If your credit score is good or excellent, your rates start from 2,99% and average at 5% to 10%. You can get up to $100,000 from many places. We will show you the best of them.

We recommend that you shop around and try loan comparison sites. They will help you see many offers in one place.

ElitePersonalFinance found the best personal loans for good and excellent credit of January 2026!

Best Personal Loan Rates for Good Credit of January 2026

If you have good credit and are looking for trustworthy personal loans, you’ve come to the right place. At ElitePersonalFinance, we steer good credit borrowers away from predatory offers promising “instant approval” or “guaranteed lowest APR,” and instead give you a list of top-rated lenders with strong customer satisfaction scores, excellent loan terms, and an approving track record.

Whether you’re funding a $5,000 medical expense or a $15,000 home reservation, let ElitePersonalFinance show you the way forward.

Why Should I Trust ElitePersonalFinance

From SoFi, LightStream, Discover, American Express, Upgrade, and SuperMoney, you will only find the most trusted lenders and online loan aggregators in our guide. It factors in criteria such as customer satisfaction ratings, fee transparency, and overall reputation. Whether you’re looking to finance a $5,000 home repair or a $50,000 splurge, let’s help you reward all of your good credit behavior to date.

Keep reading to learn more about the best personal loan rates for good credit, including our preferred lending options, how to compare loan offers, pros and cons of good credit loans, and more, so that you can confidently navigate the personal loan market while taking advantage of the best rates possible.

SuperMoney

One of the leading lender aggregators, SuperMoney is a comparison platform that lets users shop for competitive personal loan rates. SuperMoney aggregates offers from multiple lenders, allowing users to compare APRs and understand fees with greater transparency than on a typical lender website.

Plus, SuperMoney lets you filter lenders by categories such as debt consolidation, home improvement, or personal expenses, tailored to your good credit score. There’s even the option to see customer reviews and lender ratings before submitting your application.

All in all, SuperMoney is an excellent place to get started if you’re not familiar with any lenders in the first place.

What We Like:

• Easier to use comparison platform
• Ability to compare personal loans right side by side
• Soft credit check with an online form
• Competitive offers in minutes
• Used for debt consolidation, home improvement, personal expenses, and more

What We Don’t Like:

• Not a direct lender
• Offers and eligibility depend on the lender
• Hard inquiry after pre-qualification
• Offers vary by state and credit score
• An excellent credit score is required for the lowest rates

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Recommended credit score 680+
• Complete pre-qualification through the SuperMoney website to view offers

Terms: SuperMoney is a comparison marketplace that lets borrowers with good credit compare offers from banks, credit unions, and online lenders in one place. It does not directly fund or service any loans, and refinancing approval is not guaranteed. Actual rates depend on your credit score, income, and the type of loan program you choose. Borrowers with lower credit scores may see higher interest rates or additional requirements. Always read your official loan estimate before signing the contract.

SoFi

SoFi is one of the leading fintech lenders, allowing users to take out loans from $5,000 to $100,000 with repayment terms of two to seven years. It is very user-friendly with no origination fees or prepayment penalties, making it an excellent choice for borrowers seeking transparency.

On top of that, SoFi provides additional benefits, such as financial planning tools that let you track spending across different categories. Plus, you can even take advantage of loyalty discounts if enrolled in its direct deposit or SoFi Checking & Savings programs.

Thanks to its commitment, SoFi has received numerous accolades, including recognition from NerdWallet and Forbes Advisor as one of the Best Personal Loan Providers for Good Credit in 2024, as well as consistently high ratings on third-party review sites.

All in all, SoFi is an excellent choice if you prefer a user-friendly interface, diversified loan options with high loan limits, and flexible terms.

What We Like:

• Loans from $5,000 to $100,000
• Repayment terms from two to seven years
• No origination fees or prepayment penalties
• Named to CNBC’s “Top 50 Disruptor Companies”
• User friendly online interface

What We Don’t Like:

• Minimum loan amount of $5,000
• No joint borrower or cosigner options
• Often cluttered website for first timers
• Strong employment history for the best offers required

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Proof of income and a valid bank account
• Complete the pre-qualification process through SoFi

Terms: SoFi offers personal loans for borrowers with good credit, as well as all credit types. Actual good credit personal loan rates depend on your credit score, income, loan-to-value ratio, and the type of loan program you choose. SoFi charges 0% origination fees, but may allow you to accept an origination fee in exchange for a lower APR. Actual rates depend on your credit score, income, and the type of loan program you choose. Always read your official loan estimate before signing the contract.

