Loan Companies Like SoFi, Prosper, FreedomPlus, LaurelRoad

ElitePersonalFinance
Last Update: May 24, 2022 Loan Reviews Loans

The lending market provides you with abundant options with a good credit score. However, options also present opportunities. For example, with many lenders competing for your business, you shouldn’t settle for a good personal loan. Instead, look to find a great one.

Our review includes some of the best personal loans for good credit to aid in your search. Most lenders mandate a credit score of at least 650, and annual percentage rates (APRs) are as low as 2.49%. Moreover, since applying doesn’t hurt your credit score, it’s wise to shop around and see which lender will offer the best terms.

Furthermore, please consult our marketplace to obtain the best good credit personal loan in the shortest amount of time. With a few clicks, you can browse dozens of lenders that are willing to help.

The Best Personal Loans For Good Credit

Since high-end APRs are reserved for borrowers with bad credit, applicants with good credit should obtain APRs in the 5% to 10% range. Moreover, alternative factors like your income, savings, spending habits, education, and rent history can also tilt the scale in your favor.

As a result, we hope that our reviews will make your search a little easier.

Lender: Loan Amount: APR: Min. Credit Score: Best For:
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
Laurel Road $5,000 – $45,000 7.00% – 24.75% 660 – 700 Debt consolidation
PayOff $5,000 – $40,000 5.99% – 24.99% 550 A stable credit history
FreedomPlus $7,500 – $50,000 7.99% – 29.99% 620 Debt consolidation
Marcus by Goldman Sachs $3,500 – $40,000 6.99% – 19.99% 660 No-fee personal loans
Discover $2,500 – $35,000 5.99% – 24.99% 660 Debt consolidation
LightStream $5,000 – $100,000 2.49% – 19.99% 660 Strong credit profiles
Wells Fargo $3,000 – $100,000 5.74% – 19.99% 660 Wells Fargo customers
PNC Bank $1,000 – $35,000 5.99% – 35.99% 660 Online and in-person service
Pentagon Federal Credit Union $600 – $50,000 4.99% – 17.99% 650 High DTI ratios
TD Bank $2,000 – $50,000 6.99% – 18.99% 700 Good to excellent credit scores
TransformCredit $3,000 – $7,000 Up to 35.99% 750 Borrowers with cosigners

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
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SoFi can help you obtain an affordable personal loan with a fee structure that’s more attractive than many of its competitors. For example, you can borrow anywhere from $5,000 to $100,000, with 5.74% to 20.28%, and terms of two to seven years. In addition, if you have a SoFi Money account or open one within 60 days of your personal loan application, you’ll earn a $10 bonus.

More importantly, SoFi doesn’t charge origination or late payment fees. As a result, if you’re in the market for a good credit personal loan, SoFi is an excellent place to start your search.

Pros:

  • SoFi’s personal loans range from $5,000 to $100,000.
  • SoFi’s financing rates range from 5.74% to 20.28%.
  • Flexible terms stretch from two to seven years.
  • SoFi doesn’t have origination or late payment fees.
  • Applying won’t hurt your credit score.

Cons:

  • You have to borrow at least $5,000.

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
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While some loan companies don’t allow the practice, Prosper lets you take out more than one personal loan at a time. For context, your first loan must be at least six months old, and all of your payments must be current, with no charge-offs or delinquencies over the last 12 months. In addition, the consolidated balance can’t exceed Prosper’s $40,000 maximum.

However, even if it’s only one loan you’re after, you can borrow $2,000 to $40,000, and APRs range from 7.95% to 35.99%. Moreover, terms of three to five years are available, and Prosper is a highly regarded lender in the marketplace.

Pros:

  • Prosper’s personal loans range from $2,000 to $40,000
  • Prosper’s financing rates range from 7.95% to 35.99%.
  • Flexible terms stretch from three to five years.
  • Applying won’t hurt your credit score.

Cons:

  • If your payment is late, a fee of 5% of the amount due, or $15, whichever is greater, will apply.
  • Prosper’s loan origination fee is 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.

