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Economic conditions have been challenging for a while. And though inflation is cooling and interest rates are poised to drop soon, many consumers are still struggling financially.
For those feeling financially strapped, personal loans can sometimes be worth exploring.
Not all personal loans are created equal, though — especially if your credits not pristine . Are you considering a personal loan with a few issues on your credit report? Here are the best options for borrowers with fair credit.
Find out how affordable the right personal loan could be now .
Best personal loans for fair credit
If you're looking for a loan with less-than-perfect credit, here are some of the best personal loans for fair credit, broken down into five categories.
Online lender Upstart is our pick for best personal loan . The company offers a blend of low, fixed interest rates, fasting funding times and high loan amounts (up to $50,000), and it considers non-credit information when evaluating your application — things like education and employment.
Applying for a loan takes less than five minutes, and most borrowers can get approved instantly. Funds are then issued in 24 hours or less for many applicants. Upstart offers three- and five-year terms.
Learn more about Upstart loans here .
PenFed is another option if you're looking for a large loan amount. The credit union offers personal loans with limits up to $50,000 and terms of up to five years. You can use the loan for debt consolidation, home improvements, adoption, weddings and more, and there are no origination, early payoff or balance transfer fees. Funding happens as quickly as the next business day.
Learn more about your PenFed loan options here .
Prosper's a smart option if you're looking to get your personal loan quickly. You can check your rate online in minutes, customize your term and monthly payment, and then receive funding in as little as one business day. Funds are direct-deposited into your bank account for immediate use. Prosper's loan terms range from two to five years.
If snagging the lowest interest rate is your goal, look to LightStream. The lender offers the lowest potential APRs of all companies we considered, with rates starting at just 6.99% (with a 0.50% autopay discount included).
Loans can be used for home improvements, debt consolidation, car purchases or refinancing, boat/RV/aircraft purchases, K-12 education, medical costs, buying a timeshare and more. And if you're approved, you can even receive your funds the same day.
Explore your LightStream loan options here .
For a longer payoff time, consider SoFi. The online bank offers personal loans that range from two years to seven — much longer than the typical five years offered by most lenders.
The lender also lets you prequalify in 60 seconds, and you can get funding the same day you apply. There are no fees and interest rates are fixed so your rate and payment will never change.
Learn more about SoFi personal loans here .
The bottom line
Make sure you shop around and compare at least a few lenders before getting a personal loan. Look at rates, terms, and repayment options — and consider customer reviews and ratings, too. This will ensure you get the best possible loan for your needs and budget.
Local News
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