COMPACOM Guide to choosing the best Personal Loan for fair credit
You don't need to provide collateral in order to get a Personal Loan for Fair Credit. Apply online and get paid the next day!
Every person is periodically faced with unforeseen situations that request extra funding. Typically, this is an emergency, bills, medical assistance, and so on. Also, many of us may need to make a large purchase we have no money for. In such a situation, you can find a part-time job, borrow money from your family, or take out a bank loan. Unfortunately, most situations require urgent funding, so you won't have time to make extra money. You can ask family or friends, but they are also not always able to offer you the required amount. A bank loan can be a quick and convenient solution to your problems, but if you have a bad credit history, you may be denied a loan. Is it possible to get money with bad credit? Of course! Apply for a Personal Loan for Fair Credit.
Which companies offer Personal Loan for Fair Credit?
Of course, there are now a large number of lenders who are willing to provide you with a loan, even if you have a bad credit history. However, before you sign a contract and receive money, you need to compare the offers of different lenders in order to find the best deal. Explore the list of lenders, compare the pros and cons and choose the offer that suits you best.
Lending Club
Lending Club offers Personal Loans, Debt Consolidation Loans, Business Loans, and other money products for borrowers with a fair credit score at affordable rates with convenient repayment.
- MIN Loan Amount: $1,000
- MAX Loan Amount: $40,000
- Terms: 36 or 60 months.
- Rates and fees: 10.68% to 35.89% APR
- Turnaround Time: 4 - 11 business days
- Personal Loans
- Debt Consolidation Loans
- Business Loans
- Credit Card Payoff
- Home Improvement
- Be at least 18 years old.
- Be a U.S. citizen.
- Have a bank account.
- Live in the state where LendingClub operates.
- 40% or lower DTI.
- Minimum 600 credit score.
- Pros
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- Co-signed and joint loans.
- Debt consolidation loans with diret payment to creditors.
- Soft credit check with pre-qualification.
- Cons
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- Only two repayment term options are allowed.
- High interest rates.
- An origination fee is charged.
Lending Club is a company that provides loans to borrowers with bad credit history. The advantage of this company is that it does not ask the borrower to borrow a large minimum amount, while other lenders offer a minimum loan of several thousand dollars. With Lending Club you can get from 1000 dollars, which is convenient for people who do not need a large loan. With Lending Club, you can borrow from $ 1,000 to $ 40,000 for a period of 36 to 60 months. Even if your credit history is not a role model, Lending Club can help you with the loan. Thus, you can make a necessary purchase or consolidate existing debts.
Also Lending Club has its drawbacks. For example, this company charges an origination fee. As a rule, it ranges from 2% to 6% of your loan amount. Thus, you should make sure if you are willing to pay the commission or if you should look for another lender. Lending Club interest rates can be very high for borrowers with bad credit, and can range from 10.68% to 35.89% APR.
Upstart
Credible offers Personal Loans, Peer-to-Peer Loans and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $1000
- MAX Loan Amount: $50000
- Terms: 3 - 5 years
- Rates and fees: starting at 6.5% APR
- Turnaround Time: 1 - 2 business day
- Personal Loans
- Debt Consolidation Loans
- Home Improvement Loans
- Medical Loans
- Wedding Loans
- Moving Loans
- U.S. citizen or permanent resident
- At least 18 years old.
- A full-time job
- A regular part-time job or another source of income
- Pros
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- The company offers favorable conditions for young people with little or no credit history.
- A convenient and straightforward site interface makes navigation easy.
- The loan calculator allows you to calculate all the available options for personal loans.
- If the client decides to pay the debt ahead of schedule, there will be no additional commission.
- The level of education and career growth add points to the credit rating.
- Cons
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- In addition to APR, borrowers pay up to 8% for money transfers.
- Some similar services offer a lower APR. However, they do not guarantee that each borrower will receive just such conditions.
- If the client needs a paper copy of the check or contract, they will be provided for an additional fee.
- Any late payment is charged a fine. This item is difficult to attribute to the minuses, since absolutely all banks and lenders work according to such a scheme.
Upstart is also targeted at bad credit borrowers, so you can get a loan even if your rating is 600. So if you've been rejected by most lenders, Upstart can be your lifesaver.
With Upstart, you can get a loan from $ 1,000 to $ 50,000. Even if you need a very large loan, the company is ready to provide it for a period of 3 to 5 years. It is also important to note that the minimum loan amount varies from state to state, so you should ask your lender about this before applying. Upstart also charges an origination fee for some borrowers, so you can pay 5 to 8 percent of the loan amount. The disadvantage of Upstart is also the high interest rates, you can get from 8.27% to 35.99% APR.