LendingPoint

Another excellent place to start learning about personal loan rates for good credit is LendingPoint. This leading fintech lender offers personal loans ranging from $1,000 to $36,500, with repayment terms of 24 to 72 months with no prepayment penalties. APRs generally start at 8% for borrowers with good credit, and funds can be deposited into your bank account as early as the next business day.

On top of that, LendingPoint has been widely acclaimed, featured on the Inc. 5000 list of Fastest-Growing Companies more than once. Plus, its underwriting considers factors beyond your credit score, such as cash flow and stable income, allowing you to take advantage of lower rates even if your credit profile is less than ideal.

However, keep in mind that some lenders may charge origination fees of up to 10%, and the maximum loan amount of $36,500 is lower than what competitors on our list offer. Plus, lower credit scores can see higher APRs in the 35.99% range, so we encourage you to raise your credit score as much as you can before your next LendingPoint application.

What We Like:

• Loans between $1,000 and $36,500
• Funding within one business day
• Flexible underwriting criteria
• No prepayment penalties
• Listed on Inc. 5000 list of Fastest-Growing Companies

What We Don’t Like:

• Origination fees up to 10%
• Maximum loan amount ($36,500) is low compared to other lenders
• Higher-end APRs in the 31% to 35.99% APR range are possible for lower credit scores
• No joint or cosigner loan options
• No in-person support

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Proof of income and a valid bank account
• Complete the pre-qualification process through LendingPoint

Terms: LendingPoint offers personal loans for borrowers with good credit, as well as all credit types. It offers loan amounts ranging from $1,000 to $36,500 with APRs starting at 8% and repayment terms of 24 to 72 months and no prepayment penalties. The lender may charge origination fees of up to 10%, and borrowers with lower credit scores may receive higher APRs.  Actual rates depend on your credit score, income, and the type of loan program you choose. Always read your official loan estimate before signing the contract.

Upstart

Upstart offers one of the most innovative lending methods around, using its proprietary AI underwriting, which has earned it recognition across the industry, including Forbes’ “Most Innovative Fintech of the Year” and Bankrate’s “Best Personal Loan for Borrowers with Limited Credit History.”

Thanks to its underwriting, users are evaluated on criteria beyond credit score, such as education, employment, and earning potential, which results in higher approval rates.

Loans on the platform range from $1,000 to $75,000, with repayment terms of three or five years. Good credit borrowers can expect rates that start near 7% APR with instant approvals and funding to your account by the next business day.

What We Like:

• AI-driven underwriting
• Assessment based on education, employment, and earning potential
• Loans from $1,000 to $75,000
• Forbes’ “Most Innovative Fintech of the Year” distinction
• Best Personal Loan for Borrowers with Limited Credit History Award by Bankrate

What We Don’t Like:

• Origination fees up to 12%
• Limited to three or five-year repayment terms
• No cosigner or joint loan options

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Proof of income and a valid bank account
• Minimum credit score of 600
• Complete the pre-qualification process through Upstart.com

Terms: Upstart offers personal loans for borrowers with good credit, as well as all credit types. It offers loan amounts ranging from $1,000 to $75,000 with APRs starting near 7% and repayment terms of three or five years, along with origination fees of up to 12% (depending on the lender). Borrowers with lower credit scores may receive higher APRs. Actual rates depend on your credit score, income, and the type of loan program you choose. Always read your official loan estimate before signing the contract.

HappyMoney

Formerly known as Payoff, loan amounts offered by HappyMoney lenders start at $5,000 to $40,000, with repayment terms of two to five years and fixed low rates starting at 7.95%. On top of that, HappyMoney is one of the more intuitive and easy-to-use sites we’ve come across.

HappyMoney has also received numerous accolades, including an A+ rating from the Better Business Bureau and the 2023 American Business Award for Financial Wellness Innovation, along with the 2024 “Best for Debt Consolidation Loans” distinction from NerdWallet.

All in all, HappyMoney’s customer-focused approach and digital platform make it very easy to take advantage of transparent, no-fee structures for most loans.

