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."
If you have fair credit — a FICO score between 580 and 669 — you may be eligible for a personal loan with multiple lenders, but you can expect to pay a higher rate. For example, the average APR for fair credit borrowers was between 27.03% and 29.50% in September of 2023, according to Credible prequalified data. But you could get a lower rate, especially if you have a high income, a willing cosigner, or a low debt-to-income ratio (DTI).
13 best personal loans for fair credit
Before you take out a personal loan, it’s important to consider as many lenders as possible. This way, you can find the right loan for your situation.
Here are Credible’s partner lenders that offer personal loans for fair credit:
| 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* | |
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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 | |
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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 | |
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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% - 24.67% APR | $3,000 to $40,000 | 640 | 2, 3, 4, 5 | |
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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.
| 9.57% - 35.99% APR | $1,000 to $40,000 | 660 | 3, 5 | |
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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 | |
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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 | None | 2, 3, 4, 5 | |
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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 | |
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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 | |
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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.
| 6.4% - 35.99% APR4 | $1,000 to $50,0005 | 620 | 3 or 5 years4 | |
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Avant
Avant could be a good choice for borrowers with poor or fair credit. You can borrow $2,000 to $35,000* with repayment terms from two to five years.**
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Accepts poor credit scores
- Funding as soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
- No prepayment penalty
Cons
- Not available in Colorado, Iowa, Hawaii, Vermont, Nevada, New York, or West Virginia
- Administration fee up to 4.75%
- Charges late and dishonored payment fees
Best Egg
With Best Egg, you can borrow $2,000 to $50,000 with repayment terms from two to five years. If you’re approved, you could have your funds within one to three business days after successful verification — which could make it a good option if you need cash quickly.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Might be able to borrow up to $50,000
- Accepts poor credit scores
- Fast loan funding
Cons
- Not available in Iowa; Vermont; Washington, D.C.; or West Virginia.
- 0.99% to 8.99% origination fee
- Charges late fees
Discover
If you’re looking for a longer repayment term, Discover could be a good choice — you can borrow $2,500 to $40,000 and can pick a term from three to seven years. Just keep in mind that opting for a longer term means you’ll pay more in interest over time.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
$2,500 - $40,000
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Repayment terms up to 7 years
- Funding as soon as the next business day after acceptance
- If you decide you don’t want the loan, you can return the funds within 30 days and won’t be charged interest
Cons
- Minimum credit score is in the upper range of fair credit
- Charges late fees
- Can’t add a cosigner to the loan
LendingClub
LendingClub personal loans range from $1,000 to $40,000 with three- or five-year repayment terms. You might also get a lower rate if you plan to use a LendingClub personal loan to pay off credit cards or other debt and let LendingClub pay your creditors directly.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Could get a lower rate if you use your loan to consolidate debt and let LendingClub pay your creditors directly
- Accepts poor credit scores
- Credit score won’t be affected if you’re denied a loan
Cons
- Origination fees from 3% to 8%
- Charges late fees
- Limited repayment terms (only three or five years)
LendingPoint
LendingPoint specializes in working with borrowers who have near-prime credit — typically meaning a credit score in the upper 600s. You can borrow $2,000 to $36,500 with repayment terms from two to six years.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Accepts poor credit scores
- Funding as soon as the next business day
- Very competitive rates for borrowers with poor or fair credit
Cons
- Can only borrow up to $25,000
- Origination fees from 0% to 10%
- Not available in Nevada or West Virginia
LightStream
If you need to borrow a large amount, LightStream could be a good option — you can borrow $5,000 to $100,000. Most LightStream loans come with terms from two to seven years, but if you’ll be using the loan for home improvements, you could have up to 12 years to repay it.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Loans up to $100,000
- Funding as soon as the same business day
- 0.50% autopay discount
Cons
- Minimum credit score is in the upper range of fair credit
- Not available in Rhode Island or Vermont
- Doesn’t disclose minimum income requirements
OneMain Financial
Unlike many other lenders, OneMain Financial has no minimum required credit score — which means you might have an easier time getting approved even if you have poor or fair credit. In addition to your credit history, OneMain Financial considers your financial history, income, and expenses to determine approval.
