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The joy our furry and feathered friends add to our lives is priceless. But pet ownership does come at a dollars-and-cents cost. From basics like adoption fees and food to expensive emergency veterinary care, being a pet parent can be, well, ruff on your bank account.

Pet loans are one way to pay for the expenses of having a pet, but it’s usually a good idea to consider alternatives before going into debt.

Read on to learn about how pet loans may be able to help you meet the financial demands of pet ownership and what other options are available.

What Is Pet Financing?

Pet financing refers, essentially, to taking out a personal loan to pay for the cost of owning a pet. While some banks may market the loans specifically as pet loans, they work the same way.

A personal loan is unsecured debt, which means the bank doesn’t have any collateral to turn to in the event the loan is not repaid. This means that personal loans, including pet loans, may have stricter eligibility requirements and higher interest rates.


💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

Cost of Owning a Pet

While the specifics will depend on what kind of pet you own — a fish costs a lot less to feed and care for than a Great Dane — all types of pet ownership come with some costs involved. Here are some of the common expenses you may encounter:

•   Purchase or adoption fees, which can vary significantly. Buying a purebred puppy could cost thousands of dollars, while an adoption fee might be a nominal $25 for a cat at the shelter.

•   Regular veterinary check-ups and vaccines, which pets need in order to be safe (and, in the case of the rabies vaccines in some U.S. states, legal to keep)

•   Food, which can run the gamut from cheap kibble to expensive raw or fresh foods

•   Supplies you need to keep your pet safe and happy, like food and water dishes, beds, crates, litter boxes and litter, collars and leashes, or treats.

•   Veterinary care or medical procedures that may cost far more than regular upkeep, like dental work or surgery to repair a broken bone

What Can I Use a Pet Loan For?

Because a pet loan is basically just a personal loan, you can use the money for pretty much anything you want. (If the bank you’re borrowing from is offering a pet loan specifically, you can check and ensure that there are no rules or restrictions around what the money can be used for.)

Here are some of the most common ways you might use the funds from a pet loan.

Pet Purchase Financing

If you’re purchasing a pricy purebred, or if the setup phase of pet ownership comes at a steep cost (i.e., if you’re getting into saltwater fish tanks), you might want to use the money from your pet loan to fund the purchase or adoption of your pet.

Pet ownership tends to be more expensive in the first year or so than in subsequent years, since new pets may often need to be spayed or neutered or have their first rounds of puppy or kitten shots. Using a pet loan to get into pet ownership may make sense if you know you’ll have the money to pay back the loan and afford continued care throughout the pet’s life.

Pet Health Care Financing

Just as with humans, health-care related costs for pets can be high. The average cost of routine vet care can be as much as $350 on average during the first year of pet ownership, and $250 per year after that.

That may not sound like much. But alongside other major expenses, like food — which can run as high as $500 or more per year on its own — vet bills can really add up, and may be a reason some owners choose to take out a pet loan.

Pet Surgery Financing

We all hope our four-legged friends never need major medical care, but when they do, it can be just as worrisome for our wallets as our hearts. For instance, even a routine surgery like a spay can cost up to $600 at a private veterinary practice. And if your dog needs a dental cleaning — which is done under anesthesia— the cost may jump tp $1,500 or higher

So using a pet loan to pay for a pet’s surgery can make a lot of sense, though there are still other alternatives to consider (which we’ll get into below).

Pet Care Financing

As anyone who has a dog or cat who can’t or won’t travel knows, pet care can be expensive, particularly if you’re paying for overnight pet-sitting for several days in a row.

Whether you’re boarding your kitty or pup or enlisting the help of a professional pet watcher, you might spend around $50 per night or more. This adds up quickly when you factor in other costs of travel. That’s why pet care might be another reason to take out a pet loan.

Pet Store Financing

For pet owners, a trip to the pet store can feel like being a kid in the candy shop. But most of the items you can purchase cost far more than a nickel or a quarter.

You could use a pet loan to purchase supplies from the pet store, such as feeding dishes, bedding, treats, and toys. (If you’re hoping to finance your own pet store, on the other hand, you’d probably want to look into a business loan.)

Can I Get Pet Financing With Bad Credit?

Like any type of financing, the better your credit, the easier it is to get a pet loan — especially since, again, it’s an unsecured form of debt and therefore riskier for the bank.

While many factors about your financial situation will be assessed, like your income, other current debts, and job stability, you’ll likely need a credit score of at least 610 or higher to qualify. And some banks may have a higher minimum credit score than that.

💡 Quick Tip: Generally, the larger the personal loan, the bigger the risk for the lender — and the higher the interest rate. So one way to lower your interest rate is to try downsizing your loan amount.

Reasons to Take Out a Pet Loan

From a financial stability perspective, it may be a good idea to avoid going into debt to take care of your pet, though in some cases, a pet loan may be the best option.

For example, if you need to take out a loan to afford a pet at all, it might be worth waiting until you’re in a stronger financial state before getting into pet ownership.

But if you already have a pet and are facing unexpected medical costs, taking out a pet loan may make more financial sense than, say, going into credit card debt for treatment. Still, a personal loan can impact your overall financial situation in a multitude of ways, so it’s worth considering all your options before making a plan.

Alternatives to Pet Loans

If you’re considering taking out a pet loan, here are some alternatives to put on the table before you sign the paperwork.

•   Pet insurance can help lower the overall cost of veterinary care from the start. However, like human insurance, you may need to be careful to work with a vet who’s in-network in order to glean any savings.

•   A veterinary payment plan may be available at your local clinic and may even offer 0% interest options based on your financial need. If you work with a private veterinary clinic, it’s worth asking if they have payment plans available, even if they don’t advertise them.

