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Best Personal Loans for Good Credit

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If you have good or excellent credit, you’ll likely have a range of loans at your disposal. Personal loans for good-credit borrowers — those with a FICO score of 670 or higher — tend to come with the lowest rates and most flexible payment options.

Whether you’re looking to finance a home renovation, consolidate debt or cover another big expense, consider our picks for the best personal loans for good credit, based on factors such as APR, loan amount and repayment terms.

Note that these lenders also let you prequalify for a loan online, meaning you can check your rates in a matter of minutes with no impact on your credit score.

Find the best good-credit personal loans for you through the LendingTree marketplace. Whatever you need financing for, LendingTree can connect you with a loan between $1000 and $50,000 with APRs starting at 5.73%.

What a good-credit personal loan is (and isn’t)

Personal loans are flexible loans that you can typically use for any purpose, including home renovation, debt consolidation, vacation costs, medical bills or other big expenses. If you have good credit, you can likely qualify for an unsecured personal loan, meaning you don’t have to put up any collateral to get the loan.

You’ll also probably get the lowest APRs, which will save you interest over the life of your loan. Some lenders also save their large-amount loans for borrowers that meet a certain credit or income threshold, so having good credit could allow you to borrow more money.

How LendingTree can help you find a personal loan

A great place to start when searching for the best personal loans for good credit for you 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.

The LendingTree marketplace saves you time when shopping for a loan, as it can show you multiple loan offers from a variety of offers. After you answer a few simple questions, LendingTree will show you offers from our vetted lenders. You can expect a free and easy online experience, straightforward loan comparisons and competitive offers from reputable lenders.

Best personal loans for good credit

Since lender terms and conditions vary, it’s always a good idea to shop around and compare offers from multiple lenders to find the best personal loan for you. Here are our recommendations for personal loans for good-credit borrowers.

We picked these loans based on competitive APRs, flexible repayment terms, borrower-friendly benefits and lender reputation. What’s more, all of these lenders make it easy to prequalify for a loan and apply online.

  • LightStream: Best for low rates and large-amount loans
  • SoFi: Best for large-amount loans and unemployment protection benefit
  • Figure: Best for fast funding
  • Upgrade: Best for comparing multiple loan options
  • Rocket Loans: Best for no hidden fees
  • Best Egg: Best for easy online prequalification
  • Happy Money: Best for refinancing credit card debt
  • Marcus by Goldman Sachs®: Best for unique repayment benefits
  • FreedomPlus: Best for loans higher than $7,500
Lender Good for… APR range Loan amount Credit score needed
1. LightStream Low rates and large amount loans 6.99% to 22.49% $5,000 – $100,000 Not specified
2. SoFi Large amount loans and unemployment protection benefit 7.99% to 23.43% $5,000 – $100,000 680
3. Figure Fast funding 5.75% to 22.94% $5,000 – $50,000 660
4. Upgrade Comparing multiple loan options 7.96% to 35.97% $1,000 – $50,000 620
5. Rocket Loans No hidden fees 7.16% to 29.99% $2,000 – $45,000 640
6. Best Egg Easy online prequalification 8.99% to 35.99% $2,000 – $50,000 640
7. Happy Money Refinancing credit card debt 7.99% to 29.99% $5,000 – $40,000 640
8. Marcus by Goldman Sachs® Unique repayment benefits 6.99% to 24.99% $3,500 – $40,000 720
9. FreedomPlus Loans higher than $7,500 7.99% to 29.99% $7,500 – $50,000 Varies

1. LightStream

LightStream is the online consumer lending division of SunTrust Bank. It offers unsecured personal loans between $5,000 and $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 cover another big expense.

Anyone with a credit score that’s less than excellent might have difficulty getting a LightStream loan, but the rates and discounts are competitive if you can qualify.

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 a savings account.

Pros

  • No origination fee, late fees or prepayment penalties
  • Rate beat offer: LightStream will beat an APR from another lender by 0.10 percentage points, as long as you meet certain conditions.
  • Autopay discount of 0.50 points

Cons

  • Might be hard to qualify for the lowest rates
  • Must specify loan use before you borrow

2. SoFi

SoFi offers competitive rates for good-credit borrowers that start at just 7.99%. You can use a SoFi personal loan for pretty much anything, whether that involves debt consolidation, home renovation, family planning, a wedding or another purpose. While some lenders cap personal loans at $50,000 or less, SoFi lets you borrow up to $100,000.

