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Best Personal Loans for Good Credit in March 2024

A good credit score can help you qualify for lower interest rates and higher loan amounts

Author
By Kelly Larsen

Written by

Kelly Larsen

Editor

Kelly Larsen has written and edited content that spans many personal finance topics, including buying a home, saving for retirement, and paying off student loans. She first started learning about the world of finance through her work at Finance101.com. In 2020, Kelly helped launch Paven, a financial well-being app.

Edited by Savannah Plasch

Written by

Savannah Plasch

Savannah is an Editorial Assistant at Credible. She earned her BA from UCLA in 2020 and is currently pursuing her MFA in Creative Writing at Queens University of Charlotte.

Updated March 14, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances.

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Having good credit often makes it easier to get approved for personal loans as well as qualify for low interest rates. A good credit score is considered to be 700 or higher, while anything above 750 is excellent.

Keep in mind that the best personal loans for good credit provide competitive interest rates, a wide selection of loan terms, and inclusive eligibility requirements.

Best personal loans for good credit

Before you take out a personal loan, it’s important to consider multiple lenders. This way, you can find the right loan for your needs.

Here are Credible’s partner lenders that offer personal loans for good credit (as well as loans for lower credit scores):

Best overall

SoFi

4.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.99 - 29.99%

Loan Amount

$5000 to $100000

Min. Credit Score

Does not disclose

Pros and cons

More details

Best credit union for personal loans

PenFed

4.6

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.49 - 17.99%

Loan Amount

$600 to $50000

Min. Credit Score

760

Pros and cons

More details

Best for fair credit

Upgrade

4.5

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.49 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

600

Pros and cons

More details

Best for no origination fees (and low rates)

Discover Personal Loans

4.4

Credible Rating

Check Rates

on Credible’s website

Est. APR

-

Loan Amount

$2500 to $40000

Min. Credit Score

660

Pros and cons

More details

Best quick loans for good credit

Splash

4.3

Credible Rating

Check Rates

on Credible’s website

Est. APR

-

Loan Amount

$5000 to $35000

Min. Credit Score

710

Pros and cons

More details

Best debt consolidation loans for bad credit

Universal Credit

4.3

Credible Rating

Check Rates

on Credible’s website

Est. APR

11.69 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

560

Pros and cons

More details

Best for home improvement loans and low rates

LightStream

4.2

Credible Rating

Check Rates

on Credible’s website

Est. APR

7.49 - 25.49%

Loan Amount

$5000 to $100000

Min. Credit Score

700

Pros and cons

More details

Best Close Rates if Pre-approved

Best Egg

4

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.99 - 35.99%

Loan Amount

$2000 to $50000

Min. Credit Score

600

Pros and cons

More details

Best online experience

LendingClub

4

Credible Rating

Check Rates

on Credible’s website

Est. APR

9.57 - 35.99%

Loan Amount

$1000 to $40000

Min. Credit Score

660

Pros and cons

More details

Best for all credit types

Avant

3.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

9.95 - 35.99%

Loan Amount

$2000 to $35000

Min. Credit Score

550

Pros and cons

More details

Low origination fees

Axos

3.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

11.79 - 20.84%

Loan Amount

$10000 to $50000

Min. Credit Score

730

Pros and cons

More details

Best for consolidating credit card debt

Happy Money

3.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

11.72 - 17.99%

Loan Amount

$3000 to $40000

Min. Credit Score

640

Pros and cons

More details

Best bad credit personal loans

OneMain Financial

3.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

18.00 - 35.99%

Loan Amount

$1500 to $20000

Min. Credit Score

540

Pros and cons

More details

Best fast personal loans for all credit types

Upstart

3.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

7.80 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

620

Pros and cons

More details

Best for fast funding and fair credit

Reach Financial

3.7

Credible Rating

Check Rates

on Credible’s website

Est. APR

14.30 - 35.99%

Loan Amount

$3500 to $40000

Min. Credit Score

640

Pros and cons

More details

Lender Rating Methodology

To find the “best companies,” Credible looked at loan and lender data points from 10 categories to give you a well-rounded perspective on each of our partner lenders. Here’s what we considered:

  • Interest rates
  • Repayment terms
  • Repayment options
  • Maximum loan amount
  • Loan funding time
  • Fees
  • Discounts
  • Customer service availability
  • Whether the minimum credit score is available publicly
  • Whether consumers could request rates with a soft credit check

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

Other personal loan lenders to consider

Other lenders also offer personal loans for good credit. Keep in mind that these lenders aren't Credible partners, so you won’t be able to easily compare your rates with them on the Credible platform like you can our partner lenders.

