Best Personal Loans for Borrowers With Good Credit

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

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 usually 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.

Here’s what you should know about personal loans for good credit and where to find them:

• Best personal loans for good and excellent credit
• Other personal loan lenders to consider
• How to get a good-credit loan
• What is a good credit score to get a loan?
• Will a personal loan boost my credit score?
• How does the coronavirus affect personal loans?
• Personal loans vs. credit cards
• How much can you borrow with a personal loan?
• Credible’s personal loan lenders for good and excellent credit

Best personal loans for good and excellent credit

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

Here are Credible’s partner lenders that offer personal loans for good credit:

Lender	Fixed rates	Loan amounts	Min. credit score	Loan terms (years)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	9.95% - 35.99% APR	$2,000 to $35,000**	550	2, 3, 4, 5*
Fixed APR: 9.95% - 35.99% APR Variable APR: N/A Min. credit score: 550 Loan amount: $2,000 to $35,000** Loan terms (years): 2, 3, 4, 5* Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday) Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV Customer service: Phone, email Soft credit check: Yes Loan servicer: Avant Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes Min. Income: $1,200 monthly
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.79% - 17.99% APR	$5,000 to $35,000	740	1, 2, 3, 4, 5
Fixed APR: 6.79% - 17.99% APR Variable APR: N/A Min. credit score: 740 Loan amount: $5,000 to $35,000 Loan terms (years): 1, 2, 3, 4, 5 Time to fund: Next business day Fees: No prepayment penalty Discounts: None Eligibility: Available in all 50 states Customer service: Phone Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.99% - 29.99% APR	$5,000 to $35,000	600	2, 3, 4, 5
Fixed APR: 5.99% - 29.99% APR Variable APR: N/A Min. credit score: 600 Loan amount: $2,000 to $50,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as 1 - 3 business days after successful verification Fees: Origination fee Discounts: None Eligibility: Available in all states except DC, IA, VT, and WV Customer service: Phone Soft credit check: Yes Loan servicer: Best Egg Min. Income: None Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.99% - 24.99% APR	$2,500 to $35,000	660	3, 4, 5, 6, 7
Fixed APR: 6.99% - 24.99% APR Min. credit score: 660 Loan amount: $2,500 to $35,000 Loan terms (years): 3, 4, 5, 6, 7 Time to fund: As soon as the next business day after acceptance Fees: Late fee Discounts: None Eligibility:  Available in all 50 states Customer service: Phone Soft credit check: Yes Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.99% - 29.99% APR	$7,500 to $50,000	Not disclosed by lender	2, 3, 4, 5
Fixed APR: 7.99% - 29.99% APR Min. credit score: Does not disclose Loan amount: $7,500 to $50,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as 2 business days Fees: Origination fee Discounts: No Eligibility: Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY Customer service: Phone Soft credit check: Yes Min. Income: None Loan Uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	10.68% - 35.89% APR	$1,000 to $40,000	600	3, 5
Fixed APR: 10.68% - 35.89% APR Min. credit score: 600 Loan amount: $1,000 to $40,000 Loan terms (years): 3, 5 Time to fund: Usually takes about 3 days† Fees: Origination fee Discounts: None Eligibility: Available in all 50 states Customer service: Phone, email Soft credit check: Yes Loan servicer: LendingClub Min. Income: None Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	15.49% - 35.99% APR	$2,000 to $36,500	580	2, 3, 4
Fixed APR: 15.49% - 35.99% APR Min. credit score: 580 Loan amount: $2,000 to $36,500 Loan terms (years): 2, 3, 4 Time to fund: As soon as the next business day Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except NV and WV Customer service: Phone, email Soft credit check: Yes Min. Income: $20,000 Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.49% - 19.99% APR	$5,000 to $100,000	660	2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
