Some of the best lenders to consider for a $15,000 loan with fair credit include LightStream, American Express, SoFi and Wells Fargo. Just about any lender that caters to people with fair credit scores (640 to 699) will offer loans of $15,000 or more, at least to some applicants. Lenders' minimum loan amounts typically start around $1,000 to $3,000. And their maximums tend to range from around $25,000 to $100,000. That said, people with fair credit may not qualify for a particular loan amount, depending on other factors like how high their income is. The closer a person's credit score is to the lender's minimum, the less likely that person is to qualify for higher loan amounts.
The best way to see if you can get a $15,000 loan with fair credit is to use WalletHub's free pre-qualification tool. It allows you to put in your desired loan amount and see which lenders are likely to approve you.
LightStream, Amex, SoFi and Wells Fargo stand out because none of them charge an origination fee. So the only extra cost you'll have to worry about is interest. All of them have also been known to offer loans of $15,000 or more. And they all reportedly have a minimum credit score requirement of 660, except for SoFi which requires 680. A score of 660 is only 20 points above the start of the fair credit range, so most people with fair credit should be in the running.
People with scores below 660 may want to consider Best Egg, FreedomPlus, Avant and Prosper instead. All have minimum credit score requirements of 640 or below, plus maximum loan amounts above $15,000.
FAQs
Loan amounts range from $5,000 to $50,000. APRs range from 8.99 to 35.99% and include applicable origination fees that vary from 1.99% to 6.99%. The origination fee is deducted from the loan proceeds. Repayment periods range from 24 to 60 months.
Where can I get a personal loan with a fair credit score? ›
Summary: Best Loans for Fair Credit
| Company | Forbes Advisor Rating | Minimum credit score |
|---|
| Upgrade | 4.0 | 580 |
| Avant | 4.0 | 580 |
| LightStream | 3.5 | 660 |
| Rocket Loans | 3.5 | 580 |
Loan amounts range from $5,000 to $50,000. APRs range from 8.99 to 35.99% and include applicable origination fees that vary from 1.99% to 6.99%. The origination fee is deducted from the loan proceeds. Repayment periods range from 24 to 60 months.
Why can't I get a loan with fair credit? ›
You can qualify for personal loans with fair credit, but you'll likely have higher interest rates and fewer options than borrowers with good or excellent credit. If your credit score is fair — between 580 and 669 — consider loans from lenders that offer low credit score requirements and competitive interest rates.
What credit score is needed for $5,000 loan? ›
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
What is the easiest loan to get approved for? ›
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
What credit score do I need for a $10000 personal loan? ›
Generally, you need a good to excellent credit score of 670 or above to qualify for a $10,000 loan. However, some lenders specialize in working with borrowers with fair or poor credit.
What credit score do you need to get a $30,000 loan? ›
In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.
How to get a loan when no one will approve you? ›
Use Collateral To Secure The Loan
If your credit score is lower than you need it to be, you could consider a secured loan. The inclusion of collateral makes secured loans easier to get approved for, as it assures the lender they'll get their money back one way or another – even if you default on the loan.
What FICO score is considered fair credit? ›
Generally, you'll need a good to excellent credit score — 670 or higher — to qualify for a $20,000 loan.
What is the easiest installment loan to get approved for? ›
What is the easiest type of installment loan to get? In general, the easiest type of installment loan to get will be a short-term personal loan that doesn't require a credit check, such as a payday loan, pawn shop loan or car title loan.
Which bank has the lowest interest rate for a personal loan? ›
Starting at 9.47 percent, Bandhan Bank offers the cheapest interest rate on personal loans of Rs 1 lakh that come with a repayment tenure of four years. The equated monthly installment (EMI) will be Rs 2,592. Private sector lender IndusInd Bank offers an interest rate starting from 10.49 percent on personal loans.
How much would a $5000 personal loan cost a month? ›
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $5,000 | 3 | $153.54 |
| $5,000 | 5 | $104.98 |
| $10,000 | 3 | $313.32 |
| $10,000 | 5 | $207.54 |
13 more rowsRequirements for a $1,000 Personal Loan
A good to excellent credit score of at least 670 is often required, but there are some lenders that weigh other factors more heavily — allowing you to qualify even with a lower credit score.
What is the lowest credit score for a personal loan? ›
To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 670 and above.
Can I borrow money with a fair credit score? ›
Borrowing limits
A fair credit score means you're unlikely to be able to borrow as much as you would if you had an excellent credit score. Lenders will also look at your income and outgoings when deciding how much to lend.
What is the minimum credit score for a personal loan? ›
To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 670 and above.
Can I get a personal loan with a 600 credit score? ›
You aren't likely to get a lender's best rates on a personal loan without a good credit score, but a FICO score of 600 should allow you to qualify for one.