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
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Laurel Road provides personal loans that range from $5,000 to $45,000, with APRs of 7% to 24.75%, and terms of three to five years. However, please note that maximum loan amounts vary by purpose. For example, you can borrow up to $35,000 for green, business, moving, auto, and other standard expenses. However, for debt consolidation or major home improvement projects, the maximum loan amount is $45,000. In addition, doctors and dentists can qualify for personal loans of $30,000 to $80,000, depending on their education and employment status.

Pros:

  • Laurel Road’s personal loans range from $5,000 to $45,000.
  • Up to $80,000 is accessible by doctors and dentists.
  • Laurel Road’s financing rates range from 7% to 24.75%.
  • Flexible terms stretch from three to five years.
  • Laurel Road doesn’t have loan origination fees.
  • Applying won’t hurt your credit score.

Cons:

  • If your payment is late, a fee of 5% of the amount due, or $28, whichever is less, will apply.
  • You need a credit score of at least 700 without a co-signer.
  • You have to borrow at least $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.

PayOff by 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 PayOff’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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While Happy Money has stricter qualification criteria than most lenders, the higher standards often result in more attractive loans. For example, the loan company doesn’t approve borrowers with any current delinquencies, and you need to have a credit history of at least three years. Also, please note that PayOff loans are not available in Massachusetts or Nevada.

Despite that, qualified applicants can borrow $5,000 to $40,000, with APRs of 5.99% to 24.99%, and terms of two to five years. However, loan minimums are $5,100 in New Mexico and $6,100 in Maryland.

Pros:

  • PayOff’s personal loans range from $5,000 to $40,000.
  • PayOff’s financing rates range from 5.99% to 24.99%.
  • You can receive an APR discount of 0.25% to 1% if you use the loan proceeds for debt consolidation.
  • Flexible terms stretch from two to five years.
  • PayOff doesn’t have late payment fees.
  • Applying won’t hurt your credit score.

Cons:

  • PayOff’s loan origination fee is 0% to 5%.
  • You have to borrow at least $5,000.
  • A three-year credit history is mandatory.
  • Massachusetts and Nevada residents can’t apply.

The impact of COVID-19:

PayOff’s parent company 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.

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
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FreedomPlus is another excellent gateway to the best good credit personal loans. However, the lender’s products are not available in Wyoming, Colorado, Connecticut, Oregon, Wisconsin, West Virginia, Hawaii, Kansas, Vermont, New Hampshire, North Dakota, and Nevada. As such, certain regions are excluded.
However, in all other states, you can borrow $7,500 to $50,000, with APRs of 7.99% to 29.99%, and terms of two to five years. Moreover, borrowers seeking debt consolidation loans can receive up to 4% APR discounts. In addition, applicants with retirement assets of $25,000 to $40,000 can receive APR discounts of up to 5%.

Pros:

  • FreedomPlus’ personal loans range from $7,500 to $50,000.
  • FreedomPlus’ financing rates range from 7.99% to 29.99%.
  • APR discounts of up to 4% are available if you’re seeking debt consolidation.
  • APR discounts of up to 5% are available if you have a large retirement account.
  • Flexible terms stretch from two to five years.
  • Applying won’t hurt your credit score.

Cons:

  • FreedomPlus’ loan origination fee is 1.99% to 4.99%.
  • If your payment is late, a fee of 5% of the amount due, or $15, whichever is greater, will apply.
  • You have to borrow at least $7,500.
  • Loans are unavailable 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.

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
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Marcus by Goldman Sachs lets you borrow anywhere from $3,500 to $40,000, with APRs of 6.99% to 19.99% and terms of three to six years. In addition, if you enroll in Auto-Pay, you can reduce your APR by 0.25%. However, please note that loans with six-year terms often have higher APRs than three-year terms. As a result, longer-dated maturities often incur higher costs.

Despite that, Marcus by Goldman Sachs doesn’t charge origination or late payment fees. As such, the lender should be atop your list when you search for your next good credit personal loan.

Pros:

  • Marcus by Goldman Sachs’ personal loans range from $3,500 to $40,000.
  • Marcus by Goldman Sachs’ financing rates range from 6.99% to 19.99%.
  • Flexible terms stretch from three to six years.
  • Marcus by Goldman Sachs doesn’t have origination or late payment fees.
  • Applying won’t hurt your credit score.

Cons:

  • Marcus by Goldman Sachs’ APRs often increase with the length of the loan term.