What We Like:

• Loans from $5,000 to $40,000
• Repayment terms from two to five years
• A+ rating from the Better Business Bureau
• 2023 American Business Award for Financial Wellness Innovation
• “Best for Debt Consolidation Loans” distinction by NerdWallet (2024)

What We Don’t Like:

• Mainly designed for debt consolidation
• Minimum loan amount of $5,000
• Payoff made directly to creditors, not individuals
• Same-day funding is not available in most cases
• Strong credit required for best APRs

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Proof of income and a valid bank account
• Complete pre-qualification through the HappyMoney website

Terms: HappyMoney offers personal loans for borrowers with good credit, as well as all credit types. It offers loan amounts ranging from $5,000 to $40,000 with APRs starting at 7.95% and repayment terms of two to five years. Most loans come with no origination fees. Actual rates depend on your credit score, income, and the type of loan program you choose. Always read your official loan estimate before signing the contract.

Prosper

One of the most trusted peer-to-peer lending platforms, Prosper offers unsecured personal loans for borrowers with good credit, ranging from $2,000 to $50,000 and with 3- to 5-year repayment terms. These funds could be used for a variety of expenses, such as furniture purchases,  vacations, debt consolidation, and more.

Note that Prosper operates differently in that you’re borrowing from individual investors, not banks. As a result, you have access to competitive rates, especially when there’s high investor demand that brings rates downward. Plus, every borrower is assigned a credit “grade” and an expected rate before signing an application, allowing for greater transparency than traditional lending.

Thanks to Prosper’s excellent work, it has earned several accolades, including “Best P2P Lending Platform” from FinTech Breakthrough and “Top Online Lender for Debt Consolidation” from The Simple Dollar.

What We Like:

• Loans from $2,000 to $50,000
• Flexible three to five year terms
• Reports on-time payments to credit bureaus
• A+ rating by the Better Business Bureau
• “Best P2P Lending Platform” by FinTech Breakthrough
• “Top Online Lender for Debt Consolidation” by SimpleDollar

What We Don’t Like:

• Origination fees from 1% to 5%
• No secured loan options
• Higher APRs for borrowers with scores below 680
• No in-person support

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Minimum credit score of 660
• Proof of income and a valid bank account
• Complete pre-qualification through the Prosper.com website

Terms: Prosper is a peer-to-peer lending platform that offers personal loans for borrowers with good credit, as well as all credit types. It offers loan amounts ranging from $2,000 to $50,000 with repayment terms of three to five years, depending on the program. Most loans come with no origination fees.  Actual rates depend on your credit score, income, and the type of loan program you choose. Always read your official loan estimate before signing the contract.

FreedomPlus

If you’re looking for competitive fixed rates and personalized underwriting, FreedomPlus is an excellent option, offering loan amounts from $5,000 to $50,000 and repayment terms of 24 to 60 months.

Unlike most of our recommendations, FreedomPlus offers a personalized approach with dedicated loan consultants who can help you find the best way to structure your loan and reduce your APR. Compared to other lenders that rely on heavy algorithms, this one-size-does-not-fit-all approach can be a godsend.

Plus, you can receive funds deposited to your bank account within 24 to 48 hours with no prepayment penalties, and you may qualify for lower APRs if you have a qualified cosigner. All in all, FreedomPlus offers a nice hybrid of digital and traditional bank benefits.

What We Like:

• Loan amounts from $5,000 to $50,000
• Repayment terms between 24 and 60 months
• Customized approach with dedicated loan consultants
• NerdWallet’s “Best Personal Loan for Debt Consolidation” (2024)
• A+ rating by the Better Business Bureau

What We Don’t Like:

• Not available in all states
• Origination fees up to 4.99%
• No mobile app available
• Higher than average minimum loan amount of $5,000

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Proof of income and a valid bank account
• Apply online through the FreedomPlus website

Terms: FreedomPlus offers personal loans for borrowers with good credit, as well as all credit types. It offers loan amounts ranging from $5,000 to $50,000 with repayment terms of 24 to 60 months. The actual rates depend on your credit score, income, and the type of loan program you choose. Always read your official loan estimate before signing the contract.

BestEgg

One of our favorite go-to tools for personal loans, BestEgg allows you to take out loans between $2,000 and $50,000 with repayment terms ranging from 36 to 60 months. APRs start around 8.99%, with the upper threshold of 35.99% for bad credit borrowers. These funds could be used for any type of expense, from unpaid medical bills to that long-overdue trip to Disney World.

