Best Personal Loans for Good Credit 2022

ElitePersonalFinance
Last Update: May 24, 2022 Credit Report Loan Reviews Loans

If you have good or excellent credit, affordable personal loans are available. For example, most lenders offer financing up to $100,000, and APRs range from 5% to 10%. Moreover, borrowers with good and excellent credit receive the most flexible terms due to their upstanding records. Also, a guarantor or cosigner can help lower your APR if you have fair credit. And if you’re willing to provide upfront collateral, a secured personal loan also has lower borrowing costs.

To find the best personal loans for good credit, see our marketplace. It has several competitively-priced products issued by the most reputable lenders. Moreover, checking your rate won’t impact your credit score, and there is no upfront commitment. As a result, please browse the available options before settling for an expensive loan.

Best Personal Loans for Good and Excellent Credit 2022

When searching for a personal loan, you can browse products offered by lenders or use loan comparison sites. For context, the former issues loans directly, while the latter connects you with lenders willing to provide financing.

But which is better?

The reality is that loan comparison sites like Even Financial, Credible, and SuperMoney partner with the most prominent and most respected lenders in the marketplace. Moreover, they make the selection process easy because they consolidate several competing offers in one place.

For example, you can browse personal loan offers from Upgrade, BestEgg, and Marcus by Goldman Sachs and compare the pros and cons. Or, you can use a loan comparison site and analyze several loans at once. Moreover, loan comparison sites let you filter your results by loan amounts, credit scores, and why you need financing. This way, the personalized results have the highest chance of approval.

On the flip side, if you enjoy conducting research, you can’t go wrong by spending an afternoon browsing your options. However, if you want to find the best personal loans for good credit in the shortest time, comparison sites are your best bet.

Lender: Loan Amount: APR: Min. Credit Score: Best For:
Even Financial $1,000 – $250,000 2.49% – 35.99% 550 Obtaining the best APR
Credible $600 – $100,000 2.49% – 35.99% 620 Obtaining a Best Rate Guarantee
SuperMoney $600 – $100,000 4.99% – 35.99% 600 Comparing multiple offers
SoFi $5,000 – $100,000 5.74% – 20.28% 680 No-fee personal loans
Prosper $2,000 – $40,000 7.95% – 35.99% 640 Obtaining multiple personal loans
Upgrade $1,000 – $50,000 5.94% – 35.97% 560 High DTI ratios
PersonalLoans $1,000 – $35,000 5.99% – 35.99% 580 Short and long-term personal loans
LendingTree $1,000 – $50,000 2.49% – 35.99% 600 Obtaining a low APR
BestEgg $2,000 – $50,000 5.99% – 35.99% 550 – 600 Wide range of credit scores
Laurel Road $5,000 – $45,000 7.00% – 24.75% 660 – 700 Debt consolidation
LendingClub $1,000 – $40,000 7.04% – 35.89% 600 Good credit scores, low DTI ratios
FreedomPlus $7,500 – $50,000 7.99% – 29.99% 620 Debt consolidation
Upstart $1,000 – $50,000 3.09% – 35.99% 300 Low credit scores, high DTI ratios
Marcus by Goldman Sachs $3,500 – $40,000 6.99% – 19.99% 660 No-fee personal loans
Pentagon Federal Credit Union $600 – $50,000 4.99% – 17.99% 650 High DTI ratios
Discover $2,500 – $35,000 5.99% – 24.99% 660 Debt consolidation
Wells Fargo $3,000 – $100,000 5.74% – 19.99% 660 Wells Fargo customers
TD Bank $2,000 – $50,000 6.99% – 18.99% 700 Good to excellent credit scores
PNC Bank $1,000 – $35,000 5.99% – 35.99% 660 Online and in-person service
LightStream $5,000 – $100,000 2.49% – 19.99% 660 Strong credit profiles
Happy Money $5,000 – $40,000 5.99% – 24.99% 550 A stable credit history
TransformCredit $3,000 – $7,000 Up to 35.99% 750 Borrowers with cosigners

Even Financial

Loan Amount: $1,000 – $250,000
APR: 2.49% – 35.99%
Min. Credit Score: 550
Approval: 1 – 7 Days
Terms: 2 – 7 Years
Fees:
  • Loan origination fees vary by lender
  • Late payment fees vary by lender
  • Most lenders don’t charge prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 550
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Fill out your information through Even Financial’s online portal
Average Borrower Profile:
  • Even Financial connects borrowers with personalized financial product offers from banks and other lenders
  • If you have bad, fair, good, or excellent credit, financing options are available
Best For: Obtaining the best APR
Check rates

While Even Financial doesn’t issue loans directly, its products are second to none. And the Fintech site’s vast network of financiers can help you obtain the right loan at the right price. For example, Evan Financial does all of the hard work for you because several loan offers are present in one place. As a result, instead of combing through many websites and keeping a spreadsheet of each product’s good and bad qualities, Even Financial’s intelligent algorithm shows you all of the offers that meet your criteria.

Moreover, Even Financial can help you borrow up to $250,000 with APRs as low as 2.49%. In addition, terms range from two to seven years, and loan origination fees vary depending on the creditor. What’s more, Even Financial partners with more than 300 reputable lenders, so your curated results cover the entire marketplace.

For example, you can search for the best personal loans for good credit, student and auto refinance, debt consolidation, or find a line of credit. Then, you enter your unique information, and Even Financial provides you with a list of options that give you the highest chance of approval. As a result, whether it’s LendingClub, Best Egg, or Prosper, a few clicks at Even Financial can help you obtain the cheapest loans and the best terms.

Also, Even Financial’s extensive partnerships can provide access to hidden promotions. As a result, the platform may help you obtain financing offers that direct lenders don’t advertise. In addition, borrowers in all states should be able to apply.

Pros:

  • Even Financial connects you with lenders that offer personal loans up to $250,000.
  • Even Financial can help you obtain an APR as low as 2.49%.
  • Terms of two to seven years offer repayment flexibility.
  • Even Financial can help you uncover unique promotions.
  • Even Financial makes finding affordable loans fast and easy.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • Loan origination and late payment fees vary by lender.
  • You may find it difficult to choose between several competing offers.

The impact of COVID-19:

Since Even Financial is a comparison site, it doesn’t issue loans directly. Moreover, the lenders on Even Financial’s platform determine their deferral and forbearance policies independently. As a result, you need to contact your lender directly to determine the available options.

 

Credible

Loan Amount: $600 – $100,000
APR: 2.49% – 35.99%
Min. Credit Score: 620
Approval: 1 – 7 Days
Terms: 1 – 7 Years
Fees:
  • Loan origination fee of 1% – 8%
  • Late payment fees vary by lender
  • Most lenders don’t charge prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 620
  • Have a DTI ratio that doesn’t exceed 40%
  • Have recurring employment income or government benefits
  • Fill out your information through Credible’s online portal
Average Borrower Profile:
  • Credible connects borrowers with personalized financial product offers from banks and other lenders
  • If you have fair, good, or excellent credit, financing options are available
Best For: Obtaining a Best Rate Guarantee
Check rates

Like Even Financial, Credible can help connect you with a reputable lender. And since the company’s marketplace includes the likes of Prosper, SoFi, Discover, and many more, you can compare the best personal loans for good credit with a few simple clicks.

Also, lenders on Credible’s marketplace offer loans that range from $600 to $100,000 with APRs of 2.49% to 35.99%. Moreover, terms of one to seven years are available, and loan origination fees range from 1% to 8%. However, options are present for borrowers with bad credit. For context, Credible notes that borrowers with good and excellent credit often obtain the lowest APRs. However, while bad credit personal loan APRs often exceed 15%, you can still get financing.

Conversely, if you have a strong credit profile, the best personal loans for good credit are available with APRs as low as 2.49%. Moreover, after answering a few simple questions, Credible will curate a list of loan offers that fit your criteria. Then, you can examine which one is right for you. In addition, like most of the lenders and comparison sites on our list, obtaining a quote doesn’t require a commitment, and it won’t impact your credit score.

On top of that, Credible has a Best Rate Guarantee where if you obtain a better APR elsewhere, you’ll receive a $200 gift card. For context, you only receive the $200 if the transaction meets specific stipulations. As a result, please view the terms and conditions to learn more. However, since the lender stands by its marketplace and believes that shopping there will help you obtain the best APR, it’s a true confidence builder. In addition, borrowers in all states should be able to apply.

Pros:

  • Credible connects you with lenders that offer personal loans that range from $600 to $100,000.
  • Credible can help you obtain an APR as low as 2.49%.
  • Credible’s Best Rate Guarantee offers a $200 gift card if you find a better APR elsewhere.
  • Terms of one to seven years offer repayment flexibility.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • Lenders on Credible’s platform typically have 1% to 8% loan origination fees.
  • Lenders’ late payment fees vary.

The impact of COVID-19:

Since Credible is a comparison site, it doesn’t issue loans directly. Moreover, the lenders on Credible’s platform determine their deferral and forbearance policies independently. As a result, you need to contact your lender directly to determine the available options. For more information, Credible created an exhaustive list outlining lenders’ recent policies.COVID-19 didn’t change Credible’s policies.

