Best Personal Loans for Good and Excellent Credit 2018 - Elite Personal Finance
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Best Personal Loans for Good and Excellent Credit 2018

EPF Last Update: November 5, 2018

The best personal loans for good and excellent credit come with an APR of 5% – 10%. If you have a great credit score, the lending market is open to you! Loans are available up to $100,000. However it is not only about the APR and the amount. People also have to consider things like terms and loan flexibility. Getting an unsecured loan with an excellent credit score is not a problem. Use these tips: adding a co-signer or guarantor, or getting a secured personal loan will help you lower the APR or get a higher loan amount. But you have to be sure that you can repay the loan on time. If not, you will face many problems. Below we will explain everything in detail.

Now, let’s see the best personal loans for good and excellent credit by ElitePersonalFinance

 

 

Loan Company Min Credit Score APR Amount
Prosper 640 6.95% – 35.99% $40,000
Upgrade 620 6.99% – 35.97% $50,000
PersonalLoans 580 5.99% – 35.99% $35,000
LendingTree 500 5.99% – 35.99% $35,000
BestEgg 640 5.99% – 29.99% $35,000
LaurelRoad 660 5.5 – 11.99% $45,000
LightStream 660 3.09 – 14.24% $100,000
Sofi 680 6% – 15% $100,000
LendingClub 600 6.16% – 35.89% $40,000
FreedomPlus 680 4.99% – 29.99% $35,000

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Prosper

Loan amounts $2,000 – $40,000
Typical APR 6.95% – 35.99%
Min Credit Score 640
Time to funding 1 – 5 Days
Loan terms 3 – 5 years
Origination fee 2.4% – 5%
Debt-to-income ratio 50%
Check rates

Prosper is one of the biggest names in peer-to-peer lending. They are one of the best options for people with good credit. They request a little higher credit score of minimum 640 and debt to income ratio of 50%, which means that not everyone with fair credit will get approved. Those who get approved will find that Prosper is a really great option. Once you apply, you actually create a loan “listing” that then appears on their marketplace. From there, you choose which loans are the best for you.

Best for:

  • Good  and excellent credit score.
  • High-income earners.
  • Consumers with a low debt to income ratio.

Pros:

  • Competitive APRs.
  • Soft inquiries for borrower’s credit report.
  • No prepayment penalties.
  • No hidden fees.
  • Great customer support.

Cons:

  • High credit score requirements.
  • High income requirements.

Upgrade

Upgrade Disclaimer:Loans made through Upgrade feature APRs of 6.99%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. 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 bank 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.

Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days. All loans made by WebBank, member FDIC.

Loan amounts $1,000 – $50,000
Typical APR 6.99% – 35.97%
Min Credit Score 620
Time to funding 1 Day
Loan terms 2 -5 years
Origination fee 1% – 6%
Debt-to-income ratio 40%
CHECK RATES

This lender extends loans to borrowers with a credit score of 620 and above. With Upgrade, you can borrow up to $50,000 with an APR of between 6.99% and 35.99%. The repayment period is usually between three to five years.

Best for:

  • Borrowers with steady cash flow.
  • Borrowers looking for a debt consolidation option.

Pros:

  • Competitive APRs.
  • No prepayment penalty.
  • Free credit health Monitoring.
  • Soft pull for initial application.

Cons:

  • High origination fees for some loans.
  • Late payment fees.
  • Returned check fees.

PersonalLoans

Loan amounts $1,000 – $35,000
Typical APR 5.99% – 35.99%
Min Credit Score 580
Time to funding 1 Day
Loan terms 90 days – 72 months
Origination fee 1 – 5%
Debt-to-income ratio N/A
Check rates

PersonalLoans is a huge marketplace with lenders that serve many customers in different target groups.

Best for:

  • Good  and excellent credit score.

Pros:

  • Competitive APRs.
  • Low credit requirements.
  • Low income requirements.
  • No prepayment penalties.
  • No hidden fees.
  • Great customer support.

Cons:

  • You can’t delay too much your payments.

LendingTree

LendingTree Personal Financing Site Logo
Loan amounts $1,000 – $35,000
Typical APR 5.99 – 35.99%
Min Credit Score 500
Time to funding 1 Day
Loan terms 1 – 5 years
Origination fee 0 – 3%
Debt-to-income ratio N/A
Check rates

With LendingTree, you can borrow as little as $1,000 or as much as $35,000 at competitive APRs of between 5.99% and 35.99%. This is not a lender, but a marketplace that connects you with the best deals on the market.