However, one downside to BestEgg is that you may be charged an origination fee of up to 8.99%, which is deducted from your proceeds. It is also not available in all states, with the best rates reserved for borrowers with credit scores of 700+ or higher.

Plus, BestEgg has earned an A+ rating from the Better Business Bureau and stellar reviews on third-party websites, including more than 9,000 5-star reviews on Trustpilot.

What We Like:

• Loans from $2,000 to $50,000
• APRs as low as 8.99%
• Funding by the next business day
• Transparent terms and no hidden costs
• More than 9,000 5-star reviews on Trustpilot

What We Don’t Like:

• Not available in all states
• Origination fees as high as 8.99%
• Best rates reserved for borrowers with 700+ credit scores
• Shorter repayment terms compared to others on our list
• APRs up to 35.99% for bad credit borrowers

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Minimum credit score of 680
• Proof of income and a valid bank account
• Pre-qualify online through the BestEgg.com website

Terms: BestEgg offers personal loans for borrowers with good credit, as well as all credit types. It offers loan amounts ranging from $2,000 to $50,000 with repayment terms of 36 to 60 months and APRs starting around 8.99%, along with origination fees of up to 8.99%. The actual rates depend on your credit score, income, and the type of loan program you choose. Always read your official loan estimate before signing the contract.

LightStream

A division of Truist Bank, LightStream has consistently been rated high, offering loans from $5,000 to $100,000 with repayment terms ranging from 24 to 144 months, the longest of all lenders on our list. If you enroll in AutoPay, you can enjoy APRs as low as 7.49% with no origination, prepayment, or late penalties.

Where LightStream really shines is with its Rate Beat Program, which price-matches competitors’ rates by 0.10%, giving you greater peace of mind that you’re getting the best deal possible. Plus, it has won numerous accolades, such as an A+ Better Business Bureau rating and NerdWallet’s “Best-Of Award for Best Online Personal Loan (2024).”

All in all, LightStream is a well-rounded choice for its higher-than-usual maximum loan amount, the longest repayment terms, and no origination, prepayment, or late penalties.

What We Like:

• Loans up to $100,000
• Repayment terms up to 144 months
• APRs as low as 7.49% with AutoPay
• “Rate Beat” guarantees price matches competitor offers
• NerdWallet’s “Best-Of Award for Best Online Personal Loan (2024)”

What We Don’t Like:

• No secured or cosigned loan options
• High minimum loan amount of $5,000
• No in-person service

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Proof of income and a valid bank account
• Pre-qualify online through the LightStream website

Terms: LightStream offers personal loans for borrowers with good credit, as well as all credit types. It offers loan amounts ranging from $5,000 to $100,000 with repayment terms of 24 to 144 months. APRs start as low as 7.49% by enrolling in automatic payments. LightStream charges no origination, prepayment, or late fees. The actual rates depend on your credit score, income, and the type of loan program you choose. Always read your official loan estimate before signing the contract.

Discover

If you have good to excellent credit, Discover personal loans are another viable option, offering amounts ranging from $2,500 to $40,000 and repayment terms of 36 to 84 months, allowing you to finesse your monthly payments. Fixed APR starts at 8.99%.

Like many of our recommended lenders, Discover has no origination, prepayment, or late fees, and a 30-day money-back guarantee that lets you return your funds without penalties if you change your mind.

Plus, Discover is on tap for numerous awards, such as Forbes Advisor’s 2024 “Best Personal Loan for Overall Customer Experience,” as well as high marks from J.D. Power and Associates for borrower satisfaction.

All in all, if you’re looking for a trusted brand and flexible terms with strong credit, then Discover is a good credit lender to consider.

What We Like:

• Loans $2,500 to $40,000
• Fixed APR starts at 8.99%
• No origination, prepayment, or late fees
• 30-day money-back guarantee
• Forbes Advisor (2024) “Best Overall Customer Experience”

What We Don’t Like:

• No secured or cosigned loan options
• Maximum loan amount is only $40,000
• Not the best option for borrowers with fair credit
• Funding can take longer for online lenders
• Stricter income and credit requirements versus competitors

Eligibility & Next Steps:

• 18 years of age or older
• US citizen or permanent resident
• Recommended minimum credit score of 700
• Proof of income and a valid bank account
• Pre-qualify online through the Discover website

Terms: Discover offers personal loans for borrowers with good to excellent credit. It offers loan amounts ranging from $2,500 to $40,000 with repayment terms of 36 to 84 months and fixed APRs starting at 8.99%. Discover charges no origination, prepayment, or late fees, and offers a 30-day money-back guarantee to return funds without any interest paid if they change their mind. Actual rates depend on your credit score, income, and the type of loan program you choose. Always read your official loan estimate before signing the contract.

