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Feb 24 2020

#Personal loans for fair credit – #Video

#Personal #loans #for #fair #credit



Personal loans for fair credit

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Personal Loans for Fair Credit: Best for April 2019

There’s no way to sugarcoat it: It’s harder for borrowers with fair or average credit (630 to 689 FICO score) to qualify for a personal loan than it is for borrowers with good or excellent credit. But it’s still possible, and some lenders will consider more than your credit score when determining your creditworthiness.

Compare personal loans at multiple lenders and choose one that offers the lowest rate over the term of the loan. Here are your best options for fair credit loans, plus what you need to know.

Best for fair or average credit: LendingClub and Prosper

LendingClub and Prosper are two options for borrowers with fair credit. They offer comparable loan terms and rates, with slight differences in qualifications and time to funding. You’ll need stronger credit to qualify for Prosper, which provides faster funding than LendingClub.

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Loan amount: $1,000 – $40,000.

Loan terms: 3 or 5 years.

• Minimum credit score: 600; borrowers average 699.

• Time to funding: In as few as 3 days.

• Fees: Origination fee of 1% – 6% of loan amount; fees for late payment, unsuccessful payment and personal check use.

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Loan amount: $2,000 – $40,000

Loan terms: 3 or 5 years

•Minimum credit score: 640; borrowers average 710

•Time to funding: 1 to 3 days after approval

•Fees: Origination fee of 2.4% – 5% of loan amount; fees for late payment and unsuccessful payment

  • Minimum credit score: 600.
  • Pros: Co-signer option, low minimum credit score requirement.
  • Cons: Origination fees.
  • Minimum credit score: 640.
  • Pros: Fast funding of one to three days after approval, compared with up to one week at LendingClub.
  • Cons: Origination fees, no co-sign option.

Best for debt consolidation: Avant, FreedomPlus and Upgrade

If you have fair credit and want to consolidate multiple high-interest debts into one new loan at a lower rate, Avant, FreedomPlus and Upgrade offer debt consolidation loans.

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Loan amount: $2,000 – $35,000.

Loan terms: 2 to 5 years.

• Minimum credit score: 580.

• Time to funding: As soon as the next business day.

• Fees: Administrative fee of 4.75% of loan amount; fees for late payment and unsuccessful payment.

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Loan amount: $10,000 – $40,000

Loan terms: 2 to 5 years

•Minimum credit score: 650, but generally 700+

•Time to funding: 3 days

•Fees: Origination fee of 0% to 5% of loan amount; fees for late payment, unsuccessful payment and personal check use

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Loan amount: $1,000 – $50,000

Loan terms: 3 or 5 years

•Minimum credit score: 620

•Time to funding: 24 hours

•Fees: Origination fee of 1.5% – 6% of loan amount

  • Minimum credit score: 580.
  • Pros: Lower minimum credit score requirements than competitors and no income requirements.
  • Con: Administrative fee on all loans.
  • Minimum credit score: 620.
  • Pros: Low starting rates, co-signer option and direct payment to creditors.
  • Cons: Origination fee.
  • Minimum credit score: 620.
  • Pros: Fast funding, credit health tools and hardship plans.
  • Cons: Requires strong free cash flow to qualify (at least $800 per month).

Best for ‘thin’ credit: Backed and Upstart

Borrowers with a “thin” or short credit history may still be able to qualify for loans with Backed and Upstart. Backed works best if you can apply with a co-signer, boosting your chances of qualifying if you don’t meet the lender’s minimum qualifications on your own.

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Loan amount: $3,000 – $25,000

Loan terms: 1 to 3 years

•Minimum credit score: No minimum without co-signer, 720 for co-signer

•Time to funding: 2 to 4 business days

•Fees: Origination fee of 0.8% to 2.0% of loan amount. Fees for late payment, unsuccessful payment, personal check use

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Loan amount: $1,000 – $50,000

Loan terms: 3 to 5 years

•Minimum credit score: 620

•Time to funding: Next business day

•Fees: Origination fee of 0% – 8% of loan amount. Fees for late payment and unsuccessful payment

Fair credit loans: Compare your options

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How much will it cost?

Use our personal loan calculator to see estimated rates, total interest costs and payments for a personal loan.

How to qualify for fair credit loans

Focus on your credit score. Even if lenders look at other factors, your credit score is a key consideration, and building your score can mean better odds of qualifying and getting a lower rate.

Add a co-applicant or co-signer to your application. There are risks to co-signing, but it’s an option that can help you qualify for a loan that you wouldn’t on your own because of fair credit or low income.

Consider a credit union. Credit unions tend to know their members and their financial histories and may offer lower rates and more flexible terms to borrowers with average credit. Federal credit unions cap interest rates at 18%.

Pre-qualify with multiple lenders. Many online lenders allow you to pre-qualify to see rates and terms you may receive. This usually involves a soft credit check, which doesn’t affect your credit score.

Summary: Fair credit personal loans

About the author

Steve Nicastro

Steve is a personal finance writer at NerdWallet. His work has been featured by USA Today and the Associated Press. Read more


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SOURCE: http://www.nerdwallet.com/blog/loans/how-to-get-a-personal-loan-with-fair-credit/

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