Best for:

  • Borrowers with a steady income.
  • Citizens or permanent residents of the U.S.

Pros:

  • Have some of the most competitive rates in the market.
  • Some lenders in the network do not charge origination fees.
  • Quick loan funding.
  • Does not conduct hard inquiries.

Cons:

  • Requires a great deal of personal information in the approval process.

BestEgg

Loan amounts $2,000 – $35,000
Typical APR 5.99% – 29.99%
Min Credit Score 640
Time to funding 1 Day
Loan terms 3 – 5 years
Origination fee 0.99% – 5.99%
Debt-to-income ratio 35%
Check rates

Best Egg offers personal loans for fair to good credit. The loans can be used for debt consolidation, home improvement, and other expenses. If you have a minimum credit score of 640 and an annual income of $60,000 , you can receive great offers from this company.

Best for:

  • Good  and excellent credit score.
  • High-income earners.
  • Consumers with a low debt to income ratio.

Pros:

  • Competitive APRs.
  • No hidden fees.
  • Great customer support.

Cons:

  • High credit score requirements.
  • High income requirements.

LaurelRoad

Loan amounts $1,000 – $45,000
Typical APR 5.99% – 29.99%
Min Credit Score 660
Time to funding 1 – 5 Days
Loan terms 5 – 10 years
Origination fee N/A
Debt-to-income ratio N/A
Check rates

LaurelRoad refinances federal and private student loans. LaurelRoad is great for people with a good credit score.

Best for:

  • Good  and excellent credit score.
  • Very low APR.

Pros:

  • Competitive APRs.
  • No hidden fees.
  • Great customer support.

Cons:

  • High credit score requirements.
  • High income requirements.

LightStream

Loan amounts $5,000 – $100,000
Typical APR 3.09% – 14.24%
Min Credit Score 660
Time to funding 1 – 3 Days
Loan terms 3 – 5 years
Origination fee N/A
Debt-to-income ratio N/A
Check rates

LightStream offers excellent rates from 3.09% to 14.24% APR personal loans. There are also no prepayment or origination fees to worry about. But if you want to qualify, your credit score will have to be good. You can potentially have your money in as little as one day, but you’ll also need to prove “stable and sufficient” income and assets, as well as a solid savings history, among other requirements.

Best for:

  • Good  and excellent credit score.
  • Very low APR
  • High-income earners.
  • Consumers with a low debt to income ratio.

Pros:

  • Competitive APRs.
  • Soft inquiries for borrower’s credit report.
  • No prepayment penalties.
  • No hidden fees.
  • Great customer support.

Cons:

  • High origination fees.
  • High credit score requirements.
  • No a lot of flexibility.

SoFi

Loan amounts $1,000 – $100,000
Typical APR 6% – 15%
Min Credit Score 680
Time to funding 1 – 7 Days
Loan terms 3 – 7 years
Origination fee N/A
Debt-to-income ratio N/A
Check rates

SoFi is among the few lenders that do not charge origination fees. This lender allows you to borrow up to $50,000 at an APR of between 6.99% and 14.99%. The minimum credit score to qualify for SoFi personal loans is 680.

Best for:

  • Debt consolidation.
  • Large purchases financing.
  • Need two or more years to pay off the loan.

Pros:

  • Competitive interest rates.
  • You can borrow as little as $5000 and as much as $100,000.
  • No hidden fees.
  • Offers a 0.25% discount on automated payments.
  • You can choose a fixed or variable APR.

Cons:

  • Loan funding takes longer.

LendingClub

Loan amounts $1,000 – $40,000
Typical APR 6.16% – 35.89%
Min Credit Score 600
Time to funding 1 – 7 Days
Loan terms 3 – 5 years
Origination fee 1% – 6%
Debt-to-income ratio 40%
Check rates

If your credit score is above 640, then Lending Club should be among your top options. This lender offers competitive APRs ranging from 5.98% to 35.89%.

With this lender, you can borrow up to $40,000.

Best for:

  • Borrowers with good credit score.
  • High-income earners.
  • Consumers with a low debt to income ratio.

Pros:

  • Competitive APRs.
  • Soft inquiries for borrower’s credit report.
  • No prepayment penalties.
  • No hidden Fees.

Cons:

  • High origination fees for some loans.
  • Check processing fee.