SuperMoney

Loan Amount: $600 – $100,000
APR: 4.99% – 35.99%
Min. Credit Score: 600
Approval: 1 – 7 Days
Terms: 1 – 7 Years
Fees:
  • Loan origination fee of 1% – 8%
  • Late payment fees vary by lender
  • Most lenders don’t charge prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 600
  • Have a DTI ratio that doesn’t exceed 40%
  • Have recurring employment income or government benefits
  • Fill out your information through SuperMoney’s online portal
Average Borrower Profile:
  • SuperMoney connects borrowers with personalized financial product offers from banks and other lenders
  • If you have fair, good, or excellent credit, financing options are available
Best For: Comparing multiple offers
Check rates

SuperMoney is another loan comparison site that can help you find the best personal loans for good credit. And with metrics similar to Credible, platform lenders offer loans that range from $600 to $100,000 with APRs of 4.99% to 35.99%. Moreover, terms of one to seven years are available, and loan origination fees range from 1% to 8%. In addition, SuperMoney notes that most lenders require a credit score of at least 600 and that borrowers near the low-end will likely incur higher APRs.

But SuperMoney’s website is easy to navigate, and you can obtain a personalized quote with a few clicks. Likewise, you also have access to private student loans and personal lines of credit. And while you can shop for auto title and payday loans at SuperMoney, we strongly recommend that you avoid them.

Thus, SuperMoney is a great place to start your search. With curated options and detailed data helping filter out the noise, you can find the best personal loans for good credit with minimal effort. Furthermore, there are no fees to use SuperMoney, since the lenders compensate loan comparison sites. As a result, since they only get paid if you agree to the terms, it’s in their best interest to find you the most suitable options. In addition, borrowers in all states should be able to apply.

Pros:

  • SuperMoney connects you with lenders that offer personal loans that range from $600 to $100,000.
  • SuperMoney can help you obtain an APR as low as 4.99%.
  • Terms of one to seven years offer repayment flexibility.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • Lenders on SuperMoney’s platform typically have loan origination fees that range from 1% to 8%.
  • Lenders’ late payment fees vary.

The impact of COVID-19:

Since SuperMoney is a comparison site, it doesn’t issue loans directly. Moreover, the lenders on SuperMoney’s platform determine their deferral and forbearance policies independently. As a result, you need to contact your lender directly to determine the available options.

SoFi

Loan Amount: $5,000 – $100,000
APR: 5.74% – 20.28%
Min. Credit Score: 680
Approval: 1 – 7 Days
Terms: 2 – 7 Years
Fees:
  • There are no loan origination fees
  • There are no late payment fees
  • There are no closing fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 680.
  • Be employed, have an employment offer that starts in 60 days, or have recurring income from other sources.
  • Fill out your information through SoFi’s online portal
Average Borrower Profile:
  • Has a FICO Score of 753
  • Has gross income of $151,144
  • Has free cash flow of $5,696 per month
  • Borrows $31,634
  • Excellent credit scores incur an APR of 6.59%
  • Good credit scores incur an APR of 15.56%
Best For: No-fee personal loans
Check rates

SoFi makes finding the best personal loans for good credit a breeze. For example, comparable products have APRs that range from 5.99% to 35.99%. However, SoFi’s personal loans have APRs that range from 5.74% to 20.28%. Moreover, you can borrow as little as $5,000 and upwards of $100,000, and terms range from two to seven years. In addition, there are no origination, closing, or prepayment fees, and SoFi doesn’t charge for late payments.

On top of that, you can earn a $10 bonus for applying. However, you need to have a SoFi Money account or open one within 60 days to be eligible. Furthermore, SoFi’s personal loans are unsecured, so you don’t have to post any collateral. And the company only conducts a soft credit pull when you submit your application, so inquiring won’t impact your credit score. However, if you’re approved and agree to the terms, SoFi will conduct a hard credit pull, which may affect your credit score. But borrowers in all states should be able to apply.

Pros:

  • SoFi lets you borrow anywhere from $5,000 to $100,000.
  • SoFi has competitive APRs that range from 5.74% to 20.28%.
  • Terms of two to seven years offer repayment flexibility.
  • Applying does not impact your credit score.
  • Borrowers in all states should be able to apply.
  • SoFi doesn’t charge origination, closing, prepayment, or late payment fees.

Cons:

  • The minimum loan amount is $5,000.
  • SoFi’s minimum credit score is higher than its competitors.

The impact of COVID-19:

SoFi’s Special Handling Team offered assistance to borrowers struggling to make their loan payments during the pandemic. If you find yourself in a similar situation, you can contact SoFi at 1-855-456-7634 to learn more about the options available.

Prosper

Loan Amount: $2,000 – $40,000
APR: 7.95% – 35.99%
Min. Credit Score: 640
Approval: 1 Day
Terms: 3 – 5 Years
Fees:
  • Loan origination fee of 2.41% – 5%
  • Late payment fee of 5% of the amount due, or $15, whichever is greater
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a FICO Score of at least 640
  • Have less than five inquires into your credit profile over the last six months
  • Have a positive annual income
  • Have a DTI ratio that doesn’t exceed 50%
  • Have at least three open accounts listed on your credit report
  • Have not filed for bankruptcy over the preceding 12 months
  • Fill out your information through Prosper’s online portal
Average Borrower Profile:
  • Has a credit score of 714
  • Has a loan-to-income ratio of 5.34%.
  • Borrows $13,446
  • Incurs an APR of 13.49%
  • Has a DTI ratio of 16.90%
Best For: Obtaining multiple personal loans
Check rates

Prosper should be on your radar if you want to find the best personal loans for good credit. For example, the lender issues personal loans ranging from $2,000 to $40,000 with APRs of 7.95% to 35.99% and three to five-year terms. In addition, loan origination fees range from 2.41% to 5%. However, Prosper is one of the most respected companies in the marketplace and makes it easy to find the best personal loans for good credit.

Furthermore, qualifying borrowers can take out more than one loan. However, the rules require that your initial loan is in good standing, operational for at least six months, and the total balance does not exceed the $40,000 maximum. In addition, you can’t have any charge offs with Prosper or have been more than 15 days delinquent on loans obtained within the last 12 months.

Also, if your scheduled loan payment is 15 days past due, Prosper charges a late payment fee of 5% of the amount due, or $15, whichever is greater. As a result, it’s essential to keep track of your cash flow. For context, when you apply for a loan on Prosper’s platform, you create a loan “listing” that appears within its marketplace. Then, you can view several of the best personal loans for good credit, and you can choose which one is right for you. In addition, inquiring does not require a commitment, and checking your rate won’t impact your credit score. In addition, borrowers in all states should be able to apply.

Pros:

  • Prosper lets you borrow anywhere from $2,000 to $40,000.
  • Prosper has competitive APRs that range from 7.95% to 35.99%.
  • Terms of three to five years offer repayment flexibility.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • Prosper charges late payment fees of 5% of the amount due, or $15, whichever is greater.
  • Prosper’s loan origination fee ranges from 2.41% to 5%.

The impact of COVID-19:

While Prosper offers borrowers a 15-day grace period before levying late payment fees, assistance is available if you suffer from financial hardship. Prosper recommends that you contact the loan company at 1-800 843-1662, or via email at covidhelp@prosper.com.

Upgrade

Upgrade Disclaimer: *Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s lending partners.

Loan Amount: $1,000 – $50,000
APR: 5.94% – 35.97%
Min. Credit Score: 560
Approval: 1 Day
Terms: 2 – 7 Years
Fees:
  • Loan origination fee of 2.9% – 8%
  • Late payment fee of $10, after a 15-day grace period
  • Insufficient funds fee of $10
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 560
  • Have a DTI ratio that doesn’t exceed 75%
  • Have recurring employment income or government benefits
  • Fill out your information through Upgrade’s online portal
Average Borrower Profile:
  • Has a credit score of 678
  • Has an annual income of $78,000
Best For: High DTI ratios
Check rates

As another winner for finding the best personal loans for good credit, Upgrade lets you borrow anywhere from $1,000 to $50,000, with APRs of 5.94% to 35.97%. Moreover, terms range from two to seven years, and origination fees range from 2.9% to 8%. In addition, you need to have a minimum credit score of 560 to qualify. However, the stipulation is slightly lower than Prosper, so you may find Upgrade a more suitable option if you have fair credit. Also, if your loan payment fails due to insufficient funds, a $10 fee may apply. In addition, if your scheduled loan payment is 15 days past due, a late payment fee of $10 will apply. Also noteworthy, Upgrade does not extend credit to borrowers in Washington, D.C., Iowa, and West Virginia.

Overall, Upgrade is an excellent option to find the best personal loans for good credit. Moreover, since borrowers with good and excellent credit likely qualify for APRs near the 5% to 10% range, your interest charges should be manageable. In addition, with loan terms that range from two to seven years, Upgrade’s maturities are more prolonged than Proper’s terms. Thus, if you have an extended time horizon, Upgrade may fit your needs.

In contrast, Upgrade’s loan origination fees can cost more than Prosper. As a result, please consider the good and the bad before making your final decision. And to do that, consult our marketplace. When you compare multiple offers, it’s easy to find the best personal loans for good credit.

Pros:

  • Upgrade lets you borrow anywhere from $1,000 to $50,000.
  • Upgrade has competitive APRs that range from 5.94% to 35.97%.
  • Terms of two to seven years offer repayment flexibility.
  • Applying does not impact your credit score.

