Getting a loan with fair credit from traditional lenders isn’t easy as many of them have high standards. Many banks refrain to extend the loan because they are afraid that the borrowers will not pay back. However, you can still turn to fair credit personal loans lenders online. The following is a list of the 5 best personal loans for fair credit.
Avant offers loan amount in the range of $2,000 – $35,000 for borrowers with fair and average credit. The repayment term for the loan is from 24 – 60 months. The funds can be released within 1 day of approval. It charges an interest fee of 9.95% – 35.99% for Avant loans. You must have a credit score of 580 to apply for Avant loans. Borrowers can get an overview of their payment they have made and the upcoming due amount on the mobile app.
2. Best Egg
Best Egg offers personal loans from $2,000 – $35,000 for people with fair to excellent credit score. The loan can be approved and deposited into your account as fast as one day. The term length for the loan ranges from 3 – 5 years. It charges 5.99% origination fee and $15 late fee. You need to have a minimum credit score of 640 to apply for Best Egg loan.
Upgrade offers loans from $1,000 – $50,000 for borrowers who have a credit score in the low to mid 600. The interest rate for Upgrade loans range from 7.99% – 35.97%. Upgrade allows you to choose from a term length of 3 – 5 years for the personal loan. When you get approved, you have to pay for an 8% origination fee. If you are late in making payment, you have to pay a $15 penalty fee.
4. Loan Moz
Loan Moz offers personal loans from $5,000 – $35,000 with repayment length from 2 – 5 years. Loan Moz is designed for people with a higher end of fair credit score that is minimum 640. You can use it for consolidating your credit card debt. However, it is not suitable for covering home improvement expenses. It has origination fee that ranges from 0% – 5%. It does not charge any late fee, or prepayment fee.
5. Lending Club
Lending Club is a p2p lending platform that offers loans for people with minimum 600 credit score. On Lending Club, you can apply a loan from $1,000 – $40,000 and pay back within 3 – 5 years. The loans can have an interest rate from 10.68% – 35.89%. Customers have to pay an origination fee of 1% – 6% for each loan approval. The funds will arrive in your account 4 days after the loan has been approved. Lending Club offers 15 days grace period for late payment.