Who Will Give Personal Loans With Fair Credit?

Getting a personal loan when you have fair credit can be easy. There are many places that will lend to borrowers who have a good FICO score, which is typically considered a score of 640 or more. Even if your score is somewhat lower than this, you can still be considered to have good credit, making it easier to get a loan.

Banks

When your credit is fair, a bank may be likely to give you a loan. If you have been a member of a bank and in good standing with them, you may have even better chances. Speak to a manager about getting a personal loan. You will more than likely be able to negotiate a loan agreement for the money you need, depending on how much you want and what the bank's policy is. If you have collateral to offer, such as a vehicle or home, this will increase your chances of getting a personal loan.

Credit Unions

A credit union is a nonprofit organization that someone can apply for a loan with if a member of the union. Credit unions offer loans and services that are similar to those of a bank, however; they are considered more people-friendly as not everyone can become a member of one. The criteria for joining a credit union may be based on things, such as religion or your workplace. If you are a member, you can apply through the company for a personal loan.

Payday Companies

Payday loan companies, also known as cash advances, are in the business of lending money to those who have bad credit anyway. These loans are for personal use, and can be for amounts up to $1,500 in some cases, depending on where the borrower lives and what company they choose. For someone who already has fair credit, all he would then need to do is meet the few criteria to getting a personal loan with a payday company. A checking or savings account and proof of steady income are required for this type of unsecured loan.

Online Companies

Many web-based companies are designed to meet the needs of those who need personal loans. Unlike a payday advance company, these loan companies require a good credit score and offer monthly payment plans to their borrowers. Many of these loans can be taken out with the option of a year or more to pay it back in. The money will be withdrawn directly from a checking account every month, with finance charges added.

Personal Loans

You may be able to get a personal loan from a family member, a friend or co-worker, or even your employer, especially if you have fair credit. Asking for a personal loan from someone you know may be harder on the ego, but better on the pocketbook, especially if the amount you need isn't large. They may be willing to give you a loan with no interest fees, and a more lenient schedule to pay it back.