Avant
Avant offers Personal Installment Loans, Credit Cards and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $2000
- MAX Loan Amount: $35000
- Terms: Vary by state.
- Rates and fees: 9.95% to 35.99% APR
- Turnaround Time: 1 - 2 business day
Personal Loans
Credit Cards
- U.S. resident with Social Security Number
- At least 18 years old
- Minimum credit score of 580.
- At least $20,000 in gross annual income.
- Pros
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- Low minimum credit score.
- Refinancing option.
- Flexible payment options.
- Cons
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- No co-sign or secured loan option.
- Does not offer direct payment to creditors for debt consolidation loans.
The advantage of Avant is that you can get a quick solution. As a rule, you can see loan options in a few minutes. Moreover, if approved for an Avant Personal Loan for Fair Credit, you will receive payment the next working day. Thus, this company is good for those who need quick approval and funding.
The minimum amount of Avant loan depends on the laws of the state, however, as a rule, you can apply for a minimum amount of $ 2,000, while the maximum amount is $ 35,000. The loan terms are flexible and you can usually get from 24 to 60 months. Interest rates range from 9.95% - 35.99% APR.
Greenlight Cash
Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.
- Payday Loans
- Installment Loans
- Personal Loans
- be a legal U.S. resident
- be at least 18 years old
- have a stable source of income
- be currently employed
- have an active bank account
- Pros
-
- Unrivaled flexibility and accessibility.
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Predictable monthly payments
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Quick and simplified borrowing process
- Any credit is welcome
- Cons
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- Not a direct lender.
If you want to get a small loan, you can contact Greenlight Cash. Typically, borrowers receive between $ 1,100 and $ 2,500. Moreover, Greenlight Cash is also suitable for you if you have a bad credit history, as this company is focused on all types of loans. Greenlight Cash does not require collateral if you want to get a loan.
However, Greenlight Cash has very high interest rates. When applying for a Personal Loan for Fair Credit, it is worth knowing that you can get rates from 4.99% to 450%. It goes without saying that the better your credit, the more favorable interest rates you get. So, if your credit score is very bad, you may need to find another lender, as with Greenlight Cash you risk to have very high interest rates. Greenlight Cash also charges fees for processing a loan.
Instant Loans USA
Instant Loans USA will help you get the cash you need when you need it. You can apply for Payday Loans, or Personal Loans online. Choose the best rates and terms and get the same-day financing.
- MIN Loan Amount: $100
- MAX Loan Amount: $35000
- Terms: Varied
- Rates and fees: Starting at 4.99% APR
- Turnaround Time: 1 business day
- $100 - $1000 Payday Loans
- $5,000 - $35,000 Personal Loans
- 18 years of age or older
- U.S. citizenship
- Valid checking or savings account with direct deposit
- Minimum regular income of $1,000 per month
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- Pros
-
- High loan amounts up to $35,000.
- Minimal basic requirements.
- No collateral or co-signer.
- Bad credit is OK.
- Cons
-
- High interest rates.
Before you study the information about Instant Loans USA, you should know that this is not a lender, but a company that connects the borrower with a large number of lenders to get the best deal. Likewise, with Instant Loans USA you can connect with independent third party lenders.
Instant Loans USA offers both Payday Loans and Personal loans. Ln the case of Personal Loan for Fair Credit, the loan amount can vary from $ 1,000 to $ 35,000. Instant Loans USA works with over 300 lenders who are ready to provide you with a loan within one business day. After you fill out the application, you will receive various offers from different companies. In this way, you can compare options and choose the most profitable one. Also on the Instant Loans USA website you can find a section of frequently asked questions and learn the basic information on the loan.
Check Into Cash
Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $50
- MAX Loan Amount: $3000
- Terms: Vary by state.
- Rates and fees: 261% to 782% APR
- Turnaround Time: 1 business day
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- Active checking account open for 90+ days
- US citizen or permanent resident
- Personal and work phone number
- Valid email address
- 21+ years old (19+ in Alabama)
- Social Security number (for Indiana residents only)
- Pros
-
- You can get even as low as $50.
- Quick funding on the next business day.
- Money can be used for any personal needs.
- Cons
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- Not available in every state.
- APR can be more than 153.73% depending on your state.
- High late payment fees.
Check Into Cash is considered to be a reliable lender that offers small amounts up to $ 1000. You can apply with both good and bad credit, however, people with good credit will get better interest rates than people with bad credit. The advantage of Check Into Cash is that you can apply online. Thus, it will be a good option for people who do not have time to go to the lender's store. The application process is as simple as possible, all you need to do is go to the lender's website, provide information about yourself and send an application. Your application will be reviewed almost instantly, so you will receive a response as quickly as possible. In case of online payment, the money will be deposited into your bank account. The application is free of charge, so you don't have to worry about paying.
