Top 5 Best Personal Loans for Fair Credit: Which One is Right for You?
Personal loans are a great way to take care of your financial needs, especially if you have fair credit. But with so many lenders available in the market, it can be challenging to choose the best loan option.
In this article, we will explore the top 5 best personal loans for fair credit. By the end of this article, you will have a clear understanding of which loan is right for you.
1. Upstart
Upstart is a lending platform that offers loans to borrowers with credit scores as low as 580. It is an excellent option for individuals seeking a personal loan to consolidate debt, pay for medical bills, or make a large purchase.
The loan amounts range from $1,000 to $50,000, and the interest rates vary from 8.94% to 35.99%. The loan term options range from 36 to 60 months. The application process is entirely online and takes only a few minutes to complete.
2. LendingClub
LendingClub is a peer-to-peer lending platform that provides personal loans to borrowers with a minimum credit score of 600. The loan amounts range from $1,000 to $40,000, with interest rates ranging from 6.95% to 35.89%.
The loan term options range from 36 to 60 months, and the application process is entirely online. LendingClub charges an origination fee of 1% to 6% of the loan amount.
3. Avant
Avant is another personal loan provider that caters to borrowers with fair credit scores. The minimum credit score requirement is 580, and the loan amounts range from $2,000 to $35,000.
The interest rates vary from 9.95% to 35.99%, and the loan term options range from 24 to 60 months. The application process is simple, and funds can be deposited in your account as soon as the next business day.
4. OneMain Financial
OneMain Financial is a lender that offers personal loans to individuals with poor or fair credit. The loan amounts range from $1,500 to $20,000. However, the interest rates can be relatively high, ranging from 18.00% to 35.99%.
The loan term options range from 24 to 60 months, and borrowers can apply online or in-person. OneMain Financial charges an origination fee ranging from 1.00% to 10.00% of the loan amount.
5. Prosper
Prosper is a peer-to-peer lending platform that offers personal loans to borrowers with fair or better credit scores. The loan amounts range from $2,000 to $40,000, and the interest rates range from 6.95% to 35.99%.
The loan term options range from 36 to 60 months, and the application process is entirely online. Prosper charges an origination fee ranging from 2.41% to 5.00% of the loan amount, depending on the borrower’s creditworthiness.
Conclusion
In conclusion, as a borrower with fair credit, you have several options to choose from when it comes to personal loans. We have explored the top five best options for you. It is essential to evaluate your financial goals and compare the interest rates, fees, and loan terms to choose the best option.
Remember to read the terms and conditions carefully before signing up for a loan, and always be sure you can afford the monthly payments. Take your time, do your research, and choose wisely. A personal loan can be an excellent financial tool when used responsibly.
