Best personal loans for fair credit of November 2023

Applying for a personal loan can be intimidating — especially for borrowers with less-than-stellar credit. However, some lenders impose less rigorous loan eligibility standards that can make it easier to qualify for a personal loan when you need it. The top personal loans for fair credit have low minimum credit score requirements and competitive interest rates. Some of the best personal loan lenders also allow you to apply with a co-signer to improve your approval odds.

In addition to these factors, we also looked at each lender’s total borrowing costs, available repayment terms and funding speeds to identify the best lenders for your needs.

Prosper
: Best overall
Avant
: Best for building credit
Achieve
: Best for discounts
LendingPoint
: Best for quick approval decisions
LendingClub
: Best for co-borrowers
Oportun
: Best for small loans
U.S. Bank
: Best for no origination fee
Universal Credit
: Best for poor credit
Upstart
: Best for thin credit
Compare the best personal loans for fair credit
Methodology
Frequently asked questions (FAQs)

Why trust our personal loan experts

Our team of experts evaluated hundreds of personal loan products and analyzed thousands of data points to help you find the best fit for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.

23 personal loan lenders reviewed.
322 data points analyzed.
6-stage fact-checking process.

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What you should know

Prosper is a San Francisco-based peer-to-peer (P2P) lender that connects borrowers with loans between $2,000 and $50,000. The lender charges an origination fee from 1% to 5%, but still stands out because of its fast funding speeds. Your funds can be available as soon as one business day post-verification. This makes the platform an excellent option for borrowers who need to get approved and receive personal loan funds quickly.

Pros and cons

Pros

Funds available in as little as one business day.
Allows co-borrowers.
Offers prequalification without a hard inquiry.

Cons

Charges an origination fee from 1% to 5%.
Loans start at $2,000.
Does not advertise rate discounts.

More details

Interest rates: 6.99% to 35.99%.
Loan amounts: $2,000 to $50,000.
Repayment terms: 2 to 5 years.
Fees: Origination fee (1% to 5%), check payment fee (5% of your payment or $5), late fee ( $15 or 5% of the unpaid monthly payment amount, whichever is greater), and insufficient funds fee ($15).
Min. credit score: 600.
Accepts co-signers: No (but can apply with a co-applicant).
Time to fund: As soon as the same day for qualified borrowers.

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Avant connects borrowers with personal loans between $2,000 and $35,000. APRs are higher than some competitors, but loans are accessible to fair-credit borrowers. Avant’s repayment terms range from one to five years, and approved borrowers can get their funds as soon as the next business day.

Avant appeals to borrowers with fair credit because of its accessible credit score requirements and extensive online consumer resources. The lender helps borrowers build their credit through automatic payments, three-bureau credit score reporting and a mobile app.

Pros and cons

Pros

Low average borrower credit scores.
Mobile app for iOS and Android.
Reports to three major credit bureaus.

Cons

APRs start higher than other lenders.
Loans only go up to $35,000.
Charges administration fees up to 4.75%.

More details

Interest rates: 9.95% to 35.99%.
Loan amounts: $1,000 to $50,000.
Repayment terms: 2 to 7 years.
Fees: Origination fee (1.85% to 8.99%), late fee ($10), and returned payment fee ($10).
Min. credit score: 580.
Accepts co-signers: No (but can apply with a joint applicant).
Time to fund: As soon as the same day for qualified borrowers.

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Formerly FreedomPlus, Achieve is an online lender that lets borrowers with a minimum credit score of 620 qualify for personal loans and loan amounts range from $5,000 to $50,000. Same-day loan decisions are usually available, and the lender typically sends funds within 24 to 72 hours after approval.

In addition to the lender’s accessible credit requirements and flexible loan offerings, borrowers may be eligible for several rate discounts. Consumers who apply for a loan with a co-borrower may receive a discount, as well as borrowers who use funds to pay off other existing debts. APR discounts are also offered to borrowers who can show sufficient 401(k), IRA, Roth IRA or TSP (thrift savings plan) retirement accounts.

Pros and cons

Pros

Low minimum credit score requirement.
Offers multiple rate discounts.
Flexible repayment terms.

Cons

Minimum loan amounts start at $5,000.
Loans max out at $50,000.

More details

Interest rates: 8.99% to 35.99%.
Loan amounts: $1,000 to $50,000.
Repayment terms: 2 to 5 years.
Fees: Origination fee (1.99% to 6.99%).
Min. credit score: 620.
Accepts co-signers: No (but can apply with a joint applicant).
Time to fund: As soon as 24 hours for qualified borrowers.

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If you apply for a personal loan with LendingPoint, you could get an approval decision within just seconds. You could also receive your funds as soon as the next business day after approval.