Lender
Loan terms
Loan amount
Navy Federal
36 - 180 months
$250 - $50,000
TD Bank
36 - 60 months
$2,000-$50,000

Compare Rates Now

Check Out: Home Improvement Loans

How to get a good credit personal loan

If you’re ready to apply for a personal loan, follow these four steps:

  1. Research and compare lenders. Be sure to consider as many personal loan lenders as you can to find the right loan for you. Consider not only interest rates, but also repayment terms and any fees the lender charges.
  2. Pick a loan option. After comparing lenders, choose the loan option that works best for you.
  3. Complete the application. Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as pay stubs or tax returns.
  4. Get your funds. If you’re approved, the lender will have you sign for the loan so the money can be released to you. The time to fund a personal loan is usually about one week — though some lenders offer fast personal loans that can be funded as soon as the same or next business day after approval.
tip Icon

Tip

Before you take out a personal loan, be sure to consider how much that loan will cost you in the future. This way, you can be prepared for any added expenses.

You can estimate how much you’ll pay for a loan using our personal loan calculator.

Compare Rates Now

What is a good credit score to get a personal loan?

Credit scores typically range from 300 to 850. A good credit score is usually 670 or higher, according to FICO’s scoring model. Here’s a closer look at how FICO classifies credit scores:

Range
Numeric Score
Impact
Excellent
800 to 850
Access to best rates and terms, and few to no fees
Very good
740 to 799
Access to many lenders, good rates and repayment terms
Good
670 to 739
Lenders see you pay your bills on time and you’ll likely qualify for competitive rates and terms
Fair
580 to 669
Some lenders may work with you if you have a stable job and good income
Poor
579 and below
Your ability to qualify for a loan will be limited, and you may need a cosigner to qualify for good rates

A few different factors make up your FICO credit score:

  • Payment history (35%): This category shows if you have a track record of making on-time payments.
  • Amounts owed (30%): This is how much of your available credit you’re using. If you’re using quite a bit of your available credit, it can indicate that you’ll struggle to make your payments.
  • Length of credit history (15%): The longer you’ve had open accounts, the better, but you can still have a good credit score without a long credit history.
  • Credit mix (10%): Having a diverse mixture of loans and credit cards can help your credit score.
  • New credit (10%): If you open multiple new accounts within a short period, it can ding your score since it shows that you’re potentially overextended.

Check Out: Getting a Loan With No Credit: 4 Loans for New Borrowers

Will a personal loan boost my credit score?

When you apply for a personal loan, the lender will perform a hard credit check to estimate how likely you are to repay the loan. This could cause your score to drop slightly — usually five points or less. This effect is usually only temporary, and your credit score could bounce back within a few months.

The good news is that a personal loan could actually boost your credit score over time — outweighing any initially negative impact. For example, most borrowers who use a personal loan to consolidate debt see a credit score increase 20 points or more, according to TransUnion.

A few positive ways a personal loan could impact your credit score include:

  • Building positive payment history: Payment history is the largest factor that determines your credit score. If you make on-time payments on your personal loan, you could see a boost to your credit.
  • Lowering credit utilization ratio: Your credit utilization is the amount you owe on revolving credit lines — such as credit cards — compared to your limits. If you use a personal loan to consolidate your debt, you could reduce your credit utilization ratio and improve your credit score.
  • Diversifying your credit mix: Lenders like to see that you can handle multiple types of credit — which is why having different kinds of loans contributes to your credit score. Adding a new personal loan could help improve your credit mix and potentially boost your score.