•   Veterinary schools and low-cost clinics may offer the same care at a lower cost, whether to help new veterinarians with their training or simply to provide options for lower-income pet owners in the community.

•   Savings can be a good option if you have an ample emergency cushion saved up, and may allow you to avoid going into debt. However, if your pet loan is at a low enough interest rate and you’re still working on building up an emergency savings fund, you might not want to break into it for Fido.

•   Credit cards are another option that allow you to pay off large bills over time, and some credit cards offer a promotional 0% interest period. That said, if you are unable to pay off the debt in full before the promotional period ends, you may be stuck with an APR of 20% or higher, and that kind of interest rate can make it even more challenging to get out of debt.

The Takeaway

A pet loan can help you finance some of the costs of pet ownership. But keep in mind it’s still a form of debt, so it’s worth carefully considering alternative options before you sign up.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

FAQ

Can I take out a loan for a dog?

If your credit history is strong enough, you may be able to take out a pet loan — a type of personal loan — to pay for the cost of adopting or purchasing a dog, or any of the costs associated with their care thereafter. However, if you can’t afford to own a dog out of pocket, you’ll want to think carefully about whether or not it’s a smart financial move.

What credit score do you need for pet financing?

While each bank has its own specific requirements around minimum credit scores, for most personal loans, including pet loans you won’t be able to qualify with a score lower than 610. (Of course, your credit score isn’t the only thing that matters. The bank will also look at your income, existing debts, job stability, and more.)

What do you do if you can’t afford to keep your pet?

There are many options available to those who’ve found they can’t afford to keep their pets. While turning your pet over to a humane shelter or otherwise rehoming them with a trustworthy family is one way to go, you may also be able to lower the cost of pet care by visiting low-cost veterinary clinics or taking out a pet loan.

Photo credit: iStock/AleksandarNakic

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Tax Day appears dependably every year and, ideally, you don’t end up owing the IRS money. Or if you do, hopefully you can easily pay your taxes. But that’s not always the case. If you do end up owing money to the IRS after filing your taxes, you may have options. Of course, you can dip into your emergency fund, but if you don’t have one yet, there are other options available for borrowing money when you’re in a pinch.

Everyone’s financial situation is different, so there’s not one right answer for covering your tax bill. We’ll go through the pros and cons of using a credit card, an IRS payment plan, or even a personal loan to pay your tax bill.

We should, of course, mention that this article is a broad overview of this matter. It’s always a good idea to consult a licensed tax professional for questions and help with tax-related matters.

Can I Get a Loan to Pay Taxes?

You may be able to get a loan for taxes you owe as long as you can qualify for a loan with the lender you choose. If you can qualify for a loan, you may want to consider whether it’s the right choice for your financial situation or if there may be a different option that works better for you.


💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

What Is a Tax Loan?

A loan for taxes is a personal loan that is used to pay taxes owed to the IRS. The borrower receives the funds in a lump sum and spends the personal loan funds to pay their tax debt.

When looking for a lender that does tax loans, you might consider traditional banks, credit unions, or online lenders, among other financial institutions.

Recommended: How to Apply for a Personal Loan

How Does a Tax Loan Work?

If a taxpayer does not have the funds to pay the taxes they owe the IRS, one option to pay the debt is to borrow money to do so. Often, this is in the form of a personal loan, which can be either secured or unsecured. After receiving the loan proceeds, the borrower pays the IRS and begins making regular installment payments to the lender.

How to Qualify for Tax Loan

Qualifying for a tax loan is like qualifying for a personal loan intended to pay for any other expense.

Lenders will look at an applicant’s credit score, employment history, income, other debt, and possibly other lender-specific criteria. Generally, the more creditworthy an applicant is, the more favorable their loan terms and interest rate.

There are a variety of lenders who offer personal loans, so if you don’t qualify at one, you might consider looking at other places to get a personal loan.

Reasons For Tax Refund Loans

If you’re getting a tax refund, you might want the money sooner than the IRS sends it to you. For that reason, you might consider getting a tax refund loan. Also called a refund advance loan (RAL), this type of loan is a short-term loan based on the amount of tax refund you are expecting.

RALs are often offered by your tax preparation service right after you file. Similar to other loans, the interest and fees for a tax refund loan will vary by provider.

Reasons Against Tax Refund Loans

The key word in “tax refund loan” is loan — a debt. There are considerable reasons not to use this option to get an anticipated tax refund amount quickly.

•   While some tax preparers will offer tax refund loans without any interest or fees, these loans often come with costs.

•   Even if your tax refund is smaller than expected, you still have to repay the full loan amount, including any interest and fees charged by the lender.

•   If the IRS denies, delays, or garnishes your tax refund to pay another debt, you still owe the RAL — including any interest and any fees charged by the lender.

•   Interest rates on RALs offered by payday lenders tend to be high, with APRs sometimes 10 times higher than average credit card interest rates.

Filing your taxes electronically and getting your tax refund, if you’re getting one, via direct deposit generally results in you getting your money faster, often in less than 21 days.

What Happens if You Can’t Pay Your Taxes?

If you owe taxes, you may not have enough cash on hand to make that payment to the IRS, particularly if it’s a large amount. Paying a tax debt in full is ideal, but there are options if you cannot do that.

Options to Pay Tax Debt

IRS Payment Plans

The IRS offers payment plans and the potential for an “offer in compromise,” which may allow you to settle your debt for less than you owe if paying in full would create financial hardship. In some instances, you may also be able to temporarily delay collection until your financial situation improves. Depending on your situation, there can also be set-up fees, application fees, interest, and penalties that continue to accrue, increasing the amount you owe until it’s paid in full.