What Is a Good and Excellent Credit Score?

According to the FICO and VantageScore models, a good credit score is 670-729, while an excellent credit score is 740 or higher.

Both of these marks demonstrate to lenders that you know how to manage that responsibly by consistently paying bills on time with a healthy credit utilization ratio, along with a diversified credit mix. Enjoy thousands of dollars in interest savings over the life of the loan while boosting your credit score to the highest level possible.

If your score is in a good range, you will qualify for two years of credit scores at slightly higher interest rates than excellent credit borrowers. Expect the lowest possible APRs and promotional perks from all of our top lenders, including SoFi, LightStream, Discover, Navy Federal, and Best Egg.

What Are the Personal Loan Rates That I Should Expect?

If you have a FICO score between 690 and 739, you can expect to find some of the best personal loan rates on the market. Expect to see anywhere from 7% to 12%, though many factors determine your eligibility, including your income, debt-to-income ratio, and employment stability.

Additionally, you may have good credit, but that doesn’t necessarily mean you’ll qualify for the lowest advertised rate. Recent credit inquiries, credit utilization, and your history of managing other types of credit all come into play. For example, you may have good credit but a high debt-to-income ratio, it would put you closer to the 15%-18% range.

Given the variance among good-credit borrowers, we recommended shopping around by visiting marketplaces like SuperMoney, where you can compare lenders and their APR ranges, repayment terms, fee structures, and other loan terms.

Apart from 7% to 12% APRs, good credit borrowers should see longer repayment terms, higher loan amounts, and lower origination fees.

How to Pick the Best Personal Loan for Me

Finding the right personal loan is not about chasing the lowest APRs, but finding flexible repayment options and promotional perks that could save you thousands over the life of a loan.

Here’s a quick guide to picking the best personal loan for your financial situation.

Compare Interest Rates, Fees, and Terms

One of the best ways to find the right personal loan is to use aggregator websites like SuperMoney and SoFi, which let you filter lending opportunities by APRs, fee structures, repayment terms, and hidden charges. If you have good credit, expect to pay fixed APRs starting around 7%–10%, subject to factors such as your credit score, debt-to-income ratio, and loan type.

One of our favorite strategies is to use the SuperMoney platform, which provides easy side-by-side comparisons all in one shot. From here, you’ll find numerous options. For example, you may rely on LightStream and its generous repayment terms up to 144 months, as well as LightStream and Discover with their no-fee structures that eliminate origination fees.

Choose Your Goal

Finding the right loan depends on your goals.

If you’re looking for direct-to-creditor payment options, Upgrade and SoFi can help you simplify payoffs by passing payments directly to creditors. In turn, if you’re looking to complete an extensive home renovation, then LightStream and PNC Bank with their higher loan limits, may be options

Looking to primarily build your credit? Then, Navy Federal, PenFed, or First Tech Credit Union could be viable options with their savings or certificate account programs that allow you to put up collateral to earn interest on your deposits and enjoy lower APRs while reporting on-time payments to all three major credit bureaus.

If your credit score is not within range, AI-driven platforms like Upstart adjust your eligibility based on factors outside your scoring, including education and employment.

Know your end goal, and avoid a one-size-fits-all approach by choosing a lender that aligns with your financial situation.

All About Flexibility

Along with APRs, you also want to look for a borrower-friendly perk.

For example, SoFi provides an all-digital experience that lets you take advantage of extra benefits, such as financial coaching and cashback programs.

In turn, Discover is suitable for its 30-day money-back guarantee, which lets you cancel your loan without penalty if you change your mind. In turn, Credit unions like PenFed and Tinker Federal Credit Union (TFCU) are better suited to provide personalized guidance from dedicated loan advisors who can take into account your unique financial situation, rather than sophisticated automated algorithms.

