How to Get a Personal Loan With Fair Credit | Capital One

If you have fair credit and are considering a personal loan, here are a few steps you can take that could help you get approved.

Monitor Your Credit

Knowing your current credit situation can give you an idea of whether you might be approved for a personal loan. To see where you stand, you can get copies of your credit reports from the three major credit bureaus at AnnualCreditReport.com. 

CreditWise from Capital One is another way to monitor your credit. CreditWise lets you access your weekly TransUnion® credit report and your VantageScore® 3.0 credit score whenever you want—without hurting your credit. The built-in CreditWise Simulator can even help you see the possible effects that taking out a personal loan could have on your credit.

And the best part? CreditWise is free and available to everyone. You don’t even have to be a Capital One customer to use it.

Shop Around

Different banks, credit unions and online lenders might have their own standards when it comes to who qualifies for a personal loan. And it’s important to find a lender whose terms work for you. Exploring different lenders and options can help you find the best fit.

See If You’re Pre-Qualified or Pre-Approved

Applying for a personal loan can result in a hard inquiry on your credit reports. Hard inquiries can have a negative effect on your credit scores. And too many hard inquiries over a short period of time can be even worse for your credit.

Finding out whether you’re pre-qualified or pre-approved for a personal loan can give you an idea of how likely you are to be approved. And if you don’t apply for loans you’re not likely to be approved for, that could help you avoid hurting your credit scores.

Consider a Co-Signer

Having a co-signer with good credit might help you get approved for a loan. A co-signer might also help you get a better interest rate. But keep in mind that if you make late payments or miss payments, it can hurt your own credit as well as your co-signer’s credit. And your co-signer is ultimately responsible for the loan if you can’t pay.