What are some quick personal loans for fair credit?

Question

Some of the best 650-credit-score personal loan options include Best Egg, LendingClub and Prosper, among others. A 650 credit score is just below the 660 threshold that many personal loan providers require. But there are still plenty of lenders that will provide loans to people with scores of 650 or even lower. It’s unlikely that a borrower with a credit score of 650 will be able to get a personal loan that doesn’t charge an origination fee, however.… read full answer

A credit score of 650 is within the fair credit range, 10 points above its starting point. It’s also below the average American’s credit score. So while there are plenty of personal loans available, they’re not the best offers on the market.

650-credit-score personal loan options:

Lender	Credit score required*	APR range	Origination fee
Best Egg	640	5.99% - 29.99%	0.99% - 5.99%
FreedomPlus	620	5.99% - 29.99%	0% - 5%
LendingClub	600-640	6.95% - 35.89%	1% - 6%
Payoff	640-660	5.99% - 24.99%	0% - 5%
Prosper	640	6.95% - 35.99%	2.41% - 5%

*According to either the lender or multiple third-party sources

With a credit score of 650, you actually may not want to apply for a personal loan right away if you can afford to wait. You could take a few months to improve your credit score at least 10 points to 660. That way, you’d have a better chance of qualifying for loans with no origination fees, such as those from LightStream or Discover.

If you’re worried whether you’ll actually have a shot at getting approved, you can use WalletHub’s free pre-qualification tool to find out which lenders are likely to approve you and what rates you could expect.

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Answer 1 · 2020-04-17 13:23:36

Alicia Kane, savvy shopper

@Alicia_K • 04/17/20 This answer was first published on 09/05/19 and it was last updated on 04/17/20.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The best place to get quick personal loans for fair credit is an online lender. The processing times will usually be faster than with a bank or a credit union, and most online lenders accept people with fair credit. Their minimum credit score requirements are usually no higher than 660 (the fair credit range starts at 640 and goes to 699).

The quickest you can get a personal loan with fair credit is the same day you apply. For example, LightStream can fund your loan the same day: 1) you are approved, 2) it’s a banking business day, and 3) you sign and verify everything by 2:30 p.m. EST. Even if you aren’t able to do that, it usually shouldn’t take more than 2 business days to get a personal loan from LightStream anyway. People with fair credit stand a good chance of getting a LightStream loan, considering the minimum credit score requirement is 660.

Other major lenders that accept applicants with fair credit and offer quick approval include Best Egg (640 minimum credit score), FreedomPlus (620), Marcus (680) and Rocket Loans (640). Each of these lenders offers the possibility of approval in 2 business days or fewer, then funding in 4 business days or fewer. For some of the lenders, the entire process could take just 2 business days.

What are some quick personal loans for fair credit?

Alicia Kane, savvy shopper

2021 Best Personal Loans Offer for Fair Credit

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