How much will a personal loan cost?
As with most credit products, the rate you receive on a personal loan depends a lot on your credit score. Borrowers with fair or average credit will pay a higher rate — somewhere around 20%, according to a NerdWallet lender survey — than those with good credit. The interest rate also affects your total monthly payment, as does the term length; a longer term means lower monthly payments, but more interest.
How to qualify for fair-credit loans
Focus on your credit score. Even if lenders look at other factors, your credit score is a key consideration. Building your credit can mean better odds of qualifying and getting a lower rate.
Add a joint applicant or co-signer to your application. There are risks to co-signing, but it’s an option that can help you qualify for a loan that you wouldn’t be able to on