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.

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

With a 30-day return policy on personal loans, Discover is a reliable lender that deserves your attention. For example, if you receive funding and change your mind, you can return the proceeds penalty-free if you make the repayment via check.

In addition, you can borrow anywhere from $2,500 to $35,000, with APRs of 5.99% to 24.99% and terms of three to seven years. Moreover, since there are no loan origination fees, Discover is an excellent option if you have good credit.

Pros:

  • Discover’s personal loans range from $2,500 to $35,000.
  • Discover’s financing rates range from 5.99% to 24.99%.
  • Flexible terms stretch from three to seven years.
  • Discover doesn’t have loan origination fees.
  • Applying won’t hurt your credit score.

Cons:

  • If your payment is late, a $39 fee will apply.
  • Applicants need a minimum household income of $25,000 to qualify.
  • You can’t use the proceeds to pay off a secured loan or the balance on your 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.

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
Check rates

As another great avenue to obtain a good credit personal loan, LightStream offers financing of $5,000 to $100,000, with APRs of 2.49% to 19.99%, and terms of three to 12 years. To qualify, you need to have a strong credit track record, stable and active credit accounts (like credit cards, mortgages, and auto loans), as well as steady recurring income. Moreover, home equity, a large savings account, or retirement assets will also increase your chances of approval. Likewise, the ability to show prior cash down payments and responsible credit utilization will also help your cause.

However, if you can meet the requirements, it should be worth it. For example, LightStream has low APRs, and there are no origination or late payment fees.

Pros:

  • LightStream’s personal loans range from $5,000 to $100,000.
  • LightStream’s financing rates range from 2.49% to 19.99%.
  • Flexible terms stretch from three to 12 years.
  • Large loans can have 12-year terms, which are longer than comparable offers.
  • LightStream doesn’t have origination or late payment fees.
  • Applying won’t hurt your credit score.

Cons:

  • You have to borrow at least $5,000.
  • LightStream has strict qualification 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.

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
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Wells Fargo provides personal loans that range from $3,000 to $100,000, with APRs of 5.74% to 19.99%, and terms of one to seven years. However, please note that proceeds of $3,000 to $4,999 have maturities of one to three years, while $5,000 to $100,000 have maturities of one to seven years.

In addition, Wells Fargo only accepts online applications from current customers. However, if you already bank there, APR discounts of 0.25% to 0.50% are available if you meet certain conditions. Conversely, new customers can apply at one of Wells Fargo’s 7,200+ in-person locations across the United States.

Pros:

  • Wells Fargo’s personal loans range from $3,000 to $100,000.
  • Wells Fargo’s financing rates range from 5.74% to 19.99%.
  • APR discounts are offered to current Wells Fargo customers.
  • Flexible terms stretch from one to seven years.
  • Wells Fargo doesn’t have loan origination fees.

Cons:

  • If your payment is late, a $39 fee will apply.
  • For insufficient funds, a $39 fee will apply.
  • Only current customers can apply online.
  • Applying may impact 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.

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
Check rates

With the lowest APRs reserved for “well-qualified” applicants, PNC Bank is a solid choice if you have good credit. For example, you can borrow anywhere from $1,000 to $35,000, with APRs of 5.99% to 28.74%, and terms of six months to five years. However, please note that PNC Bank’s disclosures state that the APR range applies to three-year loans of $15,000 to $36,000. Thus, other loan balances and terms may incur APRs up to 35.99%. In addition, you can’t use the proceeds to refinance a student loan or make tuition payments.

Despite that, there are no loan origination fees, and an auto-pay discount of 0.25% is available if you have a PNC Bank checking account. And with more than 2,600 branches in 29 states, online and in-person help is available to most borrowers.

Pros:

  • PNC Bank’s personal loans range from $1,000 to $35,000.
  • PNC Bank’s financing rates range from 5.99% to 35.99%.
  • APR discounts are offered to current PNC Bank customers.
  • Flexible terms stretch from six months to five years.
  • PNC Bank doesn’t have loan origination fees.
  • Applying won’t hurt your credit score.

Cons:

  • If your payment is late, a fee of 10% of the amount due, or $40, whichever is greater, will apply, after a 15-day grace period.
  • For insufficient funds, a $36 fee will apply.

