The Best Personal Loans for Good Credit

A personal loan is a type of flexible loan you can use for extra help in certain financial situations, such as funding education-related expenses, vacations, weddings, home improvement, emergencies, or even paying off other high-interest debt like credit cards.

Below, we break down the best personal lenders for consumers with good to excellent credit scores.

When you have strong credit, finding a personal loan with competitive rates is easy. Borrowers with a FICO score considered good generally qualify for lower interest rates while those with an excellent credit score typically receive the best loan terms and rates.

Credible

• Minimum Credit Score: 600
• APR: 5.40% to 35.99%
• Loan Range: $600 to $100,000
• Term Length: 1 to 7 years

Why We Like It:

• Exceptional customer feedback: Rated 4.7/5 based on 5332 reviews on TrustPilot (as of May 11th, 2023)
• 100% free and no obligation loan matching service
• Personalized loan offers from up to 17 lenders
• Fast and easy application process

Credible's quick and secure loan marketplace connects borrowers to multiple loan offers. These loans can be used for multiple reasons, including consolidating credit card debt and emergency expenses.

Consumers receive personalized offers from up to 17 lenders by filling out one simple 2-minute form.

To apply for a personal loan through Credible's comparison marketplace, you need to meet a few simple requirements:

• Be a US citizen or permanent resident
• Be at least 18 years of age
• Have a valid checking account in your name
• Have fair to excellent credit

If you pre-qualify, you can choose a loan and fill out an application with your actual lender. Credible's client support team will guide you through the entire process. Consumers can reach Credible through either phone, email, or chat functionality and speak directly with a representative.

Read our Credible review.

Monevo

• Minimum Credit Score: 580
• APR: 3.49% to 35.99%
• Loan Range: $1,000 to $100,000
• Term Length: 3 to 96 months

Why We Like It:

• Lowest starting APR out of all marketplaces we reviewed
• 100% free and no obligation loan matching service
• Quick funding
• Easy application process

Monevo provides personal loans through an online network that connects borrowers with top industry lenders.

Monevo's loans are best for:

• Consumers looking for unsecured personal loans with good terms
• Borrowers with fair to excellent credit
• Consumers looking for loan amounts up to $100,000

To apply for Monevo, you must meet a few requirements first:

• You must be a US citizen or permanent resident
• You must have a valid checking account in your name
• You must be 18 years of age or older

Filling out an application is free, simple, and takes as little as 60 seconds. Their step by step form allows you to choose the loan amount, term, and the purpose of your loan from a drop-down list.

The application also asks for details regarding your annual income, employment, credit scores, education, personal information, residence, and Social Security number. Monevo forwards this information to their lending partners to find any real-time loan offers that match your needs.

Once you have received your loan offers, you can compare them through a clear, organized table that shows you interest rates, term lengths, monthly repayment amounts, and more. Your loan is finalized on the loan provider's website and your funds are provided via direct deposit (as soon as the next business day).

Read our Monevo review.

LoansUnder36

• Minimum Credit Score: No minimum credit score required
• APR: 5.99% to 35.99%
• Loan Range: $500 to $35,000
• Term Length: 61 days to 72 months

Why We Like It:

• No minimum credit score requirement to apply
• Save time with a single application
• Multiple customer support options, such as phone, email, and chat
• Flexible repayment period

LoansUnder36 does exactly what their name suggests -- they connect borrowers with over a hundred lenders who offer personal loans with interest rates under 36%.

To apply for LoansUnder36, you have to meet the following simple requirements:

• You must be 18 or older
• You must have a bank account (a checking account is preferred)
• You must be a US citizen
• You must have a steady source of income
• You may also have to provide additional information depending on your lender

LoansUnder36's application form is completely free and quick to fill out. You only need to provide some basic personal information (such as your name, phone number, driver's license, and bank account information) through their secure website. This process only takes a few minutes to match you to your potential loan offers.

Read our 2023 LoansUnder36 review.

