Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
A debt consolidation loan lets you combine multiple debts into one, leaving you with just one loan and one payment to manage — and ideally, a lower interest rate. Average rates on debt consolidation loans for fair credit were just under 28%, according to Credible data from October, while average rates for good credit borrowers were around 20%. Considering that credit card APRs can be over 30%, you could still save money by consolidating debt with fair credit, especially if you have high income, a cosigner, or collateral — all of which could get you a lower rate.
Best debt consolidation loans for fair credit
If you have fair credit — usually considered to be a FICO score between 580 and 669 — you can still qualify for a debt consolidation loan from certain lenders. Here are Credible’s partner lenders that offer fair credit personal loans for debt consolidation:
Lender | Fixed rates | Loan amounts | Min. credit score | Loan terms (years) | Check Rates |
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
9.95% - 35.99% APR
| $2,000 to $35,000** | 550 | 2, 3, 4, 5* | Check Rates |
- Fixed APR:
9.95% - 35.99% APR
- Variable APR:
N/A
- Min. credit score:
550
- Loan amount:
$2,000 to $35,000**
- Loan terms (years):
2, 3, 4, 5*
- Time to fund:
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
- Fees:
Origination fee
- Discounts:
Autopay
- Eligibility:
Available in all states except HI, VT, MA, ME, NY, WV
- Customer service:
Phone, email
- Soft credit check:
Yes
- Loan servicer:
Avant
- Loan Uses:
Debt consolidation, emergency expense, life event, home improvement, and other purposes
- Min. Income:
$1,200 monthly
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
8.99% - 35.99% APR
| $2,000 to $50,000 | 600 | 2, 3, 4, 5 | Check Rates |
- Fixed APR:
8.99% - 35.99% APR
- Variable APR:
N/A
- Min. credit score:
600
- Loan amount:
$2,000 to $50,000
- Loan terms (years):
2, 3, 4, 5
- Time to fund:
As soon as 1 to 3 business days after successful verification
- Fees:
Origination fee
- Discounts:
None
- Eligibility:
Available in all states except DC, IA, VT, and WV
- Customer service:
Phone
- Soft credit check:
Yes
- Loan servicer:
Best Egg and Blue Ridge Bank
- Min. Income:
None
- Loan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
7.99% - 24.99% APR
| $2,500 - $40,000
| 660 | 3, 4, 5, 6, 7 | Check Rates |
- Fixed APR:
7.99% - 24.99% APR
- Min. credit score:
660
- Loan amount:
$2,500 - $40,000
- Loan terms (years):
3, 4, 5, 6, 7
- Time to fund:
As soon as the next business day after acceptance
- Fees:
Late fee
- Discounts:
None
- Eligibility:
Available in all 50 states
- Customer service:
Phone
- Soft credit check:
Yes
- Loan Uses:
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
11.72% - 17.99% APR
| $3,000 to $40,000 | 640 | 2, 3, 4, 5 | Check Rates |
- Fixed APR:
11.72% - 17.99% APR
- Min. credit score:
640
- Loan amount:
$3,000 to $40,000
- Loan terms (years):
2, 3, 4, 5
- Time to fund:
As soon as 2 to 5 business days after verification
- Fees:
Origination fee
- Discounts:
None
- Eligibility:
Available in all states except MA and NV
- Customer service:
Phone, email, chat
- Soft credit check:
Yes
- Min. Income:
$25,000
- Loan Uses:
Debt consolidation and credit card consolidation
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
8.98% - 35.99% APR
| $1,000 to $40,000 | 660 | 3, 5 | Check Rates |
- Fixed APR:
8.98% - 35.99% APR
- Min. credit score:
660
- Loan amount:
$1,000 to $40,000
- Loan terms (years):
3, 5
- Time to fund:
Usually takes about 2 days†
- Fees:
Origination fee
- Discounts:
None
- Eligibility:
Available in all 50 states
- Customer service:
Phone, email
- Soft credit check:
Yes
- Loan servicer:
LendingClub Bank
- Min. Income:
None
- Loan Uses:
Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
7.99% - 35.99% APR
| $2,000 to $36,500 | 660 | 2, 3, 4, 5, 6 | Check Rates |
- Fixed APR:
7.99% - 35.99% APR
- Min. credit score:
660
- Loan amount:
$2,000 to $36,500
- Loan terms (years):
2, 3, 4, 5, 6
- Time to fund:
As soon as the next business day
- Fees:
Origination fee
- Discounts:
Autopay
- Customer service:
Phone, email
- Soft credit check:
Yes
- Min. Income:
$20,000
- Loan Uses:
Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
18.0% - 35.99% APR
| $1,500 to $20,000 | 540 | 2, 3, 4, 5 | Check Rates |
- Fixed APR:
18.0% - 35.99% APR
- Min. credit score:
540
- Loan amount:
$1,500 to $20,000
- Loan terms (years):
2, 3, 4, 5
- Time to fund:
As soon as 1 to 2 business days after approval
- Fees:
Origination fee
- Discounts:
None
- Eligibility:
Must have photo I.D. issued by U.S. federal, state or local government