Credit Cards

Another option is to charge your tax expense to a credit card. The IRS charges a processing fee , which varies depending on the payment system you choose, if you pay with a credit card.

If you fail to pay off your credit card balance when it’s due, interest will accrue until the balance is paid in full. If you qualify for a credit card with a zero-percent introductory period and pay the full amount before the promotional period ends, you could pay your taxes with a credit card without incurring any interest charges.

Loved Ones

Asking a friend or family member for a loan for taxes is an option some people consider. Borrowing from someone you know generally means you won’t have to undergo a credit check. So if you don’t have great credit but are able to repay a loan, this may be an acceptable option. A close friend or family member who is confident you’ll repay the loan may not charge you interest, or charge a lower percentage rate than you might qualify for with a bank or other lender.

If you do choose to borrow money from friends or family, be clear about expectations from the beginning. For example, setting up a repayment plan could lessen the chance for miscommunication and hurt feelings.

Payday Loans

Payday loans are high-cost, short-term loans for small amounts that are often made to people who have bad or nonexistent credit. Unfortunately, this borrowing option often works in the best interest of the lender, not the borrower.

Interest rates on payday loans are much higher than other types of loans, sometimes up to 400% APR. Even using a credit card, with their relatively high-interest rates, is generally a better option than a payday loan.

The repayment term for a payday loan is small — typically, the loan needs to be repaid with the borrower’s next payday. If your tax bill is too large to pay by the time the payday loan is due, the loan may need to be renewed, adding additional fees and accruing more interest on the initial loan balance. This strategy could lead to a cycle of debt that is difficult to break.

Lines of Equity or Credit

Whereas a loan lets you borrow a set amount of money in one lump sum, a line of credit (LOC) gives you a maximum amount of credit from which you can borrow, repay, and borrow again, up to the credit limit. You make at least a minimum payment each month toward your balance due. LOCs can be secured or unsecured — a home equity line of credit (HELOC) is an example of a secured LOC, using your home as collateral.

One advantage to a LOC is the typically lower interest rates they offer compared to credit cards. However, interest rates on a LOC are often variable and can rise over the life of the loan. A drawback to a HELOC is that if you can’t repay the loan, you could lose your home.

Personal Loans

You can apply for either a secured or unsecured personal loan, the former requiring collateral to back the loan. A secured loan may have a lower interest rate because the lender can seize the collateralized asset if you default on the loan. Essentially, this lowers the lender’s perceived risk.

It’s a good idea to compare the interest rates on personal loans. They tend to start out lower than credit cards, but they can vary widely depending on your creditworthiness. The average personal loan interest rate was 11.91% as of Feb. 14, 2024. However, the rate can range anywhere from 6.40% to 35.99% depending on the lender and your unique financial circumstances.


💡 Quick Tip: Generally, the larger the personal loan, the bigger the risk for the lender — and the higher the interest rate. So one way to lower your interest rate is to try downsizing your loan amount.

Pros and Cons of Using a Personal Loan To Pay Taxes

Using a personal loan to pay taxes comes with both advantages and disadvantages. Here’s a look at how they stack up.

Pros of Paying Taxes With a Personal Loan	Cons of Paying Taxes With a Personal Loan
Typically unsecured, so no risk of losing an asset such as a car or home	Some lenders may not lend small amounts
Potentially low interest rates if you have good credit	Interest rate may be higher than an IRS repayment plan’s interest rate
With a fixed interest rate, monthly payments will be the same over the life of the loan	Some lenders may not allow a personal loan for taxes

Recommended: Paying Tax on Personal Loans

The Takeaway

When Tax Day rolls around and you discover that you owe taxes to the IRS, it’s a good idea to consider multiple options to settle the bill. If you don’t have enough money in your bank account to pay your tax bill, you might turn to an IRS repayment plan, your credit cards, a loan from a loved one, or a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

FAQ

Can I get a loan to pay taxes?

Yes, a personal loan can be used to pay taxes in most cases. Applicants must meet qualification requirements like any other personal loan, which typically include a credit check, employment and income verification, and other criteria.

What is a tax loan?

A tax loan is a personal loan used to pay taxes owed.

How does a tax loan work?

Tax loans are personal loans, either secured or unsecured. The borrower uses the loan proceeds to pay the IRS and then makes loan payments to the lender.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Earned wage access is an employer-provided benefit that allows employees to access a portion of their paycheck ahead of payday. This can be immensely helpful for employees living paycheck to paycheck who incur unexpected, emergency expenses.

On-demand access to money that employees have earned can keep them from relying on more dangerous and costly alternatives, like payday loans, cash-advance apps, and even intentionally overdrafting their bank accounts. But earned wage access programs may also carry some fees, and they can inspire bad habits with budgeting and money management.

How Does Earned Wage Access Work?

Earned wage access (EWA) works similarly to a cash advance app, except that it’s an employer-provided benefit. Employees who work at a company offering this benefit can download the app of the third-party EWA provider that their company works with and then apply to access a portion of their paycheck.

Employers typically limit how much of a paycheck employees can access early. EWA providers charge a fee for this access. In some cases, the employee will have to pay the fee every time they use the service; in others, employers foot the bill as part of the benefit.

Recommended: What Are Credit Card Cash Advances?

Earned Wage Access Example

Here’s an example of how earned wage access (also sometimes called early wage access) might work in the real world:

An hourly employee earns $20 an hour, after taxes and retirement contributions. Though she receives her paycheck every two weeks, the employee realizes she needs money now to cover an emergency vet bill. She has already worked six days, meaning there are four working days before the end of the pay period — and more time before payroll processes.

