Companies You Can Trust: Best Personal Loan Companies For Good Credit – A white circle with a black border around the arrow pointing up. It says “click here to return to the top of the page”.
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Companies You Can Trust: Best Personal Loan Companies For Good Credit
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Our experts answer readers’ questions about personal loans and write unbiased product reviews (this is how we rate personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
A personal loan can be a great way to get cash quickly for expenses such as home improvement projects, moving costs or vacations. You will repay it in monthly installments and your interest rate will be fixed for the entire term of the loan. Your credit score is a big factor in determining your loan interest rate. There are many lenders that offer personal loans for fair credit.
Important: Although you can get a loan from these lenders, the lower your credit score, the higher your interest rate. You may be able to get a lower rate with other options, such as a credit card (although they may also charge high fees).
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There are many options for borrowers with fair credit, defined by FICO as a score between 580 and 669. We have compiled a list of lenders that offer fair credit personal loans.
For borrowers with excellent credit, PenFed Credit Union has great low interest rates on their personal loans. The best personal loan for you depends on your credit score, which will determine how much you need and potentially lower your rate.
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Upgrade is a solid lender if you can qualify for their lowest interest rate. However, if your credit is not good, you may be able to get a better deal elsewhere.
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Avant Personal Loan is a good personal loan provider, especially if you have a lower credit score and need to get loan money quickly. Be prepared to pay a high APR if you have a low score.
LendingClub is a solid personal loan provider, especially if you have a lower credit score and want to add co-financing to increase your chances of getting a better rate. However, compared to the competition, high fees and commissions may be charged.
$1,000 to $50,000 (borrowers in four states are subject to higher loan minimums: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Upstart could be the right lender for you if you have a strong work and education history, but a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine how much you need and potentially lower your rate.
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How can I get a personal loan with fair credit? Arrow icon Indicates a section or drop-down menu or sometimes previous or next navigation options.
Your credit score determines which loans you can get. To get a personal loan with fair credit (generally defined as a credit score between 630 and 689), you’ll need to fill out an application and see if you qualify. If not, take steps to improve your credit score or add a co-signer.
Can I get a personal loan with a decent credit score? Arrow icon Indicates a section or drop-down menu or sometimes previous or next navigation options.
Yes, many lenders offer personal loans for fair credit. All lenders on our list have options for borrowers with credit scores on the low end of the scale. Improving your credit score is likely to get you better loan terms.
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Can I get a $5,000 loan with fair credit? Arrow icon Indicates a section or drop-down menu or sometimes previous or next navigation options.
Although qualifications vary between lenders, a $5,000 loan can be obtained with fair credit. But remember, the lower your credit score, the higher the personal credit loan interest rate that is fair.
What are the alternatives to personal loans for fair credit? Arrow icon Indicates a section or drop-down menu or sometimes previous or next navigation options.
If you don’t feel comfortable taking out a personal loan, there may be cheaper options available, such as asking friends or family, getting a payday loan or applying for a credit card.
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PenFed allows you to add joint loans to your application. If you don’t have the best credit and you’re worried that the lender won’t approve you for a loan as a result, you can opt for joint loans to get a better rate.
Things to consider: Membership requirements. If you want to get a loan, you need to join a credit union. Members of the military and employees of eligible organizations will be eligible, but if you don’t qualify, you can participate by opening a savings account with a minimum deposit of $5.
Upgrade’s has some of the smallest loans available from the lenders on the list. You can borrow as little as $1,000. Other than an Upgrade, credit unions are probably the only other option for such a small amount. If you just need some cash to grab, upgrading is a good option.
Avant offers quick access to personal loans. If your loan is approved by 4:30 p.m. Monday through Friday, funds are usually deposited the next business day, according to CT’s website.
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Things to watch out for: High fees. In terms of administration fees, you will pay an administration fee of up to 4.75% plus an undisclosed late fee and a refund fee.
Navy Federal has no origination fees or prepayment penalties. This could save you money on the total cost of your loan, and other lenders on our list charge these fees.
Things to consider: Membership requirements. It is quite difficult to qualify for membership in the Federal Navy. You are only eligible if you are an active military member, a veteran, a Department of Defense employee or retiree, or a family member of one of these groups.
The credit club accepts loan applications with co-borrowers. If you have worse credit and are concerned that your loan may not be approved because of your standing, you can choose to add joint loans and qualify for a better rate.
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Things to watch out for: Slower access to funds. You’ll have access to your funds within two to four business days, and while it’s relatively quick, you can deposit funds faster with other personal loan companies.
Upstart relies on more than just credit scores and credit history to decide whether or not to approve loan applications. For people who have had credit problems in the past, Upstart will consider some additional data to allow a better chance, such as employment history and education history.
Things to consider: Limited refund terms. While other lenders offer multiple options for how long you have to pay, Upstart only offers three- and five-year terms. This option may be practical for borrowers at both ends of the lending scale. However, there is no penalty for early repayment, so you can pay off the loan at any time without any fees.
Best Egg’s high customer satisfaction makes it an excellent personal loan provider. Best Egg has a 95% customer satisfaction rate, backed by its excellent A+ Better Business Bureau reliability score.
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Things to consider: Original fees. You will be charged an origination fee of between 0.99% and 5.99%, which is included in your APR. For loans of four years or more, there will be an initial fee of $15 between the late fee.
Rocket Loans Personal Loan: While Rocket Loans has fast financing and a competitive minimum APR, the lender’s loans come with a variety of fees, limited repayment terms and borrowers are not available in some states. In addition,