Do not forget about verifying a lender’s reputation. Most of our top-rated lenders have A+ Better Business Bureau ratings (e.g., Best Egg, LightStream, and SoFi) and thousands of 5-star reviews that account for everything from speedy processing to excellent customer service.

In short, choosing the right loan is not about picking the best financial terms but about ensuring unique perks that matter to you, such as low-fee, long-term financing, personalized member support, a fully digital experience, or any number of favorable conditions.

Check Our Funding Speed

If you’re dealing with time-sensitive situations, funding speed means everything. Some lenders, like LightStream and Best Egg, can fund your loan as soon as the same business day, as long as you provide supporting documentation early and accurately. Others, like Banks and Credit Unions, can take anywhere from two to seven days, depending on underwriting processes and any additional documentation that may be needed.

One of the best things about online lenders like SoFi and Upgrade is that they use automated verification systems that require no paperwork, speeding up approvals. In turn, many lenders still require manual review processes that require you to meticulously upload pay stubs, bank statements, and other pertinent details to a centralized platform or at a branch.

In short, always match a lender’s funding timeline to your actual needs.

Review Eligibility Requirements

Every lender has different qualification rules, so it’s essential to understand all requirements up front to prevent unnecessary headaches later.

In particular, credit unions and CDFIs require membership status or residency in a specific state. Others require that you have a minimum credit score or income, as well as debt and income ratios. Understanding this ahead of time can help narrow your search much more quickly.

Alternative lenders like Upstart, Oportun, and LendingPoint do an excellent job of considering factors beyond your credit score, such as employment history and education. This allows those with newer credit or bad credit to rebuild their financial profile and get a leg up on the competition.

Keep in mind that there are often state of residence or loan purpose restrictions, so we always encourage you to read the fine print to avoid unnecessary hard inquiries on your record.

Pros and Cons of Best Personal Loan Rates for Good Credit

Here are the pros and cons of the best personal loan rates for good credit.

Pros:

Access to Lower Rates

One of the best advantages of having good credit is that you can qualify for lower APRs on personal loans. For example, top legit lenders like SoFi, LightStream, and Discover offer 7% to 8%, which can help you save hundreds of dollars over the life of a $10,000 loan. Plus, the lower your APR, the more of your payments go towards principal rather than interest, so you pay it off much quicker.

Higher Loan Amounts

Another advantage of good credit is that you can qualify for higher loan amounts and more flexible terms. For example, it’s not uncommon for lenders to issue loans of up to $100,000 with repayment periods of two to 12 years, depending on the lender and loan type. This allows you to address much-needed expenses like a home renovation or that consolidation without cutting too much into your monthly budget.

No Fees and Extras

Another benefit to having good credit is that you can expect origination and prepayment penalties to fall by the wayside. For example, SoFi, Discover, and LightStream offer excellent loan programs with no hidden charges, which allows you to manage your monthly budget better. At the same time, you could take advantage of financial planning tools and loyalty discounts that can cut into your APR further, as well as direct deposit bonuses.

Remember, we highly recommend using SuperMoney to compare multiple loan offers side by side and find the best terms for you.

Cons:

Stricter Eligibility Requirements

Although good credit is a good first step, you may also have to meet stricter eligibility requirements, such as proof of stable income and full-time employment. Don’t expect any employment gaps on your end to present the best offers, even with a high credit score.

At the same time, there are basic eligibility requirements, such as being 18 years of age or older and having US citizenship or permanent residency, which exclude international folks from taking out loans.

Not as Many Joint or Cosigner Loans are Available

Unfortunately, some of our top lenders, like SoFi, Upstart, and LightStream, do not allow joint applications or cosigners, which may be disadvantageous for parents cosigning for their children or in other similar situations.

Plus, if you have good credit, you’re less likely to be able to share a repayment responsibility if one borrower is unable to meet monthly payments.

May Need to Take Out More

Some lenders targeting good credit borrowers set higher minimum loan amounts. For example, SoFi and LightStream require a minimum loan of $5,000. In contrast, HappyMoney offers higher limits, which may not be helpful if you’re looking to take out a smaller loan for an emergency expense.

However, keep in mind that the higher the minimum, the higher the likelihood of being pushed into an unnecessary loan. That’s why we recommended using an APR calculator to determine the total cost of borrowing based on a loan amount and projections.

Will Checking Loan Rates Affect My Credit Score?