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.

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

Pentagon Federal Credit Union provides personal loans ranging from $600 to $50,000, with APRs ranging from 4.99% to 17.99%, and terms of one to five years. However, you have to become a member to qualify. To do so, apply online and deposit $5 into a Pentagon Federal savings account. For context, its high-yield savings account has an annual percentage yield (APY) of 0.55%, so it’s a solid choice. Then, you can have your personal loan proceeds deposited into your savings account.

Furthermore, you can use the funds for debt consolidation, home improvement projects, auto, medical, and leisure expenses.

Pros:

  • Pentagon Federal’s personal loans range from $600 to $50,000.
  • Pentagon Federal’s financing rates range from 4.99% to 17.99%.
  • Flexible terms stretch from one to five years.
  • Pentagon Federal doesn’t have loan origination fees.
  • Applying won’t hurt your credit score.

Cons:

  • If your payment is late, a $29 fee will apply.
  • For insufficient funds, a $30 fee will apply.
  • You have to become a member to apply.

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.

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

With more than 1,100 branches in sixteen states, TD Bank allows you to apply for a personal loan online or in person. Moreover, you can borrow anywhere from $2,000 to $50,000, with APRs of 6.99% to 18.99% and terms of one to five years. In addition, a 0.25% APR discount is attainable if you set up automatic payments through a TD Bank checking or savings account.

However, please note that regardless of your loan amount and term, your minimum monthly payment will be at least $125. In addition, you need a credit score of at least 700 to qualify.

Pros:

  • TD Bank’s personal loans range from $2,000 to $50,000.
  • TD Bank’s financing rates range from 6.99% to 18.99%.
  • Flexible terms stretch from one to five years.
  • TD Bank doesn’t have loan origination or insufficient funds fees.
  • APR discounts are available if you meet certain conditions.
  • Applying won’t hurt your credit score.

Cons:

  • If your payment is late, a fee of 5% of the amount due, or $10, whichever is less, will apply.
  • Your minimum monthly payment can’t fall below $125.

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.

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
Check rates

TransformCredit provides affordable personal loans to applicants with cosigners. For example, you can borrow anywhere from $3,000 to $7,000, with terms of three to five years, and APRs are capped at 35.99%. However, please note that your cosigner must have a credit score greater than 750, and homeowners are “much more likely” to qualify. Also, TransformCredit’s services 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, and if you have a friend or family member willing to vouch for your creditworthiness, it can help you overcome a poor credit score.

Pros:

  • TransformCredit’s personal loans range from $3,000 to $7,000.
  • APRs won’t eclipse 35.99%.
  • Owning a home increases your chances of qualifying.
  • Your cosigner can live in any state.
  • Checking your rate won’t impact your credit score.

Cons:

  • TransformCredit only offers cosigner loans.
  • You may get a lower APR by using a cosigner with another lender.
  • 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.

Are Better Terms Available to Borrowers With Good Credit?

Yes. You should qualify for higher loan amounts, lower fees, more flexible terms, and lower APRs when you have good credit. For example, typical borrowing amounts range from $2,000 to $50,000, with APRs of 5.99% to 35.99%. However, if you have good credit, your loan amount should be near the high-end of the range, and your APR should be near the low-end of the spectrum. Moreover, some good credit borrowers will qualify for upwards of $100,000, with APRs of 5% to 10%.

In addition, borrowers with good credit often incur lower loan origination fees. For example, the typical fee may range from 1% to 8% of the proceeds. However, your upfront cost should be in the ballpark of 1% to 4% due to your outstanding credit history.

What Do I Need to Qualify?

To determine your creditworthiness, lenders often pay close attention to your credit score. However, since other metrics also have a material impact, awareness can help you overcome these challenges.

A good credit score:

As the obvious top choice, you need a minimum credit score of roughly 650 to 700 to obtain a good credit personal loan. However, if you can meet the requirement, you should be rewarded with a solid offer.

Recurring income:

Beyond your credit score, lenders want to know that you have the monthly or annual income required to repay the loan. As a result, your salary, self-employment income, or government benefits will influence your loan terms. Moreover, borrowers with the most cash left over after paying their bills are perceived as more creditworthy. As a result, they often obtain lower APRs.

