Personal Loans for Fair Credit

What Is Considered A Fair Credit Score?

It’s not a lender who decides how good or bad your credit score is, but one of the dedicated companies. FICO® and VantageScore® are the two main credit-scoring companies, with their definitions of fair credit being slightly different.

FICO®, which is used by around 90% of lenders, considers a fair credit score to be 580-669, while VantageScore® believes it to be between 601 and 660. Around 17% of Americans have a fair credit score, according to Experian.

How to Qualify for Personal Loans With Fair Credit Rating

While GetCash.com doesn’t ask you to provide any documents when filling in the online form, a lender on its side might ask you to provide the following information to qualify for a personal loan:

How to Improve Your Fico Credit Score: 3 Tips

If you’re looking for a higher loan amount, but your credit score is not good enough, it’s not a dead end as there are several ways to improve it.

• Reduce the amount of debt. Your credit utilization, i.e., the amount of debt you owe, influences your credit score significantly. While paying off all your debts at once might not be an option, you can try to at least use less than 30% of your credit card’s limit or pay off one of the cards with the lowest debts.
• Don’t miss your payments. Delayed payments negatively impact your score, even if you miss just a couple of days. Make all your payments on time, and you’ll see how your credit score gradually increases.
• Check your credit report. This is what the lenders see when they’re considering giving you a loan. Are you sure there are no errors?

Frequently Asked Questions