She uses the EWA app that her company has partnered with to apply for early access to her paycheck. There is a $5 fee, but her company covers the cost as part of the earned wage access benefit. The EWA benefit is limited to 50% of her total pay for the period, so the employee then receives $800 ahead of her paycheck.

On payday, the employee usually receives a check for $1,600. Because she’s accessed $800 early, however, her paycheck will only be $800.


💡 Quick Tip: Some lenders can release funds as quickly as the same day your loan is approved. SoFi personal loans offer same-day funding for qualified borrowers.

How to Qualify for Earned Wage Access

Qualifying for earned wage access is easy. You just have to work at a company that offers it as a benefit. EWA is growing increasingly popular. Companies like Uber, McDonalds, and Walmart have all adopted early wage access as an employee benefit.

Unlike personal loans or credit cards, there’s no credit check to access the money early. Instead, you’ll just need to download the app of the program that your company has partnered with and connect it to your bank account or debit card to have the money transfer go through.

Earned Wage Access Pros and Cons

Earned wage access offers tremendous benefits, especially to employees who are struggling financially. However, EWA also has its fair share of drawbacks to consider.

Pros

•   Fast access to money: The best way to handle unexpected expenses is to draw money from your emergency savings fund. In theory, the money will have been sitting there — in a high-yield savings account actively earning interest — so you don’t have to rely on credit cards, personal loans, cash advance apps, or payday loans. However, people who live paycheck to paycheck understandably can’t build an emergency savings fund. Earned wage access offers another path forward. You’ll be withdrawing money you’ve earned, just a little early. That means you aren’t taking on debt to cover life’s unexpected expenses.

•   Easy to qualify: Taking out a personal loan for emergency expenses is often a smart idea if you don’t have the money in savings. But if your credit score is in poor shape, you might have trouble getting approved for a personal loan. Getting money through earned wage access may be easier. As long as your company offers this as a benefit, you don’t have to worry about credit checks and high-interest debt.

•   No fees (or at least low fees): Many employers cover the admin fee of earned wage access for their employees as part of the benefit. Other employers might have arrangements with EWA platforms that don’t charge fees when employees access their funds early. Even if the employee is responsible for a transaction fee for an EWA, the cost is usually low.

Cons

•   Smaller paycheck: When you need money in a pinch, earned wage access can be a great solution that doesn’t involve taking on debt. However, when payday arrives, your paycheck could be much smaller. Often, EWA platforms allow you to access up to 50% of your paycheck, meaning your payday will be cut in half. While you’ve covered the cost of the emergency expense, you’re now faced with paying your monthly bills on only half of your normal check. That could mean tightening your belt at the grocery store or making late payments on bills.

•   A bad habit: Like cash advance apps or even payday loans, EWAs can be a slippery slope. You may access a portion of your paycheck early during one pay period, get a smaller paycheck as a result, and then need to turn around and access the next paycheck early to make up for your reduced paycheck. According to a 2021 study by the Financial Health Network, more than 70% of employees who utilized earned wage access used it in consecutive pay periods. It’s a difficult pattern to get out of — and could be even more detrimental if you change jobs and your new employer doesn’t offer EWA. In that case, you might be tempted to take out a predatory loan instead.

•   Potential fees: In some cases, employees do have to pay for earned wage access. These fees are usually nominal, especially when compared to alternatives — overdraft fees from spending more than they have in their bank account or exorbitantly high interest rates for payday loans — but EWA fees should still be a consideration for people on a budget. Maybe there’s another alternative, like borrowing money from a family member or a payment plan for whatever emergency expense the employee has incurred.

Recommended: How to Avoid Overdraft Fees

Earned Wage Access vs Cash Advance Apps

Cash advance apps, also referred to as early payday apps, share some similarities with earned wage access. Both are typically managed through mobile apps and help you access cash flow ahead of your next paycheck.

Earned wage access, however, is offered solely through an employer. The employer may cover fees for the employees, and the amount a person can access is related to their actual paycheck.

With a cash advance app, consumers are responsible for any associated fees. Some apps may advertise no fees (and no interest), but they may charge a fee for instant transfers. Otherwise, you’ll have to wait a few days to get the money, which often defeats the purpose. Other cash advance apps might have a monthly charge.

The amount you can borrow through a cash advance app varies and may be tied to the cash flow of your linked bank account. Repeat borrowers may get approved for higher funds. Repayment is due on the borrower’s next payday.

Though hidden fees can make cash advance apps expensive, they’re generally a safer option than payday loans.


💡 Quick Tip: Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.

The Takeaway

Earned wage access can be helpful in an emergency situation, if your employer offers this benefit. However, EWA may come with fees, can make it more challenging to budget on payday, and may even lead to a recurring habit. As an alternative in an emergency solution, you can take out a personal loan. It won’t affect your upcoming paycheck, you can use loan moneyfor a variety of purposes, and it can give you the funds you need, at a low cost, to get through a financial hardship.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

FAQ

Is earned wage access a loan?

Earned wage access is not a loan. It allows employees at participating companies to access money they’ve already earned, just ahead of schedule.

What are the benefits of earned wage access for employees

Earned wage access offers employees several benefits, including fast access to money they’ve technically earned, no or low fees, and easy qualification requirements. (You’ve just got to work for a company that offers this benefit.)

What are the downsides of earned wage access?

Earned wage access can have some downsides. Employees may have to pay fees to get early access to their paycheck, the amount you can access is often capped at 50%, and it can lead to a bad habit wherein you regularly need money before your paycheck.