A low to moderate debt-to-income (DTI) ratio:

If your outstanding debt is high relative to your annual income, lenders view this as a red flag. As such, you want to ensure that your mortgage, car, or credit card payments don’t overrun your recurring income. For context, most lenders like to see a DTI ratio of 36%. However, some loan companies will approve applicants with a DTI ratio of 40%, 43%, or as high as 50%. However, it all depends on lenders’ underwriting standards.

A stable credit history:

Last, many lenders want you to have a credit history of more than one year. In addition, they want to know that you’ve responsibly utilized credit. As a result, they may require that you have no bankruptcies, charge-offs, or delinquencies within a specific period.

How to Select the Best Good Credit Personal Loan

When analyzing several competing offers, it can be challenging to spot the little things that make one product better than the other. However, for a quick checklist, please consult our recommendations below.

Low APRs:

As the first requirement, you should aim to find personal loans with the lowest APRs. For context, some lenders offer APRs as low as 2.49%, and obtaining the lowest rate results in the least sunk costs. As such, please consult our marketplace to compare the best offers.

Low origination fees:

Since loan origination fees often range from 1% to 8% and are subtracted from the loan amount, the lower the charge, the less you need to borrow. For example, if you’re approved for a $10,000 personal loan, a 3% loan origination fee results in net proceeds of $9,700. Thus, you need to apply for $10,310 to have a final balance of $10,000.

Also, please note that your monthly payments are determined by the initial $10,310, not the net proceeds of $10,000. As a result, you should consider the origination fee before making your final decision.

Cash flow considerations:

When selecting the right loan, your cash flow is a critical component. For example, a cheap loan with short terms won’t help if you can’t manage the monthly payments. Conversely, if you opt for a personal loan with a higher APR and more flexible terms, lower monthly payments can help ensure prudent budgeting.

Are Personal Loans Good For Debt Consolidation?

Absolutely. You should qualify for an APR of 5% to 10% if you have good credit. As a result, if you have credit card debt that’s incurring an APR of 15% to 25%, paying off the balance with a personal loan can save you money.

For example, carrying a credit card balance from month to month will result in hefty interest charges. However, if you consolidate the loan, you can extend your repayment horizon and lower your interest expense at the same time. Moreover, some lenders offer APR discounts if you let them send the personal loan proceeds directly to a creditor. As a result, good credit personal loans are an excellent way to help rebalance your finances.

Is It Smart to Consider a Co-Signer?

While it often depends on the situation, a co-signer may be appropriate. For example, even if you have good credit, you may not qualify for the lowest APRs provided to borrowers with credit scores of 750 to 850. However, when you bring in a co-signer, the second guarantor increases your creditworthiness. As a result, the lender will likely lower your APR, loan origination fee and provide you with the desired maturity.

However, you should only consider the practice if you’re sure you can repay the funds. If not, it could create friction between you and your friend or family member who acts as the co-signer. Thus, please consider the pros and cons before making your final decision.

Do Personal Loans Have Fees?

Yes. There are a few fees that you should consider. However, they vary by lender, and if you read our reviews above, you’ll notice that some loan companies don’t charge any fees at all.

Application fees:

They don’t often apply, but some lenders charge application fees when processing your loan request. The typical charge is $25 to $50. Moreover, the expense adds up when you borrow a small amount.

Prepayment fees:

Most lenders have abolished prepayment fees, and none of the lenders on our list levy the charge. However, for those that are unfamiliar, prepayment fees occur when you pay off your loan early. In turn, this results in less interest for lenders, so they charge fees to make up for the shortfall. As such, please clarify ahead of time that the expense doesn’t apply.

Insufficient funds fees:

Most lenders have insufficient funds fees. If you send a check, authorize a payment, or set up automatic withdrawals and the account is overdrawn, loan companies often levy penalty charges. As a result, please ensure that your monthly cash flow can support the loan payments.

Late payment fees:

Most lenders have late payment fees. However, the terms can be hit and miss. For example, some lenders charge the fee immediately after your payment date passes. Others provide 10 to 15-day grace periods to allow you to get your finances in order. Conversely, lenders like SoFi, PayOff, Marcus by Goldman Sachs, and LightStream don’t have late payment fees.

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