Updated
May 30, 2023 Personal loans can be a valuable tool. Upon approval, borrowers can use them for almost any purpose, such as debt consolidation, home improvements, and financing a large purchase. Lenders approve borrowers based on their credit scores. A credit score is vital for lenders because it helps gauge how likely borrowers are to repay.
The lender then decides whether to approve the loan application and if so, what the annual percentage rate (APR) should be. Generally, riskier borrowers have higher APRs to compensate lenders for the greater risk they assume. Credit scores range from poor (300 to 579) to excellent (800 and above). A good credit score is in the range of 670 to 739.
You might qualify for one of these personal loans if you have good credit. We’ve determined the best personal loan for excellent credit, the best for credit card debt, and the best for small loans. Whatever your needs, one of these personal loans may be the right fit for you.
In this guide:
- Best personal loans for good credit
- Should you take out a personal loan if you have good credit?
- How to choose the best personal loan for good credit
- How to apply for a personal loan with good credit
- Alternatives
- FAQ
Best personal loans for good credit
We checked several banks and online personal loan lenders to determine the best personal loans for good credit.
Best for good credit: SoFi
Editorial rating: 5 out of 5
- Unemployment protection allows pausing loan payments in case of job loss
- Loans from $5,000 – $100,000
- Same-day funding available
SoFi is an online lender that offers the best personal loan for good credit. Its fixed APR is higher than some other lenders, but its loans come with no required fees. You can also see rates in 60 seconds without affecting your credit score.
SoFi’s loans stand out for the lender’s unemployment protection. If you lose your job through no fault of your own, you can apply for its Unemployment Protection program. You could qualify for modified payments, and SoFi will help you look for a job.
- Credit score category: Good, excellent
- Soft credit pull to check rates? Yes
- Deposit time: Same-day funding available
- Origination fee: 0% to 6%
- Late fee: $0
- Interest rates (APR): 8.99% – 23.43%
- Repayment terms: 24 – 84 months
Best for excellent credit: LightStream
Editorial rating: 4.8 out of 5
- Lets customers borrow for purchases that required collateral in the past
- Loans from $5,000 – $100,000
- Rate beat program promises to offer rates 0.10% lower than the competition
LightStream targets customers with excellent credit for its loans. Those customers tend to have a strong credit history, solid payment history, and a healthy debt-to-income ratio. Customers can use LightStream’s loans for almost anything, and repayment terms range from 24 to 144 months.
LightStream offers fixed rates of 7.49% to 24.49% for its personal loans. Quoted rates include a 0.50% autopay discount. Same-day funding is available.
- Credit score category: Good, excellent
- Soft credit pull to check rates? No
- Deposit time: Same-day funding available
- Origination fee: $0
- Late fee: $0
- Interest rates (APR): 7.49% – 24.49%
- Repayment terms: 24 – 144 months
Best for small loans: Upgrade
Editorial rating: 4.9 out of 5
- Personal loans of $1,000 – $50,000
- Pay your loan off early with no prepayment fees
- Get your loan within 1 day of clearing necessary verifications
Upgrade is an online lender that works with its bank partners to fund its loans. It also offers credit cards, savings accounts, and checking accounts.
One unique benefit Upgrade offers is a $200 welcome bonus when you open a checking account and make three debit card transactions. Pay no fees to use Upgrade’s checking account, and it includes 2% cash back on everyday purchases. Upgrade is best for small loans because loans of as little as $1,000 are available.
- Credit score category: Fair to excellent
- Soft credit pull to check rates? Yes
- Deposit time: Within 1 day
- Origination fee: 1.85% – 9.99%
- Late fee: $10
- Interest rates (APR): 8.49% – 35.99%
- Repayment terms: 24 – 84 months
Best for changing payment date: LendingPoint
Editorial rating: 4.9 out of 5
- Adjust your payment date to choose one that works best with your budget
- Get funds the day after approval
- Minimum income of $35,000
LendingPoint doesn’t specify a minimum credit score to get approved, but you must earn an annual income of $35,000 or more. LendingPoint will allow you to adjust your payment date if a different date works better for your budget. It offers rates as low as 9.99% for borrowers with excellent credit.
If you’re hoping to borrow $36,000 or less, LendingPoint might work for you because its loan amounts are $2,000 to $36,500. But if you’re planning to borrow more, you may need to focus on another lender, such as SoFi or LightStream.