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Photo credit: iStock/Ivan Pantic

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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A fair credit score falls in the mid-lower range of the credit-scoring spectrum. With the FICO® scoring model, which ranges from 300 to 850, a fair score is 580 to 669.

Fair credit is better than poor credit but below the average credit score. While you’ll likely be able to get a credit card or loan with fair credit, you probably won’t qualify for the most favorable rates and terms.

Read on to learn how fair credit compares with other credit score ranges, the difference having good credit can make, and what you can do to build your credit.

What Is Fair Credit?

What “fair credit” means will depend on the scoring model. With FICO, the most widely used credit scores by lenders in the U.S., fair credit is a score between 580 and 669. With VantageScore®, another popular scoring model, fair credit is a score of 601 to 660.

The fair credit range is above poor credit but below good credit, and is considered to be in the subprime score range.

Credit scores are calculated using information found in your credit reports (you have three, one from each of the major consumer credit bureaus). People typically have multiple, not just one, credit score, and these scores can vary depending on the scoring model and which of your three credit reports the scoring system analyzes. While each score may be slightly different, they typically fall into similar ranges and scoring categories, such as poor, fair, good, and excellent/exceptional.


💡 Quick Tip: A low-interest personal loan from SoFi can help you consolidate your debts, lower your monthly payments, and get you out of debt sooner.

Is Fair Credit Good or Bad?

As the name “fair” implies, this score is okay, but not great. A fair credit score isn’t the lowest category on the FICO chart — that’s the poor credit category, which runs from 300-579. But it’s definitely not the highest either. Above fair credit, there is good credit (670-739), very good credit (740-799), and exceptional credit (800-850).

With a fair credit score, lenders will likely see you as an above-average risk and, as a result, charge you more upfront fees and higher interest rates. They may also approve you for a lower loan amount or credit limit.

With fair credit, you might also have difficulty getting approved for certain financial products. For example, you might need a higher credit score to get the best rewards cards or certain types of mortgages. Landlords and property managers may also have credit score requirements. You might have to pay a larger security deposit if you have a fair credit score.

Is a 620 Credit Score Fair?

Yes, 620 is within the 580-669 range for a fair FICO score and, thus, would be considered a fair credit score. A 620 is also in the VantageScore range for fair (580 to 669).

Recommended: 8 Reasons Why Good Credit Is So Important

Why Do I Need to Know My Credit Scores?

A credit score is a three-digit number designed to represent someone’s credit risk (the likelihood you’ll pay your bills on time). Lenders use your credit scores — along with the information in your credit reports — to help determine whether to approve you for a loan or credit line and, if so, at what rates and terms. Many landlords, utility companies, insurance companies, cell phone providers, and employers also look at credit scores.

Knowing your credit scores can help you understand your current credit position. It also provides a baseline from which you can implement change. With time and effort, you may be able to build your credit and gradually move your credit score into a higher category, possibly all the way up to exceptional.

Recommended: How Often Does Your Credit Score Update?

Using Credit Bureaus to Find Credit Scores

It’s a good idea to periodically review your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) to make sure all of the information is accurate, since errors can bring down your scores. You can get free weekly copies of your reports at AnnualCreditReport.com .

However, your credit reports will not contain your credit scores.

Fortunately, there are easy ways to get your credit scores, often for free. Many credit card companies, banks, and loan companies have started providing credit scores for their customers. It may be on your statement, or you can access it online by logging into your account.

You can also purchase credit scores directly from one of the three major credit bureaus or other provider, such as FICO. Some credit score services and credit scoring sites provide a free credit score to users. Others may provide credit scores to credit monitoring customers paying a monthly subscription fee.

Recommended: How to Check Your Credit Score for Free

Reasons Your Credit Score Might Be Fair

Your credit scores are based on information in your credit reports, and different things can help or hurt your scores. FICO scores are based on the following five factors.

1. Payment History

This looks at whether you’ve made your debt payments on time every month and is the most important factor in computing your FICO credit score. Even one payment made 30 days late can significantly harm your score. An account sent to collections, a foreclosure, or a bankruptcy can have even more significant and lasting consequences.

2. Amounts Owed

This notes the total amount you’ve borrowed, including how much of your available credit you’re currently using (called your credit utilization rate). If you’re tapping a sizable percentage of your available credit on your credit cards (such as 30% or more), for example, that can have a negative impact on your score.

3. Length of Credit History

Experience with credit accounts generally makes people better at managing debt (research bears this out). As a result, lenders generally see borrowers with a longer credit history (i.e., older accounts) more favorably than those that are new to credit. All things being equal, the longer your credit history, the higher your credit score is likely to be.

4. Credit Mix

This looks at how many different types of debt you are managing, such as revolving debt (e.g., credit cards and credit lines) and installment debt (such as personal loans, auto loans, and mortgages). The ability to successfully manage multiple debts and different credit types tends to benefit your credit scores.

5. New Credit

Research shows that taking on new debt increases a person’s risk of falling behind on their old debts. As a result, credit scoring systems can lower your score a small amount after a hard credit inquiry (which occurs when you apply for a new loan or credit card). The decrease is small, typically less than five points per inquiry, and temporary — it generally only lasts a few months.

Steps That Can Help Improve Fair Credit

While you may still be able to qualify for loans with fair credit, building your credit can help you get better rates and terms. Here are some moves that may help.

•   Pay your bills on time. Having a long track record of on-time payments on your credit card and loan balances can help build a positive payment history. Do your best to never miss a payment, since this can result in a negative mark on your credit reports.