Fixed APR: 2.49% - 19.99% APR Min. credit score: 660 Loan amount: $5,000 to $100,000 Loan terms (years): 2, 3, 4, 5, 6, 7* Time to fund: As soon as the same business day Fees: None Discounts: Autopay Eligibility: Available in all states except RI and VT Customer service: Phone, email Soft credit check: No Loan servicer: LightStream Min. Income: Does not disclose Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.99% - 19.99% APR1	$3,500 to $40,0002	660 (TransUnion FICO®️ Score 9)	3, 4, 5, 6, 7
Fixed APR: 6.99% - 19.99% APR1 Min. credit score: 660 (TransUnion FICO®️ Score 9) Loan amount: $3,500 to $40,0002 Loan terms (years): 3, 4, 5, 6 Time to fund: Many Marcus customers receive funds in as little as three days Fees: None Discounts: Autopay Eligibility: Available in all 50 states Customer service: Phone Soft credit check: Yes Loan servicer: Goldman Sachs Min. Income: $30,000 Loan Uses: Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	18.00% - 35.99% APR	$1,500 to $20,000	None	2, 3, 4, 5
Fixed APR: 18.00% - 35.99% APR Min. credit score: None Loan amount: $1,500 to $20,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as the same day, but usually requires a visit to a branch office Fees: Origination fee Discounts: None Eligibility: Must have photo I.D. issued by U.S. federal, state or local government Customer service: Phone, email Soft credit check: Yes Min. Income: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.99% - 17.99% APR	$600 to $20,000 (depending on loan term)	670	1, 2, 3, 4, 5
Fixed APR: 5.99% - 17.99% APR Min. credit score: 670 Loan amount: $600 to $35,000* Loan terms (years): 1, 2, 3, 4, 5 Time to fund: 2 to 4 business days after verification Fees: None Discounts: None Eligibility: Does not disclose Customer service: Phone, email Soft credit check: No Min. Income: Does not disclose Loan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.95% - 35.99% APR	$2,000 to $40,000	640	3, 5
Fixed APR: 6.95% - 35.99% APR Min. credit score: 640 Loan amount: $2,000 to $40,000 Loan terms (years): 3, 5 Time to fund: As soon as one business day Fees: Origination fee Discounts: None Eligibility: Available in all states except IA, ND, WV Customer service: Phone, email Soft credit check: Yes Min. Income: None Loan Uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.99% - 18.83% APR	$5,000 to $100,000	Does not disclose	2, 3, 4, 5, 6, 7
Fixed APR: 5.99% - 18.83% APR Min. credit score: Does not disclose Loan amount: $5,000 to $100,000 Loan terms (years): 2, 3, 4, 5, 6, 7 Time to fund: 3 business days Fees: None Discounts: Autopay Eligibility: Available in all states except MS Customer service: Phone, email Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Solely for personal, family, or household uses
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	8.93% - 35.93% APR7	$1,000 to $50,000	580	3 to 5 years 8
Fixed APR: 8.93% - 35.93% APR7 Min. credit score: 580 Loan amount: $1,000 to $50,000 Loan terms: 3 to 5 years 8 Time to fund: Within one day, once approved9 Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases Fees: Origination fee Discounts: Autopay Eligibility: A U.S. citizen or permanent resident. Not available in AR, DC, KS, ME, SC, VT, WI, WV Customer service: Phone, email Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.94% - 35.97% APR	$1,000 to $50,000	580	2, 3, 5, 6
Fixed APR: 5.94% - 35.97% APR Min. credit score: 580 Loan amount: $1,000 to $50,000* Loan terms (years): 2, 3, 5, 6 Time to fund: Within a day of clearing necessary verifications Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except West Virginia Customer service: Email Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.46% - 35.99% APR4	$1,000 to $50,0005	580	3 to 5 years4
Fixed APR: 6.46% - 35.99% APR4 Min. credit score: 580 Loan amount: $1,000 to $50,0005 Loan terms (years): 3 to 5 years4 Time to fund: As soon as 1 - 3 business days6 Fees: Origination fee Discounts: None Eligibility: Available in all states except IA and WV Customer service: Phone, email Soft credit check: Yes Min. Income: $12,000 Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | Read more about Rates and Terms

Avant

Avant offers personal loans from $2,000 to $35,000* with repayment terms from two to five years.^** If you’re approved, you could get your funds as soon as the next business day.

