The Best Personal Loans For Good Credit
Updated February 15, 2018
What Personal Loans Do I Qualify For If I Have A Good Credit Score?
A personal loan is a loan you can use for extra assistance in certain financial situations, such as paying for education related expenses, home maintenance, emergencies, or even paying off other high-interest debt.
For a more in depth look at personal loans, click here.
Although a good credit score varies with each lender, most FICO scores that are considered good land between 680 to 699 and those with excellent credit fall between 700 to 850. High credit scores allow you to qualify for the best loan terms and ranges.
There are two kinds of personal loans: secured loans, which use collateral and is considered low risk with a much lower APR, and unsecured loans, which is based on your personal loans.
If you have a good or excellent credit score, here are some of The Credit Review's top rated and reviewed personal loans:
Minimum Credit Score: N/A APR: 4.79%-14.24% and 5.95% to 13.24% when you are enrolled in autopay for fixed and variable rates Loan Range: $5,000 - $100,000 Term Length: 3, 5, or 7 years
Also known as Social Finance, SoFi was founded in 2011 and started off as a student loan refinancing lender before they began offering mortgages and personal loans. SoFi does not have a published minimum credit score, but they usually lend to those with excellent credit scores and includes applicants who are new to credit. On average, credit scores can start at 660, but the average consumer usually has a score above 700.
Individuals borrowing from SoFi usually have an average income of $106,000. There are no origination fees, closing costs, or prepayment penalties, and rates (which can be either fixed or variable) are highly competitive and dependent on your credit score.
SoFi looks into other factors such as your job, income, expenses, education, and financial history. They place an emphasis on a high-income career in a growing field rather than a long credit history, as long as your payment history shows that you are reliable. This low risk lets you to qualify for a low-interest loan.
SoFi has many additional perks: if you lose your job, they allow you to stop payments until you are employed again, and if you sign up for autopay, you receive a 0.25% discount on their interest rate. Individuals are also eligible to receive a reward for referring others to SoFi. More services include career counseling, holding happy hours, exclusive networking events for their clients, unemployment protection program, and access to a Career Services department to look for a new job.
Their services are available in 47 states. It takes around 7 days to receive the funds, and there is a late fee that is either 4% of the payment or $5.
For more information on Sofi, here is a more detailed review.
Minimum Credit Score: 660 - 680 APR: 2.29% - 17.49% with autopay or 2.79% - 17.99% without autopay Loan Range: $5,000 - $100,000 Term Length: 2 to 7 years
LightStream is unique in the fact that their interest rates are catered to the purpose of your loan. For example, lower interest rates are offered for secured loans.
Because your terms and APR is based on how you intend to use your personal loan, you are required to use the loan in the way you informed LightStream you would. In addition to your credit score, LightStream also takes into account your income, retirement account, savings account, and a credit history of at least five years.
Applicants who have a few years of good credit history and different credit types are suited for LightStream and customers usually receive their funds on the same day.
There are no origination fees, prepayment fees, or late fees. The APR is low, although LightStream adds 0.5% if your account is not on autopay.
LightStream’s “Rate Beat” program offers to beat the rate of any competition by 0.10% of points under certain conditions. Their satisfaction guarantee gives you $100 in the case that their customers did not have a good experience.
Minimum Credit Score: N/A APR: 5.25% to 12% Loan Range: $2,000 to $50,000 Term Length: 1, 2, or 3 years
Like SoFi and LightStream, Earnest does not charge any origination, prepayment, or late fees. Earnest has flexible payment options, short repayment terms, and variable or fixed rates.
Although the minimum credit score is not published, individuals usually have a Fico Score of 700 or higher, which is considered excellent credit. Most borrowers have an average score of 720.
Earnest also takes more than your credit score into account by looking at your earning potential, employment history, investments, savings, which lets you qualify for low rates even if you have a short credit history.
Earnest dives deep into your spending and saving habits, so when you apply you must give them read-only access to your bank accounts, which lets them compare your spending to income ratio.
Funding takes anywhere from 2 to 7 business days to receive. Unsuccessful payment fees run up to $8.
Minimum Credit Score: 600 to 680, but most borrowers have a score of 699 APR: 4.99% - 35.89% Loan Range: $1,000 - $40,000 Term Length: 3 or 5 years
Lending Club is known for being one of the first lenders to use online peer-to-peer (P2P) lending, which connects lenders with borrowers. Lending Club screens and provides the personal loans, but investors get to ultimately decide if they want to lend the money.
