What is a fair credit?
A fair credit score falls within the range of 580 to 669. While it isn't the lowest credit score, it places borrowers in a category where lenders may perceive them as higher risk. FICO credit scores have a scale that extends from 300 to 850. Experian reports that the average consumer holds a good credit score of 714. Individuals with good credit scores are more likely to secure better rates and terms on loans compared to those applying with fair credit.
What is the minimum fair credit for personal loans online?
Generally, personal loan approval requires a minimum credit score ranging from 610 to 640. To secure a personal loan with favorable rates and terms, a credit score of 650 or higher is often considered ideal. However, each personal loan application undergoes individual assessment. The exact requirements can vary among lenders. A lower credit score might result in a higher interest rate, emphasizing the impact of credit history on loan terms.