Compare your personal loan options
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Other loans for borrowers with fair credit

You can use an unsecured personal loan to consolidate debt or finance large purchases. Interest rates and terms can vary, based on your credit score and other factors. Compare loans from multiple lenders and learn more about personal loans.


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Here are 5 options for you

3 year loan

Prosper Borrowers

on Prosper Borrowers

Prosper Borrowers

Prosper Borrowers
APR 
14.8-31.9% 

Mo. payment 
$535 

Min. credit 
640 

on Prosper Borrowers


Min. credit

640

Qualifications

  • Minimum credit score: 640, but average is 710.

  • Minimum credit history: Two years, but average is 11.

  • Minimum annual income: None, but average is $89,000.

  • Maximum debt-to-income ratio: 50% (excluding mortgage).

Pros

  • Check your rate with a soft credit check.

  • Fast funding.

Cons

  • Origination and late fees.

  • Does not offer direct payoff to creditors for debt consolidation loans.

Disclaimer

For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

Lending Club

on Lending Club

Lending Club

Lending Club
APR 
17.7-30.1% 

Mo. payment 
$539 

Min. credit 
600 

on Lending Club


Min. credit

600

Qualifications

  • Minimum credit score of 600.

  • Minimum credit history of 3 years.

  • Debt-to-income ratio of less than 40% for single applications, 35% for joint applicants.

Pros

  • Offers a loan option with direct payment to creditors.

  • Co-sign option.

  • Offers hardship plan.

Cons

  • Charges origination and late fees.

  • No rate discount for autopayments.

Disclaimer

*All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: 595 Market St suite 200 San Francisco Ca 94105. **Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20, 2018. The time it will take to fund your loan may vary.

Avant

on Avant

APR 
17.95-19.95% 

Mo. payment 
$504 

Min. credit 
580 

on Avant


Min. credit

580

Qualifications

  • Minimum credit score of 580.

  • At least $20,000 in gross annual income.

Pros

  • Low minimum credit score.

  • Refinancing option.

  • No prepayment fee.

Cons

  • No co-sign or secured loan option.

  • Does not offer direct payment to creditors for debt consolidation loans.

Disclaimer

Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC.

Upstart

on Upstart

Upstart

Upstart
APR 
21.1% 

Mo. payment 
$519 

Min. credit 
620 

on Upstart


Min. credit

620

Qualifications

  • Minimum credit score: 620.

  • Minimum credit history: None.

  • Minimum annual income: $12,000.

  • Max debt-to-income ratio: 45%.

Pros

  • Accepts borrowers new to credit.

  • Fast funding.

Cons

  • Origination and late fees.

  • No secured or co-sign option.

Disclaimer

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,001. The minimum loan amount in GA is $3,100. The full range of available rates varies by state. The average 3-year loan on Upstart will have an APR of 20% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. The average APR on Upstart is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

Rocket Loans

on Rocket Loans

Rocket Loans

Rocket Loans
APR 
24.9-29.0% 

Mo. payment 
$561 

Min. credit 
640 

on Rocket Loans


Min. credit

640

Qualifications

  • Minimum credit score: 640, but average is 710.

  • Minimum credit history: Two years, but average is 18 years.

  • Minimum annual income: $24,000, but average is $87,000.

  • Debt-to-income ratio: 40%, but average is 14%.

Pros

  • Fast funding.

  • Soft credit check with application.

  • Low starting rates.

Cons

  • Origination and late fees.

  • Does not offer direct payment to creditors for debt consolidation loans.

  • No co-sign or secured loan option.

Disclaimer

All personal loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. Please refer to our Disclosures and Licenses page for state required disclosures, licenses, and lending restrictions. Borrower must be a U.S. citizen or permanent U.S. resident alien at least 18 years of age (in Nebraska and Alabama a borrower must be at least 19 years of age). All loan applications are subject to credit review and approval. Offered loan terms depend upon your credit profile, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice. Please refer to RocketLoans.com and our Terms of Use for additional terms and conditions.


DIVE EVEN DEEPER IN PERSONAL LOANS

Learn more about personal loans

When you need money, whether to cover a large expense or to consolidate your debt , a personal loan can be a viable option. An unsecured personal loan is a fixed-rate loan that is not backed by collateral and repaid in monthly installments over a specific term, usually two to five years.

Interest rates on personal loans vary based on the type of lender and your creditworthiness. Lenders look at factors including your credit score, credit report and debt-to-income ratio. You can get a personal loan from some major banks, credit unions and online lenders.

Borrowers with excellent credit typically get the lowest rates and the largest loan amounts. They also have the widest options when it comes to shopping for a loan.

Those with fair to bad credit may have to look a little harder and pay a higher rate for a personal loan. Some online lenders target low-credit borrowers, offering loans with rates from 18% to 36% APR. Having steady income, low debt and a long credit history of on-time payments will improve your chances of being approved.

What rate should I expect?

Rates vary from lender to lender and depend heavily on your credit history and ability to repay, but here is what interest rates on personal loans look like, on average:

How's your credit?Score rangeEstimated APR
Excellent720 - 85013.9%
Good690 - 71918.0%
Fair630 - 68921.8%
Bad300 - 62927.2%; lowest scores unlikely to qualify

Source: NerdWallet lender survey

Before you shop for a personal loan

  • Compare your options. Interest rates on personal loans for good credit start below 5% APR, but if you can qualify for 0% interest credit card — and pay off the balance within the promotional period — then you’re better off with the credit card.
  • Calculate loan payments at a range of interest rates and amounts so you’ll have an idea of what to expect as you shop.
  • If you have bad credit, find a co-signer. Having a co-signer with good credit allows you to piggyback on his or her creditworthiness and potentially get a better rate.
  • Consider a secured loan. Using a car, savings account or other asset as collateral may get you a lower rate.
  • If you have time, do what you can to build your credit. The higher your credit score, the better your chances of qualifying for a personal loan and getting a more affordable rate.
  • Assess your overall financial well-being. Personal loans work best as part of balanced financial plan. Borrow money to consolidate debt if it means you’ll get out of debt more quickly. But don’t borrow if it only adds financial strain. If your current debt is overwhelming, investigate your debt-relief options.

Compare loan offers from multiple lenders

If you decide a personal loan is right for you, always compare rates from multiple lenders. The loan with the lowest APR is the least expensive — and therefore, usually the best choice. Most lenders allow you to see estimated rates without affecting your credit score, so it pays to shop around.

If you have good credit and an existing banking relationship, it’s worth checking out loan options from your current bank or credit union. Here are some top banks that offer personal loans.

To compare rates from online lenders, use NerdWallet’s lender marketplace above to easily compare several offers at once. If you qualify, you could receive your money as soon as the next day.

Personal loan companies reviewed by NerdWallet

See more personal loan options on NerdWallet


Disclaimers

Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.