Bad Credit Personal Loans

What is fair credit?

A fair credit score is an average credit score. It means a score that is neither good nor bad. There is no single score called fair because every credit reference agency follows different benchmarks.

According to Experian, a fair credit score range is between 721 and 880. The higher the score, the better.

A fair credit score means you will not chase loans with high APRs. At the same time, you will not have limited options for those with bad credit rating. If you have a fair credit score, you will likely get a loan with OK interest rates, but the amount may not be large enough.

What are fair credit score loans?

Fair credit score loans in the UK are aimed at funding the needs of borrowers who have neither good nor bad credit score. Undoubtedly, people with a fair credit score can get loans at lower interest rates than those of poor credit borrowers.

If you do not know whether you have a fair credit score, you can ask a copy of your credit file from credit reference agencies. You will get one copy free once a year.

EasyCheapLoans offers fair credit score loans for the small and medium term. The length of these loans can vary from one year to three years. The maximum amount you can apply for with these loans is £25,000.

Loan amount Repayments
£1,000 to £1,500 Weekly instalments
Over £1,500 Monthly instalments

How can I get affordable fair credit score loans?

Although fair credit score loans carry lower interest rates than bad credit loans, you cannot qualify for attractive interest rates. Such a credit score does not prove your credibility. You likely get a loan deal at a slightly higher interest rate.

However, we can offer you these loans at affordable interest rates provided you meet the following condition:

  • The latest default in your credit file must be a year old.
  • You must have a strong income source.
  • Make sure that you have been paying all your recent bills on time.

However, there are still a lot you need to do to get fair credit score loans at the most affordable interest rates.

  • Shop around before applying for these loans. Make sure that you have compared interest rates of each direct lender.
  • Use online calculators to know the estimate of the total cost of the loan to ensure that you will be able to pay off the debt.

How does EasyCheapLoans check my affordability?

Affordability is the essential factor that every lender will take into account while signing off on your loan application.

Your credit score is not enough to decide whether a lender needs to lend you money because it is likely that you have a good credit rating but do not have enough income to repay the amount you are borrowing.

To ensure that you are eligible to repay the loan on time, we will look into your income statement. You must be left with enough money after meeting all of your regular expenses to settle your dues on time.

Apart from it, we will also take into account your future repayment ability. Whether you have a full-time job or a business, you will have to tell us how you will manage to repay your debt in coming months or years especially if the size of the loan is big enough.

What kind of expenses can I fund with fair credit score loans?

Fair credit score loans can help you fund your small as well as big needs. Here are some of the examples to understand when you can apply for these loans:

  • You have an emergency
  • You want to improve your credit rating
  • You want to fund planned expenditure like wedding, holiday trip etc.

Can I fund a car with a fair credit score?

If you are planning to buy a car, you may wonder, “Will I get car finance with a fair credit”? Since a fair credit score is not that bad, you can qualify for an auto loan with having such score. However, it is not a guarantee that every lender will approve your application for a car loan.

Despite having a fair credit rating, a lender will likely ask you to arrange a considerable amount as a down payment to purchase a car. A rule of thumb says you should arrange a large amount of down payment so you will have smaller repayments. Further, if you have a strong financial condition, you will likely to get an auto loan approved quickly when you have a fair credit score.

Do you have a fair credit score? Do not hesitate to apply for a loan. EasyCheapLoans is providing the personalised offers at affordable interest rates.

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