- Credit score category: N/A
- Soft credit pull to check rates? Yes
- Deposit time: Next business day after approval
- Origination fee: 0% – 8%
- Late fee: N/A
- Interest rates (APR): 9.99% – 35.99%
- Repayment terms: 24 – 72 months
Best for choosing payment date: Achieve
Editorial rating: 4.8 out of 5
- Personal loans of $5,000 – $50,000
- Choose a repayment term of 2 to 5 years, and pick your monthly payment date
- Multiple rate discounts available
Achieve is an online lender offering personal loans and home equity loans. Its loans are ideal if you prefer flexibility because you can choose a repayment term of two, three, four, or five years and choose your repayment date. APRs range from 7.99% to 35.99%, which includes an origination fee of 1.99% to 6.99%.
Another unique benefit of Achieve personal loans is that it offers multiple ways to qualify for rate discounts. These include adding a co-borrower, showing sufficient retirement savings, and using at least 85% of the loan proceeds to make direct payments toward qualifying debt. There are no hidden fees or prepayment penalties.
- Credit score category: Fair to excellent
- Soft credit pull to check rates? Yes
- Deposit time: 24 – 72 hours
- Origination fee: 1.99% – 6.99%
- Late fee: Not disclosed
- Interest rates (APR): 7.99% – 35.99%
- Repayment terms: 24 – 60 months
Best for a secured loan: Best Egg
Editorial rating: 4.8 out of 5
- 20% APR discount for a secured loan
- Personal loans of $2,000 – $50,000
- Use for almost anything, including significant purchases and vacations
Best Egg offers personal loans and credit cards to customers at competitive rates. You can check rates without affecting your credit score, and funding is available as soon as the same day. Best Egg is best for secured loans, offering up to a 20% discount with rates of 5.99% to 29.99%. For unsecured loans, rates are 8.99% to 35.99%.
An origination fee of 0.99% to 8.99% of the loan amount is deducted from the money you receive. Best Egg also notes you can apply for loans of $2,000 to $35,000, but loan limits may vary by state and with special offer codes. As a result, loans of up to $50,000 may be available.
- Credit score category: Fair to excellent
- Soft credit pull to check rates? Yes
- Deposit time: 1 – 3 business days
- Origination fee: 0.99% – 8.99% of loan amount
- Late fee: $15 returned payment fee if your payment isn’t processed
- Interest rates (APR): 5.99% – 29.99% for secured loans
- Repayment terms: 36 – 60 months
Best for thin credit : Upstart
Editorial rating: 4.8 out of 5
- Upstart’s model considers factors such as education and employment history in its approval decisions
- Checking your rate won’t affect your credit score
- Minimum credit score of 300 (the lowest possible) to apply
Upstart offers personal loans for debt consolidation, medical expenses, home improvement, student debt, and more. It stands out as the best personal loan for borrowers with little to no credit because its model considers factors including employment history and education. Upstart says this lets it offer rates 43% lower than a credit-only model, based on a comparison from 2021.
As a result, Upstart offers personal loans with APRs starting at 6.7% and up to 35.99%. You can also choose from three-year and five-year terms with no prepayment penalties. Loan amounts are from $1,000 to $50,000.
- Credit score category: All credit scores
- Soft credit pull to check rates? Yes
- Deposit time: 1 – 2 business days
- Origination fee: 0% – 10% of the target amount
- Late fee: The greater of 5% of monthly past due amount or $15
- Interest rates (APR): 6.70% – 35.99%
- Repayment terms: 36, 60, or 84 months
Best for credit card debt: Happy Money
Editorial rating: 4.8 out of 5
- Personal loan focused on credit card consolidation and payoff
- Checking your rate is free and won’t affect your credit score
- Loan amounts from $5,000 to $40,000
Happy Money offers one personal loan, which it calls The Payoff Loan. As the name suggests, this loan is focused on debt payoff—mainly credit cards. APRs are between 10.50% and 29.99% for loans of $5,000 to $40,000.
With The Payoff Loan, you can select a repayment term of 24 to 60 months. There are no hidden fees, including late or early payment fees. However, Happy Money’s lenders charge origination fees.
- Credit score category: Good to excellent
- Soft credit pull to check rates? Yes
- Deposit time: 3 – 6 business days
- Origination fee: 0% – 5%
- Late fee: $0
- Interest rates (APR): 10.50% – 29.99%
- Repayment terms: 24 – 60 months
Should you take out a personal loan if you have good credit?
Taking out a personal loan depends on the situation, regardless of your credit score. Before applying, consider why you want to apply for a personal loan. Common reasons include the following:
- Debt consolidation and payoff
- A major purchase
- Unexpected expenses
In addition, be sure you understand the rates, terms, and fees that might apply. For example, common personal loan fees include application fees, early payment fees, and late fees. In the case of debt consolidation and payoff, a personal loan might save you money even after the applicable fees.
