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Fair Credit Loans

COMPARE LOAN DEALS FOR FAIR CREDIT

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Compare loans from over 40 lenders, right across the market

We do the heavy lifting, so you don't have to. We work with leading providers to help you borrow the money you need.

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Why compare fair credit loans with MoneySuperMarket

  • It’s quick and easy

    All you need to do is tell us a bit about yourself and the loan you’re looking for

  • It won’t harm your credit score

    When you search with us, we carry out a ‘soft search’ and this won’t impact your credit rating

  • Apply with confidence

    When you look for a loan with us, we browse the market and show you loans you’re most likely to be approved for

What is a fair credit score?

A ‘fair’ credit score could be viewed as an ‘average’ credit score. So, it’s a credit score that isn’t as high as a good credit score but it isn’t as low as a bad credit score. A fair credit score will vary numerically across the three main credit reference agencies; Experian, TransUnion and Equifax.

Here at MoneySuperMarket, we use TransUnion to measure your credit score with our free credit monitor service. TransUnion rates your credit score out of 710 and according to them a ‘fair’ score is 566-603.

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Will I get a loan with fair credit? 

It can still be possible to get a loan even if your credit score is not that strong. But if you have a ‘fair’ credit score – then you’ll probably have to borrow a bit less and expect interest rates to be higher.

According to TransUnion, the credit reference agency used by our free credit monitor service – a fair credit score would be 566 to 603. A good credit score would be 604 to 627. Your credit score is one of the most important indicators lenders use when deciding whether or not to lend – and at what interest rate – or APR (annual percentage rate).

When you search for a loan with MoneySuperMarket, we’ll run a ‘soft search’ to show you the best deals available to you – and it won’t leave a mark on your credit report.

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What loans can I get with fair credit? 

With a ‘fair’ credit score there will still be loan options available to you. Such as:

  • Personal or unsecured loan

    You don’t need to put down security, such as your home, to be accepted. If you only have a fair credit rating you may not be offered the lowest interest rates and you could be restricted in how much you can borrow

  • Secured loan

    To get a secured loan you’ll have to borrow against your home. You’re likely to be offered slightly better rates. But it means if you fail to repay what you owe the lender could take your home so this could be risky

  • Guarantor loan

    Typically used by borrowers with poor credit, this could be a loan option if you have a fair credit rating and are unable to borrow what you need. A family member or friend must agree to be the legal guarantor – who will cover the debt if you default

  • Car Loans

    If you’re looking to buy a new car but don’t have the money to buy it right away then a car loan could be for you. A car loan gives you the funds you need to buy your new set of wheels. You then agree to a loan term, which sees you paying off the loan for a period of time

With a pre-approved loan, the deal you see is the deal you get

When you apply for a loan, it’s not always clear what deal you’ll be offered or whether you’ll be accepted. But when you’re pre-approved for a loan, you know the deal you see is the deal you’ll get – you’ll know where you stand, with information that will help you make the right choice.

  • Apply with confidence

    When you’re pre-approved, the loan amount, duration and interest rate are all confirmed

  • Tailored to you

    When you know what you’ll be able to borrow and how much it will cost, you can choose a loan that’s right for you 

  • You’re in safe hands

    This helps protect your credit score as you're less likely to be rejected when you apply

How to get the best loan deals  

Steps you can take to find a suitable loan for you include:

  • Tick

    Shop around

    Compare loans with us and we’ll search a wide range of UK providers and check your eligibility– this means more choice and helps you find the best deal to suit you.

  • Tick

    Check your credit score

    If you have a fair credit score check it regularly and aim to improve your score where possible. Spotting and fixing errors on your file could also help your loan application.

  • Tick

    Borrowing more might offer cheaper rates

    While you should only ever borrow what you need, you could be offered a cheaper rate on a bigger loan. Ensure your loan amount meets your requirements.

  • Tick

    Check the loan terms

    Work out what penalties apply if you miss any monthly payments, pay late, or want to pay off the entire loan early. Check the T&Cs suit your personal circumstances 

What to consider when getting a loan for fair credit

You should always think carefully before you take out a loan because there are risks if you cannot afford to meet repayment terms.

  • 1

    Is the loan affordable?

    Be sure the repayment schedule fits your monthly budget and check you’re happy with the loan terms– as this is the length of time you’ll be making monthly payments unless you can pay it off early.

  • 2

    Defaulting will be costly

    The consequences of defaulting can be expensive. At worst it could involve collections agencies, forced repayment plans and even legal action. You’ll also see your credit score damaged making it more difficult to borrow.

  • 3

    Borrowing limits

    A fair credit score means you’re unlikely to be able to borrow as much as you would if you had an excellent credit score. Lenders will also look at your income and outgoings when deciding how much to lend.

  • 4

    Your credit score is important

    Lenders will run a credit check on your finances before agreeing to a loan, so keeping your credit score in good health is a priority. Take steps to increase your credit score as much as possible to secure the best loan deals.

How can I improve my credit score?

If you’d like to boost your credit score, there area range of ways to do so. You can start small by registering on the electoral roll which can help to raise your credit rating. Making your credit card bill payments on time will also help to strengthen your score.

Another way to improve your credit rating is to close all your unused credit card accounts. You should also check your credit report for any errors as mistakes could be lowering your credit score. Having a fair credit score, doesn’t mean you’ll be unable to borrow, but a good credit score can be a gateway to better interest rates and loan terms.

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Compare fair credit loans with MoneySuperMarket

Search with us and see which deals you’ll be guaranteed to get.

  • It doesn’t take long

    Tell us a little about yourself, your finances and the type of loan you’re after

  • We’ll browse the market

    We’ll search through loan deals from a wider range of lenders

  • Choose your deal

    You’ll be able to sort loans by overall cost and the likelihood you’ll be accepted

The easiest loans to get approved for tend to be the ones offering lower amounts and those with higher interest rates. This is simply because it means the lender is taking on less risk. You may also find it easier to get a secured loan or a guarantor loan than a personal unsecured loan

Rather than applying for the easiest loan to get – which may turn out to be more expensive – you should be aiming for the best deal for you. MoneySuperMarket can help by searching the market to show you a range of deals, the overall cost of each loan and your chances of being approved. Searching in this way doesn’t affect your credit score.

Yes, you can get a car loan with fair credit. There are different types of car finance, such as hire purchase (HP) and personal contract purchase (PCP), but a personal loan can be spent on whatever you choose – including a car. The lender will just want to be confident that you have the means to keep up with repayments. 

APR stands for annual percentage rate. Your APR is calculated by taking into account the interest rate on a loan and any other charges such as an annual fee or arrangement fee.

You work hard to earn your money, and we don’t think you should waste a penny of it paying over the odds on your household bills. That’s why at MoneySuperMarket, we’re on a mission to save Britain money.

  • Whip your credit score into shape with Credit Monitor

  • Super save over and over again with Energy Monitor

  • There are always more ways to save with MoneySuperMarket 

So how do we make our money? In a nutshell, when you use us to buy something, we get a reward from the company you’re buying from.

You might be wondering if we work with all the companies in the market, or if our commercial relationships with our partners might make us feature one company above another. We’ve got nothing to hide, and we want to give you clear answers when it comes to questions like these, so we’ve pulled together everything you need to know on this page.