Interest rate from a fair credit loan.

Personal Loans For Fair Credit

If you have fair credit, it can still be tough to get a decent personal loan or installment loan. This is where we come in. We can help you get the loan that you need with help from our loan network. As one of the largest loan networks on the internet, you can often get an approval when other lenders have said no. In any case, it is free to get a quote and there is no obligation. Why not take a look at your offer?

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Infographic, how to get a loan with fair credit.

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Get A Fast QuoteBasic Personal Loan InformationThe Quote Process

Basic Personal Loan Information

Before we get into how the loan process works, let’s take a look at some basic loan information that you should know if you need a loan and money. Being educated about the loan process will benefit you in many ways.

Here are some things that you might need to know to get personal loans with fair credit. It is a short read but you should find it useful.

What Is Fair Credit?

If you have a fair credit rating, that means that you have a credit rating of between 580 and 669. Credit scores, on the FICO scale, range between 300 and 850 and are divided into ranges or categories. Your score could be very poor, fair, good, very good or exceptional.

There are many different credit scoring model and all of them are based on the information in your credit report. Many factors are included to calculate your score with a major emphasis placed on payment history and credit utilization. So, basically, if you want a good credit score pay your bills on time and keep your balances low.

Secured And Unsecured Loans

Personal loans can either be secured or unsecured.

Secured loans, like the name implies, are secured by personal property, usually the property being purchased with the loan. A common example of a secured loan is an auto loan. The lender will have an interest in the property until the loan had been paid in full. If a borrower were to default on a secured loan, the lender could seize the property and sell it. If you have fair credit, the interest on a secured loan will generally be a bit lower because the lender has a way of getting their money back.

Unsecured loans are not secured by any property. The most common type of secured loan is a credit card or a student loan. With fair credit, you may pay a bit more interest on an unsecured loan but you would not risk losing any property. This is not to say that a lender would not have ways to collect their money, it would just be harder. They can always sue you if you default so be careful and only take on a personal loan that you can afford.

Getting A Low Interest Loan

Getting a loan with low interest and fair credit can be difficult. You will, of course, pay more in interest than someone with good or excellent credit.

To improve your odds of getting the best interest rate, there are some things that you can do. Basically, you want to make yourself stable. This is key to getting  good loan offer from a lender, they love stability.

One way to show that you are stable is to show that you have lived at the same residence for a long time. Who would you rather lend money to, someone who had been at their home for five years or someone who moves every six months.

Another way to sho stability is to be at a job for a long time. Job hoping can hurt your odds of approval because a lender has no assurance that you will continue to be able to earn money.

Finally, to show stability, you need to pay your bills on time. This makes you look better to a lender and improves your credit score. After all, why would a lender assume that you are going to pay them if you aren’t paying everyone else.

The Quote Process

If you have chosen to get a quote for a personal loan with the help of Loan Monkey, the process could not be easier. Just a few simple steps and you can have your answer.


The first step in getting your personal or installment loan quote is to fill out your quote form. Don’t worry, it is not like applying for a mortgage. The form is very short and to the point. Contact information, income information and banking info so that you can get your money. Those are the basics. The form is secure to protect your information.

To get a quote, your income does not have to be a full time job. Even with just fair credit, all that you have to do is show that you receive money on a regular basis. This can even be from benefits, just as long as you receive it at scheduled intervals.


The next step is to read over the terms and conditions. Give it a good read, don’t just glance over it. Once you do that, you can accept the terms and submit your quote to the loan network.

This is where it gets interesting. Remember, we are not a direct lender. With direct lenders, you get one shot at approval and if you are denied, that is it. With fair credit, you need to improve your odds.

With the loan network, your quote will go from lender to lender until one is found that wants to make you a personal loan offer. This all takes place very quickly and, of course, securely. If you get approved, you will receive your offer. The offer will either be sent to you or you may be directed to your individual lenders website to review it.


Now, it is your time to review your offer and decide if it meets your needs. Just because your credit is fair does not mean that you need to accept just any loan.

Carefully examine all of the details like the payment amount, fees, interest and the total cost of credit. The total cost of credit will be what the loan will end up costing you if you carry it to term. This is the most important figure.

If you like the offer, you simply accept it. Your lender will go to work finalizing your deal and they will get you your money ASAP. This can be the next business day in some cases.

That’s It

Now, you will have your money and can go about spending it however you want. Be sure to note the date of the first payment so that you can be prepared. If the lender offers it, consider automatic payments which take the error our of bill paying.

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James Car is a finance, loan and budget expert based in the United States. After attending Brookhaven college, he went on to become a successful entrepreneur. He now enjoys writing articles that help people save and make the most of their money.