As a rule, Check Into Cash is recommended for use if you have no other options, as it has high fees on the money borrowed. Another disadvantage of Check Into Cash is the small loan amount, you cannot get more than $ 1000. Also Check Into Cash has high fees, so you should consider whether to contact this lender or not.
LendYou
LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.
- MIN Loan Amount: $100
- MAX Loan Amount: $35000
- Terms: Varied
- Rates and fees: Starting at 4.99% APR
- Turnaround Time: 1 business day
- $100 - $1000 Payday Loans
- $1000 - $5000 Installment Loans
- $5000 - $35000 Personal Loans
- 18 years of age or older
- U.S. citizenship
- Valid checking or savings account with direct deposit
- Minimum regular income of $1,000 per month
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- Pros
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- High up to $15,000 loan amounts.
- Minimal restrictions on how you can use your loan.
- No collateral or guarantor.
- Bad credit is OK.
- Cons
-
- It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with.
LendYou is also not a lender, so it does not provide loans. LendYou is a company that connects borrowers with independent lenders. The convenience of working with LendYou is that you can apply online from your computer or mobile phone at any time 24/7. As a rule, your application is reviewed very quickly and you will receive a response in a minutes. Thus, you can compare the offers of different lenders and choose the most profitable one for you. If the contract is signed, the money will be transferred to your account the next business day. Thus, LendYou is another quick financing option.
Since LendYou works with a large number of lenders, and each of them has their own eligibility criteria, there are basic ones that you must meet in order to get a Personal Loan for Fair Credit. As a rule, you must be at least 18 years old, have an active bank account, and have a regular source of income. Most often, the minimum required income should be at least $ 1000. Another advantage of LendYou is bad credit approval. It doesn't matter what your credit rating is, as LendYou works with a large number of lenders, you can find someone who is willing to provide you with a loan.
The disadvantage of LendYou is the loan amount. Typically, you cannot get more than $ 2,500, while other lenders offer a $ 35,000 loan. Thus, if you need a small Personal Loan for Fair Credit, you can turn to LendYou, however if you need a large amount, you must find another lender to meet your needs.
Before getting a Personal Loan for Fair Credit, research all the options that are suitable for you. Consider issues such as fees or penalties. Some lenders have hidden fees, so it's important for you to find out before you sign the contract. The loan amount is very important as some lenders offer as little as $ 1,000 while others are willing to loan you up to $ 35,000. Compare offers and find a lender that suits your needs.
Interest rates are what you need to focus on. Some lenders offer prohibitively high interest rates, which will only worsen your financial situation. Also study the eligibility criteria for getting a Personal Loan for Fair Credit.
Personal loan for fair credit. How does it work?
A Personal Loan is a form of loan that helps you get paid for personal needs such as large purchases, medical treatment, or credit card debt consolidation. Typically, Personal Loans have better interest rates, that is why many borrowers use them to cover their debts. Thus, by applying for a Personal Loan, you can get money to cover your needs quickly. A Personal Loan is paid in regular monthly installments that include a loan amount and interest. Thus, you must pay the amount until the debt is fully paid off.
Personal Loans for Fair Credit
Many borrowers have faced the fact that they were denied a loan due to bad credit. Thus, they fear that they will be rejected again and will not be able to receive the money they need. However, if you apply for a Personal Loan for Fair Credit you will be approved.
Of course, a bad credit history lowers your chances of getting a loan. As a rule, traditional lenders refuse to receive loans to borrowers with bad credit, because they do not want to take risks. Thus, it can be very difficult to get a loan. A Personal Loan for Fair Credit is the same as a traditional Personal Loan, however, you can get approved even if your credit is not a role model. If you have made mistakes in the past, you can still get money and solve your problems.
What can I use a Personal Loan for Fair Credit on?
Of course, each potential borrower asks the lender a question on what he can spend the received loan. Typically, you will be able to spend a Personal Loan on just about anything you need. If you need expensive medical treatment, a big purchase, or a home renovation, you can use a Personal Loan to cover the costs. Also, money can be spent on events such as weddings, funerals and more.
What can't I spend a Personal Loan for Fair Credit on?
As a rule, lenders do not have many prohibitions on what you cannot spend the loan on. Thus, there are only a few of them. You cannot spend a loan on illegal activities, even if you need some initial capital. Also, money cannot be spent on gambling. Some lenders also do not provide loans to cover college expenses, however, you need to ask the lender this question to make sure you can spend your money on your education.
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