Pros

• Fast loan funding
• Accepts poor and fair credit
• No prepayment penalty

Cons

• Not available in Colorado, Iowa, Hawaii, Vermont, Nevada, New York, or West Virginia
• Administration fee up to 4.75%
• Charges late and dishonored payment fees

Learn More: How to Find a $35,000 Personal Loan Without Stressing

Axos Bank

With Axos Bank, you can borrow $5,000 to $35,000 with terms from one to five years. If you’re approved, you could get your funds as soon as the next business day.

Pros

• Fast loan funding
• Competitive rates
• Variety of loan uses

Cons

• Minimum credit score is in the upper range of good credit
• Origination fees from 0% to 2%
• Charges late and insufficient funds fees

Best Egg

Best Egg personal loans range from $5,000 to $50,000 with repayment terms from two to five years. Additionally, rates from Best Egg can be very competitive for borrowers with good to excellent credit and income.

Pros

• Competitive rates
• Fast loan funding
• No prepayment penalty

Cons

• Origination fees from 0.99% to 5.99%
• Charges late fees
• Not available in Iowa; Vermont; Washington, D.C.; or West Virginia

Discover

If you’re looking for a long repayment term, Discover could be a good choice — you can borrow $2,500 to $35,000 with terms from three to seven years. Just keep in mind that opting for a longer term means you’ll pay more in interest over time.

Pros

• Repayment terms up to seven years
• Fast loan funding
• No origination fee

Cons

• Charges late fees
• Must borrow at least $2,500
• Can’t add a cosigner to the loan

FreedomPlus

If you’re planning to consolidate debt with a personal loan, FreedomPlus might be a good option — if you use at least 85% of a FreedomPlus loan to pay off existing debt, you might qualify for a lower interest. Adding a cosigner or showing proof of retirement savings could also get you a better rate.

You can borrow $7,500 to $35,000 with repayment terms from two to five years.

Pros

• Could get a lower rate by having LendingClub pay creditors directly
• No prepayment penalty
• Being turned down doesn’t hurt your credit score

Cons

• Can have higher rates than other lenders
• Origination fees from 3% to 6%
• Charges late fees

LendingPoint

LendingPoint personal loans range from $2,000 to $36,500 with terms from two to five years.

If you’re approved, you could get your funds as soon as the next business day.

Pros

• Accepts poor credit scores
• Fast approval decisions
• Fast loan funding

Cons

• Can have higher rates compared to other lenders
• Origination fees from 0% to 6%
• Not available in Nevada or West Virginia

LightStream

If you need to borrow a large amount, LightStream could be a good choice — you can borrow $5,000 to $100,000. Most LightStream loans have terms from two to seven years, but if you use your loan for home improvements, you could have up to 12 years to repay it.

Pros

• Can borrow up to $100,000
• Funding as soon as the same business day
• 0.50% autopay discount

Cons

• Autopay discount available only before loan funding
• Not available in Rhode Island or Vermont
• Doesn’t disclose minimum income requirements

Check Out: How to Get a $100,000 Personal Loan Fast

Marcus

With Marcus, you can borrow $3,500 to $40,000² with repayment terms from three to six years. After making at least 12 on-time, consecutive payments, Marcus will let you defer one monthly payment interest-free.

Pros

• No fees
• 0.25% autopay discount
• Can defer one monthly payment interest-free after making 12 consecutive, on-time payments

Cons

• Doesn’t disclose minimum income requirements
• Potentially longer funding time compared to some other lenders
• Doesn’t allow cosigners

OneMain Financial

OneMain Financial offers personal loans from $1,500 to $20,000 with terms from two to five years. If you’re approved, you could get your funds as soon as the same day — however, this usually requires a visit to a branch office.

Pros

• Fast loan funding
• No minimum credit score
• Considers financial history, income, expenses, and loan purpose in addition to credit history when determining creditworthiness

Cons

• Can have higher interest rates compared to other lenders
• Higher loan amounts might require collateral
• Origination fees from $25 to $500 or from 1% to 10% of loan amount, depending on your state

Payoff

With Payoff, you can borrow $5,000 to $40,000 with terms from two to five years. Keep in mind that Payoff personal loans are specifically designed for credit card consolidation — you can’t use them for other purposes.