Cons:

  • Upgrade may charge a $10 insufficient funds fee.
  • Upgrade charges a $10 late payment fee after a 15-day grace period.
  • Upgrade’s loan origination fee ranges from 2.9% to 8%.
  • Financing is not available in all states.

The impact of COVID-19:

Upgrade provided loan assistance to borrowers dealing with financial hardship throughout the pandemic. And if you still require relief, Upgrade recommends that you log into your account to connect with a representative. Likewise, you can also call Upgrade at 1-844-319-3909 or send an email to support@upgrade.com.

PersonalLoans

Loan Amount: $1,000 – $35,000
APR: 5.99% – 35.99%
Min. Credit Score: 580
Approval: 1 Day
Terms: 90 Days – 6 Years
Fees:
  • Loan origination fee of 1% – 5%
  • You may incur late payment fees after 15-day grace period
  • Most lenders don’t charge prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 580
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits.
  • Do not have a pattern of late payments, bankruptcies, or charge offs
  • Fill out your information through PersonalLoans’ online portal
Average Borrower Profile:
  • PersonalLoans connects borrowers with personalized financial product offers from banks and other lenders
  • If you have bad, fair, good, or excellent credit, financing options are available
Best For: Short and long-term personal loans
Check rates

Instead of issuing financing directly, PersonalLoans is a marketplace that connects you with lenders that offer the best personal loans for good credit. However, its products are just as excellent as Prosper and Upgrade. For example, you can borrow as little as $1,000 and upwards of $35,000, with APRs of 5.99% to 35.99%. Moreover, with short-and long-term options available, terms range from 90 days to six years. In addition, loan origination fees range from 1% to 5%.

Furthermore, PersonalLoans discloses the typical terms that come with personal loans. For example, most borrowers have a credit score of 580 or more and have a minimum income of $2,000 per month. For context, employment, self-employment, and government benefits qualify as income. Moreover, the application process is quick and easy, and if you have good or excellent credit, you should obtain an APR closer to 5.99%.

As a result, PersonalLoans is a reputable site that makes finding the best personal loans for good credit easy. And since origination fees range from 1% to 5%, you may obtain cheaper financing than similar sites. Likewise, loan terms of 90+ days are available if you need a short-term cash infusion. In addition, borrowers in all states should be able to apply.

Pros:

  • PersonalLoans lets you borrow anywhere from $1,000 to $35,000.
  • PersonalLoans has competitive APRs that range from 5.99% to 35.99%.
  • Terms of 90 days to six years offer repayment flexibility.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • PersonalLoans’ origination fees range from 1% to 5%.
  • You may incur late payment fees.

The impact of COVID-19:

Since PersonalLoans is a comparison site, it doesn’t issue loans directly. Moreover, the lenders on PersonalLoans platform determine their deferral and forbearance policies independently. As a result, you need to contact your lender directly to determine the available options.

LendingTree

Loan Amount: $1,000 – $50,000
APR: 2.49% – 35.99%
Min. Credit Score: 600
Approval: 1 Day
Terms: 1 – 5 Years
Fees:
  • Loan origination fee of 0% – 3%
  • You may incur late payment fees
  • Most lenders don’t charge prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 600
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Fill out your information through LendingTree’s online portal
Average Borrower Profile:
  • Excellent credit scores borrow $20,128 at an APR of 8.83%
  • Good credit scores borrow $9,818 at an APR of 17.54%
  • Full-time employees borrow $11,016
  • Self-employed persons borrow $12,266
  • Part-time employees borrow $7.944
  • Unemployed persons borrow $8,254
  • The majority of personal loans are used for credit card refinancing and debt consolidation
Best For: Obtaining a low APR
Check rates

LendingTree is another standout since the comparison site is known for hosting the best personal loans for good credit. For example, partners’ personal loans range from $1,000 to $50,000, with ARPs of 2.49% to 35.99%. Moreover, terms of one to five years are available, and loan origination fees typically come in at 0% to 3%.

In addition, LendingTree lets you analyze your options based on your credit score. Moreover, you can also filter the results by the type of loan you want. For example, options are available for home improvement, business, credit card refinance, and debt consolidation loans. For context, typical APRs are as follows:

  • For borrowers with credit scores of 760+, the average APR is 8.83%.
  • For borrowers with credit scores of 720 to 759, the average APR is 12.95%.
  • For borrowers with credit scores of 680 to 719, the average APR is 17.54%.
  • For borrowers with credit scores of 640 to 679, the average APR is 22.74%.

As a result, if your credit score falls within the brackets above, they’re rough estimates of what you should expect from LendingTree. In addition, borrowers in all states should be able to apply. However, if you want to view an extensive list of the best personal loans for good credit, please consult our marketplace for more information.

Pros:

  • LendingTree lets you borrow anywhere from $1,000 to $50,000.
  • LendingTree has competitive APRs that range from 2.49% to 35.99%.
  • Terms of one to five years offer repayment flexibility.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • Loan origination fees range from 0% to 3%.
  • You may incur late payment fees.

The impact of COVID-19:

Since LendingTree is a comparison site, it doesn’t issue loans directly. Moreover, the lenders on LendingTree’s platform determine their deferral and forbearance policies independently. As a result, you need to contact your lender directly to determine the available options. For more information, LendingTree created an exhaustive list outlining lenders’ recent policies.

BestEgg

Loan Amount: $2,000 – $50,000
APR: 5.99% – 35.99%
Min. Credit Score: 550 – 600
Approval: 1 Day
Terms: 3 – 5 Years
Fees:
  • Loan origination fee of 0.99% – 5.99%
  • Late payment fee of $15
  • Insufficient funds fee of $15
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 550 – 600
  • Have a DTI ratio that doesn’t exceed 35% – 43%
  • Have recurring employment income or government benefits
  • Fill out your information through Best Egg’s online portal
Average Borrower Profile: BestEgg doesn’t disclose average personal loan statistics
Best For: Wide range of credit scores
Check rates

BestEgg provides personal loans that range from $2,000 to $50,000, with APRs of 5.99% to 35.99%. Moreover, terms extend from three to five years, and origination fees are 0.99% to 5.99%. However, loans with maturities of four years or more incur at least 4.99% loan origination fees.

But if you have a FICO Score of 700 and an annual income of $100,000, you can qualify for BestEgg’s lowest APRs. As a result, it’s a great place to find the best personal loans for good credit. However, minimum loan amounts vary by state and that financing may only be available in 47 states. For example, Massachusetts loans start at $6,500, New Mexico and Ohio at $5,000, and Georgia at $3,000. Also, you can have more than one personal loan at a time, but your total can’t exceed the $50,000 maximum.

Finally, if your loan payment fails due to insufficient funds, a $15 fee may apply. In addition, if your scheduled loan payment is three days past due, a late payment fee of $15 will apply.

Thus, BestEgg is one of the best loan providers in the marketplace, and you shouldn’t have any trouble finding the best personal loans for good credit. Also, with the lowest APRs reserved for borrowers with the highest credit scores, BestEgg is a perfect fit if you have an extensive history of creditworthiness.

Pros:

  • BestEgg lets you borrow anywhere from $2,000 to $50,000.
  • BestEgg has competitive APRs that range from 5.99% to 35.99%.
  • Terms of three to five years offer repayment flexibility.
  • Applying does not impact your credit score.

Cons:

  • BestEgg’s loan origination fees range from 0.99% to 5.99%.
  • Terms of four years or more have loan origination fees of at least 4.99%.
  • BestEgg may charge a $15 insufficient funds fee.
  • BestEgg charges a $15 late payment fee.
  • Financing is not available in all states.

The impact of COVID-19:

BestEgg doesn’t disclose any relief programs related to COVID-19. However, if you need to speak with someone about your situation, you can call a BestEgg personal loan agent at 1-855-282-6353 or send an email to Loan_assistance@mybestegg.com

Laurel Road

Loan Amount: $5,000 – $45,000
APR: 7.00% – 24.75%
Min. Credit Score: 660 – 700
Approval: 1 – 7 Days
Terms: 3 – 5 Years
Fees:
  • Late payment fee of 5% of the amount due, or $28, whichever is less.
  • There are no loan origination fees
  • There are no closing fees
  • There are no application fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a minimum credit score of 660 with a co-signer
  • With no co-signer, have a minimum credit score of 700.
  • Have a DTI ratio that doesn’t exceed 43%
  • Have recurring employment income or government benefits.
  • Have no bankruptcies over the last four years
  • Fill out your information through Laurel Road’s online portal
Average Borrower Profile: Laurel Road doesn’t disclose average personal loan statistics
Best For: Debt consolidation
Check rates

On top of student loan refinancing and business loans, Laurel Road can help you find the best personal loans for good credit. For example, you can borrow anywhere from $5,000 to $45,000 with APRs of 7% to 24.75%. Moreover, terms stretch from three to five years, and there are no loan origination fees. In addition, borrowers in all states should be able to apply. However, late payments will cost you 5% of the amount due, or $28, whichever is less. For context, when you submit your application, Laurel Road conducts a soft credit pull, which doesn’t impact your credit score. However, loan amounts vary depending on the use of the funds:

  • For auto, business, green, moving, and other standard expenses, the maximum loan amount is $35,000.
  • For home repairs, debt consolidation, and major purchases, the maximum loan amount is $45,000.
  • If you’re an active doctor or dentist or complete your training within 12 months and have an employment contract, the maximum loan amount is $80,000.
  • If you’re a doctor or dentist without an employment contract, loan limits range from $30,000 to $45,000.