- Customer service:
Phone, email
- Soft credit check:
Yes
- Min. Income:
Does not disclose
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
11.69% - 35.99% APR7
| $1,000 to $50,000 | 560 | 3, 5 | Check Rates |
- Fixed APR:
11.69% - 35.99% APR7
- Min. credit score:
560
- Loan amount:
$1,000 to $50,000
- Loan terms:
3, 5, or 7 years 8
- Time to fund:
Within one day, once approved9
- Loan types:
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
- Fees:
Origination fee
- Discounts:
Autopay
- Eligibility:
A U.S. citizen or permanent resident; not available in DC, IA
- Customer service:
Phone, email
- Soft credit check:
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
8.49% - 35.99% APR
| $1,000 to $50,000 | 600 | 2, 3, 5, 6 | Check Rates |
- Fixed APR:
8.49% - 35.99% APR
- Min. credit score:
600
- Loan amount:
$1,000 to $50,000*
- Loan terms (years):
2 to 7
- Time to fund:
Within a day of clearing necessary verifications
- Fees:
Origination fee
- Discounts:
Autopay
- Eligibility:
Available in all 50 states and Washington, D.C.
- Customer service:
Email
- Soft credit check:
Yes
- Min. Income:
Does not disclose
- Loan Uses:
Debt consolidation, credit card refinancing, home improvement, and other purposes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
7.8% - 35.99% APR4
| $1,000 to $50,0005 | 620 | 3 or 5 years4 | Check Rates |
- Fixed APR:
7.8% - 35.99% APR4
- Min. credit score:
620
- Loan amount:
$1,000 to $50,0005
- Loan terms (years):
3 or 5 years4
- Time to fund:
As soon as 1 - 3 business days6
- Fees:
Origination fee
- Discounts:
None
- Eligibility:
Available in all 50 states
- Customer service:
Phone, email
- Soft credit check:
Yes
- Min. Income:
$12,000
- Loan Uses:
Payoff credit cards, consolidate debt, relocate, make a large purchase, and other purposes
|
Compare personalized prequalified rates from these lenders without affecting your credit score. 100% free!
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|
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms |
Avant
If you have poor or fair credit, Avant could be a good option for a debt consolidation loan. You can borrow $2,000 to $35,000* with repayment terms ranging from two to five years.**
3.9
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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- Fixed APR:
9.95% - 35.99% APR
- Variable APR: N/A
- Min. credit score: 550
- Loan amount: $2,000 to $35,000**
- Loan terms (years): 2, 3, 4, 5*
- Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: Available in all states except HI, VT, MA, ME, NY, WV
- Customer service: Phone, email
- Soft credit check: Yes
- Loan servicer: Avant
- Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
- Min. Income: $1,200 monthly
Best Egg
Best Egg offers personal loans from $2,000 to $50,000 with loan terms ranging from two to five years. In addition to your credit score, Best Egg also considers more than 1,500 proprietary credit attributes from sources that include external data providers as well as your digital footprint.
This means you might have an easier time qualifying with Best Egg compared to traditional lenders.
4.0
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
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- Fixed APR:
8.99% - 35.99% APR
- Variable APR: N/A
- Min. credit score: 600
- Loan amount: $2,000 to $50,000
- Loan terms (years): 2, 3, 4, 5
- Time to fund: As soon as 1 to 3 business days after successful verification
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all states except DC, IA, VT, and WV
- Customer service: Phone
- Soft credit check: Yes
- Loan servicer: Best Egg and Blue Ridge Bank
- Min. Income: None
- Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Discover
If you’re looking for a longer repayment term on a fair credit personal loan, Discover might be a good choice. You can borrow $2,500 to $40,000 with terms from three to seven years.
4.3
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
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- Fixed APR:
7.99% - 24.99% APR
- Min. credit score: 660
- Loan amount:
$2,500 - $40,000
- Loan terms (years): 3, 4, 5, 6, 7
- Time to fund: As soon as the next business day after acceptance
- Fees: Late fee
- Discounts: None
- Eligibility: Available in all 50 states
- Customer service: Phone
- Soft credit check: Yes
- Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Happy Money
Happy Money loans are available for $3,000 to $40,000 and are specifically designed for credit card consolidation. Additionally, Happy Money offers free FICO score updates and will work with you on payments if you lose your job.