•   Pay down credit card balances. If you’re carrying a large balance on one or more credit cards, it can be helpful to pay down that balance. This will lower your credit utilization rate.

•   Consider a secured credit card. If you’re new to credit or have a fair or low credit score, you may be able to build your credit by opening a secured credit card. These cards require you to pay a security deposit up front, which makes them easier to qualify for. Using a secured card responsibly can add positive payment information into your credit reports.

•   Monitor your credit. It’s a good idea to closely examine the information in your three credit reports to make sure it’s all accurate. Any errors can drag down your score. If you see any inaccuracies, you’ll want to reach out to the lender reporting the information. You can also dispute errors on your credit report with the credit bureaus.

•   Limit hard credit inquiries. Opening too many new credit accounts within a short period of time could hurt your scores because credit scoring formulas take recent credit inquiries into account. When shopping rates, be sure that a lender will only run a soft credit check (which won’t impact your scores).

Reasons to Improve Your Credit Score

Building your credit takes time and diligence, but can be well worth the effort, since our scores impact so many different parts of our lives.

Loans

Credit scores are used by lenders to gauge each consumer’s creditworthiness and determine whether to approve their applications for loans. A higher score makes you more likely to qualify for mortgages, auto loans, and different types of personal loans. It also helps you qualify for more favorable lending rates and terms.

Credit Cards

Credit card issuers typically reserve cards with lower annual percentage rates (APRs), more enticing rewards, and higher credit limits for applicants who have higher credit scores. A fair credit score may qualify you for a credit card with a high APR and little or no perks. Improving your credit score could potentially give you the boost you need to qualify for a better credit card.

Security Deposits

Just found your dream apartment? A fair credit score could mean a higher security deposit than if you had a good or better credit score. With a poor or fair credit score, you may also be asked to pay security deposits for cell phones or basic utilities like electricity.

Housing Options

A fair or poor credit score can even limit which housing options are available to you in the first place. Some landlords and property management companies require renters to clear a minimum credit bar to qualify.

Recommended: Typical Personal Loan Requirements Needed for Approval

Can You Get Personal Loans With Fair Credit?

It’s possible to get a personal loan with fair credit (or a FICO score between 580 and 669) but your choices will likely be limited.

Personal loan lenders use credit scores to gauge the risk of default, and a fair credit score often indicates you’ve had some issues with credit in the past. In many cases, borrowers with fair credit may be offered personal loans with higher rates, steeper fees, shorter repayment periods, and lower loan limits than those offered to borrowers with good to exceptional credit.

Although some lenders offer fair credit loans, you’ll likely need to do some searching to find a lender that will give you competitive rates and terms.


💡 Quick Tip: Generally, the larger the personal loan, the bigger the risk for the lender — and the higher the interest rate. So one way to lower your interest rate is to try downsizing your loan amount.

The Takeaway

Having a fair credit score is better than having a poor credit score and doesn’t necessarily mean you won’t qualify for any type of credit. However, the rates and terms you’ll be offered may not be as favorable as those someone with good or better scores can get. With time and effort, however, you can move up the credit scoring ladder. If you work on building your credit score until you have good or better credit, you’ll gain access to credit cards and loans with lower interest rates and more perks.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

FAQ

Is fair credit good or bad?

A fair credit score is neither good nor bad, it’s just okay. FICO credit scores range from 300 to 850 and a fair score is 580 to 669. It’s better than a poor credit score but below the average credit score.

What’s considered a fair credit score?

According to the FICO scoring model, which ranges from 300 to 850, a fair credit score is one that falls between 580 and 669. It’s one step up from a poor credit rating but below good, very good, and exceptional.

Is a 620 credit score fair?

Yes, a 620 credit score is considered to be in the fair range. According to the FICO scoring model, which ranges from 300 to 850, a fair credit score is one that falls between 580 and 669.

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Photo credit: iStock/Ivan Pantic

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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If you’re looking to start or grow a side hustle or small business, you might think a business loan is the right next step. A personal loan, however, is another popular financial product that you also might be able to use. Or it could free up some cash by covering expenses elsewhere in your budget, so you can put more of your income toward funding your business.

Because there are potential benefits and disadvantages to both types of financing, it’s important to understand the differences. You’ll find that information here and be better equipped to decide whether a business loan vs. personal loan might work best for you.

What Is a Personal Loan?

A personal loan is a source of financing that a borrower typically can use for just about anything. (That said, you may need to get approval from your lender if you plan to use the money directly for your business. This is not always possible.)

Typically, you’ll find unsecured personal loans, with the borrower agreeing to pay back the full amount, plus interest, in fixed monthly payments within a predetermined time frame.

Some lenders also offer secured personal loans, however,which means some form of collateral is involved. Also, some offer personal loans with variable interest rates.

How Personal Loans Work

When you apply for a personal loan, you can expect the lender to review your personal financial information — including your credit score, credit reports, and income — to determine your eligibility. In general, the better your credit, the better your chances of receiving a lower interest rate.

Personal loan amounts vary, but some lenders offer personal loans for as much as $100,000.

Although most personal loans have shorter repayment terms, the length of a loan can vary from a few months to several years. Typically, they last from 12 to 84 months.


💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.

What is a Business Loan?

A business loan is a type of financing used specifically to pay for business expenses. It could be used to purchase equipment or inventory, for example, or to fund a new project.

There are many kinds of small business loans available — with different rates and repayment terms — including Small Business Administration (SBA) loans, equipment loans, micro loans, and more. Rates, terms, and loan requirements also can vary significantly depending on the lender.