Learn More: Credit Card Consolidation Loans

What to know about personal loans

Having good credit can help you secure a personal loan with more favorable and affordable terms as opposed to someone with poor or even fair credit.

Types of loans for those with good credit

These are the three most common types of personal loans you’ll come across when looking to borrow money.

  • Secured personal loans: A secured personal loan is a type of installment loan that requires collateral. Because the loan is backed by an asset that may be seized if you default on it, the rates offered are frequently lower than unsecured loans.
  • Unsecured personal loans: An unsecured personal loan is also an installment loan. However, unlike secured loans, it is not backed by an asset. This means you do not have to put up any collateral, like a vehicle, to get approved.
  • Debt consolidation loans: Debt consolidation loans are a type of unsecured personal loan meant to help pay off high interest debt, like credit cards. By consolidating multiple accounts into one personal loan, you can streamline payments to once a month and save on interest.

Alternatives to personal loans if you have good credit

For those with good credit, there are options when it comes to borrowing money. Instead of a personal loan, you may want to consider a personal line of credit. A line of credit is a type of revolving credit account that allows you to borrow money when you need it. After paying off what you’ve borrowed, you’re able to borrow money again.

If you have high interest debt like credit cards, you may want to consider a debt consolidation loan. This can be especially helpful if your credit has improved since opening the cards, as you will likely receive a lower interest rate and save money long term.

Personal loans vs. credit cards

Another option to make a large purchase, consolidate debt, or cover another unexpected expense is to use a credit card. If you’re considering a personal loan versus a credit card, here are a few pros and cons of both to keep in mind:

Personal loans 

Pros
Cons
Lower interest rates
Might come with fees
Fixed monthly payments
Set loan amount
Can apply with a cosigner
Begin to accrue interest immediately

Personal loans typically have lower interest rates than credit cards — especially for borrowers with good to excellent credit. They also have fixed interest rates, which means your monthly payment amount won’t change. Some lenders allow cosigners on personal loans, which can help you get approved or even get you a lower interest rate.

Keep in mind that some personal loan lenders charge fees, like origination fees for processing the loan, or late fees if you miss a payment. These can increase your overall loan cost. And since personal loans are made for a set amount, you’ll have to apply for a second personal loan if you need additional funds in the future.

Compare Rates Now

Credit cards

Pros
Cons
0% APR possible
Higher interest rates, potentially
Could continue to help build your credit
Might charge fees
Rewards or perks
Could be tempting to rack up a balance

Some credit cards have a 0% APR introductory period, which means you can avoid paying interest if you repay your balance before the intro period ends. But if you don’t pay the card off in time, you could be stuck with hefty interest charges. If you keep the credit card open and continue making payments on time, it can help you build credit. And depending on the card you choose, you might be able to take advantage of rewards or perks, such as airline miles or cash back.

But credit cards typically charge higher interest rates than personal loans, and you might have to pay fees for balance transfers, cash advances, and more. You’ll need good to excellent credit to qualify for a 0% APR credit card. And if you don’t stick to a budget it can be easy to swipe your credit card without thinking, which could draw you further into debt.

How much can I borrow with a personal loan?

Personal loans typically range from $600 to $100,000 or more, depending on the lender. Keep in mind that you’ll likely have an easier time getting approved for a large loan balance if you have:

  • Good to excellent credit
  • Income that supports your ability to repay the loan
  • Low debt-to-income ratio
tip Icon

Tip

Be sure to borrow only what you need — even if you qualify for a larger amount. This way, you can keep your future costs as low as possible.

If you decide to take out a personal loan, remember to consider as many lenders as possible to find a loan that best suits your needs. Credible makes this easy — you can compare your prequalified rates from multiple personal loan lenders in two minutes.

Compare Rates Now

Josh Patoka has contributed to the reporting of this article

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Meet the expert:
Kelly Larsen

Kelly Larsen has written and edited content that spans many personal finance topics, including buying a home, saving for retirement, and paying off student loans. She first started learning about the world of finance through her work at Finance101.com. In 2020, Kelly helped launch Paven, a financial well-being app.