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 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 credit
• Lender Rating Methodology
• Other personal loan lenders to consider
• How to get a good-credit loan
• What is a good credit score to get a loan?
• Personal loans vs. credit cards
• How much can I borrow?

Best personal loans for good 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 (as well as loans for lower credit scores):

• Avant: Best for fast funding
• Axos Bank: Best for home improvements
• Best Egg: Best for credit card refinancing
• Discover: Best for longer repayment terms
• Happy Money: Best for boosting your credit score
• LendingClub: Best for debt consolidation
• LendingPoint: Best for borrowers who want to pay off their loan early
• LightStream: Best for large loan amounts
• OneMain Financial: Best for in-person service
• PenFed: Best for smaller loan amounts

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 of 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 $10,000 to $50,000 with terms from three to six 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 $2,000 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 8.99%
• 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 $40,000 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 of 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

Happy Money

With Happy Money, formerly Payoff, you can borrow $5,000 to $40,000 with terms from two to five years. Keep in mind that Happy Money 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, Happy Money 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 or Nevada

LendingClub

With LendingClub, you can borrow $1,000 to $40,000 with a three- or five-year term. Additionally, if you use a LendingClub personal loan to pay off credit cards or other debt, you might get a lower rate if you let LendingClub pay up to 12 creditors directly.

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 8%
• Charges late fees

LendingPoint

LendingPoint personal loans range from $2,000 to $36,500 with terms from two to six 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 10%
• 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

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 — but 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

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

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 $50,000 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’re approved and 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’re approved and accept the loan
• Sends loan funds through the mail, which can take more time

Reach Financial

Reach Financial offers personal loans for credit card debt consolidation or refinancing. You can borrow $3,500 to $40,000, and the lender allows you to customize your monthly payment so you can budget for it. However, Reach Financial charges a few different fees.

Pros

• 90% of loans are funded within 24 hours
• Can pause payments for up to 90 days
• Wide range of loan amounts

Cons

• Limited loan uses
• Origination fee between 0% and 8%
• Few repayment term options

Universal Credit

Universal Credit offers personal loans up to $50,000 and funds loans within one day of approval. The lender doesn’t have a prepayment penalty, so you have the option to pay off your loan early without worrying about a surcharge.

Pros

• Fast funding 
• Free credit score monitoring and educational tools
• Universal Credit can pay off your credit cards directly

Cons

• High origination fee (5.25% to 9.99%)
• Limited information available on lender website
• Not available in all states

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 terms ranging from two to six years. 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 1.85% to 8.99%
• Not available in West Virginia
• Limited repayment terms

Upstart

In addition to your credit, Upstart will also consider your education and job history when you apply for a loan — 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 10%
• Charges late and returned check fees

Learn More: Where to Get a Personal Loan

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

Our hope is that this will be a win-win situation for you and us — we only want to get paid if you find a loan that works for you, not by selling your data. This means Credible will only get paid by the lender if you finish the loan process and a loan is disbursed. Additionally, Credible charges you no fees of any kind to compare your loan options.

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 (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 prequalified rates in 2 minutes from other lenders who offer personal loans. Get Personalized Prequalified 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:

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.

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?

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

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.

Credit cards

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

Some credit cards come with 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.

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

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

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.

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About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 144 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 12%. 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 October 9, 2023, none of the personal loan lenders on our platform require a down payment nor do they charge any prepayment penalties.

Prequalified rates disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

Josh Patoka has contributed to the reporting of this article

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