When using non-committal online aggregators like SuperMoney or lenders like SoFi, LightStream, Discover, Upstart, LendingPoint, or Best Egg, it will not hurt your score. Remember that soft inquiries provide you with an estimated APR based on your eligibility, such as credit score, income, and overall financial profile. Nothing is reported to Experian, Equifax, or TransUnion.

However, once you’ve moved on to the final application, you can expect a hard inquiry that can temporarily drop your credit score by up to seven points if you have excellent credit. Keep in mind that this will only hurt your score for a short time. And credit scoring models treat multiple rate shopping inquiries within a short time frame as a single inquiry.

How to Avoid Lowering My Credit Score and Raise It After Getting a Loan?

One of our top ways to avoid lowering your credit score is to limit the number of hard inquiries on your record. It makes sense to use pre-qualification tools to narrow down your options and keep your checks to SoFi, LightStream, Best Egg, Discover, Upstart, and others included in this guide.

Once you’ve taken out your loan, you can increase your credit score by doing the following things:

Make On-Time Payments

With payment history accounting for 35% of your FICO score, every on-time payment counts. One of our recommendations is to set up automatic payments with your lender to ensure you never miss a payment.

Remember, even a single missed payment can drop your score by 50 points or more, which can hurt your chances of applying for other types of credit, like auto loans and home mortgages.

Cut Down on Credit Utilization

Paying off revolving accounts immediately lowers your credit utilization ratio, which is the percentage of available credit that you have. Try to keep it under 30%, which demonstrates to lenders that you know how to manage credit responsibly.

Even taking out a single loan can help lower high-interest balances and improve your overall credit profile.

Keep Old Credit Accounts Open

With your credit history length accounting for 15% of your FICO score, we highly recommend that you not close any old cards. Instead, keep them active by paying off a small amount each month, preferably with a subscription like Netflix, Spotify, Apple News, or another service you may have set up automatic payments for.

Again, this helps demonstrate responsibility to lenders and even allows you to increase your overall credit limit over time.

Keep Debt-to-Income Ratio in Check

Try to keep it under 40% and drive down your debt-to-income ratio (DTI) by paying down existing debts and not taking on any new debt. The better you do this, the better your credit offers in the future.

Dispute Reporting Errors

Nowadays, it’s not uncommon to see inaccurate reporting, such as incorrect balances or missed payments. Always be sure to check your credit reports for mistakes regularly and dispute any errors immediately, where you see a dispute resolution window of 30 to 45 days.

Consider Credit Repair Companies

With misreported late payments or even duplicate accounts possible on your credit report, you may have difficulty bringing this stuff to the credit bureaus.

In this case, you should enlist a credit repair company to advocate on your behalf, identify inaccuracies, and dispute them by writing formal letters to credit unions and following up until all errors are corrected.

Besides disputing credit reporting errors, repair companies can also provide ongoing credit monitoring and financial services to ensure you have a proactive approach to reducing debt. Free highly recommended options include Lexington Law, Credit Saint, and Sky Blue Credit, which offer easy-to-use platforms, structured repayment plans, and decades of experience in managing debt.

These services typically cost between $50 and $150 per month, depending on your repair strategy. For example, Lexington Law charges up to $139 a month for its Premier Plus plan, and Credit Saint charges $19 a month for its Clean Slate plan.

Since these services are costly, we only justify these fees for high debts if you have a severely limited credit report that’s preventing you from taking out a mortgage or other meaningful lines of credit.

Increase Your Credit Limits

Another underrated strategy for improving your credit score is to gradually increase your credit limits by calling your creditors to negotiate, as long as you’ve been making on-time payments for the last six months to a year. The longer your history of on-time payments, the greater the likelihood your creditor will agree to an increase.

Remember that this lowers your credit utilization ratio as long as total spending remains the same.

Use Small Recurring Charges

Even if you’re already making on-time loan payments, it’s always wise to add small recurring charges to your credit card and pay them off in full every month. For example, you can use your Netflix or Spotify subscription to post it to a single credit card, which will build your positive payment history, which accounts for 35% of your FICO score.

Become an Authorized User

Lastly, you may become an authorized user on a trusted account. The primary cardholder should have a positive payment history and a credit score above 700 so that any positive behavior on the account is reflected in your credit report. This allows you to build credit without taking on more debt or applying for new credit cards or other lines of credit.