Also noteworthy, Laurel Road is well known for student loan refinancing. And with fixed APRs that range from 2.50% to 6% with terms of five to 20 years, you may find that the lender can help in more ways than one.

Pros:

  • Laurel Road lets you borrow anywhere from $5,000 to $45,000.
  • Doctors and dentists can qualify for up to $80,000.
  • Laurel Road has competitive APRs that range from 7% to 24.75%.
  • Terms of three to five years offer repayment flexibility.
  • There are no loan origination fees.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • Laurel Road charges late payment fees of 5% of the amount due, or $28, whichever is less.
  • Without a co-signer, you may need a minimum credit score of 700 to qualify.
  • The minimum loan amount is $5,000.

The impact of COVID-19:

Laurel Road’s forbearance programs helped customers pause their loan payments for up to three months. However, if you’re still experiencing financial difficulties, Laurel Road encourages borrowers to contact its servicing partner Mohela at 1-877-292-6845.

LendingClub

Loan Amount: $1,000 – $40,000
APR: 7.04% – 35.89%
Min. Credit Score: 600
Approval: 1 – 7 Days
Terms: 3 – 5 Years
Fees:
  • Loan origination fee of 3% – 6%
  • You may incur late payment fees
  • There are no application fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 600
  • Have a DTI ratio that doesn’t exceed 36% – 43%
  • Have recurring employment income or government benefits
  • Fill out your information through LendingClub’s online portal
Average Borrower Profile:
  • Has a credit score of 700
  • Has an annual income of $100,000
  • Borrows $15,800
  • Finances over a three-year term
  • Incurs an APR of 15.95%
  • Incurs a 5% loan origination fee
Best For: Good credit scores, low DTI ratios
Check rates

LendingClub provides personal loans that range from $1,000 to $40,000, with APRs of 7.04% to 35.89%. Terms range from three to five years, and loan origination fees will cost you 3% to 6% of the total balance. In addition, while there is a 15-day grace period for late payments, a subsequent fee often applies, though LendingClub doesn’t disclose the exact amount.

In addition, the company doesn’t list many qualification requirements, and LendingClub doesn’t offer loans to Iowa residents. However, the company’s disclosures state that LendingClub analyzes your credit score and the information obtained from credit bureaus to determine your eligibility. Moreover, if you want to qualify for the lowest APRs, you should have a good credit history, a low DTI ratio, and an above-average credit score.

As a result, if you can meet the requirements, LendingClub can help you find the best personal loans for good credit. However, please do your homework before you apply. For example, our marketplace has several options that can fit your needs. And while some lenders have lower APRs, their loan origination fees can be higher. Thus, a seemingly cheap loan becomes expensive pretty quickly. Therefore, please take the time to consider all of your options.

Pros:

  • LendingClub lets you borrow anywhere from $1,000 to $40,000.
  • LendingClub has competitive APRs that range from 7.04% to 35.89%.
  • Terms of three to five years offer repayment flexibility.
  • Applying does not impact your credit score.

Cons:

  • LendingClub’s loan origination fees range from 3% to 6%.
  • Late payment fees often apply.
  • LendingClub doesn’t offer loans to Iowa residents.

The impact of COVID-19:

LendingClub offered delayed payment programs to members in financial need during the pandemic. If you want to apply for relief, you can call LendingClub’s special care line at 1-877-644-4446.

FreedomPlus

Loan Amount: $7,500 – $50,000
APR: 7.99% – 29.99%
Min. Credit Score: 620
Approval: 1 – 7 Days
Terms: 2 – 5 Years
Fees:
  • Loan origination fee of 1.99% – 4.99%
  • Late payment fee of 5% of the amount due, or $15, whichever is greater.
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 620
  • Have a DTI ratio that doesn’t exceed 40%
  • Have recurring employment income or government benefits
  • Fill out your information through FreedomPlus’ online portal
Average Borrower Profile:
  • Has a credit score of 700
  • Has an annual income of $120,000
  • Borrows $19,000
  • Has a DTI ratio of 23%
  • Incurs a 4.99% loan origination fee
  • Achieves a 7.99% APR with excellent credit and a loan amount of less than $12,000 on a three-year term
Best For: Debt consolidation
Check rates

As another affordable personal loan provider, FreedomPlus’ loans range from $7,500 to $50,000, with APRs of 7.99% to 29.99%. Moreover, terms range from two to five years, and loan origination fees are an additional 1.99% to 4.99%. In addition, FreedomPlus charges a late payment fee of 5% of the amount due, or $15, whichever is greater.

However, you can’t apply for FreedomPlus loans in 12 states. As a result, you’re out of luck if you live in Colorado, Connecticut, Wisconsin, Wyoming, West Virginia, Hawaii, Kansas, New Hampshire, North Dakota, Nevada, Oregon, and Vermont. Likewise, with a minimum loan amount of $7,500, FreedomPlus may not be suitable for small borrowers.

But FreedomPlus does have some attractive qualities. For example, if you need a debt consolidation loan and consent FreedomPlus to send the proceeds directly to the creditor, you can reduce your APR by upwards of 4%. However, you must authorize at least 85% of the proceeds to obtain the total discount.

Furthermore, if you have a retirement account with assets of $25,000 to $40,000, you can qualify for an APR discount of up to 5%. Also, the most significant discounts go to borrowers that meet the $40,000 savings threshold, but you don’t need to post the funds as collateral. However, the savings cushion increases your creditworthiness in the eyes of FreedomPlus.

Pros:

  • FreedomPlus lets you borrow anywhere from $1,000 to $40,000.
  • FreedomPlus has competitive APRs that range from 7.99% to 29.99%.
  • Borrowers pursuing debt consolidation can receive APR discounts.
  • Borrowers with large retirement account balances can receive APR discounts.
  • Terms of two to five years offer repayment flexibility.
  • Applying does not impact your credit score.

Cons:

  • FreedomPlus’ loan origination fees range from 1.99% to 4.99%.
  • FreedomPlus charges a late payment fee of 5% of the amount due, or $15, whichever is greater.
  • The minimum loan amount is $7,500.
  • FreedomPlus’ personal loans are not available in 12 states.

The impact of COVID-19:

While FreedomPlus doesn’t list any specific hardship policies, you can contact the loan company via phone at 1-800-297-5879 or send an email to CustomerSupport@FreedomPlus.com to learn more about the options available.

Upstart

Loan Amount: $1,000 – $50,000
APR: 3.09% – 35.99%
Min. Credit Score: 300
Approval: 1 – 7 Days
Terms: 3 – 5 Years
Fees:
  • Loan origination fee of 0% – 8%
  • Late payment fee of 5% of the amount due, or $15, whichever is greater, after a 15-day grace period
  • Insufficient funds fee of $15
  • Paper documents fee of $10
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 300
  • Have a DTI ratio that doesn’t exceed 45% to 50% (excluding rent/mortgage)
  • Have not filed for bankruptcy in the last 12 months
  • Have no current delinquencies on your credit profile
  • Have less than six credit inquiries on your profile in the last six months (excluding mortgages, auto and student loans)
  • Have recurring employment income or government benefits
  • Fill out your information through Upstart’s online portal
Average Borrower Profile:
  • Borrows roughly $8,600.
  • Incurs an APR of 23.98% on a five-year term
  • Achieves approval nearly twice as often than traditional lenders with a FICO Score of 620 to 660
  • The CFPB found Upstart’s AI risk model approves 27% more borrowers and they incur APRs 16% lower than traditional lenders
Best For: Low credit scores, high DTI ratios
Check rates

As another top lender in the marketplace, Upstart can help you find the best personal loans for good credit. There, you can borrow $1,000 to $50,000, with APRs that range from 3.09% to 35.99%. Moreover, terms extend from three to five years, and origination fees are 0% to 8%. In addition, Upstart charges a late payment fee of 5% of the amount due, or $15, whichever is greater. Moreover, insufficient funds fees can cost you $15 per occurrence, while receiving paper documents costs $10 per request.

However, applying for a loan won’t impact your credit score, and inquiring does not require a commitment. But if you agree to the offer, a hard credit inquiry will occur that may impact your credit score. For context, the policy is standard among most lenders, so it’s not unique to Upstart. And for your reference, the website notes that the average APR for a five-year loan on Upstart’s platform is 23.98%.

Also, minimum loan amounts vary by state. For example, Georgia ($3,100), Hawaii ($2,100), Massachusetts ($7,000), New Mexico ($5,100), and Ohio ($6,000) have higher personal loan minimums. As a result, the amounts may or may not be suitable depending on your location.
But borrowers in all states should be able to apply. In addition, Upstart uses artificial intelligence (AI) and alternative data to assess credit risk. And if you have less-than-stellar credit, metrics like your education and job history can help you overcome a weak credit score.

