Jump to

  1. Main content
  2. Search
  3. Account
Back to Top A white circle with a black border surrounding a chevron pointing up. It indicates 'click here to go back to the top of the page.'

Best Personal Loans for Fair Credit of September 2023

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.

A personal loan can be a good way to get quick cash for expenses like home improvement projects, moving costs, or a vacation. You'll pay it off in monthly installments, and your interest rate will be fixed for the life of the loan. Your credit score is a primary factor in determining the interest rate for your loan. There are plenty of lenders offering personal loans for fair credit. 

Best Personal Loans for Fair Credit

Next Step: See if you're prequalified for a loan without impacting your credit score.

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 offer personal loans for fair credit.

Compare the Best Personal Loans for Fair Credit

PenFed Credit Union Personal Loan
4.5/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
PenFed Credit Union Personal Loan
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%
Loan Amount Range
$600 to $50,000
Minimum Credit Score
580
Get matched with personal loan offers
PenFed Credit Union Personal Loan
Insider’s Take
Details
Regular Annual Percentage Rate (APR)
7.74% to 17.99%
Loan Amount Range
$600 to $50,000
Minimum Credit Score
580
Editor's Rating
4.5/5
Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional Reading Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Upgrade Personal Loan
4/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Upgrade Personal Loan
4/5
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)
8.49% to 35.99%
Loan Amount Range
$1,000 to $50,000
Minimum Credit Score
580
Get matched with personal loan offers
Upgrade Personal Loan
Insider’s Take
Details
Regular Annual Percentage Rate (APR)
8.49% to 35.99%
Loan Amount Range
$1,000 to $50,000
Minimum Credit Score
580
Editor's Rating
4/5
Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional Reading Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Avant Personal Loan
3.75/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Avant Personal Loan
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 35.99%
Loan Amount Range
$2,000 to $35,000
Minimum Credit Score
600
Get matched with personal loan offers
Avant Personal Loan
Insider’s Take
Details
Regular Annual Percentage Rate (APR)
9.95% to 35.99%
Loan Amount Range
$2,000 to $35,000
Minimum Credit Score
600
Editor's Rating
3.75/5
Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional Reading Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Navy Federal Credit Union Personal Loan
3.75/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Navy Federal Credit Union Personal Loan
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%
Loan Amount Range
$250 to $50,000
Compare rates from participating lenders via Fiona.
Navy Federal Credit Union Personal Loan
Details
Regular Annual Percentage Rate (APR)
7.49% to 18.00%
Loan Amount Range
$250 to $50,000
Editor's Rating
3.75/5
Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional Reading Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
LendingClub Personal Loan
3.25/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
LendingClub Personal Loan
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)
9.57% to 36.00%
Loan Amount Range
$1,000 to $40,000
Minimum Credit Score
600
Get matched with personal loan offers
LendingClub Personal Loan
Insider’s Take
Details
Regular Annual Percentage Rate (APR)
9.57% to 36.00%
Loan Amount Range
$1,000 to $40,000
Minimum Credit Score
600
Editor's Rating
3.25/5
Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional Reading Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Upstart Personal Loan
3.25/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Upstart Personal Loan
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)
4.60% to 35.99%
Loan Amount Range
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Minimum Credit Score
300
Get matched with personal loan offers
Upstart Personal Loan
Insider’s Take
Details
Regular Annual Percentage Rate (APR)
4.60% to 35.99%
Loan Amount Range
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Minimum Credit Score
300
Editor's Rating
3.25/5
Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional Reading Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Best Egg Personal Loan
3/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
Best Egg Personal Loan
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)
8.99% to 35.99%
Loan Amount Range
$2,000 to $50,000
Minimum Credit Score
640
Compare rates from participating lenders via Fiona.
Best Egg Personal Loan
Details
Regular Annual Percentage Rate (APR)
8.99% to 35.99%
Loan Amount Range
$2,000 to $50,000
Minimum Credit Score
640
Editor's Rating
3/5
Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional Reading Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

See our picks for the best debt consolidation loans »

Fair Credit Personal Loan Frequently Asked Questions

How can I get a personal loan with fair credit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Your credit score determines what loans you can get. To get a personal loan with fair credit (generally defined as a credit score between 630 to 689, you'll have to fill out an application and see if you qualify. If you don't, take steps to improve your credit score or add a cosigner. 