EVEN Financial

• Minimum Credit Score: 600+
• APR: 4.99% to 35.99%
• Loan Range: $1,000 to $100,000
• Term Length: 24 to 84 months

Why We Like It:

• Loan offers from top online lenders
• Competitive loan rates
• Check your loan offers for free
• Funds provided by direct deposit

EVEN Financial provides a quick and easy online application that allows borrowers to rapidly compare loan offers from the top online lenders (like Prosper, LendingClub, and SoFi) in seconds.

Submitting an application is quick and secure. EVEN Financial only requires that applicants are a US citizen or permanent resident and at least 18 years of age. Checking your loan offers through EVEN Financial is 100% free and will not affect your credit score.

Applicants receive responses within a few seconds of submitting an application and can see lender comparisons in real time. Funds are provided through direct deposit.

Read our 2023 EVEN Financial review.

Upgrade

• Minimum Credit Score: 600
• APR: 6.98% to 35.89%
• Loan Range: $1,000 to $50,000
• Term Length: 36 and 60 months

Why We Like It:

• Accredited service
• Unsecured loans with fixed rates
• Pick your own payment date
• Quick and direct deposit
• Unemployment protection

Upgrade is an accredited service that offers personal loans, credit lines, and additional services like credit monitoring and educational tools. Their personal loans are available for a wide variety of credit scores and income brackets. They even take their applicants' cash flow into account.

To apply for Upgrade, you must meet a few requirements:

• Meet the minimum age requirement for your state.
• Be a US citizen, permanent resident, or be living in the US with a valid visa.
• Have a verifiable bank account.
• Have a valid email address.
• Have at least $800 of your monthly income left over after your monthly expenses. (Upgrade determines if you have enough free cash flow by looking at your income, the cost of living in your area, tax rate, and your rent or mortgage.)
• Live in one of the eligible states (all states except Colorado, Iowa, Maryland, Vermont and West Virginia).
• Have at least 3 years of credit history.
• Have a maximum debt-to-income ratio of 40%, excluding your mortgage.

Upgrade's application process is done entirely online. You simply have to visit Upgrade's home page, enter the loan amount and your reason for borrowing, and then click on "Check Your Rate." You will also need to submit some of your personal and financial information before you are able to see your loan options.

Read our 2023 Upgrade review.

LendingTree Personal Loans

• Minimum Credit Score: 500+
• APR: 3.99% to 35.99%
• Loan Range: $1,000 to $50,000
• Term Length: 3 to 180 months

Why We Like It:

• Highly rated loan marketplace (4.5/5 on Trustpilot over 7800+ reviews as of February 5th, 2020)
• Competitive loan rates
• Flexible loan terms
• Loan marketplace

LendingTree is a 100% free online marketplace that connects borrowers with lenders. Applicants fill out an easy pre-approval form before receiving a list of potential lenders, which they can choose from after they review the loan terms.

LendingTree has assisted over 10 million customers with $6+ billion of loans (one of the most trusted and experienced marketplaces in the industry).

Fees and rates depend on the specific lender you are matched with. Most customers receive their funds in as little as a few business days.

Read our LendingTree personal loans review.

FreedomPlus

• Minimum Credit Score: 620
• APR: 5.99% to 29.99%
• Loan Range: $10,000 to $40,000
• Term Length: 2 to 5 years

Why We Like It:

• Great customer service
• Quick application process

FreedomPlus offers debt consolidation loans for borrowers who want to pay off credit card debt and approves borrowers quickly -- sometimes in as little as 24 hours.

To apply for FreedomPlus, you must:

• Have a valid ID
• Be over 18 years of age
• Be a US citizen or a permanent resident of the US
• Live in one of the eligible states

Filling out an application for FreedomPlus is simple -- you simply need to identify the reason for your loan, authorize a credit pull, and fill out some basic personal information.

Although the application can be filled out mostly online, you can also speak with a loan consultant on the phone during the process to discuss the details of your loan and finalize your application.

FreedomPlus caters to each individual's unique needs. For example, if you agree to have loan funds disbursed directly to pay off a credit card debt, Freedom won't include that debt in calculating your debt-to-income ratio. And Freedom can arrange to have funds sent directly to your existing creditors to pay off your debts.