Pros:

  • Upstart lets you borrow anywhere from $1,000 to $50,000.
  • Upstart has competitive APRs that range from 3.09% to 35.99%.
  • Terms of three to five years offer repayment flexibility.
  • Upstart uses artificial intelligence (AI) and alternative data to assess credit risk.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • Upstart’s loan origination fees range from 0% to 8%.
  • Upstart charges a late payment fee of 5% of the amount due, or $15, whichever is greater.
  • Upstart may charge a $15 insufficient funds fee.
  • Upstart may charge a $10 fee for paper documents.
  • Some states have higher loan minimums.

The impact of COVID-19:

If you need to pause your loan payments because of the pandemic or due to other financial difficulties, you can submit an online request through Upstart’s website. In addition, you can also call the lender at 1-855-451-6753.

Marcus by Goldman Sachs

Loan Amount: $3,500 – $40,000
APR: 6.99% – 19.99%
Min. Credit Score: 660
Approval: 1 – 7 Days
Terms: 3 – 6 Years
Fees:
  • There are no loan origination fees
  • There are no late payment fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 660
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Fill out your information through Marcus by Goldman Sachs’ online portal
Average Borrower Profile: Marcus by Goldman Sachs doesn’t disclose average personal loan statistics
Best For: No-fee personal loans
Check rates

Marcus by Goldman Sachs provides personal loans that range from $3,500 to $40,000, with APRs of 6.99% to 19.99%. Moreover, terms extend from three to six years, and there are no origination, prepayment, or late payment fees. In addition, borrowers in all states should be able to apply. As a result, Marcus by Goldman Sachs is one of the few lenders in the marketplace where you won’t incur any out-of-pocket expenses.

However, longer-term loans (six years) often have higher APRs than shorter-term loans (three years). Moreover, you must have enough recurring income or government benefits to support the monthly payments. But borrowers who enroll in Auto-Pay can reduce their APR by 0.25%. For context, the policy requires you to set up an automatic repayment schedule by linking your checking account. Likewise, if you make your total loan payments for 12 consecutive months, you qualify for one month of no payments with zero interest.

Overall, Marcus by Goldman Sachs’ personal loans are great for debt consolidation. For example, while its low-end APR (6.99%) is higher than comparable lenders on our list, its high-end APR (19.99%) is lower. Thus, if you have good or excellent credit and want to refinance existing loans at a lower rate, Marcus by Goldman Sachs can help you achieve that goal. Moreover, with no origination or late payment fees, it’s a great place to find the best personal loans for good credit.

Pros:

  • Marcus by Goldman Sachs lets you borrow anywhere from $3,500 to $40,000.
  • Marcus by Goldman Sachs has competitive APRs that range from 6.99% to 19.99%.
  • Terms of three to six years offer repayment flexibility.
  • There are no origination or late payment fees.
  • You can reduce your APR by 0.25% with Auto-Pay.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • Marcus by Goldman Sachs’ low-end APR (6.99%) is higher than comparable lenders on our list.
  • Longer-term loans (six years) often have higher APRs than shorter-term loans (three years).

The impact of COVID-19:

While Marcus by Goldman Sachs’ policies remained consistent throughout the pandemic, help was available to borrowers in need. If you confront similar issues today, you can discuss the problem with Marcus by Goldman Sachs by calling 1-844-627-2872 and speaking with a representative.

Pentagon Federal Credit Union

Loan Amount: $600 – $50,000
APR: 4.99% – 17.99%
Min. Credit Score: 650
Approval: 1 – 7 Days
Terms: 1 – 5 Years
Fees:
  • Late payment fee of $29
  • Insufficient funds fee of $30
  • There are no loan origination fees
  • There are no prepayment fees
  • There are no application fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 650
  • The maximum DTI ratio is often 50%
  • Have recurring employment income or government benefits
  • Fill out your information through Pentagon Federal’s online portal
Average Borrower Profile:
  • Excellent credit scores often obtain APRs of 4.99% to 5.99%
  • Good credit scores often obtain APRs of 7.99% to 9.99%
  • Fair credit scores often obtain APRs of 11.99% to 17.99%
Best For: High DTI ratios
Check rates

If you prefer to obtain the best personal loans for good credit through a credit union, Pentagon Federal should be on your radar. For example, you can borrow anywhere from $600 to $50,000, and APRs range from 4.99% to 17.99%. Moreover, terms extend from one to five years, and Pentagon Federal doesn’t charge any origination, application, or prepayment fees.

However, late payments will cost you $29, and its insufficient funds fee is $30. In addition, you need to be a Pentagon Federal Credit Union member to qualify, but the requirements are easy to fulfill. First, you apply online for a Pentagon Federal savings account and deposit $5. Then, you can apply for a personal loan and have the funds deposited in your savings account. Furthermore, Pentagon Federal’s Premium Online Savings Account has an annual percentage yield (APY) of 0.55% and is among the highest available.

On top of that, you can use Pentagon Federal’s loans for home improvement projects, debt consolidation, auto, medical, and leisure expenses. And if you have good credit, the low APRs are much more attractive than swiping your credit card.

Thus, Pentagon Federal’s loans have more good than bad qualities, and if you have good credit, you should qualify for an APR near the low-end range. In addition, borrowers in all states should be able to apply.

Pros:

  • Pentagon Federal lets you borrow anywhere from $600 to $50,000.
  • Pentagon Federal has competitive APRs that range from 4.99% to 17.99%.
  • Terms of one to five years offer repayment flexibility.
  • There are no origination, application, or prepayment fees.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • Pentagon Federal charges a $29 late payment fee.
  • Pentagon Federal charges a $30 insufficient funds fee.
  • You must be a Pentagon Federal Credit Union member to qualify.

The impact of COVID-19:

During the pandemic, forbearance programs were available to borrowers struggling to make their loan payments. If you’re still suffering from financial disruptions, you can contact Pentagon Federal’s Financial Hardship Center at 1-800-247-5626 and inquire about possible solutions.

Discover

Loan Amount: $2,500 – $35,000
APR: 5.99% – 24.99%
Min. Credit Score: 660
Approval: 1 – 7 Days
Terms: 3 – 7 Years
Fees:
  • Late payment fee of $39
  • There are no loan origination fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 660
  • The maximum DTI ratio is often 43%
  • Have a household income of at least $25,000
  • Fill out your information through Discover’s online portal
Average Borrower Profile:
  • Has a credit score of 750
  • Has household income that exceeds the $25,000 minimum
Best For: Debt consolidation
Check rates

Discover provides personal loans that range from $2,500 to $35,000, with APRs of 5.99% to 24.99%. Moreover, terms of three to seven years are available, and there are no loan origination fees. However, a late payment fee of $39 often applies.

Also, Discover is an excellent option for debt consolidation. For example, Discover will send the personal loan proceeds directly to your creditor if you authorize them. And if you qualify for a lower APR than you’re currently paying, the reduced interest charges can save you a lot. In addition, borrowers in all states should be able to apply. However, you can’t use Discover’s personal loans to pay off a secured loan or a Discover credit card. And this means that home and auto loans are not applicable.

Also, Discover has an excellent policy where you can return the personal loan within 30 days without incurring any charges. Therefore, if you find a lower rate elsewhere, you can reverse the transaction. However, there is a catch:

  1. You must return the proceeds via check.
  2. Discover will not retrieve the funds from a creditor.

Thus, if you opt for a debt consolidation loan, ensure your decision before the disbursement occurs. Outside of that, there is a lot to like: Discover’s loans are affordable, and with no origination fees, it’s easy to find the best personal loans for good credit.

Pros:

  • Discover lets you borrow anywhere from $2,500 to $35,000.
  • Discover has competitive APRs that range from 5.99% to 24.99%.
  • Terms of three to seven years offer repayment flexibility.
  • There are no origination or prepayment fees.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • Discover charges a $39 late payment fee.
  • You need a household income of at least $25,000 to qualify.
  • You can’t use Discover’s personal loans to pay off a secured loan or a Discover credit card.

The impact of COVID-19:

Discover offered payment deferrals as the pandemic unfolded and didn’t collect late fees from struggling borrowers. However, if you fear that you may miss a payment going forward, you can contact Discover’s customer service team via phone at 1-866-248-1255.

Wells Fargo

Loan Amount: $3,000 – $100,000
APR: 5.74% – 19.99%
Min. Credit Score: 660
Approval: 1 – 7 Days
Terms: 1 – 7 Years
Fees:
  • Late payment fee of $39
  • Insufficient funds fee of $39
  • There are no loan origination fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 660
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Apply online or at a Wells Fargo branch
Average Borrower Profile:
  • Excellent credit scores often obtain APRs of 5.74% to 8.22% on a three-year term
  • Good credit scores often obtain APRs of 9.47% to 11.96% on a three-year term
  • Fair credit scores often obtain APRs of 11.96% to 14.46% on a three-year term
Best For: Wells Fargo customers
Check rates

Since traditional banks offer affordable products, Wells Fargo is another excellent place to find the best personal loans for good credit. For context, the bank only accepts online applications from Wells Fargo customers. However, with more than 7,200 in-person locations across the United States, finding a branch near you shouldn’t be too difficult. Therefore, borrowers in all states should be able to apply.

Also, Wells Fargo’s personal loans range from $3,000 to $100,000, with APRs of 5.74% to 19.99%. For context, terms range from one to seven years, though the allowable maturities depend on the loan amount:

  • For loans of $3,000 to $4,999, available maturities range from one to three years.
  • For loans of $5,000 to $100,000, available maturities range from one to seven years.