LendingPoint personal loans range from $2,000 up to $36,500 and come with terms from two to six years.

Pros and cons

Pros

Quick approval decisions.
Fast funding.
Can borrow as little as $2,000.

Cons

Doesn’t allow co-signers or joint applicants.
Must have a minimum annual income of at least $35,000.

More details

Interest rates: 7.99% to 35.99%.
Loan amounts: $2,000 up to $36,500.
Repayment terms: 2 to 6 years.
Fees: Origination fee (0% to 8%).
Min. credit score: 590.
Accepts co-signers: No.
Time to fund: As soon as the next business day for qualified borrowers.

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If you’d like to apply for a personal loan with a joint applicant (also known as a co-borrower), LendingClub could be a good option. Having a co-borrower can make it easier to get approved for a loan and might also get you a better interest rate or longer repayment term than you’d qualify for on your own.

With LendingClub, you might even be able to get a personal loan with bad credit, since the lender does not have a minimum score needed to qualify. Additionally, you can borrow $1,000 to $40,000 with terms from three to five years.

Pros and cons

Pros

No minimum credit score needed.
Accepts joint applicants.
Can borrow as little as $1,000.
Fast funding.

Cons

Charges fees for late payments and insufficient funds.
Doesn’t allow co-signers.

More details

Interest rates: 9.57% to 35.99%.
Loan amounts: $1,000 to $40,000.
Repayment terms: 2 to 5 years.
Fees: Origination fee (2% to 6%), late fee (5% of outstanding payment amount or $15, whichever is greater), and insufficient funds fee ($15).
Min. credit score: No minimum.
Accepts co-signers: No (but can apply with a joint applicant).
Time to fund: Most members receive their money in just a few days.

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If you’re only looking to borrow a small amount, Oportun — the only lender designated as a Community Development Financial Institution on this list — might be a good option. You can borrow as little as $300 up to $8,000 with an unsecured loan (actual amounts could vary depending on your state). This is much lower than many competitors, meaning you can borrow only what you need without paying more interest than necessary. Repayment terms and fees will depend on your location. Oportun also has no specific minimum credit score requirement.

Additionally, if you live in Arizona, California, Florida, New Jersey or Texas and own an eligible vehicle, you might be able to borrow up to $18,500 (actual amounts could vary depending on your state) if you provide your car title as collateral. However, this means you risk losing your vehicle if you can’t make your payments. Also note that Oportun loans aren’t available in Colorado, Connecticut, Maine, Maryland, Massachusetts, Nevada, New York, West Virginia or Washington, D.C.

Pros and cons

Pros

Can borrow as little as $300.
Might be able to apply with a co-signer in some situations.
No specific minimum credit score.

Cons

Higher maximum APR compared to some lenders.
Risk of losing your car if you don’t make payments on a secured loan.
Charges an origination fee as well as fees for late and returned payments.

More details

Interest rates: 28.99% to 35.99% (depending on your state and loan type).
Loan amounts: $300 to $18,500 (depending on your state; larger loan amounts require collateral).
Repayment terms: 1 to 4.08 years for unsecured loans or 2 to 5.33 months for secured loans (term options will depend on your location).
Discounts: None.
Fees: Origination fee, late fee and returned payment fee (fee amounts will depend on your location).
Min. credit score requirements: No minimum.
Can apply with a co-signer: Yes (in some cases).

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Many lenders charge an origination fee on their personal loans, but with U.S. Bank, you won’t have to worry about this common fee. Borrowers who already have a U.S. Bank account can borrow $1,000 to $50,000 with terms from one to seven years.

If you aren’t a current U.S. Bank customer, you can borrow only up to $25,000 with a maximum five-year term. You might also need a higher credit score than 660 to get approved if you are not a U.S. Bank account holder.

Pros and cons

Pros

No origination fee.
Higher loan amounts and longer terms for U.S. Bank customers.
Accepts joint applications.

Cons

Higher credit score requirements for non-U.S. Bank customers.
Lower loan maximums and shorter term limits for non-U.S. Bank customers.
Can’t check your personalized rates without a current U.S. Bank account.

More details

Interest rates: 8.24% to 24.99%.
Loan amounts: $1,000 to $50,000 ($25,000 maximum for non-U.S. Bank customers).
Repayment terms: 1 to 7 years (5-year maximum for non-U.S. Bank customers).
Fees: Late fee (amount not disclosed).
Min. credit score: 660
Accepts co-signers: No (but can apply with a joint applicant).
Time to fund: As soon as the same day.

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What you should know

While all of the lenders included in this ranking accept fair credit scores, you could get approved by Universal Credit with a score as low as 560—lower than the minimum required by most lenders.