Read our FreedomPlus review.

SoFi

Minimum Credit Score: 660 APR: 5.95% to 14.75% for fixed rates with AutoPay, 5.825% to 14.365% for variable rates with Autopay Loan Range: $5,000 to $100,000 Term Length: 3, 5, or 7 years Origination Fee: None

Why We Like It:

• Competitive low rates
• High loan amounts up to $100,000
• Flexible loan terms
• Unemployment protection program

Also known as Social Finance, SoFi began in 2011 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 generally lend to those with excellent credit scores and include applicants who are new to credit.

Individuals borrowing from SoFi usually have an average annual income of $106,000. There are no origination fees, closing costs, or prepayment penalties. Rates can be either fixed or variable.

SoFi looks into other factors such as your job, income, expenses, education, and financial history. They place an emphasis on having a high credit score and 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.

You must also be a US citizen or permanent resident and live in an eligible state, which includes all states except Mississippi. It takes around 7 days to receive the funds.

There is a late fee that is either 4% of the payment or $5.

Additionally, SoFi has many perks that include:

• If you lose your job, you can stop your payments until you are employed again.
• 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.
• Other services include career counseling, hosting happy hours and exclusive networking events for their clients, unemployment protection program, and access to a Career Services department to look for a new job.

Read our SoFi review.

LightStream

• Minimum Credit Score: 680
• APR: 3.09% to 14.24% for non-home and auto-related loans
• Loan Range: $5,000 to $100,000
• Term Length: 2 to 7 years
• Origination Fee: None

Why We Like It:

• Flexible loan terms up to 7 years
• High loan amounts up to $100,000
• No added fees

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 interest rates are based on how you intend to use your personal loan, you must use the loan in the way you informed LightStream.

Applicants who have several years of good credit history with different types of credit are suited for LightStream. In addition to having a credit history of at least five years, LightStream also looks at your income, retirement account, and savings.

There are no origination fees, prepayment fees, or late fees. If you set your account to automatic payments, LightStream deducts 0.50% from your monthly payments. LightStream’s “Rate Beat” program offers to beat the rate of any competition by 0.10% of points under certain conditions.

Customers receive their funds through a direct deposit (either wire transfer or ACH) on the same business day.

In the case that you are not satisfied with your LightStream experience, you can fill out a questionnaire and receive a $100 guarantee.

Earnest

• Minimum Credit Score: N/A
• APR: 5.25% to 12%
• Loan Range: $2,000 to $50,000
• Term Length: 1, 2, or 3 years

Why We Like It:

• Great for consumers with thin credit history
• Fixed and variable rates
• No extra fees

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, most customers usually have a credit score of 700 or higher.

Earnest 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 also looks at your financial habits and debt-to-income ratio, so when you apply you must give them read-only access to your bank accounts.

Funding takes anywhere from 2 to 7 business days to receive. Their services are available in 45 states and Washington, DC.

LendingClub

• Minimum Credit Score: 600
• APR: 4.99% to 35.89%
• Loan Range: $1,000 to $40,000
• Term Length: 3 or 5 years
• Origination Fee: 1% to 6%

Why We Like It:

• Competitive interest rates
• Availability
• Online transparency

LendingClub is known for being one of the first lenders to use online peer-to-peer (P2P) lending that connects lenders with borrowers.

Although LendingClub checks your credit score, they also take other factors into account, looking at individuals with established credit, steady employment, income, and a low debt-to-income ratio.

Potential customers can check their loan rates and enter their personal information while LendingClub finds investors to back the loan. There are several requirements to apply, 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.

LendingClub reviews your profile and credit before deciding whether or not to make an investment.

It takes around 7 business 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 considered “fair,” which is around 600 to 680 in the FICO score range.

Read our LendingClub review.

Payoff

• Minimum Credit Score: 660
• APR: 8% to 25%
• Loan Range: $5,000 to $35,000
• Term Length: 2 to 5 years
• Origination Fee: 2% to 5%

Why We Like It:

• Competitive low rates
• No additional fees

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.