SoFi is also unique for its unemployment protection benefit, which can help you through a tough time if you lose your job. Finally, keep an eye out for occasional special deals from SoFi. At the time of writing, for instance, it’s offering up to $1,000 in cash rewards to customers who take out a personal loan to refinance credit card debt.

The fine print

SoFi lends across all states with the exception of Missouri. While the typical minimum amount for a loan is $5,000, some states set a higher minimum amount. If your loan application is approved, you should receive the funds within a few days.

Pros

  • Low interest rates for good-credit borrowers:
  • Large loan amounts up to $100,000
  • Option to apply with a co-applicant
  • Unemployment protection benefit
  • No origination fee
  • Repayment terms of 24 to 84 months

Cons

  • Might be hard to qualify for the lowest rates
  • Some states have higher minimum loan amounts
  • Loans with co-applicants can take an extra week or two to process
  • No physical locations, since SoFi is a digital lender

3. Figure

Figure offers flexible personal loans up to $50,000 that you can pay off over 36 or 60 months. You can complete its online application in minutes and receive your loan in as few as two days.

The fine print

Figure requires that you have a minimum FICO score of 660 and a debt-to-income ratio less than 40% (not including your housing expenses). Note that this lender is available in many, but not all states.

Pros

  • Competitive APRs
  • Fast funding
  • No prepayment penalties
  • Clear credit score requirement

Cons

  • Origination fee between 0% – Up to 3%
  • Longest loan term is five years
  • Not available in all states

4. Upgrade

Upgrade offers personal loans up to $50,000 for refinancing credit card debt, covering home improvement costs, consolidating debt or covering a major purchase. It offers repayment terms of 24 to 84 months and can deliver your loan within a day of completing all the necessary verifications.

The fine print

Upgrade considers your credit score, credit usage and history, loan terms and other factors to assign you an interest rate. While you might be able to borrow a loan as low as $1,000, some states set higher minimums. Upgrade offers loans in every state except for Iowa, West Virginia and Washington, D.C.

Pros

  • Competitive rates
  • Flexible loans
  • Potential to borrow small-amount loans

Cons

  • Origination fee between 1.85% - 8.99%
  • Not available in every state

5. Rocket Loans

Rocket Loans is part of Quicken Loans (a mortgage lending company) and the sister company to Rocket Mortgage. Rocket Loans offers personal loans from $2,000 to $45,000 with a payback period of 36 or 60 months. You can use your personal loan for just about anything, and its application process is simple and easy to understand.

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 Rocket Loans will depend on your credit score, monthly income and debt-to-income ratio, among other things.

Pros

  • Soft credit check: You can prequalify for a loan online with no impact on your credit score.
  • Same-day funding: May be available if the loan process is completed by 1 p.m. EST, but it will depend on the rules of your bank.

Cons

  • Origination fee between 1.00% - 6.00%
  • Late fee of $15 for payments made 10 days after the due date

6. Best Egg

If you’re looking for a personal loan to pay off medical debt, cover the high cost of adoption or manage similar expenses, Best Egg, which is owned by Marlette Funding, offers loans between $2,000 and $50,000 with terms of 36 to 60months. Best Egg offers personal loans to those with good credit that are competitive in rates and fees to other lenders.

The fine print

The APR on a personal loan from Best Egg ranges from 8.99% to 35.99%. Before you apply, keep in mind that your credit score must be at least 640 or higher.

Pros

  • Soft credit check to prequalify
  • Competitive rates
  • Unsecured and secured loan options

Cons

  • Restrictions in certain states: Loans in Massachusetts must exceed $6,500; $5,000 in New Mexico and Ohio; and $3,000 in Georgia.
  • Not available in Iowa, Vermont, West Virginia, Washington, DC or U.S. territories
  • Origination fee between 0.99% - 8.99%.

7. Happy Money

Happy Money (formerly Payoff) is an online lender that works with verified lending partners to originate personal loans between $5,000 and $40,000. These loans are designed to eliminate or lower your credit card balances and have pay-back terms of 24 and 60 months.

The fine print

Before you apply, you need to have a credit score of at least 640 and no current delinquencies.

Pros

  • Few fees: Happy Money has no early or extra payment fees, late fees, check-processing fees, annual fees or returned check fees.
  • Credit score boost: Happy Money 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. Of course, this isn’t guaranteed and will vary by borrower.

