You know how it is, life can come at you fast and sometimes your credit score just can’t keep up with the pace. It’s a struggle, but that doesn’t mean you have to give up on getting the loans you need to make things happen in your life. Don’t worry, I’ve got you covered – I’ve rounded up the best personal loan options for those of us with fair credit scores.
Best Personal Loans for Fair Credit Scores
Let’s dive right into it. These are the top personal loan options for people with fair credit scores:
Upgrade offers loans from $1,000 to $50,000 with APRs ranging from 6.98% to 35.89%. With fair credit, you could be approved for loans with interest rates as low as 7.99%.
Upgrade also offers a credit health tool, called Credit Health Insights, which can help you understand what factors are impacting your credit score and provide personalized recommendations on how to improve it.
LendingClub, one of the most popular peer-to-peer lenders in the market, allows borrowers to request personal loans up to $40,000. The platform has rates from 6.95% to 35.89% APR, and allows borrowers to choose between a 36- or 60-month term. As a borrower with fair credit, you could be eligible for rates as low as 10.68% APR.
Avant is a good option if you’re in need of funding quickly – its loans can be deposited into your bank account as soon as the next business day. Loan amounts range from $2,000 to $35,000 with rates from 9.95% to 35.99%. As someone with fair credit, you could be eligible for rates as low as 9.95%.
4. Upgrade Card
If you’re looking for a different type of loan product, consider the Upgrade Card. It’s not quite a typical personal loan, but it allows you to make purchases on a card with a credit limit and then pay that balance down over time with fixed monthly payments. With fair credit, you could be approved for a line of credit up to $20,000 and interest rates as low as 8.99% APR.
Peerform is another peer-to-peer lending platform that offers personal loans up to $25,000. APR ranges from 5.99% to 29.99%. As someone with fair credit, you could be approved for rates as low as 5.99%.
Tips for Securing a Personal Loan with Fair Credit
Now that you know where to start looking for loans with fair credit, let’s dive into some tips to help you secure that approval.
1. Shop Around
Don’t settle for the first offer that comes your way – make sure to shop around and compare options. Look at the interest rates, terms, fees, and any other details that will impact your borrowing experience.
2. Work on Improving Your Credit Score
Improving your credit score will not only help you qualify for better loan offers but will also save you money in interest charges. Some ways to improve your score include making on-time payments, paying down debt, and checking your credit report for inaccuracies.
3. Consider a Co-Signer
If you’re having trouble getting approved for a loan on your own, consider finding a co-signer. This is someone with good credit who agrees to take on the responsibility of the loan should you be unable to make payments. Having a co-signer can help you qualify for lower interest rates and better loan terms.
Ideas for Using Your Personal Loan
Now that you’ve secured your personal loan, here are some ideas on how to use the funds:
1. Pay Off High-Interest Debt
If you have any high-interest credit card debt, using your personal loan to pay it off can help you save money in the long run.
2. Home Improvement Projects
Whether it’s adding a new deck or updating your kitchen, a personal loan can help you finance those home improvement projects that you’ve been dreaming about.
3. Emergency Expenses
Unexpected expenses can come up at any time, from medical bills to car repairs. A personal loan can help you cover those expenses without having to dip into your savings.
How to Get the Most Out of Your Personal Loan
It’s important to use your loan responsibly and make the most of the funds. Here are some tips to get the most out of your personal loan:
1. Stick to Your Budget
It can be tempting to spend more than you can afford when you have extra funds in your account. Make sure to create a budget and stick to it to avoid unnecessary spending.
2. Avoid Taking on More Debt
It’s easy to fall into the trap of taking on more debt once you have a personal loan. Avoid opening new credit cards or taking out additional loans until you’ve paid off your current debt.
3. Use Auto-Pay
Setting up auto-payments can make it easier to stay on top of your payments and avoid late fees. Plus, some lenders offer interest rate discounts for borrowers who enroll in auto-pay.
And there you have it folks, the best personal loan options for fair credit borrowers along with tips and ideas for making the most out of your loan. Remember to shop around, improve your credit score, and use your loan responsibly to achieve financial success.
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