Personal loans for fair credit

A FICO score between 580 and 669 is generally considered fair credit. Fair credit falls in between poor and good credit, and may be impacted by factors such as high credit card balances, a shorter credit history, or previous late payments. 

A personal loan for fair credit is typically an installment loan for borrowers with a fair credit profile. A FICO score between 580 and 669 is generally considered fair credit.

Through Upstart, you could borrow $1,000 to $75,000⁴ with fixed rates from 6.1% to 35.99% APR² and 3- or 5-year repayment terms. There’s also no prepayment penalty.

6.1%

Unlike traditional models that rely heavily on credit scores, Upstart’s model considers additional factors such as income, employment, education¹⁰, and other information you provide to create a more complete picture of your financial situation. You can check your rate in minutes to see what offers may be available without affecting your credit score⁵.

There isn’t a universal minimal credit score that determines whether you’ll qualify for a personal loan through Upstart. Your credit score is just part of what’s considered alongside other factors such as income, education¹⁰, and other information provided in your application.

So whether you have a 580, 620, or 650 credit score, a number alone doesn’t determine your eligibility. Our model considers more of your financial profile, giving you an opportunity to qualify for a personal loan based on more than your score alone.

Loan amounts through Upstart range from $1,000 to $75,000⁴, although minimum and maximum loan amounts vary by state. The amount available to you depends on your unique profile including credit history, income, education¹⁰, and other information in your application.

Rather than assuming your fair credit score limits you to a certain loan amount, you can check your rate through Upstart to see the loan amount and terms you may qualify for based on your individual profile.

Yes. You can use a personal loan through Upstart to consolidate eligible debts, including credit card balances, into one fixed monthly payment with one due date.

Before consolidating, compare the APR and remaining term of your current debts with the APR and term of your new loan. Also consider any origination fee and the total amount you’ll repay. 

With a fixed-rate personal loan through Upstart, your monthly payment stays predictable, which can make managing multiple debts simpler.

Your APR depends on factors such as your credit, income, loan amount, repayment term, and other application information.

Personal loans through Upstart offer fixed rates from 6.1% to 35.99% APR¹⁴, with the lowest rates available to the most qualified applicants. Instead of relying on a broad fair-credit average, you can check your rate through Upstart to see personalized offers based on your financial profile.

Personal loans through Upstart may include certain fees, depending on your loan terms and state of residence.

Common fees may include:

• Origination fee: A one-time fee that may be charged when your loan is issued. If applicable, it’s typically deducted from your loan proceeds before funds are sent.
• Late payment fee: May apply if a payment is not made by the due date.
• Returned payment (ACH) fee: May be charged if a payment is returned due to insufficient funds.

Not all loans include the same fees and amounts may vary. You’ll see any applicable fees clearly disclosed in your loan agreement before you accept your loan, so you can review the total cost upfront.

There’s no prepayment penalty with personal loans through Upstart. 

Yes. You can pay off a personal loan through Upstart early with no prepayment penalty.

Making additional payments or paying off your remaining balance sooner can reduce the amount of interest you pay over the life of your loan, giving you the flexibility to repay faster if your financial situation allows.

You may consider these tips to strengthen your credit and overall financial profile before applying:

• Check your credit reports for errors. Incorrect balances, late payments, or unfamiliar accounts could affect your credit profile.
• Pay down credit card balances when possible. Lower balances can reduce your credit utilization, an important factor in your credit score.
• Keep making payments on time. Payment history is an important part of your credit score.
• Limit unnecessary new credit applications. Applying for several new accounts in a short period can lead to multiple hard credit inquiries, which may affect your credit profile. Checking your rate through Upstart only involves a soft credit inquiry and does not impact your credit score⁵.
• Review your existing debt. Your income and current financial obligations can affect your ability to take on another monthly payment. 
• Have your information ready. Depending on your application, you may be asked to verify details such as your identity or income.

When you’re ready, you can check your rate in minutes through Upstart without affecting your credit score⁵. This lets you see where you stand before deciding whether to move forward with an application.

Loans through Upstart do not allow for cosigners or coborrowers. Each application is evaluated based on the individual applicant’s information.

Most personal loans through Upstart are unsecured, but some applicants may be offered the option to secure a personal loan with their owned vehicle¹², which leverages the car as collateral to potentially unlock lower rates or better approval odds. 

If an auto-secured option is available to you during your personal loan application through Upstart, you can compare it with your other offers and choose the option that best fits your needs.

It’s possible. Most applicants on the Upstart marketplace receive an instant decision⁶ after submitting a completed application, although some applications may require additional information or verification.

If approved, you could get funds sent in as fast as 24 hours³ after approval and signing. When the money becomes available in your account depends on your bank’s processing times and policies. This can make a personal loan through Upstart a great option when you need to access quick financing.

No. Checking your rate through Upstart won’t affect your credit score⁵. The initial rate check uses a soft credit inquiry.

If you accept an offer and continue with your application, a hard credit inquiry will be performed, which can affect your credit score. This means you can explore your personalized rate and available offers first—without affecting your credit.