You can borrow $1,500 to $20,000 with repayment terms from two to five years. Keep in mind that larger loan amounts might require collateral.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- No minimum credit score
- Funding as soon as the same day (usually requires a visit to a branch office)
Cons
- Loan origination fees vary by state
- If approved, you’ll need to visit a branch location to discuss your options
- Higher rates compared to other lenders
PenFed
A PenFed personal loan could be a good option if you only need to borrow a small amount — you can borrow as little as $600 up to $50,000 with repayment terms from one to five years. PenFed also charges no fees for its loans.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Can borrow small loan amounts
- No fees
- Can use for a variety of purposes
Cons
- Minimum credit score is in the upper range of fair credit
- Doesn’t disclose minimum income requirements
- Must join the credit union if you are approved and decide to accept the loan
Universal Credit
You can borrow $1,000 to $50,000 with Universal Credit and choose a term of three, five or seven years. In addition, Universal Credit will pay off your cards directly if you opt for a credit card payoff loan. You might also get a rate discount.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Accepts poor or fair credit scores
- Free credit monitoring and educational resources
- Funding within one day, once approved
Cons
- Origination fees from 5.25% to 8.99%
- Higher rates compared to other lenders
- Limited information on its website
Upgrade
With Upgrade, you can borrow $1,000 to $50,000 with terms of two to seven years. Additionally, Upgrade provides free credit monitoring and educational resources that could help be helpful for building your credit.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Fast approval decisions
- Free credit monitoring and educational resources
- Funding within a day of clearing necessary verifications
Cons
- Origination fees from 1.85% to 8.99%
- Not available in West Virginia
- Limited repayment terms (three or five years)
Upstart
In addition to your credit, Upstart will also consider your education and job history to determine approval — which means you might still qualify even if you have little to no credit history. You can borrow $1,000 to $50,0005 with Upstart.
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.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Considers education and job history in addition to credit
- No prepayment penalty
- Low minimum income requirement ($12,000)
Cons
- Origination fees from 0% to 10%
- Charges late and returned check fees
Learn More: 13 Best Debt Consolidation Loans for Fair Credit
Methodology
To find the “best companies,” Credible looked at loan and lender data points from 10 categories to give you a well-rounded perspective on each of our partner lenders. Here’s what we considered:
- Interest rates
- Repayment terms
- Repayment options
- Maximum loan amount
- Loan funding time
- Fees
- Discounts
- Customer service availability
- Whether the minimum credit score is available publicly
- Whether consumers could request rates with a soft credit check
Our hope is that this will be a win-win situation for you and us — we only want to get paid if you find a loan that works for you, not by selling your data. This means Credible will only get paid by the lender if you finish the loan process and a loan is disbursed. Additionally, Credible charges you no fees of any kind to compare your loan options.
Other personal loan lenders
There are also other lenders that offer personal loans for fair credit. Keep in mind that these lenders aren’t offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can with our partner lenders.
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Check Out: How Do Personal Loans Work?
How to qualify for a loan with fair credit
While eligibility criteria vary between lenders, there are a few common requirements you’ll likely come across, including:
- Fair to excellent credit: To get approved for a personal loan, you typically need good to excellent credit — however, there are also several lenders that will work with borrowers who have fair credit. FICO considers fair credit scores from 580 to 669.
- Verifiable income: Lenders want to see that you can afford to repay the loan. Some have minimum income requirements while others don’t — but in either case, you’ll likely need to show proof of income.
- Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the amount you owe in debt payments each month compared to your income. Personal loan lenders usually like to see a DTI ratio of 36% or less — though some lenders might make exceptions to this.
Consider applying with a cosigner
If you’re struggling to get approved for a personal loan, consider applying with a cosigner to improve your chances. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
Keep in mind that not all lenders allow cosigners on personal loans, but some do. You can find personal loans for fair credit and also permit cosigners from PenFed, BHG, OneMain, and Achieve.
Learn More: How Personal Loans Impact Your Credit Score
How to apply for a fair-credit loan
If you’re ready to apply for a fair-credit personal loan, follow these four steps:
- Research and compare lenders: Be sure to compare as many personal loan lenders as possible to find the right loan for your needs. Consider not only interest rates but also repayment terms, any fees charged by the lender, and credit requirements.
- Pick your loan option: After you’ve compared lenders, choose the loan option that works best for you.
- Complete the application: Once you’ve picked a loan option, 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 the money can be released to you. The time to fund for a personal loan is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval.