What’s more, Wells Fargo doesn’t charge loan origination fees, and there are no prepayment fees either. Moreover, if you already bank with Wells Fargo, you can qualify for APR discounts. For example, a 0.50% interest rate discount is reserved for Prime, Portfolio, and Private checking account holders. Likewise, a 0.25% interest rate discount is reserved for customers across 11 different accounts.

However, Wells Fargo charges $39 for late payments and insufficient funds. In addition, the bank conducts a hard credit check upon application. As a result, it’s essential to consider these pitfalls before applying.

Pros:

  • Wells Fargo lets you borrow anywhere from $3,000 to $100,000.
  • Wells Fargo has competitive APRs that range from 5.74% to 19.99%.
  • Terms of one to seven years offer repayment flexibility.
  • There are no origination or prepayment fees.
  • Borrowers in all states should be able to apply.
  • Select Wells Fargo customers receive APR discounts.

Cons:

  • Wells Fargo charges a $39 late payment fee.
  • Wells Fargo charges a $39 insufficient funds fee.
  • Wells Fargo only accepts online applications from current customers.
  • Applying may hurt your credit score.

The impact of COVID-19:

Wells Fargo offered payment deferrals to qualifying credit card, line of credit, auto, and personal loan borrowers. If you still need assistance, you can apply by calling Wells Fargo at 1-866-828-5047.

TD Bank

Loan Amount: $2,000 – $50,000
APR: 6.99% – 18.99%
Min. Credit Score: 700
Approval: 1 – 7 Days
Terms: 1 – 5 Years
Fees:
  • Late payment fee of 5% of the amount due, or $10, whichever is less
  • There are no loan origination fees
  • There are no prepayment fees
  • There are no application fees
  • There are no insufficient funds fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 700
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Apply online or at a TD Bank branch
Average Borrower Profile: TD Bank doesn’t disclose average personal loan statistics
Best For: Good to excellent credit scores
Check rates

As another big bank that can help you find the best personal loans for good credit, TD Bank’s personal loans range from $2,000 to $50,000, with APRs of 6.99% to 18.99%. Moreover, terms range from one to five years, and there are no origination, prepayment, application, or insufficient funds fees. However, late payments will cost you 5% of the amount due, or $10, whichever is less. In addition, regardless of your loan amount and term, the minimum monthly payment won’t fall below $125, and financing is only available to applicants in 16 states.

TD Bank’s personal loans have fewer fees than comparable lenders, and its late payment fee is relatively less than its competitors that levy the charge. Moreover, similar to Wells Fargo, you can receive a 0.25% APR discount by opening a TD Bank checking or savings account and setting up automatic monthly payments.

Furthermore, TD Bank requires a minimum credit score of 700, so if you have good or excellent credit, you should have a high chance of approval. And unlike Wells Fargo, you can apply online or in-person without any prior affiliation. However, with more than 1,100 branches in sixteen states, onsite help is available if you value face-to-face service.

Pros:

  • TD Bank lets you borrow anywhere from $2,000 to $50,000.
  • TD Bank has competitive APRs that range from 6.99% to 18.99%.
  • Terms of one to five years offer repayment flexibility.
  • There are no origination, prepayment, application, or insufficient funds fees.
  • Select TD Bank customers receive APR discounts.
  • Applying does not impact your credit score.

Cons:

  • TD Bank charges a late payment fee of 5% of the amount due, or $10, whichever is less.
  • TD Bank’s low-end APR (6.99%) is higher than comparable lenders on our list.
  • Your minimum monthly payment has a floor of $125.
  • Financing is not available in all states.

The impact of COVID-19:

TD Bank provided pandemic assistance by allowing qualifying borrowers to defer their loan payments. However, the programs were specific to HELOCs and mortgages. If you want to inquire about personal loan assistance, you should contact a representative at 1-800-937-5020.

PNC Bank

Loan Amount: $1,000 – $35,000
APR: 5.99% – 35.99%
Min. Credit Score: 660
Approval: 1 – 7 Days
Terms: 6 Months – 5 Years
Fees:
  • Late payment fee of 10% of the amount due, or $40, whichever is greater, after a 15-day grace period
  • Insufficient funds fee of $36
  • There are no loan origination fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 660
  • The maximum DTI ratio is often 45%
  • Have recurring employment income or government benefits
  • Apply online or at a PNC Bank branch
Average Borrower Profile: PNC Bank doesn’t disclose average personal loan statistics
Best For: Online and in-person service
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PNC Bank issues personal loans that range from $1,000 to $35,000, with APRs of 5.99% to 35.99%. Moreover, terms run from six months to five years, and there are no origination or prepayment fees. In addition, borrowers in all states should be able to apply. However, after a 15-day grace period, late payments will cost you 10% of the amount due, or $40, whichever is greater. Likewise, you may also incur an insufficient funds fee of $36. In addition, you can’t use the personal loan proceeds to pay for your post-secondary education or to refinance an existing student loan.

Also, PNC Bank’s disclosures show that some APRs range from 5.99% to 28.74%. However, they stipulate that these rates apply to personal loans of $15,000 to $36,000 with three-year terms. Otherwise, your APR may “vary” depending on your loan amount and maturity. As a result, you could incur APRs as high as 35.99%, though there is a 0.25% discount if you auto-pay from a PNC Bank checking account.

PNC Bank notes that its low-end APRs are reserved for “well-qualified” applicants. Thus, you should meet the lender’s criteria if you have a good or excellent credit score and a steady income. Moreover, with more than 2,600 branches in 29 states, an in-person representative can help you determine if PNC Bank has the best personal loans for good credit.

Pros:

  • PNC Bank lets you borrow anywhere from $1,000 to $35,000.
  • PNC Bank has competitive APRs that range from 5.99% to 35.99%.
  • Terms of six months to five years offer repayment flexibility.
  • There are no origination or prepayment fees.
  • Select PNC Bank customers receive APR discounts.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • PNC Bank charges a late payment fee of 10% of the amount due, or $40, whichever is greater after a 15-day grace period.
  • PNC Bank charges an insufficient funds fee of $36.

The impact of COVID-19:

PNC Bank supported its customers during the pandemic by offering assistance to those suffering from financial hardship. To apply, you can submit your application through PNC Bank’s online portal.

LightStream

Loan Amount: $5,000 – $100,000
APR: 2.49% – 19.99%
Min. Credit Score: 660
Approval: 1 – 7 Days
Terms: 3 – 12 Years
Fees:
  • There are no loan origination fees
  • There are no late payment fees
  • There are no closing fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 660
  • The maximum DTI ratio is often 45%
  • Have recurring employment income or government benefits
  • Fill out your information through LightStream’s online portal
Average Borrower Profile:
  • Has stable income
  • Has few or no delinquencies
  • Has a long credit history across many accounts
  • Has liquid assets, savings, or retirement assets
  • Does not overuse revolving credit lines
Best For: Strong credit profiles
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As another avenue to find the best personal loans for good credit, LightStream has high loan balances and affordable APRs. For example, you can borrow anywhere from $5,000 to $100,000, with APRs of 2.49% to 19.99%. Moreover, terms range from three to 12 years, and there are no origination, prepayment, application, or late payment fees. In addition, borrowers in all states should be able to apply.

However, LightStream often targets specific types of borrowers. But if you have a good or excellent credit score and have demonstrated your creditworthiness over multiple years, LightStream may be the right lender. For example, LightStream expects you to have a long credit history, with activity across numerous products — like credit cards, mortgages, and auto loans. In addition, you need to have a steady income and a repayment history that showcases your prudent money management habits.

On top of that, liquid assets like savings and retirement accounts will help increase your chances of approval, as will equity in your home. Moreover, a history of cash down payments and responsible use of revolving credit lines increase your attractiveness in the eyes of LightStream.

Overall, LightStream is an excellent choice, with no fees, low APRs, and long maturities creating the perfect cocktail. Therefore, if you can meet the requirements, LightStream may be an ideal fit.

Pros:

  • LightStream lets you borrow anywhere from $5,000 to $100,000.
  • LightStream has competitive APRs that range from 2.49% to 19.99%.
  • Terms of three to 12 years offer repayment flexibility.
  • 12-year terms on large loans are longer than many of LightStream’s competitors.
  • There are no origination, prepayment, application, or late payment fees.
  • Borrowers in all states should be able to apply.
  • Applying does not impact your credit score.

Cons:

  • The minimum loan amount is $5,000.
  • LightStream has stricter approval criteria.

The impact of COVID-19:

While LightStream doesn’t list any specific policies or contact information to help struggling borrowers, customers should be able to inquire about their options by logging into their LightStream account.

Happy Money

Loan Amount: $5,000 – $40,000
APR: 5.99% – 24.99%
Min. Credit Score: 550
Approval: 1 – 7 Days
Terms: 2 – 5 Years
Fees:
  • Loan origination fee of 0% – 5%
  • There are no late payment fees
  • There are no application fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 550
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Have no current delinquencies
  • Have a credit history of at least three years
  • Fill out your information through Happy Money’s online portal
Average Borrower Profile:
  • Has a credit score of 710
  • Has $2,000 in cash flow per month
  • Has a DTI ratio of 40%
Best For: A stable credit history
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Happy Money is another excellent online financier that can help you find the best personal loans for good credit. Moreover, the company’s terms and fees are presented on its homepage, adding another layer of credibility. For example, Happy Money personal loans range from $5,000 to $40,000, with APRs of 5.99% to 24.99% and loan origination fees of 0% to 5%. In addition, terms range from two to five years, and there are no application, prepayment, or late payment fees.