Remember that any late payments or high balances on your primary cardholders’ accounts could drop your score.

Diversify Credit Mix

Accounting for only 10% of your FICO score, your credit mix refers to the variety of loan accounts that you manage, such as installment loans and revolving credit lines.

Can I Get a Loan From a Credit Union or a Bank With a Perfect Credit Score?

Yes, having a perfect score makes you the ideal candidate for a loan from a credit union or a bank. For example, SoFi can give you APRs as low as 8.74% for loans ranging from two months to seven years, whereas LightStream can’t hit the mid-6s when enrolling in automatic payments with repayment terms of 24 months to 144 months.

If you fall into good credit here, then you can expect 9% to 18% versus 18% to 30% APRs for fair credit. However, talk to the lender if you have poor or bad credit, where APRs typically straddle the 25% to 35.99% range, with much shorter repayment terms of 12 to 60 months. In addition, any loan commitments, such as taking out a secured or cosigner loan, may require greater credit leverage.

Frequently Asked Questions

What credit score do I need to qualify for the lowest personal loan rates?

If you want to qualify for the lowest personal loan range, you generally need a credit score of 750 or higher. This will entitle you to promotional or relationship-based discounts at places like SoFi, LightStream, and Discover. Keep in mind that other factors go into determining this, including but not limited to your cash flow and credit mix.

How much can I borrow with good or excellent credit?

With excellent credit, you can expect to be able to borrow up to $100,000. Two of our recommendations, SoFi and LightStream, reward borrowers with strong financial histories with excellent terms because they perceive you as lower risk.

Will pre-qualifying for a personal loan affect my credit score?

No, pre-qualifying for a personal loan will not affect your credit score because only a soft credit inquiry is used. However, once you submit a formal application, the lender runs a hard inquiry, which can temporarily lower your score by a few points. Expect scores to creep back up within a few months as long as you make on-time payments and manage your credit responsibly.

Which lenders offer the lowest APRs for borrowers?

The lowest APR options for borrowers include SoFi, LightStream, Discover, Best Egg, Upstart, and HappyMoney. PenFed or First Tech also offers highly competitive rates that often beat those of online lenders, especially for existing customers, where you can earn APRs between 6% and 8%.

Do lenders offer relationship-based or autopay discounts for good-credit borrowers?

Yes, there are several benefits that lenders offer to good-credit borrowers, including relationship-based or autopay discounts. Expect auto-pay discounts to cut your APR by up to 0.5%. SoFi, Discover, and LightStream regularly have promotional opportunities for qualifying customers.

How fast can I get approved and funded if I have good credit?

You can receive same-day funding and approval within 24 hours, depending on the lender and how quickly you submit all documentation and verify your income and identity. If you have good or excellent credit, then you can always assume smoother underwriting.

What fees should I watch out for?

There are several fees to watch out for, including origination fees, which can reach 12% of the loan proceeds, depending on the lender. Other fees can also be charged, such as late fees, returned payment fees, or check processing fees, although many of our good-credit lenders do not charge any fees. Always read the full terms and conditions before accepting any loan.

Are online lenders better than traditional banks for good credit loans?

Often, online lenders offer lower APRs, while traditional banks provide faster approvals and easier applications. Keep in mind that conventional banks’ strength is competitive APRs and relationship discounts, especially if you’re an existing customer. Ultimately, whether you go with an online lender or a bank depends on your financial goals.

Can I get better rates by applying with a cosigner?

Yes, it is possible to get better rates by applying with a cosigner, since you’re leveraging their credit history to qualify for lower APRs, with the understanding that cosigners assume liability if you default on your payments. Keep in mind that most of our recommended lenders do not offer cosigner loans.

How can I compare loan offers?

It is very easy to compare loan offers today by visiting online marketplaces like SuperMoney, which provide easy side-by-side comparisons of lenders offering competitive-rate products. It’s easy to see APR, repayment terms, fee structure, and total loan cost in one view, so you don’t have to visit every lender’s website and waste time.

Conclusion

All in all, securing a personal loan with good or excellent credit doesn’t have to be complicated. By focusing on our top recommended lenders, comparing rates and terms, and taking advantage of perks like financial coaching and auto-pay discounts, you’ll be in a better position to pay the lowest APR with the most flexible terms possible.