Pros

• Free FICO score updates
• If you lose your job, Payoff will work with you on payments
• Offers scientific personality, stress, and cash flow assessments to help you get a better understanding of your personal finances

Cons

• Can only use loans for credit card consolidation
• Origination fees from 0% to 5%
• Not available in Massachusetts, Nebraska, Nevada, or Ohio

PenFed

If you’re looking for a small personal loan, PenFed might be a good choice — you can borrow as little as $600 up to $35,000 with terms from one to five years.

Keep in mind that while you don’t have to join the credit union to apply for a loan, you’ll have to become a member if you are approved and choose to accept the loan.

Pros

• Can borrow small loan amounts
• No fees
• Can use for a variety of purposes

Cons

• Doesn’t disclose minimum income requirements
• Must join the credit union if you are approved and decide to accept the loan
• Sends loan funds through the mail, which can take more time

Prosper

Prosper offers personal loans from $2,000 to $40,000 with three- or five-year terms. If you’re approved, you could get your funds as soon as the next business day.

Pros

• No prepayment penalty
• No minimum income requirement
• Can be used for a variety of purposes

Cons

• Origination fees from 2.4% to 5%
• Not available in Iowa, North Dakota, or West Virginia
• Funding could take up to 14 days (though might be as soon as one business day)

SoFi

SoFi could be a good choice if you need to borrow a large amount — its loans range from $5,000 to $100,000 with terms from two to seven years. With SoFi, borrowers also have access to several perks, including unemployment protection, career coaching, and investing advice.

Pros

• Can borrow up to $100,000
• No fees
• Borrower perks (such as unemployment protection and investing advice)

Cons

• Doesn’t disclose minimum income or credit requirements
• Not available in Mississippi
• Funding can take longer compared to some other lenders

Upgrade

Upgrade offers personal loans from $1,000 to $50,000 with two, three, five, or six year terms. Additionally, borrowers can take advantage of free credit monitoring and educational resources.

Pros

• Fast approval decisions
• Free credit monitoring and educational resources
• Funding within a day of clearing necessary verifications

Cons

• Origination fees from 2.9% to 8%
• Not available in West Virginia
• Limited repayment terms (three or five years)

Upstart

In addition to your credit, Upstart will also consider your education and job history to determine creditworthiness — which means you might still qualify even if you have little to no credit history. You can borrow $1,000 to $50,000⁵ with Upstart.

Pros

• Considers education and job history in addition to credit
• No prepayment penalty
• Low minimum income requirement ($12,000)

Cons

• Origination fees from 0% to 8%
• Charges late and returned check fees
• Not available in Iowa or West Virginia

Learn More: Where to Get a Personal Loan

Other personal loan lenders to consider

There are also other lenders that offer personal loans for good credit. Keep in mind that these lenders are not offered through Credible, 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 (years)	Loan amount
Show details	3, 4, 5, 6, 7	$5,000 - $50,000
Rates: Fixed Loan terms (years): 3, 4, 5, 6, 7 Loan amount: $5,000 - $50,000 Fees: None Discounts: Autopay, loyalty Eligibility: Does not disclose Min. income: Does not disclose Customer service: Phone Soft credit check: Yes Min. credit score: Does not disclose Time to get funds: 1 - 3 days
Show details	3, 4, 5	$5,000 - $75,000
Rates: Fixed Loan terms (years): 3, 4, 5 Loan amount: $5,000 - $75,000 Fees: Does not disclose Discounts: Autopay Eligibility: Available in all states except AL, DE, KY, NV, and RI Min. income: Does not disclose Customer service: Phone, email Soft credit check: Yes Min. credit score: 680 Time to get funds: 1 - 3 days
The lenders in this table aren't our partners. But you can use Credible to compare rates in 2 minutes from other lenders who offer personal loans. Get Rates Now

Check Out: Home Improvement Loans

How to get a good-credit loan

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

• 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 charged by the lender.
• Pick a loan option. After comparing lenders, choose the loan option that works best for you.
• 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.
• 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 for 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.

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

Learn More: Swimming Pool Loans: Finance With a Personal Loan

What is a good credit score to get a loan?