However, like LightStream, only specific borrowers will qualify. For context, Happy Money’s minimum credit score is 550 — which is lower than LightStream. But you won’t be eligible if you have a credit history of fewer than three years and any current delinquencies. As a result, Happy Money personal loans aren’t for everyone. Also noteworthy, the minimum loan amount is $5,100 in New Mexico and $6,100 in Maryland, and the product is not available in Massachusetts or Nevada. Thus, you should keep this in mind if you live in these regions.

So if you’re pursuing debt consolidation, having your Happy Money loan sent directly to your creditors can reduce your APR by 0.25% to 1%. As a result, it’s an excellent option under the right circumstances.

Pros:

  • Happy Money lets you borrow anywhere from $5,000 to $40,000.
  • Happy Money has competitive APRs that range from 5.99% to 24.99%.
  • Borrowers pursuing debt consolidation can receive APR discounts.
  • Terms of two to five years offer repayment flexibility.
  • There are no application, prepayment, or late payment fees.
  • Applying does not impact your credit score.

Cons:

  • Happy Money’s loan origination fees range from 0% to 5%.
  • The minimum loan amount is $5,000.
  • Happy Money has stricter approval criteria.
  • Loans are not available in Massachusetts or Nevada.

The impact of COVID-19:

Happy Money has relief programs that can help borrowers dealing with COVID-19 disruptions or other means of financial hardship. To inquire about the available options, you can call Happy Money at 1-949-346-8740 or send an email to success@happymoney.com.

TransformCredit

Loan Amount: $3,000 – $7,000
APR: Up to 35.99%
Min. Credit Score: 750
Approval: 1 – 7 Days
Terms: 3 – 5 Years
Fees: TransformCredit states “There are no added fees”
Qualification Criteria:
  • Be at least 18 years of age
  • Ensure your cosigner has a credit score greater than 750
  • Have recurring employment income or government benefits
  • Fill out your information through TransformCredit’s online portal
Average Borrower Profile: TransformCredit doesn’t disclose average personal loan statistics
Best For: Borrowers with cosigners
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If you have bad credit but have a friend or family member willing to vouch for your creditworthiness, TransformCredit may be the right lender. To explain, the loan company requires a cosigner to issue a loan, but the process lets you overcome a bad credit score. Moreover, loans range from $3,000 to $7,000, with terms of three to five years and APRs that don’t exceed 35.99%.

However, TransformCredit notes that cosigners must have a credit score that exceeds 750, and homeowners are “much more likely” to gain approval. In addition, loans are only available in Georgia, Illinois, Wisconsin, Utah, California, Idaho, Oregon, South Dakota, and New Hampshire. However, your cosigner can live in any U.S. state.

Pros:

  • TransformCredit provides funding of $3,000 to $7,000.
  • APRs max at 35.99%.
  • Owning a home can increase your chances of approval.
  • Your cosigner can reside in any state.
  • Checking your rate won’t impact your credit score.

Cons:

  • You can’t obtain a loan without a cosigner.
  • You may get a cheaper APR when using a cosigner elsewhere.
  • Financing is not available in all states.

The impact of COVID-19:

While TransformCredit doesn’t list any coronavirus-related hardship programs, financial relief may be available by speaking with a representative. You can call TransformCredit at 1-470-435-6300 or email hello@transformcredit.com to determine the next steps.

What is a Personal Loan?

You make fixed installment payments with a personal loan at a fixed interest rate. For example, your monthly payment includes a portion of your principal plus interest, and terms typically range from one year to seven years. Moreover, since a personal loan is a form of unsecured financing, you don’t have to post any collateral.

However, like mortgage loans, personal loans often incur origination fees. And these fees compensate the lender for issuing the loan and are deducted from your proceeds. So if you need $10,000 for debt consolidation, a $10,000 personal loan with a 3% loan origination fee would net you $9,700. As a result, you need to borrow roughly $10,310 to ensure that your net proceeds are $10,000.

Also, the principal amount of $10,310 and not $10,000 determine your monthly payments. As a result, the origination fee is an important variable when determining the attractiveness and affordability of a personal loan.

What is a Good Credit Personal Loan?

A good credit personal loan follows the same criteria outlined above. In addition, though, you should enjoy higher loan amounts, lower APRs, lower fees, and more flexible terms when you have good and excellent credit. For example, all lenders on our list have ranges for each category. And loan amounts might range from $2,000 to $50,000. with APRs of 5.99% to 35.99%. However, you’re more likely to obtain a $50,000 loan with a 5.99% APR than a comparable borrower with worse credit. In addition, you’ll often save on loan origination fees since most lenders charge between 1% and 8%. However, you’re more likely to incur 1% than 8% with good or excellent credit.

Overall, good and excellent credit is like a badge of honor. And when lenders notice your achievements, they respond by competing harder for your business.

Do I Have More Personal Loan Options If I Have Good Credit?

Yes. When you have good and excellent credit, you’re the target demographic for most lenders. But, for context, lenders are only as good as their underwriters. And if they make a bunch of bad loans that never get repaid, it’s a fast track to bankruptcy.

Conversely, when lenders issue financing to borrowers that repay their principal and interest in full, they generate profits and can reinvest those proceeds to grow the business. Therefore, since your attractive credit score signals a reliable history of creditworthiness, you offer the best risk-reward proposition for potential financiers. And since they know this, they will compete with other lenders to obtain your business by providing you with better products, better terms, and more financial perks.

Thus, if you have good or excellent credit, you have a lot of leverage to negotiate with potential lenders.

What Are Personal Loans Used For?

Like any form of credit, personal loans can cover short-and-long-term expenditures. For example, if you need to repair your roof or renovate your home, personal loans are popular for home improvement projects. Moreover, if you suffer an unexpected medical issue or a loved one needs urgent care, a personal loan can help cover the upfront bills. Likewise, personal loans can cover funeral expenses.

On a happier note, if you’re getting married, planning a honeymoon, or about to embark on a long-awaited vacation, a personal loan can also cover leisure expenses. What’s more, personal loans are also attractive for borrowers pursuing debt consolidation. For example, if you’ve amassed a large amount of credit card or payday loan debt, a personal loan can help you refinance the balances at lower APRs.

Also, payday loans have an average APR of 400%, and we strongly urge you to avoid them. However, if you’re stuck in the unenviable position of having to repay a large sum of payday loan debt, a personal loan is a great way to alleviate some pressure. Likewise, since bad credit personal loans have APRs that start at 15%, consolidating your debt is smart. Thus, the options above are a great place to start, but please consult our marketplace if you want to learn more.

How Do I Qualify For a Personal Loan?

Personal loan providers pay close attention to other critical metrics beyond your credit score, which we cover below.

DTI ratio:

Personal lenders pay close attention to your DTI ratio. If your mortgage, credit card, car, student, insurance, etc., payments are too high relative to your annual income, lenders consider you riskier. Therefore, most lenders want your DTI ratio to max out at 36%. But some personal loan providers will tolerate 40%, 43%, or even 50%.

However, the exact figure varies by lenders, and other positive factors may outweigh a high DTI ratio. For example, if you have a significant savings or retirement account, those assets can be synthetic collateral. Similarly, if you have a lot of equity in your home, lenders may consider that as grounds to overlook your high DTI ratio.

Income:

The second part of the equation, your income, also plays an important role. For example, lenders want to know that you can meet the monthly loan obligations. And that starts with recurring revenue. As a result, whether it’s employment, self-employment, or government benefits, you need to have an income source to ensure that your loans stay current.

Credit history:

Finally, some personal loan providers require a history of creditworthy behavior. For example, their qualification criteria may stipulate that you haven’t filed for bankruptcy within a certain period. Others may want to know that you haven’t had any charge-offs in the last six months. Either way, if you have good or excellent credit, you shouldn’t have any of these issues.

Will My Credit Score Impact My Personal Loan Terms?

Unfortunately, your credit score is an influential metric in the lending community. Lenders view you as more creditworthy if you have a high credit score. Conversely, lenders perceive you as riskier if you have a low credit score.

Moreover, approval rates are much higher for borrowers with good and excellent credit. For example, while some lenders have low minimum credit score requirements, they won’t approve all applicants. As a result, the average approved credit score is much higher than the minimum. But if you have less-than-stellar credit, our marketplace has several affordable bad credit loans that you may find suitable.

Will I Obtain a Higher Loan Amount If I Have Good Credit?

Yes. With a strong credit score, you should qualify for a loan of up to $100,000. For context, approval depends heavily on your credit score. But since you’re already in the top tiers, you don’t need to worry about that. However, lenders emphasize your annual income when it comes to loan amounts. As a result, if you make $100,000 per year, you should qualify for a higher loan amount than a similar applicant that makes $50,000 per year.

However, since lenders also consider your DTI ratio and assets and liabilities, other variables can affect the final decision.

What is a Good Credit APR?