Although Lending Club checks your credit score, they also take other factors into account, looking at individuals with established credit, steady employment and income, and a low debt to income ratio.
Potential customers can check their loan rates and enter their personal information while Lending Club finds investors to back the loan. They have several requirements, including being at your current job for at least 1 year, providing proof of your income, recent bank account statements, a voided check, and your ID. You should also have a stable track record with your banks and credit history. Lending Club reviews your profile and credit before deciding whether or not to make an investment, so keep in mind they are interested in investing in someone who has a diverse financial background.
Although this process lets you receive competitive low rates, it takes around 7 days to acquire the funds. If you are looking for quick access to cash, peer-to-peer personal loans may not be an ideal choice.
Unlike many of the competitors on this list, LendingPoint lends to individuals with a credit score that is rated “fair,” which is around 600 to 680 in the FICO score range. Prime borrowers get competitive low rates.
When you receive your loan, you make bi-weekly payments. The origination fee is 1% - 6% of the loan amount and there are fees for late or unsuccessful payments, and personal check use.
For a more detailed look at LendingClub, here is our detailed review of their services.
Minimum Credit Score: 660 - 720 APR: 8% - 25% Loan Range: $5,000 - $35,000 Term Length: 2 to 5 years
Payoff is a personal loan lender used for credit card debt consolidation. Applicants need to have good credit and high annual income in order to qualify for competitive low rates that help pay off high-interest credit card debt, although if you have a good credit score, you may also be able to qualify for a 0% balance transfer, which may be a more efficient way to fund paying off any credit card debt. Borrowers generally receive the funds in 2 to 5 business days.
There are no fees for your application, prepayment, check processing, annual fees, or late payments. However, they do charge an origination fee of 2% - 5% of the loan depending on your repayment term.
Payoff is known for great customer service: they contact new customers with handwritten welcome notes and set goals with member advocates who offer financial support and guidance. They also provide borrowers with their monthly FICO scores, quizzes to assess your financial situation, and personalized tools to help. This personal loan may even be able to raise your credit score. In case you become unemployed, they also provide job loss support to assist you with your loan repayment.
Minimum Credit Score: 620 APR: 5.67% - 29.99% Loan Range: $1,000 - $50,000 Term Length: 3 or 5 years
For those who have a thin credit file, Upstart is a great company to look into since their services are geared towards recent college graduates and those who have not had a long time to build credit history. They do not have a minimum credit history requirement, even considering those who do not have enough credit history for a FICO score.
Upstart looks for a score of at least 620, but they also take your education, area of study, earning potential, and employment history into account. Upstart borrowers usually have a low debt to income ratio of 16% and an average income of $99,907. Because they are a tech-based company, they also provide benefits to lenders if they know how to code.
Although Upstart does not lend directly, they connect consumers with investors to fund the loan. Unfortunately, this takes longer to get the funds, even though they do their best to provide it by the next business day.
Upstart’s origination fees are 1% - 8% of the loan. A late fee is 5% of the payment or $15, whichever fee is larger.
For those who are using the loan instead of using credit cards, borrowers save around 25% on their APR than if they used their credit card.
Since they were founded by former Google employees, they view technology as an important and give a discount for borrowers who are using the loan to pay for tuition at a partnering class for coding.
For a more in-depth look at Upstart, click here.
Minimum Credit Score: 660 APR: 6.97% - 27.10% Loan Range: $3,000 - $25,000 Term Length: 2 to 3 years
Although applicants can apply for a personal loan for any reason, Pave rewards customers who use their personal loan to fund their education by offering them the lowest interest rates. They give their customers money to enroll in classes and cover job-related moving expenses.
Even though applicants need to have a minimum credit score of 660, Pave also takes education, job history, and more into account before making their decision. Applying for the loan requires having a US bank account, being over 18, and having steady income, a job offer, or being enrolled in a class.
Pave is not available nationwide and doesn’t offer services in Arizona, Connecticut, Maine, Massachusetts, Nebraska, Nevada, North Dakota, Oregon, Pennsylvania, Tennessee, Vermont, West Virginia, Wisconsin, and Wyoming.