How Business Loans Work

Applying for a business loan tends to be more complicated than getting a personal loan. For one thing, you’ll likely have to submit more paperwork to back up your application, including your business’s financial statements and an up-to-date business plan. The lender also usually will want to review your personal and business credit scores. And you may have to be more specific about what the loan will be used for than you would with a personal loan.

If your business is brand new, lenders may be reluctant to give you a business loan. Some lenders might ask you to put up some type of collateral to qualify.

Differences Between Business and Personal Loans

There are several factors you may want to evaluate if you’re trying to decide between a personal loan vs. a business loan, including the loan costs, how you plan to use the money, and how much you hope to borrow. Here’s a look at a few basic differences.

Cost Differences Between Business and Personal Loans

Whether you’re considering applying for a business loan or a personal loan to use for your business, it’s important to be clear about how much it could cost you upfront and over the life of the loan.

Interest Rates

Interest rates for business loans can be lower than for the interest rates for personal loans, but the rates for both can vary depending on the type of loan, the lender you choose, and your qualifications as a borrower.

Fees

Fees also can affect the upfront and overall cost of both personal and business loans, so it’s a good idea to be clear on what you’re paying. Some of the more common fees for business loans and personal loans that you might see include origination, application, packaging, and underwriting fees, and late payment and prepayment penalties.

Some fees may be subtracted from the loan amount before the borrower receives the money. But fees also may be folded into a loan’s annual percentage rate (APR) instead, which can increase the monthly payment.

Down Payment

Business loans may be available for larger amounts than a personal loan. For a larger business loan — a substantial SBA loan or commercial real estate loan, for example — you could be required to come up with a down payment. This amount can add to your upfront cost. However, just as with a mortgage or car loan, a larger down payment can help you save money over the long term, because you’ll pay less in interest.

Whether you’ll need a down payment, and the amount required, may depend on your individual and business creditworthiness.

Different Uses for Business and Personal Loans

One of the biggest differences between business vs. personal loans is the way borrowers can use them.

•   A business loan can be used to finance direct business costs, such as paying for supplies, marketing, a new piece of equipment, business debt consolidation, or a business property. But it typically can’t be used for indirect business costs, which means a borrower can’t pay off personal debts with the money or buy personal property with it.

•   Some business loans have a very specific purpose, and the borrowed money must be used for that purpose. For example, if you get an equipment loan, you must buy equipment with it. Or, if you get a business car loan, you must buy a business car with the money.

•   Because you may be able to use the influx of cash for both business and personal expenses, the uses of a personal loan can be very flexible. But personal loans are typically smaller than business loans, and they generally come with a shorter repayment term. It can be helpful to have a clear intent for how the money will be spent and to keep separate records for business and personal expenses.

•   It’s also important to note that some lenders put restrictions on how personal loans can be used, so you should read the fine print before applying and share your plans with the lender if asked.

Differences When Applying for Business and Personal Loans

The criteria lenders look at can be very different when approving a small business loan vs. a personal loan. Here’s what you can expect during the application process.

Applying for a Personal Loan

When you apply for a personal loan, your personal creditworthiness usually plays a large role in the application and approval process.

•   Lenders typically will review a borrower’s credit scores, credit reports, and income when determining the interest rate, loan amount, and repayment term of a personal loan.

•   Generally, you can expect to be asked for a government-issued photo ID, your Social Security number, and/or some other proof of identity.

•   You also may be asked for proof of your current address. And the lender will want to verify your income.

Applying for a Business Loan

When you apply for a business loan, your personal finances still will be a factor, though other aspects of your application will be reviewed carefully.

•   The loan underwriters also will evaluate your business’s cash flow, how long you’ve been in business, your profitability, the exact purpose of the loan, trends in your industry, your business credit score, and more.

•   The lender may ask for a current profit-and-loss statement, a cash-flow statement, recent bank statements and tax returns for the business, your business license and a business plan, and any other current loan documents or lease agreements you might have.

•   You also will have to provide information about your collateral if you are applying for a secured loan.

Recommended: Understanding Credit Score Ranges

Structural Differences in Business and Personal Loans

Knowing the differences in how personal loans vs. business loans are structured could help you decide which is right for you and your business. A few factors that might affect your choice include:

Loan Amount

A business loan may be more difficult to apply for and get than a personal loan, especially if your business is a startup or only a few years old. But if you can qualify, you may be able to borrow more money with a business loan. While personal loan amounts typically top out at $50,000 to $100,000, some SBA loans can go as high as $5.5 million.

Loan Length

You’ll likely find personal and business loans with both short and long repayment terms. But generally, personal loans have shorter terms (typically one to seven years), while some business loan repayment periods can be up to 25 years.

Tax Advantages

If you have a business loan, deducting the interest you pay on the loan may be possible when filing income taxes if you meet specific criteria.

With a personal loan, it might get a little more complicated. If you use the borrowed money only for business costs, you may be able to deduct the interest you paid. But if you use the loan for both business and personal expenses, you would only be able to deduct the percentage of the interest that was used for qualifying business costs.

And you should be prepared to itemize deductions, documenting exactly how you spent the money. Your financial advisor or tax preparer can help you determine what’s appropriate.

Support

Along with the traditional banking services you might expect to get with any type of loan, a business loan also may come with operational support and online tools that can be useful for owners and entrepreneurs.

Risk

When you’re deciding between a personal vs. business loan, it’s also a good idea to think about what could happen if, at some point, the loan can’t be repaid.

•   If your business has financial problems and you have a personal loan, you (and your cosigner, if you have one) could be held responsible for the debt. You could lose your collateral (if it’s a secured loan) or damage your personal credit.

•   If your business defaults and it’s a business loan, the impact to your personal credit would depend on how the loan is set up.

