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
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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.
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
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
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
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.
When you’re pre-approved, theloan amount, duration and interestrate are all confirmed
When you know what you’ll be able toborrow and how much it will cost, youcan choose a loan that’s right for you
This helps protect your credit score asyou’re less likely to be rejected whenyou apply
Steps you can take to lower the cost of van insurance for young drivers include:
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.
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.
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.
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
You should always think carefully before you take out a loan because there are risks if you cannot afford to meet repayments.
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.
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.
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.
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.
Search with us and see which deals you’ll be guaranteed to get.
Tell us a little about yourself, your finances and the type of loan you’re after
We’ll search through loan deals from a wider range of lenders
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.
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.