There are no fees for your application, prepayment, check processing, annual fees, or late payments. However, they do charge an origination fee of 2% to 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.

Borrowers generally receive the funds in 2 to 5 business days.

Upstart

• Minimum Credit Score: 620
• APR: 5.67% to 29.99%
• Loan Range: $1,000 to $50,000
• Term Length: 3 or 5 years

Why We Like It:

• Great for borrowers with a thin credit history
• Looks at additional criteria such as education and employment

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 your 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 and a high annual income. Because they are a tech-based company, they also provide benefits to consumers who 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% to 8% of the loan. A late fee is 5% of the payment or $15 (whichever one is higher).

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.

Pave

• Minimum Credit Score: 660
• APR: 6.97% to 27.10%
• Loan Range: $3,000 to $25,000
• Term Length: 2 to 3 years

Why We Like It:

• Personal loans for education have the lowest rates
• Competitive low-interest rates

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 a steady income, a job offer, or being enrolled in a class.

Pave is not available nationwide and does not offer services in Arizona, Connecticut, Maine, Massachusetts, Nebraska, Nevada, North Dakota, Oregon, Pennsylvania, Tennessee, Vermont, West Virginia, Wisconsin, and Wyoming.

Best Egg

Minimum Credit Score: 640 APR: 5.99% to 29.99% Loan Range: $2,000 to $50,000 Term Length: 3 to 5 years

Why We Like It:

• Competitive low rates

Best Egg provides competitive loan rates to individuals who have a good credit score and a high annual income of at least $100,000.

Most consumers use their personal loan for paying off consolidated debt or a high-interest loan, although it can be used for other reasons.

Marcus

Minimum Credit Score: 660 APR: 6.99% to 23.99% Loan Range: $3,500 to $30,000 Term Length: 3 to 6 years

Why We Like It:

• Flexible loan terms

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.

Prosper

Minimum Credit Score: 640 APR: 5.99% to 35.99% Loan Range: $2,000 to $35,000 Term Length: 3 or 5 years Origination Fee: 1% to 5%

Why We Like It:

• Wide availability
• Flexible loan terms

Like LendingClub, Prosper is a peer-to-peer online lender that connects borrowers with investors who will fund their personal loan. They have funded over $9 billion in loans since their founding.

Lenders give grades to applicants (based on many factors, including your credit score, employment, and low debt-to-income ratio) to determine the origination fee and interest rate.

Origination fees range from 1% to 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% to 5% of your loan amount.

After the lending plan has posted online, borrowers receive their funding in 2 to 8 business days.

FAQs

What personal loans do I qualify for if I have a good credit score?

Lenders look at two important factors when considering you for a loan: your creditworthiness and your current financial situation -- specifically your debt-to-income ratio (or how much debt you have in relation to your monthly income).

Your credit history shows your potential lenders how reliable you are at paying back your debts based on your current and former debts, while your income tells them whether or not you are able to pay back the loan based on your earnings.

Lenders may also look at your earning potential, education, and the overall picture before considering you for a loan. However, your credit score is still the main determining factor in determining whether or not you are a worthy borrower.

Although the definition of a good credit score varies with each lender, most FICO® scores that are considered good land between 680 to 699 while scores considered excellent credit fall between 700 to 850. High credit scores like these allow you to qualify for the best loan terms and ranges when you take out a personal loan. (If you want to raise your credit to qualify for better loans, you may want to consider enlisting the help of a reputable credit repair service or do-it-yourself credit repair.)

There are two kinds of personal loans: secured loans, which use collateral like a home or vehicle and have much lower interest rates, and unsecured loans, which do not require collateral.

If you have good or excellent credit, there are some factors to consider when looking for the right personal loan.

What should I look for when taking out a personal loan?