◦   If you’re listed as a sole proprietor or signed a personal guarantee, it’s possible you could be sued, your personal and/or business credit scores could take a hit, and your personal and business assets could be at risk.

◦   If your business is set up as a distinct legal entity, on the other hand, your personal credit score might not be affected — but your business credit score could suffer. And it could be more difficult for you to take out a business loan in the future.

Structural Differences in Business and Personal Loans
	Business Loans	Personal Loans
Loan Amount	Typically come in larger amounts (up to $5 million)	Generally are limited to smaller amounts (up to $100,000)
Loan Length	Usually have longer repayment periods (up to 25 years)	Generally have shorter terms (a few months to a few years)
Tax Advantages	Interest paid on a business loan is often tax-deductible	Interest paid on a personal loan used for business expenses may be tax-deductible
Support	Lenders may offer operational support and online business tools to borrowers with business loans	Lenders may offer more personal types of support to borrowers with personal loans
Risk	Defaulting on a business loan could affect the borrower’s business credit score or business and personal credit scores (based on how the loan is structured)	Defaulting on a personal loan could affect the borrower’s personal credit score

Pros and Cons of Business Loans

There are advantages and disadvantages to keep in mind when deciding whether to apply for a business loan vs. personal loan.

•   A business loan can be more difficult to get than a personal loan, especially if the business is new or still struggling to become profitable.

•   If you qualify for a business loan, you may be able to borrow a larger amount of money and get a longer repayment term.

•   A business loan also could make it easier to separate your business and personal finances.

•   There could be fewer personal consequences if the business defaults on the loan.

Pros of Business Loans	Cons of Business Loans
Borrowers may qualify for larger amounts than personal loans offer	Applying can require more time and effort
Longer loan terms available	Qualifying can be difficult
Interest rates may be lower	Collateral and/or a down payment may be required
Interest is usually tax deductible	Loan must be used for business purposes only
Lenders may offer more business-oriented support	New businesses may pay higher interest rates
Debt may be the responsibility of the business, not the individual (depending on loan structure)	Responsibility for the debt could still land on individual borrowers

Recommended: Can You Refinance a Personal Loan?

Pros and Cons of Personal Loans

A personal loan vs. business loan can have advantages and disadvantages to consider if you are wondering if you can use one to fund a business.

•   Personal loans can offer borrowers more flexibility than business loans in terms of usage.

•   They’re generally easier to qualify for and may have lower interest rates.

•   One major hurdle may be tracking whether the funds were used for business or personal expenses, which can be crucial, especially for income taxes.

Pros of Personal Loans	Cons of Personal Loans
Application process is usually quick and easy	Lending limits may be lower than business loans
Qualifying can be less challenging than with a business loan because it’s based on personal creditworthiness	Borrower doesn’t build business credit with on-time payments
Can use funds for both personal and business expenses (unless there are lender restrictions)	Defaulting can affect personal credit score/finances
Most personal loans are unsecured	Interest rates are generally higher than for a business loan
Interest may be tax deductible (when funds are used for business)	Shorter loan terms than business loans typically offer

💡 Quick Tip: Swap high-interest debt for a lower-interest loan, and save money on your monthly payments. Find out why SoFi credit card consolidation loans are so popular.

Is a Business or Personal Loan Right for You?

Considering the differences between a personal loan and a business loan can help you decide which is right for your needs. You may want to do some online research, compare rates and terms, and/or ask a financial professional or business mentor for advice before moving forward with this important decision. Here are some things to think about as you look for a loan that’s a good fit for your personal and professional goals.

A business loan may make sense if:

•   You’re seeking a lower interest rate and/or repayment term.

•   You want to keep personal and business expenditures separate.

•   You’ve been successfully running your business for a while.

•   You need more money than you can get with a personal loan.

•   You hope to build your business credit.

•   You want to limit your liability.

A personal loan may make sense if:

•   Your goal is to grow your startup or new business and the loan allows this usage.

•   You plan to use the money for both business and personal expenses.

•   You can find a personal loan with a lower interest rate than a comparable business loan, and the lender approves the loan for business expenses.

•   You want to get the money as quickly as possible.

•   You are seeking a shorter repayment term.

•   You don’t want to secure the loan with collateral.

•   You feel confident about your personal ability to repay the loan.

Recommended: Can I Pay Off a Personal Loan Early?

The Takeaway

If you’re seeking funding to start or grow your business, you may have to decide between personal and business loans. Personal loans are typically easier to apply for and offer quicker access to funds, but often at a somewhat higher interest rate and shorter term vs. business loans. Also, business loans usually offer significantly higher loan amounts and the interest can be tax-deductible. It’s worthwhile to consider the tax and credit implications of each type of loan too, among other factors.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

FAQ

Are business loans more expensive than personal loans?

Business loans typically have lower interest rates than personal loans. Still, it’s probably worth comparing both types of loans and the rates lenders are willing to offer you and/or your business before making a final decision between the two.

Is it illegal to use personal loans for business?

Most (but not necessarily all) personal loans can be used for just about anything. Your lender may not even ask how you intend to spend the money. But it’s a good idea to check the lending agreement in case there are any restrictions. And if the lender wants to know the purpose of the loan, you should be honest about your intentions.

Are startup loans personal loans?

There are a few different options for funding a startup, including SBA loans, family loans, or crowdfunding platforms. But if you have good credit and are confident you can make the monthly payments, taking out a personal loan could be an effective strategy for funding a startup, if the loan permits that usage.

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Photo credit: iStock/MicroStockHub

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

This article is not intended to be legal advice. Please consult an attorney for advice.

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