04 Ago How to Find the $50000 loan Best Online Personal Loans For Fair Credit

Having fair credit (a score between 580 and 669) won’t disqualify you from borrowing money, but you may face fewer options or higher interest rates than those with good or excellent scores. You can increase your chances of approval by lowering your credit utilization and boosting income or assets.

Lenders consider your credit history, debt-to-income ratio and other factors when approving personal loans. These lenders offer some of the best online personal loans for fair credit.

1. SoFi

John Kiernan is a writer and editor at WalletHub, a personal finance website that helps consumers compare and select the best credit cards, personal loans, mortgages, auto loans and more. WalletHub has been recognized by leading publications like The Washington Post and Fox News for its transparency in promoting only the best products.

Online lenders have less stringent credit requirements and offer fast turnaround times for borrowers with fair scores. They can also provide lower interest rates than traditional banks or credit unions. They may also offer features like a 0% intro APR period or unemployment protection that can help you avoid late fees and negative marks on your credit report while looking for work.

SoFi, which offers a variety of personal loan products including debt consolidation, has an excellent customer support team. Its specialists are available by phone to answer questions about its checking and savings accounts, personal loans and student loans Monday through Thursday between 5:00 a.m. and 7:00 p.m. PT and on weekends. Its website also has an extensive library of self-help resources, including a debt calculator to estimate your monthly payments and a calculator to see how long it would take you to pay off your debt with different repayment terms.

2. LendingClub

A personal loan from LendingClub might be a good fit for you if your credit scores are in the fair range and you’re looking to consolidate debt or cover an emergency expense. It offers reasonable rates, quick funding and a convenient online application. You can check your prequalification rate without a hard pull on your credit score, so you can see what options are available before applying.

The lender also has $50000 loan high customer satisfaction ratings, as seen by its BBB rating and Trustpilot reviews. Its application process is simple and fast, and its loans typically fund the business day after approval. You can choose a repayment term between two and seven years, which allows you to lower your monthly payments but increases the total cost of interest.

If you’re in the fair credit range, it’s important to pay down your debts and keep your credit utilization low to improve your scores. You can do this by using a balance transfer credit card or asking to be added as an authorized user on someone else’s account.

3. Achieve

As with any credit score, there are many factors that determine whether you qualify for personal loans. Some of these include your debt-to-income ratio, your payment history, how much you owe and the age of your credit. Increasing income or paying down debt may help you qualify for lenders that consider fair credit scores.

You might also be able to improve your chances by applying for a personal loan with a local bank or credit union. They tend to require lower minimum credit scores and have a more flexible approval process than large national banks.

Another option is to use a lender that offers online prequalification, which can let you know if you would likely be approved before you make a full application. These prequalifications typically do not impact your credit, though some lenders may run a hard inquiry as part of the formal application process. This can ding your credit temporarily. A credit union or online lender that uses alternative data may be able to offer you better terms than other personal loan lenders.

4. Upgrade

Upgrade takes a unique approach to credit scoring by considering other factors beyond your score. For example, it looks at your income, employment status and financial history to determine whether you can afford the loan terms you apply for. It’s also one of the few lenders that allows you to add a co-borrower on your personal loan application, which can boost your approval chances and help you get more competitive rates and terms.

While its minimum credit score requirement is higher than most of the lenders on this list (660, based on data from multiple third-party sources), it does consider borrowers with scores as low as 580. Plus, it offers a wide range of personal loan amounts and repayment terms to suit most needs.

You can check your eligibility with Upgrade by filling out a prequalification form that won’t impact your credit score. Then, if you’re happy with the loan options you see, you can complete a full application to start the process of receiving your funds. Upgrade can even pay your creditors directly if you opt for debt consolidation.

5. Best Egg

Using an online personal loan from Best Egg can help people with fair credit achieve financial goals such as paying off debt, renovating a home and buying a new car. This lender’s customer service is rated five stars on TrustPilot and the company receives an A+ rating from the Better Business Bureau. Best Egg also offers a financial health tool that includes free credit score monitoring, budgeting calculators and a credit simulator.

To apply for a personal loan from Best Egg, borrowers must provide proof of income, such as pay stubs, bank statements or W-2 forms. The lender may request other documents to verify an applicant’s identity and employment. Once approved, a borrower can expect funds to be deposited into their account within one to three business days.

Upgrade is another lender that NerdWallet recommends for borrowers with fair credit. It offers a low minimum credit score requirement, multiple rate discounts and fast funding. Its lending model allows borrowers to use collateral and add a co-borrower, both of which can improve their chances of approval and reduce their APR.