3.8
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Happy Money Personal Loans
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- Fixed APR:
11.72% - 17.99% APR
- Min. credit score: 640
- Loan amount: $3,000 to $40,000
- Loan terms (years): 2, 3, 4, 5
- Time to fund: As soon as 2 to 5 business days after verification
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all states except MA and NV
- Customer service: Phone, email, chat
- Soft credit check: Yes
- Min. Income: $25,000
- Loan Uses: Debt consolidation and credit card consolidation
Lending Club
LendingClub is one of the few lenders that allow cosigners on personal loans, which could make it a good option if you need a cosigner to qualify. With LendingClub, you can borrow $1,000 to $40,000 with a three- or five-year term.
4.0
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
LendingClub Personal Loans
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- Fixed APR:
8.98% - 35.99% APR
- Min. credit score: 660
- Loan amount: $1,000 to $40,000
- Loan terms (years): 3, 5
- Time to fund: Usually takes about 2 days†
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all 50 states
- Customer service: Phone, email
- Soft credit check: Yes
- Loan servicer: LendingClub Bank
- Min. Income: None
- Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes
LendingPoint
LendingPoint specializes in working with borrowers who have near-prime credit — generally meaning credit scores in the upper 600s. You can borrow $2,000 to $36,500 with terms ranging from two to six years.
3.7
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
LendingPoint Personal Loans
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- Fixed APR:
7.99% - 35.99% APR
- Min. credit score: 660
- Loan amount: $2,000 to $36,500
- Loan terms (years): 2, 3, 4, 5, 6
- Time to fund: As soon as the next business day
- Fees: Origination fee
- Discounts: Autopay
- Customer service: Phone, email
- Soft credit check: Yes
- Min. Income: $20,000
- Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes
OneMain Financial
Unlike many other personal loan lenders, OneMain Financial doesn’t have a minimum required credit score — which means it could be a good option if you have poor or fair credit.
You can borrow $1,500 to $20,000 with terms from two to five years, though keep in mind that larger loan amounts might require collateral.
3.9
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
OneMain Financial Personal Loans
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- Fixed APR:
18.0% - 35.99% APR
- Min. credit score: 540
- Loan amount: $1,500 to $20,000
- Loan terms (years): 2, 3, 4, 5
- Time to fund: As soon as 1 to 2 business days after approval
- Fees: Origination fee
- Discounts: None
- Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
- Customer service: Phone, email
- Soft credit check: Yes
- Min. Income: Does not disclose
Universal Credit
Universal Credit offers small personal loans from $1,000 to $20,000 with three- or five-year terms. Also, Universal Credit offers personal loans for bad credit and fair credit — which means you might have an easier time qualifying even if your credit is less than perfect.
4.3
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Universal Credit Personal Loans
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- Fixed APR:
11.69% - 35.99% APR7
- Min. credit score: 560
- Loan amount: $1,000 to $50,000
- Loan terms: 3, 5, or 7 years 8
- Time to fund: Within one day, once approved9
- Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: A U.S. citizen or permanent resident; not available in DC, IA
- Customer service: Phone, email
- Soft credit check: Yes
Upgrade
Upgrade offers personal loans from $1,000 to $50,000 with terms of two, three, five, or six years. Additionally, Upgrade borrowers have access to free credit monitoring and educational resources that could help you build your credit.
4.5
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Check Personalized Rates
Checking rates won't affect your credit score
- Fixed APR:
8.49% - 35.99% APR
- Min. credit score: 600
- Loan amount: $1,000 to $50,000*
- Loan terms (years): 2 to 7
- Time to fund: Within a day of clearing necessary verifications
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: Available in all 50 states and Washington, D.C.
- Customer service: Email
- Soft credit check: Yes
- Min. Income: Does not disclose
- Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes
Upstart
If you have little to no credit, Upstart could be a good choice — in addition to your credit, it will consider your education and job history to determine creditworthiness. You can borrow $1,000 to $50,0005 with Upstart.
3.9
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Check Personalized Rates
Checking rates won't affect your credit score
- Fixed APR:
7.8% - 35.99% APR4
- Min. credit score: 620
- Loan amount: $1,000 to $50,0005
- Loan terms (years): 3 or 5 years4
- Time to fund: As soon as 1 - 3 business days6
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all 50 states
- Customer service: Phone, email
- Soft credit check: Yes
- Min. Income: $12,000
- Loan Uses: Payoff credit cards, consolidate debt, relocate, make a large purchase, and other purposes
How to get a debt consolidation loan with fair credit
If you’re ready to get a debt consolidation loan with fair credit, follow these four steps:
- Check your credit. When you apply for a personal loan for debt consolidation, the lender will review your credit to determine your creditworthiness. It’s a good idea to check your credit before you apply to see where you stand. You can use a site like AnnualCreditReport.com to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureaus to potentially boost your credit score.
