Best Loans With Fair Credit

As a professional, whether you’re looking to fund a business venture or consolidate debt, finding a reputable loan provider is vital to your financial success. That’s why we’ve gathered a list of the best personal loans and business loans available for those with fair credit in 2020.

Top Personal Loan Options for Fair Credit

If you’re looking for a personal loan and have fair credit, there are several lenders that can help. Here are five of the best:

1. Upstart:

Upstart is a great option for those with fair credit, as it looks beyond traditional factors such as credit scores and instead uses artificial intelligence to evaluate a borrower’s creditworthiness. Borrowers can get loans from $1,000 to $50,000, with interest rates ranging from 7.69% to 35.99%.

2. LendingClub:

LendingClub offers personal loans for those with fair credit, with loan amounts up to $40,000 and interest rates ranging from 6.95% to 35.89%. LendingClub offers a simple online application process and quick approvals, making it a convenient option for borrowers.

3. Peerform:

Peerform is a peer-to-peer lending platform that offers loans to those with fair credit. Borrowers can receive loans ranging from $4,000 to $25,000, with interest rates ranging from 5.99% to 29.99%. Peerform’s services are great for those who may not qualify for traditional bank loans.

4. Avant:

Avant offers personal loans to those with fair credit, with loan amounts ranging from $2,000 to $35,000 and interest rates ranging from 9.95% to 35.99%. Avant also offers a quick application and approval process, making it ideal for borrowers who need funds quickly.

5. OneMain Financial:

OneMain Financial offers personal loans for those with fair credit, with loan amounts ranging from $1,500 to $20,000 and interest rates ranging from 18.00% to 35.99%. While OneMain Financial has higher interest rates than some other lenders, it may be a good option for borrowers who may not qualify for other loans due to their credit score.

Top Business Loan Options for Fair Credit

When it comes to funding a business, having fair credit can make it more challenging to secure a loan. However, there are still options available for those with fair credit:

1. BlueVine:

BlueVine offers business loans ranging from $5,000 to $5 million, with interest rates ranging from 4.8% to 75%. While BlueVine may have higher rates than some lenders, it offers flexible repayment terms and quick access to funds.

2. Fundbox:

Fundbox offers lines of credit for small businesses, with amounts ranging from $1,000 to $100,000 and interest rates ranging from 4.66% to 8.99%. Fundbox has a simple online application process and quick access to funds.

3. OnDeck:

OnDeck offers term loans and lines of credit for small businesses, with loan amounts ranging from $5,000 to $500,000 and interest rates ranging from 9.99% to 99.00%. OnDeck has a quick online application process and can provide funding in as little as 24 hours.

4. Kabbage:

Kabbage offers lines of credit for small businesses, with amounts ranging from $500 to $250,000 and interest rates ranging from 1.5% to 10%. Kabbage offers a simple online application process and quick access to funds, making it an ideal choice for small business owners.

5. LendingClub:

LendingClub also offers business loans, with amounts ranging from $5,000 to $500,000 and interest rates ranging from 5.99% to 26.99%. LendingClub has a simple online application process and can provide funding in as little as a week.

Tips and Ideas for Securing a Loan with Fair Credit

While it may be more challenging to secure a loan with fair credit, there are steps you can take to improve your chances:

• Check your credit score and address any errors before applying for a loan
• Consider getting a co-signer or finding a lender that uses alternative factors to evaluate creditworthiness
• Apply for loans with several lenders to compare options and interest rates
• Consider a secured loan, such as a personal loan secured by collateral, to increase your chances of approval
• Focus on improving your credit score by paying bills on time and reducing your debt-to-income ratio

Conclusion

While having fair credit may make it more challenging to secure a loan, there are still several options available. By doing your research and taking steps to improve your creditworthiness, you can increase your chances of being approved and securing the financing you need.

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