What is a fair credit loan?
Fair credit loans are available to borrowers who don’t have a good or excellent credit score but don’t fall into the bad credit category.
It means your credit score is neither bad nor good but somewhere in the middle. You can still qualify for a range of personal loans for fair credit, but may not be eligible for the lower interest rates available.
Fair credit loans can be used for various purposes, including consolidating debt, covering unexpected expenses, or making one-off purchases.
Many lenders that offer loans for fair credit look at more than just your credit score when making a decision. Factors such as your income, employment history, and debt can also play a big role in determining your eligibility and loan terms.
What loans can you get with fair credit?
Installment loans
Installment loans are one of the most common loan types. They describe a loan you receive as a lump sum and repay over an agreed-upon term in regular payments.
They typically have a fixed interest rate and allow you to borrow larger amounts than other options, like payday loans.
Repayments are spread over a medium to long-term period, ranging from a few months to several years. Payments are usually fixed, making budgeting more manageable.
Personal loans
A personal loan is a flexible option that can be used for almost any reason, such as paying off an unexpected cost, covering medical bills, or consolidating expensive debt.
Personal loans are typically unsecured, which means you don’t need an asset like a car or property to secure the loan.
Quick loans
Quick cash loans refer to any loan you can get quickly when you need fast access to money. Quick loans are available predominantly online and have a simple application process, with funds that can be deposited straight into your account.
They are ideal when you need money for unexpected expenses, like emergency repairs or urgent household bills.
Online loans
Online loans are a convenient option for fair credit borrowers as the process is entirely online. Integra Credit’s online loans feature a fully digital application process that takes just minutes.
You’ll receive a virtually instant decision, and if approved, funds can arrive in your account as soon as the next business day. These loans are ideal when you need flexibility and speed.
Short term loans
Short-term loans are designed to provide quick access to funds with a shorter repayment period, typically ranging from a few weeks to a year.
Unlike traditional loans, which can be spread over several years, short-term loans are structured to be paid off faster. These loans can be a good option if you need money quickly and plan to repay it within weeks or a few months.
Fair credit loan alternatives
If you have fair credit, there are other borrowing options beyond traditional personal loans. Here are some alternatives to consider:
- Personal lines of credit: Similar to a credit card, a personal line of credit allows you to borrow up to a set limit as needed. Interest is charged only on the amount you use, making it a flexible borrowing option.
- Secured loans: Secured loans may offer better rates even if you have fair credit as they’re backed by collateral, such as a car or property. However, you risk losing your asset if you default.
- Co-signer loans: If you have a family member or friend with good credit who is willing to be a co-signer, it may make getting a loan easier. Keep in mind that missed payments can affect both your credit scores.
- Credit union loans: Many credit unions offer personal loans to members, often with more flexible eligibility criteria and lower interest rates than traditional lenders.
- Credit cards: Some credit cards are designed for fair credit borrowers, giving you a way to build credit while making purchases. Look for options with low fees and manageable interest rates.
- Cash advance apps: Apps like Dave or Earnin offer small loans to help cover expenses before your next paycheck. Most charge a fee each time you withdraw, but they can be a quick way to get cash in an emergency.
Ways to improve your credit score
Improving your fair credit rating takes time and effort, but there are several things you can do to boost your score. Here are some of the most effective methods:
Make payments on time
Late or missed payments are one of the main factors that can negatively impact your credit score. To avoid this, always pay your bills and credit commitments on or before their due dates.
Setting up automatic payments from your checking account can help, but make sure you have enough funds to cover them.
Check your credit report for errors
Mistakes in your credit report can lower your score, so it’s important to review your report regularly. You can get a free credit report from AnnualCreditReport.com, which you can use to check for inaccuracies.
If you spot any errors, dispute them with the credit bureau to get your record corrected. This can help improve your credit score and ensure your report reflects your financial history.
Lower your credit utilization
Credit utilization is the percentage of your available credit that you’re currently using. Keeping this ratio below 30% can help improve your score.
You can lower utilization by paying down existing balances, requesting a higher credit limit, or spreading expenses across multiple cards.
Why choose Integra Credit to apply for a fair credit loan
We make getting a loan with fair credit easy because we look at more than just your credit score.
Personal loans through Integra Credit are straightforward to understand, and our knowledgeable representatives are available to support your application.
The online application is quick, easy and secure, and you can get a decision almost instantly.
If approved, you can receive the funds as soon as the following business day*.
Fair credit loan FAQs
How long will it take to receive my money?
Funds for Integra Credit loan agreements fully executed by 8pm CT on weekdays and Saturdays and 3:30pm CT on Sundays are typically sent the next business day. Check with your financial institution’s funds availability policy to learn when it will provide you with access to the funds.
How much can I borrow?
Integra Credit Loans have a maximum amount of $3,000, depending on your state’s laws. For more information on the maximum loan amount by state, please refer to our Rates and Terms page.
Is fair credit considered subprime?
Fair credit borrowers are generally considered to be ‘subprime’. Subprime refers to any credit score lower than good, which means a FICO score of less than 670.
Borrowers with fair credit can still qualify for loans but are considered higher risk than those with good or excellent credit.
What is the Annual Percentage Rate (APR)?
Annual Percentage Rate, or APR, is a standardized measure used to express the cost of a loan for a whole year. This rate takes into consideration interest owed and any fees a customer will pay as a result of taking out the loan.
Will having fair credit affect my interest rate?
Having fair credit may mean you are charged a higher interest rate than those with good or excellent credit scores.
However, you could get better rates than those with a low credit score or a history of missed payments.
What are the minimum qualifications to apply?
The minimum qualifications to apply for an Integra Credit loan are that you must be at least the minimum age to contract in your state of residence, have a valid bank account, have a valid email address, and be a resident of a state in which we offer loans. Please see our Rates and Terms page for more information on which states we service.
