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.
More in Loans & Mortgages
Three Essential Steps To Follow Before Taking An Early Retirement
How would you feel if you knew you would only retire after the age of 70? Or how about if you...March 3, 2021
Should You Hire The Long-Term Unemployed?
It is normal for organizations to hire someone who has a job already and wait for them to join the organization....March 2, 2021
First-Time Mom Gigi Hadid: Here’s What The Supermodel Had To Say About Motherhood
The Long Labor Last year in September, 25-year-old ravishing beauty Gigi Hadid became a mother. She gave birth to a beautiful...February 25, 2021
Using Loans to Save Yourself From Credit Card Debt
Many economies thrive on credit. So many people are in credit card debt and do not know how to pay for it....February 24, 2021
What is Hard Money? The Advantages and Disadvantages of Using Hard Money
Hard money is a borrowing method where you let go of the conventional mortgage lenders. Instead, you opt for loans from...February 23, 2021
Here’s How You Can Right-Size Your Retirement
Taking retirement from work is one of the major decisions you need to take in life. You have to be financially...February 22, 2021
The Sweetest Bank Account Bonuses You Can Grab In 2021
When you are on the lookout for a savings or a checking account, the bank bonuses that are available alongside are...February 18, 2021
Should You Go For Online Loans Or Bank Loans?
Online personal loans are easy to avail of these days as many financial technology entities are offering them. How would you...February 17, 2021
Considering Early Retirement? Here Are Things You Should Know
An early retirement is sometimes a viable option for people looking at hanging up their boots at an early age, say...February 16, 2021