Have A Fair Credit Score? Here’s How You Can Get A Loan
What is a fair credit score? It’s a score that lies between 660 and 669. Fair credit happens to be a gray zone between poor credit and good credit. Those with fair credit would eventually want to raise their scores. However, you will have to search for the best deals on your personal loans available for your credit score till the time you do.
But, is it possible to get a personal loan based on a fair credit score? Yes, it’s possible. Improving your credit score is possible as well. How can you get a loan on a fair credit score? The following points might throw some light. Also, get to know about the best lending sources. Continue reading.
Loan aggregators are websites and not direct lenders. Through these websites, you get access to different lenders located in various parts of the country. All you need to do is fill up an application, including why you want a loan. Based on your loan application, lenders will offer you loans. This way you wouldn’t have to shop around. Fiona and Credible are good loan aggregators. With Fiona, you complete the procedure of your loan request, and the lenders will contact you.
From various offers, you can choose the loan that suits you best. Lenders usually have different requirements. With Fiona, you wouldn’t have to worry about that. Coming to Credible, a host of lenders will come to you after you provide some basic information. If one of the quotes is what you are looking for, you fill-up the application on the website of Credible. It has one advantage that sets it apart from the rest. You can lay your hands on the funds pretty soon. Sometimes, it doesn’t even take a business day. Credible is so fast.
Personal Loan Providers
Some lenders will work with you if you have a fair credit score. Avant can offer you loans up to $35,000in one business day. Talking about the interest rates, they usually fall between 9.95% and 35.99% APR. However, whatever is paid will be reported to the credit bureaus. Lending Point can be a good option for you in case you have a poor debt-to-income ratio.
Aside from your credit score, this is one factor that Lending Point considers while approving your loan request. While you can take a loan of up to $25,000, the interest rates lie between 15.49% and 35.49%.
Banks and Credit Unions
Whether you will avail of a loan from these lenders or not depends on what kind of credit score you have. 580 to 669 is a common range that covers many people. If you have a credit score between 620 and 650, you might get your loans from banks and credit unions.
However, if your score falls below 620, the banks and credit unions might not approve your loan request. Since credit unions are non-profit and are owned by the members, they are a better option than banks. But, you can build up a big savings amount with a credit union.
P2P or Peer-to-Peer lenders are your best option if the personal loans are not secured. You can easily lend up to $35,000. You can use the amount for any purpose such as medical expenses, business startup, buying a car, debt consolidation, etc. The best thing about these P2P lenders is that they offer funds to anyone, irrespective of your credit score. SoFi, Prosper, and Upstart are the P2P lenders that you can check out.
Home Equity Loans
Based on the equity you have built on your property, you can take a home equity loan. You can utilize either a portion or full equity for this purpose. Aside from that, you have HELOC. HELOC stands for a home equity line of credit.
These options can be fruitful as they can prove to be amazing sources of earnings if you have a credit score close to 669. The figure is very popular. It helps you to apply for a loan online. After the approval of your loan application, you can lay your hands on the funds within three working days.
It would help if you were careful about payday loans that are attached to your paycheck. These happen to be short-term loans and are helpful if you are in the lower rung of the fair credit score scale.
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