Cons

  • Possible origination fee: While there are many fees that Happy Money doesn’t charge, it does charge an origination fee between 0.00% - 5.00%.

8. Marcus by Goldman Sachs®

Marcus by Goldman Sachs® offers personal loans up to $40,000 with No origination fee, late fees or other penalties. You can choose loan terms between 36 to 72 months. Marcus by Goldman Sachs also offers a unique perk for borrowers who pay on time: If you pay in full every month for 12 consecutive months, you can skip a month interest-free. However, this perk doesn’t shorten your loan term; it just tacks on a month at the end of your loan term. You can use it every 12 months if you qualify.

The fine print

Marcus by Goldman Sachs doesn’t specify exactly what it looks for in terms of credit or income, but like other lenders, it will offer the lowest rates to the most creditworthy borrowers. The lender does note that rates will be higher on loans with a longer repayment term. You must be 18 to borrow in most states, but 19 if you’re in Alabama and 21 in Puerto Rico or Mississippi.

Pros

  • No origination fees, late fees or other penalties
  • Option to skip a month every year if you make on-time payments
  • Potential to change your payment due date up to three times to fit your budget

Cons

  • Lender does not specify minimum credit score to qualify
  • Rates tend to be higher on loans with a longer repayment term

9. FreedomPlus

FreedomPlus offers personal loans between $7,500 and $50,000. This lender can offer approval the same day you complete your application and offers terms between 24 to 60 months. According to FreedomPlus, you can boost your chances of getting a low rate if you add a co-borrower to your application, use at least 85% of your loan to pay off debt or show proof of sufficient retirement savings.

The fine print

After applying for a loan on the FreedomPlus website, you’ll speak with a loan consultant about your application. According to the lender, it goes beyond your credit score to help you qualify for a loan.

Pros

  • Fast funding
  • Application process has a human touch, since it involves speaking with a loan consultant
  • Lender will consider other factors besides your credit score to help you qualify

Cons

  • Origination fees between 1.99% - 4.99%
  • Lowest rates might be reserved for borrowers who are using a personal loan to pay off existing debts

How to choose the right personal loan for you

If you’re pursuing a personal loan, taking these three steps can help you find the right offer for you:

  1. Check your credit score. Your credit score is a big factor when qualifying for a loan. Lenders look at your credit to determine whether you’re likely to pay back your loan in full and on time. Borrowers who have a score of 720 or above will get the lowest APRs. You can check your VantageScore 3 for free through your LendingTree account. You might also be able to find your FICO score for free through your credit card provider or by ordering it (for a fee) at myFICO.com.
  2. Check your rates and compare offers. Through the LendingTree marketplace, you can get personalized rate quotes from a variety of lenders with no impact on your credit score. The lenders we recommend below also let you pre-qualify online without dinging your score. Compare several offers so you can find one with the rates and terms that work for you.
  3. Select an offer. Look at factors such as APR, repayment terms, fees and other benefits to determine the best loan for you. It’s also worth reading lender reviews or customer feedback. When you’re ready, you can fill out a full application with your lender of choice. Note that this formal application will involve a hard credit inquiry.

Personal loans for good credit FAQ

When you’re borrowing any financial product, it’s a good idea to answer all your questions about the process. Here are some answers to the most commonly asked questions about personal loans for good credit.

What rates can you expect on a good-credit personal loan?

LendingTree’s recommended lenders offer personal loan rates starting at 10.09. According to LendingTree data, here were the average APRs offered by credit score in June 2022.

Credit Band Credit Score Average Best Offered APR
Excellent 760+ 10.09%
Very Good 720 to 759 14.29%
Good 680 to 719 19.04%
Fair 640 to 679 23.94%

Note that your credit score typically isn’t the only factor a lender considers when assigning you a rate. It will also usually look at your income and savings, for example. Plus, rates can differ depending on whether you choose a short-term or long-term loan.

What is a good credit score to get a personal loan?

Most lenders offer the best rates to borrowers with a credit score of 720 or higher. Credit scores above 670 are considered good, scores between 740 and 799 are very good and scores above 800 are exceptional.

Note that it may be possible to qualify for a personal loan with a lower score. If that describes you, check out our recommendations for personal loans for fair or bad credit.

How much can you borrow with a personal loan?

The amount you can borrow will vary by lender, with some letting you borrow a loan as small as $1,000 and as high as $100,000. It’s more common for lenders to cap their personal loans at $50,000. Note that some lenders only offer large-amount loans to borrowers with a certain annual income.