Can I get a personal loan with a fair credit score? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Yes, many lenders offer personal loans for fair credit. All of the lenders on our list have options for borrowers with credit scores on the lower end of the scale. Improving your credit score will likely get you more favorable loan terms. 

Can I get a $5,000 loan with fair credit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

While qualifications will differ among lenders, it is possible to get a $5,000 loan with fair credit. Remember, though, that the lower your credit score, the higher you're interest rate will be on a personal loan for fair credit.

What are alternatives to personal loans for fair credit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

There might be cheaper avenues available if you aren't comfortable taking out a personal loan, including asking friends or family, getting a paycheck advance, or applying for a credit card.

Best Fair Credit Personal Loan Company Reviews

PenFed Credit Union Personal Loans

PenFed allows you to 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.

PenFed Credit Union Personal Loan Review

Upgrade Personal Loans

Upgrade's has some of the smallest loan amounts available among the lenders on the list. You can borrow as little as $1,000. 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.

Upgrade Personal Loan Review

Avant Personal Loans

Avant offers quick access to personal loan funds. If your loan is approved 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 up to 4.75% in administration fees with an undisclosed late fee and returned payment fee.

Avant Personal Loan Review

Navy Federal Credit Union Personal Loans

Navy Federal has 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: 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.

Navy Federal Credit Union Personal Loan Review

LendingClub Personal Loans

Lending club accepts loan applications with co-borrowers. 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.

LendingClub Personal Loan Review

Upstart Personal Loans

Upstart relies on more than credit scores and credit history when deciding whether or not to approve loan applications. 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. 

Upstart Personal Loan Review

Best Egg Personal Loans

Best Egg's high customer satisfaction makes it a standout personal loan lender. 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 between late fee of $15.

Best Egg Personal Loan Review

Other Personal Loans for Fair Credit We Considered

Rocket Loans Personal Loan: While Rocket Loans has fast funding and a competitive minimum APR, the lender's loans also come with multiple types of fees, limited repayment terms, and inaccessibility to borrowers in some states. Additionally, the company's recommended minimum credit score is 650. 

OneMain Financial Personal Loan: This lender has no minimum credit requirement, but comes with extremely high fees and starting interest rates. It may be an option of last resort for borrowers who don't qualify elsewhere.

LendingPoint Personal Loan: LendingPoint has a low credit score minimum of 580, but has a low maximum loan amount and comes with hefty origination fees. 

See our guide to the best low-interest personal loans »

Personal Loans for Fair Credit Lender Trustworthiness

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:

LenderBBB Grade
Upgrade Personal LoanA+
Avant Personal LoanA+
Best Egg Personal LoanA+
LendingClub Personal LoanA-
Navy Federal Credit Union Personal LoanNR
Upstart Personal LoanA+
PenFed Credit Union Personal LoanA+
Payoff Loan™A+

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 to Choose the Best Fair Credit Personal Loan

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. See if you can prequalify for a personal loan to compare offers without a hard inquiry on your credit, too. 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. 

Why You Should Trust Us: Our Methodology

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

  • Interest rate (20% of rating)
  • Fees (20% of rating)
  • Term lengths and loan amounts (15% of rating)
  • Funding speed (15% of rating)
  • Borrower accessibility (15% of rating)
  • Customer support (7.5% of rating)
  • Ethics (7.5% of rating)

Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating. 

See our full personal loans rating methodology >>

OneMain Financial Personal Loan disclosure: Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral) and your state of residence. If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB's Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: $3,100. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers in these states are subject to these maximum loan sizes: North Carolina: $9,000 for unsecured loans to all customers, $9,000 for secured loans to present customers. Maine: $7,000. Mississippi: $15,000. West Virginia: $14,000. Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.

 

 

 

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.

personal loans Loans PFI Guide