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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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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 551 to 565. A good score would be 566 to 603.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.

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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Our loan service comes highly rated

 

At MoneySuperMarket our goal is to provide the best way to find a great loan deal – so comparing with us is quick and easy.

 

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What loan can I get with fair credit? 

  • 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 an 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 

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.

  • question set image

    Apply with confidence

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

  • chance of approval image

    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

  • Credit Monitor image

    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 lower the cost of van insurance for young drivers include:

  • Shop around

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

  • 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.

  • 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.

  • Check the terms

    Work out what penalties apply if you miss any 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 repayments.

  • Is the loan affordable?

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

  • 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.

  • 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.

  • 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.

Compare fair credit loans with MoneySuperMarket

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

  • Results

    It doesn’t take long

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

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    We’ll browse the market

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

  • Guaranteed cards

    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. 

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