FreedomPlus

Loan amounts $1,000 – $35,000
Typical APR 4.99% – 29.99%
Min Credit Score 640
Time to funding 1 – 3 Days
Loan terms 2 – 5 years
Origination fee 0% – 5%
Debt-to-income ratio 40%
Check rates

Freedom Plus requires a minimum credit score of 640 to extend a personal loan. Their average borrower’s score is 720. With this lender, you can borrow up to $35,000 with APRs starting from as low as 4.99%.

Best for:

  • Debt consolidation.
  • Borrowers with a co-signer.

Pros:

  • Competitive rates.
  • Quick approval.
  • No hidden fees.
  • No origination fees for some borrowers
  • Multiple loan options.

Cons:

  • High minimum loan amount ($10000)

 

If your credit score is above 680, then you have the best shot at getting some of the best personal loans in the market today.

However, this is not to mean that you should not shop around for the best deals. While most of the available offers are attractive, there are those that can be considered as the best. One significant advantage of having a good credit score is that you can get great offers on unsecured loans.

Again, with a good to excellent credit score, you stand a better chance of getting a personal loan from online lenders, credit unions, and the few major banks that offer this form of financing. The multiple options allow you to identify and capitalize on deals that cannot be found anywhere else.

If you are not sure where to get started, we recommend that you go to online lenders first since this is where you are likely to find great deals without harming your credit score through hard inquiries. Most online lenders use soft inquiry to check on credit reports.

Loanable Amounts, APR and other fees

The amount you can borrow through a personal loan ranges anywhere from $1000 to $100,000 depending on your credit rating, income, and whether you have balances with other creditors.

This means that the higher your credit rating and income and the lower your balances, the more you can borrow. However, some lenders have a lower lending cap on personal loans, mostly $10,000.

In terms of APR, personal loans come at fixed rates. They also depend on credit score with high ratings enjoying the best rates. Borrowers with an excellent credit score can enjoy interest rates between 4.99% and 10%. Those with poor credit score can pay as high as 36%.

Personal loans are usually extended for a period of between one and seven years. The longer the payment period, the higher the cumulative interest paid.

How to Identify the Best Personal Loans for Good Credit?

As mentioned earlier, the myriad of options that come with having an excellent credit score does not mean that you should not shop around and scrutinize offers.

While some offers may look great on the surface, you may be surprised to find that the devil is in the details.

We recommend that you pay attention to the following when shopping for the best personal loans for good credit.

APR vs. Loan Terms and Flexibility

If you are a new borrower, there is a likelihood that the only metric you know of determining the best personal loan is APR. However, other terms such as fees and penalties are also equally important. You may find a personal loan with a low APR but with very high fees.

In terms of flexibility, evaluate the payment conditions and penalties and determine how they are likely to affect you. For instance, if you intend to make a prepayment and there is a penalty for that, look for another option.

Remember that it is up to you to shop around and compare different options until you find what works for you.

Monthly Payments vs. Payment Period

Some personal loans will have a short payment period but higher monthly payments while others will have a long payment period and lower monthly payments. Pick a loan that is cheaper in the long term but with manageable monthly payments.

Determine your monthly budget and pick a loan that you can comfortably pay at the end of each month. We recommend that you set a budget allowance to cater for uncertain costs that may arise in future.

Remember that failing to meet monthly payments or making late payments may attract penalties that will cancel out the benefits that come with a good credit score. Also, missing payments and making late payments will damage your credit rating hence lock you out of great deals in the future.

Avoid Hard Inquiries Where Possible

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

While soft pulls do not affect your credit in any way, hard pulls are likely to lower your credit score.

A single hard pull may have a very little impact on your score (mostly drops your score by less than 5 points) but multiple hard inquiries in a short period may have a significant effect. Lenders and credit card issuers perceive multiple credit inquiries as a suggestion that you may be short on cash or you are planning to rack up much debt.

When looking for the best personal loans for good to excellent credit, we recommend that you only settle for lenders that do soft pulls. This will give you the peace of mind to make multiple applications without having to worry about damaging your credit score.

How to Deal with Your Good Credit Score?

Even with a good or excellent credit score, you have to work to improve it or at least not reduce it.

Don’t make big mistakes like having bankruptcies or delinquencies on your credit file! These stay on your file for about 10 years!

Some lenders report your payment history to credit bureaus. You pay your loan on time, lenders report that periodically and you increase your credit score gradually. 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 full loan amount, ask the lender to immediately inform credit bureaus about that!

Final Word

Our top picks for the best personal loans for good to excellent credit are based on multiple online reviews and also personal experience. This list is not static and may change with time. Follow us on social media to be the first to know when great deals come up.

Elite Personal Finance

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