How do you compare the best personal loans for good credit?

Whether you use the LendingTree marketplace or check your rates with an individual lender, you can easily compare loan offers with a simple online prequalification. Here are a few factors to prioritize when comparing loans:

  • Interest rate: This measures how much interest will accrue on your loan. The lower the rate, the better.
  • APR: This is a more inclusive term than interest, as it also includes any fees associated with the loan. By looking at APR, you can compare offers from different lenders on an apples-to-apples basis.
  • Fees: Keep an eye out for origination fees, prepayment penalties or any other fees that might be associated with the loan.
  • Repayment terms: Find out how long you have to repay your loan and whether you can afford the monthly payment.
  • Time to funding: If you’re in need of cash quickly, you might prioritize a lender that offers fast funding.
  • Special benefits or borrower protections: Find out if a lender offers any special perks, like SoFi’s unemployment protection benefit.
  • Customer reviews: Finally, find out what customers have to say about the lender to make sure it has a decent reputation.

When you’re comparing personal loan offers, it’s also a good idea to use a personal loan calculator to estimate your monthly and long-term costs.

Where can you find personal loans for good credit?

There are three main sources of personal loans for good credit:

  • Online lenders: Many of the lenders on this list fall into this category. They tend to offer easy prequalification, fast funding and competitive rates. You might check out regular lenders, lending marketplaces or peer-to-peer lenders during your search.
  • Banks: You could check with your current bank to see if it offers any rate discounts for existing customers.
  • Credit unions: You might need to meet membership requirements to borrow from a credit union, but it could be worth it if you can score a low rate.

How do you check your credit score?

Before applying for a loan, it’s a good idea to check your credit score so you don’t run into any surprises. You can check your VantageScore 3 for free with a LendingTree account. However, most lenders rely on a different score, your FICO score, when evaluating your application. It might be worth tracking down your FICO score as well through your credit card provider or myFICO.com.

Will a personal loan impact your credit?

Yes, a personal loan could impact your credit, but not necessarily in a negative way. When you apply for a loan, your credit could dip by a few points when the lender runs a hard credit inquiry. As you pay back your loan, however, your credit score should increase.

Here are a few reasons a personal loan could boost your credit score:

  • Positive payment history: Making on-time payments could improve your score, while late payments would damage it. Having a long history of on-time repayment is another factor that contributes to your score, so an installment loan (like a personal loan) could have a positive impact on your credit over time.
  • Decreased credit utilization: If you use a personal loan to refinance credit card debt, you could potentially lower your credit utilization ratio and boost your score.
  • More diverse credit mix: Credit mix makes up 10% of your FICO score. Even though applying for new loans and credit can temporarily ding your score, maintaining a mix of credit over time could improve it.

What are some alternatives to a personal loan if you have good credit?

While personal loans can be relatively affordable for good-credit borrowers, they might not be your only option. Some other forms of financing to consider include,

  • Home equity loan or line of credit, if you’re a homeowner. While both these options can come with low rates, they do require you to put up your home as collateral.
  • Personal line of credit: This works similar to a credit card, but you might be able to qualify for lower rates.
  • Zero-interest credit card: Some cards offer a promotional period of 0% APR for 12 months or more to new card holders. You’ll need to pay back your balance in full before the promotional period ends to ensure you don’t pay interest on it.

What are some strategies for improving your credit score?

A good credit score can make your life a lot easier when you’re shopping around for a personal loan. If you want to boost your score and get better rates, these steps can help:

  • Make on-time payments on your loans. Ensure that you’re in good standing with all of your debts, including loans or credit cards.
  • Pay down your debt. Reducing your “amounts owed” can increase your score. Plus, many lenders might appreciate it if you have a lower debt-to-income ratio.
  • Don’t open too many accounts at once. Opening a lot of accounts and accumulating hard credit inquiries can hurt your score.
  • Keep your old accounts open. Your length of credit history makes up 15% of your score, so avoid closing old accounts, such as credit cards. This might mean you need to make a purchase on a card you rarely use every once in a while so the lender doesn’t deactivate it. If you have a credit card with an annual fee that you no longer use, consider downgrading it to a no-fee card, rather than closing your account completely.
  • Dispute errors on your credit report. You can request your reports for free from AnnualCreditReport.com. If you see any mistakes, try disputing them to get them removed.

For more effective strategies, head to our guide on how to improve your credit score by 100 points in 7 steps.

 

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