To get approved for a personal loan, you’ll typically need good to excellent credit. This usually means a score of 700 or higher.

Additionally, having a good credit score means you’re more likely to qualify for lower interest rates as well as higher loan amounts.

Here are the credit score ranges you’ll typically come across:

Credit score ranges	Credit rating
Below 640	Poor
640 to 699	Fair
700 to 749	Good
750 and up	Excellent

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 determine your creditworthiness. 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 an increase of 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 one of the largest factors in 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

How does the coronavirus affect personal loans?

Generally, the COVID-19 pandemic hasn’t had much of an effect on personal loans and the process to get one. You’ll still generally need good credit and verifiable income to get approved for a personal loan.

Additionally, many lenders are offering various forms of payment help for borrowers impacted by COVID-19, such as deferment or forbearance options. Here are some of Credible’s partner lenders that are providing assistance to their borrowers:

• Discover: You can defer past due payments to the end of the loan, make interest-only payments for six to 12 months, or change your repayment term to reduce your monthly payments.
• LendingPoint: Offers additional time and flexibility for payments, as well as multiple personalized solutions for struggling borrowers.
• Marcus: You can defer one monthly payment without accruing interest during the deferral period.
• PenFed: Allows borrowers to skip a payment if affected by COVID-19.
• SoFi: Provides unemployment protection for borrowers who have lost their jobs. SoFi’s Special Handling Team can also discuss repayment options.

Check Out: Where to Get a $10,000 Personal Loan

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 vs. a credit card, here are a few pros and cons of both to keep in mind:

Pros of personal loans

• Lower interest rates: Personal loans typically have lower interest rates than credit cards — especially for borrowers with good to excellent credit. This also
• Fixed monthly payments: Most personal loans come with fixed interest rates, which means your payments won’t ever change.
• Can apply with a cosigner: Some lenders allow cosigners on personal loans, which can help you get approved or even get you a lower interest rate. Most major credit card issuers don’t allow cosigners.

Cons of personal loans

• Might come with fees: Some personal loan lenders charge fees — such as origination fees or late fees. These can increase your overall loan cost.
• Set loan amount: If you need to borrow more, you’ll have to apply for a second personal loan. Credit cards, on the other hand, provide you with a credit line that you can repeatedly draw on and pay off so long as you don’t surpass your limit.
• Immediately begins to accrue interest: Interest charges and origination fees accrue right away for personal loans. The loan expenses can be more than credit cards with an introductory 0% APR if you can pay the balance off during this time.

Pros of credit cards

• 0% APR: Some credit cards come with a 0% APR introductory period, which means you can avoid paying interest if you repay your balance before this period ends. However, keep in mind that if you can’t pay off the card in time, you could be stuck with hefty interest charges.
• Could continue to help build your credit: You can generally keep a credit card open for an unlimited amount of time — which means it can continue to help your credit over time.
• Rewards or perks: Depending on the card you choose, you might be able to take advantage of various rewards or perks, such as airline miles or cash back.

Cons of credit cards

• Higher interest rates: Credit cards generally charge higher interest rates than personal loans.
• Might charge fees: Depending on the card, you might have to pay fees for balance transfers, cash advances, and more.
• Could be tempting to rack up a balance: It can be easy to swipe your credit card without thinking, which can draw you further into debt.

Learn More: What You Need to Know Before Taking Out an $80k Loan

How much can you 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

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.

Credible’s personal loan lenders for good and excellent credit

• Avant: Best for thin credit history
• Axos Bank: Best for good credit
• Best Egg: Best for excellent credit
• Discover: Best for good to excellent credit
• FreedomPlus: Best for debt consolidation
• LendingClub: Best for good credit
• LendingPoint: Best for thin credit history
• LightStream: Best for excellent credit
• Marcus: Best for excellent credit
• OneMain Financial: Best for debt consolidation
• Payoff: Best for debt consolidation
• PenFed: Best for debt consolidation
• Prosper: Best for good credit
• SoFi: Best for good credit
• Upgrade: Best for debt consolidation
• Upstart: Best for thin credit history

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About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

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