Personal Loans

Best Personal Loans for Good Credit

Best Personal Loans for Good Credit

You need a loan. Maybe you need extra cash for debt consolidation, to pay medical bills or because you’re getting married. Fortunately for you, your credit is good, so what are your personal loan options? There are many, so we narrowed them down for you and will give you the information you need to help make the right decision.

LendingTree

A great place to start is LendingTree. You can select your loan amount, what you need the loan for and provide your personal information to receive a list of potential lenders based on your creditworthiness. Compare each lender’s rates and fine print to decide which one is right for you.

Compare Offers

By clicking “Compare Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

LightStream

LightStream is the online consumer lending division of SunTrust Bank. It offers unsecured personal loans between $5,000 to $100,000* for consumers with good to excellent credit. The money can be used to pay off debt or medical bills, finance a large purchase or pop the question with the ring of her dreams.

See Offers

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

The fine print

You must have a credit score defined as “good or better” to be approved for a fixed-rate LightStream loan, but the company doesn’t define good credit by just your score. Its definition includes several years of good credit history with major credit cards or some other kind of debt — mortgage or automobile, for example. You must prove a stable income and any debt payments you have made should be on time — with few delinquencies, if any — and you must have some money socked away in stocks, bonds or in a savings account.

Pros

  • No fees: Save your money to pay your loan because LightStream does not charge origination fees, late fees or prepayment penalties if you decide to pay off your loan early.
  • It’ll beat competitors’ rates: LightStream will beat an APR from another lender by 0.10 percentage points, but there are conditions. The lender’s APR must not be supported by any third-party arrangements and the interest rate offer must be generally available to all its customers who share a similar credit risk profile. The Rate Beat program is effective if you are approved by the other lender and provide this information to LightStream.
  • Autopay discount: LightStream does offer customers an autopay discount of .50 points if you request it before the funding of the loan is complete.

Cons

  • The interest rate that LightStream quotes includes autopay, so if you do not choose to use it, your interest rate will be 0.50 points higher.
  • Make sure you know exactly what you want the money for, because LightStream does not let you put the funds toward anything else.

Anyone with a credit score below 0 might have difficult getting a LightStream loan, but the rates and the discounts are competitive.

RocketLoans

RocketLoans is part of Quicken Loans (a mortgage lending company) and the sister company to Rocket Mortgage. RocketLoans offers personal loans from $2,000 to $45,000 with a payback period of 36 or 60 months. You can use your personal loan to pay off a hospital bill, start that new widget business, take that trip to Tuscany you always dreamed of, or pay off your mountain of debt.

See Offers

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

The fine print

The one-step application process is easy. Simply enter your personal information and you’ll receive a list of loan options that includes the monthly payment, APR and origination fee. Your APR for RocketLoans will depend on your credit score, monthly income and debt-to-income ratio, among other things. Your APR can range from 7.16% to 29.99%.

Pros

  • Soft credit check: Want to know if you’ll be approved for a personal loan without any dings to your credit score? You can perform a soft check on RocketLoans’ website. If you accept a loan, it will do a hard pull on your credit report.
  • Same-day funding is available for loans up to $25,000 if the loan is completed by 1 p.m., but it will depend on the rules of your bank.

Cons

  • Fees: RocketLoans charges an origination fee — think of it as a processing fee — that ranges from 1% to 6% of the amount of the loan you are taking out. This amount is deducted from the loan before it is given to you. For example, a $20,000 loan with a 6% origination fee costs $1,200, so you will only receive $18,800. It also charges a $15 late fee for payments made 10 days after the due date.
  • High rates: The APR is competitive with other lenders but is more than, say, LightStream, so you should weigh your options before choosing the right personal loan for you.

RocketLoans is a reliable company, but its personal loans have a limitation of $45,000. There are also origination fees and high APRs. But the process is very simple and easy to understand.