- Compare lenders and choose a loan option. Be sure to compare as many lenders as you can to find the right loan for you. Consider not only interest rates but also credit requirements, repayment terms, and any fees charged by the lender. Afterward, pick the loan option that best suits your needs.
- Complete the application. Once you’ve chosen a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs.
- Get your funds. If you’re approved, the lender will have you sign for the loan so you can get your money. The time to fund for personal loans is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval. You might also have the option to have the funds sent directly to your creditors, depending on the lender.
Do debt consolidation loans hurt your credit score?
Anytime you apply for a new loan, the lender will perform a hard credit check to determine your creditworthiness. This could cause a slight dip in your credit score — though this is usually only temporary, and your score will likely bounce back within a few months.
If you decide to take out a debt consolidation loan, be sure to also consider how much that loan will cost you over time. This way, you can prepare for any added expenses. You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Total Payment
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Total Interest
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Monthly Payment
$
With a
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loan, you will pay
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monthly and a total of
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in interest over the life of your loan. You will pay a total of
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over the life of the
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What is a fair credit score?
In general, a fair credit score is considered to be a FICO score between 580 and 669. Here are the credit score ranges you’ll typically come across:
Credit score ranges | Credit rating |
Below 580 | Poor |
580 to 669 | Fair |
670 to 739 | Good |
740-799 | Very good |
800 and up | Excellent |
Personal loan interest rates by credit score
Your credit score plays a large role in deciding what interest rate you qualify for, along with your repayment term and the lender itself. In general, the better your credit, the lower the interest rate you’ll likely get — which means you’ll pay less in interest over the life of your loan.
Here are the average personal loan interest rates by credit score offered to borrowers who used Credible to take out a three- or five-year personal loan in September 2023:
Credit score ranges | Average APR |
780 or above | 15.16% |
720 to 779 | 18.43% |
680 to 719 | 22.18% |
640 to 679 | 27.04% |
600 to 639 | 29.50% |
Less than 600 | 30.97% |
How much of a loan can you get with a 600 credit score?
Personal loans typically range from $600 to $100,000, depending on the lender. However, if you’re looking to get a personal loan with a 600 credit score (or lower), keep in mind that your credit score, repayment term, and other factors will likely affect how much you’ll actually be able to borrow.
Tip: If you’re struggling to get approved for a personal loan, applying with a cosigner could improve your chances. While most lenders don’t allow cosigners on personal loans, some do.
Having a cosigner might also help you qualify for either a lower interest rate or a higher loan amount — though keep in mind that if you can’t make your payments, your cosigner will be on the hook for repaying the loan.
Before taking out a personal loan for debt consolidation, remember to consider as many lenders as possible to find a loan that works for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
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How to boost your credit score
While you might qualify for a debt consolidation loan with fair credit, these loans often come with higher interest rates compared to good credit loans. If you’d like to get approved for better rates in the future, it could be a good idea to spend some time building your credit.
Here are a few ways to potentially boost your credit score:
- Pay all of your bills on time: Payment history makes up the biggest part of your credit score — 35%. Making on-time payments could help you build a positive payment history while improving your credit score.
- Pay down credit card balances. Your credit utilization — or the amount of debt you owe compared to your credit limits — makes up 30% of your credit score. Paying down credit cards and other debts could help reduce your credit utilization and boost your score.
- Become an authorized user. A simple way to help build credit — especially if you don’t have a credit history yet — is to become an authorized user on a credit card account. This can help build your credit without you even having to use the card.
Raising your credit score could help you save money in the long run on future loans, as you’ll have a better chance of qualifying for lower rates.
For example: Say you had a 600 credit score and took out a $20,000 personal loan with a three-year term. If you qualified for the average 29.26%, you’d end up paying $10,274 in interest over the life of the loan.
But if you were able to boost your score to 680 and got approved for the average 17.96% APR, you’d pay only $6,015 in interest.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 144 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of October 9, 2023, none of the personal loan lenders on our platform require a down payment nor do they charge any prepayment penalties.
Prequalified rates disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
About the author
Dori Zinn
Dori Zinn is a student loan authority and a contributor to Credible. Her work has appeared in Huffington Post, Bankate, Inc, Quartz, and more.
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