• Competitive and low interest rates: Look for companies with interest rates lower than or similar to competing companies. If you have good or excellent credit, it is worth it to shop around to compare rates and terms since you will qualify for the best loans.
• No fees or low fees: Some lenders don't charge any fees aside from your interest rate while others charge origination fees, late payment fees, and prepayment fees.
  These fees should not be significantly higher than their competitors. To compare, keep in mind that origination fees generally range from 1% to 5%; late and unsuccessful payments are usually $15 or 5% of your balance; and prepayment penalties occur when lenders charge you a fee for paying off your loan early rather than getting the full amount they would have made with interest. However, most lenders will not charge a prepayment penalty.
• High loan amounts: Many reputable lenders often offer high amounts for their loans, which allows you to borrow as much as you need.
• Loan term flexibility: Most personal loan lenders accommodate your loan term needs and let you pay back your loan with short or long repayment periods. Both of these types of loan terms have their benefits since longer loan terms allow you to keep lower monthly payments while short-term payments let you pay less interest overall.
• Transparency: Most reputable lenders are upfront about their interest rates, loan terms, fees, and loan amounts. Many of these companies also have an informative FAQ section on their website. You should be able to receive basic information from companies and not be forced to provide your personal information to learn more.
• Accreditation: Look for a company that holds accreditations and is registered with state banking regulators.
• Reviews: You can read reviews from real customers on sites like the BBB and Trustpilot to see their honest opinions on the lender.
• Longevity: A company that has been in business for over 5 years is a good indicator of reputable service.
• Extra perks: Most lenders offer features such as a mobile app, free credit score monitoring, educational resources, and career counseling.

Some lenders allow borrowers to skip a payment in the case of a financial hardship while others will even send your loan payments directly to your creditors in the case of debt consolidation.

What are the benefits of a personal loan?

Personal loans can be used for a variety of reasons. Whether you need the funds for an emergency, home improvement, debt consolidation, or a major life event, these loans are flexible enough for any purpose.

Do personal loans affect my credit?

After you submit your application, your credit may take a slight hit -- usually around 5 points due to the initial credit inquiry. (If you make multiple inquiries within a few weeks, it will only count as one.)

Once you receive your personal loan, your credit may be affected due to your new higher debt (unless you are taking out a debt consolidation loan for credit card debt).

However, you can build your credit history by making regular on-time payments on your personal loan.

What is the personal loan application like?

Online applications are fairly simple and borrowers simply have to 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, lenders perform a soft pull on your credit report, which lets you compare your loan offers without the hard inquiries damaging your credit report.

When you have decided on what type of loan you would like, you can fill out your personal and financial information on the application. 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.

If you are ready to take the next step into finding the best personal loan, you can start with The Credit Review's top-rated and reviewed personal loans.

What are some signs of a reputable lender?

Our top recommended personal loan services are all reputable lenders. Unfortunately, there are scammers in the industry. Before you take out a loan, keep an eye out for the following in order to find a trustworthy lender:

• Check their basic information and reputation: Be sure to check the lender’s physical address, their BBB profile, and read through online reviews from sites like Trustpilot for real customer feedback. In general, the longer a company has been in business, the better.
• Online transparency: Reputable lenders will list out fees, APR ranges, and additional terms.
• Compliance with state regulations: Check to see if they are registered in your state by contacting the state’s financial regulatory bureau.
• No upfront fees. Reputable lenders do not require a fee during the application process to check your credit report.
• No guarantees. A legitimate company will not make any guarantees that you will qualify for a loan before the application process. They must check your personal and financial information, loan application, and receive proof of income before approval.
• You should be the one contacting the lender. Lenders should not aggressively pursue you to take out a loan through phone, email, or snail mail.

About The Author

Ashley Davison

Director of Operations, Credit Saint LLC

Ashley is currently the Chief Operating Officer for Credit Saint, previously working as a Logistics Coordinator at Ernst & Young. She is currently working toward an Executive Leadership Certificate from Cornell University.

With a degree in education, she is eager to teach the world everything she knows and learn everything that she doesn’t already know! Ashley is a FICO® certified professional, a Board Certified Credit Consultant, Certified Credit Score Consultant with the Credit Consultants Association of America and holds a Fair Credit Reporting Act (FCRA) Compliance Certificate.

Articles by Ashley Davison

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