Payoff

Forget the trip to Tuscany. You just want a loan to pay off that mountain of credit card debt from holiday shopping and unnecessary spending sprees. Payoff is an online lender that works with verified lending partners to originate personal loans between $5,000 and $35,000¹. These loans are only designed to eliminate or lower your credit card balances and have a payback of two to five years.

See Offers

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

The fine print

Before you apply, you do need to have a credit score of at least 640 and a debt-to-income ratio of 50% or less. You need a good credit history of three years and at least two lines of credit where you are making regular payments — with no delinquencies greater than 90 days. The APRs range from 5.99% to 24.99% depending on your credit profile.

Pros

  • Fees: Payoff has no early or extra payment fees, late fees, check-processing fees, annual fees or returned check fees.
  • Credit score boost: Payoff claims that its members who have at least $5,000 in credit card balances see an average FICO Score boost of 40 points after taking out a loan with the company.
  • No slipping up and accidentally spending the money on something else.
  • You don’t have to close your credit card accounts.

Cons

  • Fees: While there are many fees that Payoff doesn’t charge, it does charge an origination fee of between 0% and 5%. For example, a $20,000 loan with a 6% origination fee costs $1,200, so you will only receive $18,800.
  • Payoff offers loans to residents of all states except Massachusetts, Mississippi, Nebraska, Nevada and West Virginia.

Payoff is a great personal loan option for those who have strong credit and just want to use the money to pay off higher-interest credit card debt, but it’s limited depending on your residence.

Best Egg

If you’re looking for a personal loan to pay off medical debt, cover the high cost of adoption or your moving expenses, Best Egg, which is owned by Marlette Funding, offers loans between $2,000 and $35,000 with terms of 36 or 60 months. It offers up to $50,000 by special invite only.

See Offers

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

The fine print

The APR on a personal loan from Best Egg ranges from 5.99% to 29.99%². Before you apply, keep in mind that your credit score must be at least 700 or higher.

Pros

  • Soft credit check: Want to know if you’ll be approved before you accept a personal loan from Best Egg? It offers a soft credit inquiry that only becomes a hard credit check when you accept a loan from them.
  • There is an invite-only larger loan of $50,000. The minimum individual annual income needed to qualify for a $50,000 invite-only loan is $130,000.

Cons

  • Here’s an interesting tidbit: All loans in Massachusetts must exceed $6,000; $5,000 in New Mexico and Ohio; and $3,000 in Georgia. Be aware if you are applying from one of these states.
  • Best Egg charges an origination fee of 0.99% - 5.99%.

Best Egg offers personal loans to those with good credit that are competitive in rates and fees to other lenders.

Peerform

Peerform is an affiliate company of Versara Lending, which acquired Peerform in November 2016. It offers personal loans ranging from $4,000 to $25,000 with terms of three and five years.

See Offers

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

The fine print

You must have a minimum credit score of at least 600 and have a regular source of income. Simply fill out the application and you will be provided with a list of possible lenders for loans with APRs up to 29.99%.

Pros

  • No prepayment penalties: You are free to increase the size or frequency of your payments without incurring any additional fees.
  • The registration process takes only a few minutes.

Cons

  • Fees and more fees: Want to pay your loan by check? Peerform charges a $15 fee every time you choose to pay by check rather than direct debit. Peerform also charges an origination fee of 1.00% - 5.00%. Late fees are 5% of the amount of the unpaid monthly installment or $15, whichever is greater.
  • Peerform is not available to residents in Connecticut, North Dakota, Vermont, Wyoming or West Virginia.

Rates and fees mentioned in this piece are accurate as of the date of publishing. Institutions had to be in DepositAccounts’ list of largest banks and credit unions by assets to be considered. (Disclosure: DepositAccounts is owned by LendingTree.) APR, terms, origination fee and other factors were considered.

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

¹All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

²The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 5.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from [ps name='personalloan.35.min_loan']-[ps name='personalloan.35.max_loan']. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

 

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