Check Out: How to Get a Fast Personal Loan for Quick Cash
How to choose a fair credit lender
While personal loan lenders might appear similar on the surface, it’s important to do your research and compare your options from as many lenders as possible. This way, you can find a loan that best suits your needs.
Here are some important points to keep in mind as you weigh your options:
- APR: Your annual percentage rate (APR) will play a major role in determining your overall loan cost. Your APR is the total cost of borrowing, including the interest rate and fees. When it comes to the interest rate, several factors will influence the rates you’re offered, including your credit score and repayment term. In general, the higher your credit score, the better your rate will be. Applying with a cosigner might also help you get a lower interest rate.
- Loan amount: You can typically borrow $600 up to $100,000 (or more) with a personal loan. Be sure to borrow only what you need to keep your repayment costs manageable.
- Repayment term: Personal loan repayment terms usually range from one to seven years, depending on the lender. While choosing a longer term might get you a lower monthly payment, it’s usually best to choose the shortest term you can afford to keep your interest costs as low as possible. Additionally, many lenders offer better rates to borrowers who opt for shorter terms.
- Fees: Some lenders charge fees on personal loans (such as origination fees or late fees), which could increase your overall loan cost.
Learn More: Where to Get a Personal Loan
How to improve your fair credit score
While you might still be able to get a personal loan with bad credit or fair credit, these loans usually have higher interest rates compared to good credit loans.
However, there are a few ways to potentially improve your credit score so you can qualify for better rates in the future, such as:
- Make all of your payments on time. Your payment history makes up the largest part of your FICO credit score. Paying all of your bills on time can help build a positive payment history and possibly boost your credit score.
- Pay down credit card balances. The next largest part of your credit score is your credit utilization — which is how much you owe on revolving credit lines compared to your limits. If you can pay down your balances to lower your credit utilization — such as by paying more than the minimum on your balances — you could help build your credit.
- Consolidate your debt. Another way to potentially lower your credit utilization is by using a personal loan to consolidate credit cards and other debt. Personal loans usually come with lower interest rates than credit cards, which means taking out a debt consolidation loan might save you money on interest charges, too.
- Get credit for other bills. You can have payments for utilities, phones, subscriptions, and more reported to the credit bureaus by using a service like Experian Boost. This can quickly help boost your credit score.
Learn More: How Debt Consolidation Loans Can Help Your Credit Score
What does a fair credit score mean?
Your credit score is a three-digit number that lenders use to determine how likely you are to repay a loan. Credit scores can range from poor to excellent — here’s how these ranges break down:
| Credit score ranges | Credit rating |
| Below 580 | Poor |
| 580 to 669 | Fair |
| 670 to 739 | Good |
| 740-799 | Very good |
| 800 and up | Excellent |
Generally, the better your credit score, the more likely lenders will be willing to work with you. If you have a fair credit score (in the range of 580 to 669), your credit isn’t necessarily bad, but it could make it harder to qualify for a loan. Fair credit loans also tend to come with higher interest rates compared to good credit loans.
Remember that your credit score is made up of five factors — payment history, credit utilization, credit history length, credit mix, and new credit. This means that there could be multiple reasons why you have a fair credit score — for example, maybe you’ve:
- Missed some payments on your bills
- Racked up high credit balances
- Applied for several new loans in a short period of time
How much will a fair credit personal loan cost?
How much a personal loan will cost mainly depends on your credit and the interest rate you qualify for. In general, the better your credit score, the lower your interest rate — and the less you’ll pay over the life of the loan.
If you took out a $10,000 personal loan with a three-year term and this 27.04% rate, you’d end up paying $4,705 in interest over the life of the loan. But if you were able to improve your credit and qualify for a lower interest rate of 18%, you’d pay only $3,015 in interest.
Before taking out a personal loan, it’s important to consider how much that loan will cost you. This way, you can be prepared for any added expenses. You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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Keep Reading: Types of Personal Loans
Methodology: Credible evaluated loan and lender data points in 8 categories to identify the “best companies” that offer personal loans to anyone with a credit score of 580 to 669. We looked at interest rates, repayment terms, repayment options, fees, discounts, and customer service availability offered by 21 lenders. We also considered each company’s max loan amount, how long it takes to receive funds, whether the minimum credit score is available publicly, and whether consumers could request rates with a soft credit check.
Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender.
Learn about Credible’s mission and promise to our readers.
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.
