financed vehicle is the collateral. If you default on the loan, the lender can seize the vehicle and resell it to recoup their money. With an unsecured loan, the lender is at a larger loss if the borrower defaults. Therefore, if you have fair credit, qualifying for $20,000 might be possible, but you’ll need to find the right lender and type of loan.Â
What FICO score is considered fair credit?
FICO scores fall under the following categories:
-
- Poor (300-579)
- Fair (580-669)
- Good (670-739)
- Very good (740-799)
- Excellent (800-850)
If you have a fair credit score, you are considered to be a subprime borrower. This means your credit standing is less than what is normally desired by lenders, which can make it harder to qualify for a loan. However, some lenders specialize in subprime loans for subprime borrowers. Before applying for a loan, you may want to check with the lender to find out what their minimum credit score requirement is or specifically search for subprime lenders. Alternatively, checking loan offers through a platform such as PrimeRates, which allows you to access offers from multiple lenders, can help you find a lender while saving time.Â
If you have fair credit, it may be a useful investment of time to boost your credit score before applying for a loan.
What is the lowest credit score to borrow?
Credit score requirements can vary by lender. With a score below or within the fair range, you may need a co-applicant to boost your chance of approval. Applicants are encouraged to boost their credit score before applying for a loan to increase their chance of receiving an offer(s).Â
Why can't I get a personal loan with fair credit?
Credit score can hinder your ability to get a personal loan. If you have fair credit and are struggling to find a loan offer – there are a few reasons why this might be happening.Â
First, your income might be too low. If you request a loan and the payment appears to be larger than your disposable income, this can cause concern for the lender.Â
Second, you might have too much debt. Most lenders consider the debt-to-income ratio, which measures your monthly payments divided by your gross monthly income. If you are holding too much debt, you might not meet the debt-to-income ratio.Â
Third, it could indeed be your credit score.Â
Lastly, it could be a mix of a few different factors. To increase your chance of approval, review your credit report and take action to boost your credit score.Â
What are the easiest loans to get approved for?
The easiest loan to get approved for can depend on your needs, such as the amount you need to borrow. Loans that are not secured by collateral can be easier to get since there are fewer hoops to jump through. However, without collateral, the lender will base the offer on your creditworthiness. Assess your needs and financial situation to determine the best loan option. Checking real offers can help aid in making the right decision. At PrimeRates, you can compare offers with no credit score impact from a network of top online lenders. Let us help you streamline the process of finding the right loan offer.Â
Even if you don’t have incredible credit, you can still get a decent loan without paying an arm and a leg. Your best bet, though, is to continue building better credit to get the lowest rates. Maintaining a good credit score doesn’t have to become an obsession, but there’s nothing wrong with it being a healthy habit.