Minimum Credit Score: 600 APR: 9.95% - 36% Loan Range: $1,000 - $35,000 Term Length: 2 to 5 years
Avant provides personal loans to those with credit scores in the 600 range. Most consumers use personal loans from Avant to consolidate high-interest credit cards.
Avant also provides financial tools such as your VantageScore so you can monitor your credit health and they provide an app through ReadyForZero that tracks debt payoff. Many Avant customers see a credit score increase of around 12 points during the first six months of taking out their loan.
Minimum Credit Score: N/A APR: 25.10% - 36% Loan Range: $1,500 - $25,000 Term Length: Up to 5 years
OneMain offers secured and unsecured loans to applicants and require those who have been approved to meet a loan officer at a local branch. This allows them to learn why you need the loan and inform you of the repayment term, repayment length, and APR. 5 out of 6 consumers live within 25 miles of a OneMain office, and many found this to make the process helpful. It is also more likely for you to receive your funds in a more timely manner, since the loan offer may simply hand the check to you.
For more information on OneMain, click here.
Minimum Credit Score: 640 APR: 5.99% - 29.99% Loan Range: $2,000 - $50,000 Term Length: 3 to 5 years
Best Egg provides competitive loan rates to individuals who not only have a good credit score, but also a high annual income of at least $100,000. If you have at least a 700 FICO score, you qualify for the best rates. Putting in an application does not affect your credit since Best Egg does a soft pull on your credit report until you are approved for a loan.
Most consumers use their personal loan for paying off consolidated debt or a high-interest loan, although it can be used for other reasons.
Minimum Credit Score: 660 APR: 6.99% - 23.99% Loan Range: $3,500 - $30,000 Term Length: 3 to 6 years
Applicants to Marcus usually have excellent credit above 700 and established credit history, which allows them to qualify for low fees and higher loan amounts. There are no fees and individuals can choose a monthly payment amount and loan terms. Funds are provided in around 2 business days.
Minimum Credit Score: 640 APR: 5.99% - 36.00% Loan Range: $2,000 - $35,000 Term Length: 3 or 5 years
Like Lending Club, Prosper is a peer-to-peer (P2P) online lender that connects borrowers with investors who will fund their person loan. They have funded over $9 billion in loans since their founding.
Lenders give grades to applicants to determine the origination fee and interest rate. After the lending plan has posted online, borrowers receive their funding in 2 to 8 business days.
Origination fees range from 1% - 5% of the loan amount. There are fees for late or unsuccessful payments, but customers are not charged prepayment penalties. Depending on your Prosper rating, there is a closing fee of 1% - 5% of your loan amount.
Although Prosper is available in most areas, they do not provide services in Iowa, Maine, or North Dakota.
Minimum Credit Score: 640 APR: 5.9% - 28.99% Loan Range: $2,000 to $35,000 Term Length: 3 or 5 years
Although RocketLoans is relatively new and provide the funds quickly -- 90% of applicants receive their personal loans the next business day. The origination fee is 1% - 6% of the loan amount. There are fees for late payment, personal check processing, and returned payments.
Minimum Credit Score: 660+ APR: 5.99% - 35.99% Loan Range: $1,000 - $35,000 Term Length: 3 - 180 months
LendingTree is a marketplace that connects borrowers with lenders. Applicants fill out a pre-approval form before receiving a list of potential lenders, which they can choose from after they review the loan terms.
Fees and rates depend on the lender, and most customers receive their funds quickly.
For an inside look at LendingTree, click here.
Minimum Credit Score: 600+ APR: 4.99% - 35.99% Loan Range: $1,000 - $100,000 Term Length: 24 - 84 months
Even Financial connects borrowers with lenders through a loan search platform. Applying is quick and requires applicants to be a US citizen or permanent resident, and be at least 18 years old. Applicants receive responses within a few minutes and see loan comparisons in real time. Funds are provided through a direct deposit.
For more information, click here.
Personal Loan Application Process
Online applications are fairly simple and most borrowers enter some basic personal information for the two types of online applications, the pre-approval process and the formal application.
During the pre-approval process, most lenders perform a soft pull on your credit report to let you check your loan offers, allowing you to find out what interest rates and payments to expect. This lets you to compare your options without the inquiries damaging your credit report.
When you have decided on what type of loan you would like, you fill out the application and provide your personal and financial information. Although most lenders perform a hard pull before providing funds, you can also check the lender’s policy on credit report pulls before you apply.
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