In other cases, borrowers use personal loans to pay for purchases or expenses. Many lenders on this list let you check your rates before applying, including seeing your potential monthly payment. Consider whether you have room in your monthly budget for the loan payment before you apply.
A good credit score might improve your approval odds or allow you to qualify for personal rates. But even with good credit, consider why you want a loan—and the rates and terms—before taking on any new debt.
How to choose the best personal loan for good credit
If you have good credit, you may have a broader range of options when choosing a personal loan. Certain factors can help you narrow it down:
- Credit score: Many lenders have minimum credit score requirements. Before you apply, check your credit score to know whether approval is likely.
- Have a goal in mind: Many lenders will let you use a personal loan for almost anything, but some might have stricter guidelines. Ensure the lender you’re considering offers loans for what you need.
- Read the fine print: Whether you’re taking out a loan to pay for an emergency medical expense or to fund your dream vacation, you must read the fine print. Some personal loans can have high APRs or hidden fees. In these cases, you could pay much more than you expected.
- Understand the repayment term: Be sure you understand the repayment term before you apply. This can affect the monthly payment and how much you pay in the long term.
Many lenders offer prequalification. This lets you provide basic information about yourself to see whether you may qualify before applying. No hard inquiry is added to your credit report, so you’ll see no impact on your credit score until you apply.
All but one lender on our list offer prequalification:
| Lender | Prequalification offered? |
| SoFi | Yes |
| Upgrade | Yes |
| Achieve | Yes |
| Best Egg | Yes |
| Happy Money | Yes |
| Upstart | Yes |
| LightStream | No |
How to apply for a personal loan with good credit
The process to get a personal loan is often straightforward with good credit. Steps that might be involved include:
- Prequalify: With this step, you’ll provide basic information that helps assess your creditworthiness. This might include your name, date of birth, annual income, and employment information. You might see a list of possible rates and repayment terms.
- Complete loan application: Depending on the lender, you’ll do this online, by phone, or at a branch. You might provide documents such as bank statements and tax returns, which the lender will use to verify the information you provided when you prequalified.
- Submit the application and wait for approval: Next, you can apply and wait for the approval. Some lenders have same-day decisions, while some might take one to two business days.
- Sign the loan agreement: If all is well with your application, you may get a loan agreement to sign. This outlines the terms and conditions of the loan, including the interest rate, repayment term, and any fees involved.
Alternatives to good-credit personal loans
Personal loans have several benefits but aren’t the best choice in every situation. However, you may have several viable alternatives with good credit. A few to consider are:
- Credit cards: Ideal for short-term and small purchases. While they can have higher APRs than personal loans, you can often avoid interest payments by paying the card in full each month. Many credit cards offer rewards and other perks.
- Home equity lines of credit (HELOC): If you own a home, you may be able to use it as collateral. HELOCs can have lower interest rates than personal loans, but they can be riskier since you’re putting your home on the line.
- 401(k) loans: You may be able to borrow against your 401(k) balance. These loans can have lower APRs than personal loans. However, if you terminate employment, you must repay the loan; otherwise, it’s considered taxable income. In this case, a 10% excise tax is assessed for borrowers under 59 ½ years.
- Peer-to-peer lending: Peer-to-peer loans connect borrowers with peers willing to extend them a loan. They can have lower rates than personal loans, but you may pay higher fees.
FAQ
What can I use a personal loan for?
Acceptable personal loan uses may vary by lender, but they often include debt consolidation and repayment, medical expenses, home improvements, and unexpected expenses.
What is a good credit score for a personal loan?
A good credit score for a personal loan is the same as a good one for any other purpose. Credit scoring models vary, but a credit score of 670 and above is often considered good.
I thought I had good credit, so why didn’t the lender offer low rates?
Credit scores aren’t the only factor lenders consider. They may also consider debt-to-income ratio, assets, and employment history.
Will applying for a personal loan affect my credit?
There will be no effect on your credit when you prequalify, but your credit may drop when you apply for a personal loan because it adds a hard inquiry to your credit report. However, the impact of hard inquiries often lessens over time, and they should disappear from your credit report within two years.
What does it cost to borrow a personal loan with good credit?
The cost of a personal loan with good credit depends on several factors, including APRs, fees, and repayment terms.
You can see two examples below. Use a personal loan calculator to help determine what your loan might cost.
| Example only | |
| Loan amount | $10,000 |
| Term length | 5 years |
| APR | 9.99% |
| Monthly payment | $201.81 |
| Example only | |
| Loan amount | $5,000 |
| Term length | 3 years |
| APR | 8.99% |
| Monthly payment | $157.40 |