With Universal Credit, you can borrow as little as $1,000 up to $50,000 with terms from three to five years.

Pros and cons

Pros

Fast funding.
No prepayment penalty.

Cons

Charges fees for late and returned payments.
Higher minimum rate compared to some lenders.
Doesn’t allow co-signers or joint applicants.

More details

Interest rates: 11.69% to 35.99%.
Loan amounts: $1,000 to $50,000.
Repayment terms: 3 to 5 years.
Fees: Origination fee (5.25% to 8.99%), late fee (up to $10), and returned payment fee ($10).
Min. credit score: 620.
Accepts co-signers: No.
Time to fund: As soon as the next business day for qualified borrowers.

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What you should know

While Upstart has a minimum credit score requirement of 300, you could also get approved if you have no credit or thin credit—meaning too little of a credit history to generate a score. With Upstart, you can borrow $1,000 to $50,000 with a three- or five-year term.

Pros and cons

Pros

Works with borrowers who have little to no credit.
Fast funding.
Can borrow as little as $1,000.

Cons

Charges fees for late and returned payments.
Limited repayment terms.
Doesn’t allow co-signers or joint applicants.

More details

Interest rates: 6.4% to 35.99%.
Loan amounts: $1,000 to $50,000.
Repayment terms: 3 or 5 years.
Fees: Origination fee (0% to 10%), late fee (5% of past-due amount or $15, whichever is greater), and returned payment fee ($15).
Min. credit score: 300.
Accepts co-signers: No.
Time to fund: As soon as one business day for qualified borrowers.

Compare the best personal loans for fair credit

	Interest rates	Loan amounts	Repayment terms (years)	Min. credit score
Prosper	6.99% to 35.99%	$2,000 to $50,000	2 to 5	600
Avant	9.95% to 35.99%	$2,000 to $35,000	1 to 5	580
Achieve	8.99% to 35.99%	$5,000 to $50,000	2 to 5	620
LendingPoint	7.99% to 35.99%	$2,000 up to $36,500	2 to 6	590
LendingClub	9.57% to 35.99%	$1,000 to $40,000	2 to 5	No minimum
Oportun	28.99% to 35.99% (depending on your state and loan type)	$300 to $18,500 (larger loans require collateral)	1 to 5.33 (longer terms require collateral)	No minimum
U.S. Bank	8.24% to 24.99%	$1,000 to $50,000 ($25,000 maximum for non-U.S. Bank customers)	1 to 7 years (5-year maximum for non-U.S. Bank customers)	660
Universal Credit	11.69% to 35.99%	$1,000 to $50,000	3 or 5	620
Upstart	6.4% to 35.99%	$1,000 to $50,000	3 or 5	300
All rates include autopay discounts where noted by the lender and are accurate as of November 20, 2023.

Methodology

Our expert writers and editors have reviewed and researched 23 popular lenders to help you find the best personal loan for fair credit. Out of all the lenders considered, the nine that made our list excelled in areas across the following categories (with weightings): loan cost (25%), loan details (15%), eligibility and accessibility (35%), customer service (15%) and direct creditor payment (10%).

Within each major category, we considered several characteristics, including APR ranges, prepayment penalties, maximum loan amounts and terms, minimum credit score requirements and co-signer acceptance. We also evaluated each provider’s customer support options and customer reviews.

Why some lenders didn’t make the cut

Of the 23 personal loan lenders that we reviewed, only a fraction made the cut. The lenders that didn’t have high enough scores to be included, received lower ratings due to having stricter credit score requirements, limited customer service options and bad customer reviews as well as not allowing co-signers.

How to get a personal loan with fair credit

It’s possible to get a personal loan with fair credit, though sometimes the terms and interest rates may not be as favorable as those offered to borrowers with good or excellent credit scores.

For example, some lenders are willing to offer personal loans to borrowers with fair credit if they demonstrate a financial history that shows they can responsibly manage their debt. Additionally, lenders may look at other factors, such as employment and income, to determine a borrower’s ability to repay the loan.

To increase your chances of approval, compare interest rates and terms from multiple lenders to find the right fit for your needs. Also, consider adding a co-signer or co-applicant with better credit to get approved for a personal loan with fair credit.

Frequently asked questions (FAQs)

It is possible to get a personal loan with a 600 credit score, though some lenders may require a higher score — especially for the loans with lower interest rates. Borrowers can prequalify with multiple lenders to see the rates they are likely to qualify for and then formally apply for the best offers.

The easiest loan to get approved for depends on the individual’s borrowing needs, credit score, income level and other financial factors. Generally speaking, secured loans such as auto loans or mortgages may be easier to get approved for than unsecured loans. This is because the presence of collateral reduces the risk the lender bears.