If you have good or excellent credit, the world is your oyster. For example, borrowers with good and excellent credit will often qualify for APRs in the 5% to 10% range, and some lenders will offer you even cheaper financing than that. In contrast, borrowers with bad credit often incur 15% to 35.99% APRs.
However, your APR is not the only factor you need to consider: there are terms, fees, and other metrics that can make one loan more attractive than another.

For example, I highlighted the importance of the loan origination fee. And if you read the reviews above, you’ll notice that these fees range from 0% to 8% of the total loan balance. As a result, if you have good or excellent credit, you should pay an upfront fee of roughly 0% to 3.99%. However, you’ll likely incur an upfront expense in the 4% to 8% range if you have bad credit.

A Secured or a Cosigner Personal Loan: Which is Better?

With an outstanding credit score, you shouldn’t have any issues. However, collateral or a cosigner can help get you across the finish line if you’re a borderline candidate for a personal loan.

A secured personal loan requires you to post collateral. For context, this can be the equity in your home, your savings account, or your investment account. However, lenders usually reserve this requirement for borrowers with bad credit. Similarly, a cosigner acts as a guarantor and assumes the debt if you default. You can use a friend, family member, or co-worker with a higher credit score than you.

Both options are suitable if they help you obtain better loan terms. For example, if a lender requires a cosigner for approval, it has little impact as long as you make your scheduled payments. Likewise, if a lender asks you to post collateral, the assets will make the lender whole if you default.

However, you should have a long history of making your scheduled payments with a strong credit score. As a result, your default risk is likely low.

What Other Personal Loan Fees Should I Watch Out For?

Beyond your loan origination fee and your APR, other charges can reduce the attractiveness of your loan.

Application fees:

While most personal loan providers don’t charge application fees, they increase the cost of your loan when applicable. Most charges range from $25 to $50, so they can be material for $5,000 or less loans.

Prepayment fees:

If you’re unfamiliar, prepayment occurs when you repay your loan in advance of its maturity. And while that’s a positive development, it makes lenders unhappy because it reduces the interest they earn. As a result, some personal loan providers may charge you for early repayment. For context, the lenders we assessed didn’t list any prepayment fees, and the charge is relatively uncommon these days. However, it doesn’t hurt to double-check, and you should ask your lender to ensure you don’t make a false assumption.

Insufficient funds fees:

Synonymous with returned check fees, insufficient funds fees occur when a creditor attempts to cash a check or make a scheduled withdrawal from your bank account, and the funds are missing. For context, Upgrade charges a $10 insufficient funds fee, while BestEgg levies a $15 charge. Moreover, some lenders are less honorable when disclosing their fees, so please ask them and ensure your deposit account maintains the necessary balance.

Late payment fees:

Late payment fees are the worst of the bunch. For example:

  • Prosper charges a late payment fee of 5% of the amount due, or $15, whichever is greater.
  • Upgrade charges a $10 late payment fee after a 15-day grace period.
  • BestEgg charges a $15 late payment fee.
  • Laurel Road charges late payment fees of 5% of the amount due, or $28, whichever is less.
  • LendingClub offers a 15-day grace period for late payments, though an undisclosed fee will apply after that.
  • FreedomPlus charges a late payment fee of 5% of the amount due, or $15, whichever is greater.
  • Upstart charges a late payment fee of 5% of the amount due, or $15, whichever is greater.
  • Pentagon Federal charges a late payment fee of $29.
  • Discover charges a late payment fee of $29.
  • Wells Fargo charges a late payment fee of $39
  • TD Bank charges a late payment fee of 5% of the amount due, or $10, whichever is less.
  • PNC Bank charges a late payment fee of 10% of the amount due, or $40, whichever is greater, after a 15-day grace period.

As a result, it’s essential to choose a loan term that allows you to stay on top of your monthly payments. If not, you could be stuck with more out-of-pocket expenses that only increase the total cost of the loan.

Are Personal Loans Better Than Payday Loans?

Absolutely. While payday loans have an average APR of 400%, personal loan APRs typically range from 5.99% to 35.99%. Moreover, personal loans have flexible terms that often vary from one to seven years, while payday loans often require repayment in 15 days. Likewise, payday loans are usually capped at a few hundred dollars, while personal loans can provide you with $100,000 or more.

But more important than all of that, payday loans can trap you in a cycle of debt. For example, a standard payday loan will include $15 in fees and interest for every $100 borrowed. Thus, a $200 loan will cost you $30 in sunk costs. Moreover, if you don’t repay the balance in 15 days, penalty fees double your expenditure. As a result, $30 in interest and charges can double to $60 after two weeks. Furthermore, if this occurs regularly, your penalty fees will take less than 14 weeks to exceed the $200 that you initially borrowed. Therefore, we hope that you’ll steer clear of payday loans.

In contrast, while the personal loan providers’ late payment fees listed above are unhelpful, they’re much less cumbersome than those enacted by payday lenders. As a result, there are almost no scenarios where a payday loan is considered more appropriate.

Are Personal Loans Better Than Credit Card Loans?

Yes. While the spread is much narrower than the difference between personal and payday loans, credit card loans are also less attractive. For example, you need to repay your balance each month, or you’ll incur interest. As a result, the terms are much less flexible than personal loans. Furthermore, even if you have good or excellent credit, the APR on your credit card likely ranges between 13% and 20%.

Conversely, personal loans have long-term maturities, and if you have good or excellent credit, you should obtain an APR in the 5% to 10% range. As a result, the interest rate is lower, and the time horizon is longer, and both should help with your budgeting process.

Finally, most credit card limits fall in the $5,000 to $20,000 range. And while higher limits are obtainable, it may be cumbersome to qualify for a credit card with a $50,000 or $100,000 limit. On the flip side, many personal loan providers extend credit upwards of $100,000 or more, and if you have an outstanding credit score, you’re their target demographic. As a result, personal loans have attractive qualities that credit cards usually can’t match.

How Do I Find the Best Good Credit Personal Loan?

When combing the marketplace and looking for attractive loans, we use the following metrics to determine the pros and cons.

Research time:

If you’re like us, you enjoy analyzing the unique characteristics of different loan products. However, if you’re busy and prefer to spend your free time doing other things, loan comparison sites will help you find the best good credit personal loans. For example, their algorithms tailor the results to your specific criteria, and the output is a long list of affordable loans from reputable lenders. As a result, if you want to obtain hassle-free, affordable financing, please consider using a loan comparison site.

Low APR:

When it comes to borrowing money, the lower your APR, the lower your interest costs, and for good credit, we aim for an APR of 10% or less. Also, if you read our reviews above, you’ll notice that many lenders have low-end APRs of 6% or less. Moreover, Credible’s marketplace can help you find a personal loan with an APR as low as 2.49%. Thus, it’s essential to shop around before making your final decision.

Appropriate repayment terms:

While a cheap loan is often your best bet, what good is a low APR if you can’t manage the monthly payments? Please remember it’s essential to conduct a cash flow analysis before taking out a loan. That way, you know how much money you have coming in, how much you have going out, and how much you can allocate to your loan payments. Therefore, we recommend setting a budget allowance to cater to uncertain costs that may arise in the future. And if a two-year personal loan has a low APR and high monthly payments, you may find a four-year personal loan with a slightly higher APR is more suitable.

Also, making late payments may attract penalties that will cancel out the benefits of a good credit score. In addition, late payments will damage your credit rating hence locking you out of great deals in the future.

Origination fees:

An often overlooked component relative to APRs, origination fees reduce the loan’s total value, and the net proceeds are less than the advertised value. Thus, if you have good credit, you should aim to obtain a loan origination fee of no more than 4%. However, with SoFi offering personal loans with no origination, closing, prepayment, or late payment fees, don’t settle for less if you have a good or excellent credit score.

Customer service:

Last, aim to do business with lenders that are there to help. For example, if you have questions or are unsure about a particular document, a representative should be able to explain anything unclear. We found that lenders that go the extra mile retain the most customers. As a result, good customer service is a win-win for both parties.

Avoid Hard Credit Inquiries When Possible

A hard inquiry or a hard pull happens when a lender reviews your credit report because you applied for a loan. A soft inquiry/pull, on the other hand, occurs when you, as an individual or a business targeting you with offers, check your credit.

While soft pulls do not affect your credit, hard pulls are likely to lower your credit score. A single hard inquiry may have minimal impact on your score (mainly reducing scores by less than five points), but multiple hard inquiries may significantly affect you. For example, lenders and credit card issuers perceive numerous credit inquiries to suggest that you may be short on cash or plan to rack up too much debt.

When looking for the best personal loans for good to excellent credit, we recommend sticking with lenders that conduct soft pulls. Then, you will have the peace of mind to make multiple applications without worrying about damaging your credit score.

How to Improve a Good Credit Score

Even with a good or excellent credit score, you can improve. Don’t make the big mistake of having bankruptcies or delinquencies on your credit file! These stay on your file for about ten years!

Some lenders report your payment history to credit bureaus. Therefore, if you pay your loan on time, it will gradually increase your credit score. Ask your lender whether and how often they do that, and if they don’t, ask them if they can do it for you. If you paid the entire loan amount, ask the lender to inform the credit bureaus immediately!

Conclusion

We determine our top picks for the best personal loans for good to excellent credit through detailed research, online reviews, and personal experience. This list is not static and may change with time. So check back often to be the first to know when great deals arise.

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