Yusra3
VIP Contributor
Having fair credit can make it more difficult, but not impossible, to get approved for a loan. Lenders consider credit scores in the 620-679 range to be fair or average. At this level, you likely won't qualify for the lowest interest rates, but there are still options.
One of the best routes with fair credit is to apply for personal loans from credit unions, community banks, or online lenders. These institutions often have more flexible underwriting standards compared to major banks. You can shop around for the most affordable rates and terms.
Another option is to get a co-signer with good credit to apply jointly for a loan or serve as a co-signer. Their higher credit score can offset your fair score.
If turned down for a loan, ask the lender why and see if there are any special programs for borrowers with lower scores. You can also try raising your credit score through techniques like paying down debt before reapplying. With some diligence, fair credit shouldn't prevent you from securing needed financing.
One of the best routes with fair credit is to apply for personal loans from credit unions, community banks, or online lenders. These institutions often have more flexible underwriting standards compared to major banks. You can shop around for the most affordable rates and terms.
Another option is to get a co-signer with good credit to apply jointly for a loan or serve as a co-signer. Their higher credit score can offset your fair score.
If turned down for a loan, ask the lender why and see if there are any special programs for borrowers with lower scores. You can also try raising your credit score through techniques like paying down debt before reapplying. With some diligence, fair credit shouldn't prevent you from securing needed financing.
