Best Personal Loans for Good Credit

Getting a personal loan with good credit comes with its perks

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If you're a would-be borrower who has good credit—you're in luck. Not only will you have access to more lenders, but you could find that you’ll qualify for more favorable interest rates and better terms on your loans, and perhaps even be able to borrow a higher amount.

Best Personal Loans For Good Credit–November 2020

Lender Best For APR Range Minimum Loan Amount Maximum Loan Amount Terms Recommended Credit Score
SoFi Best Overall 5.99%–18.53% with autopay $5,000 $100,000 2–7 years 670+
Marcus by Goldman Sachs Best for Debt Consolidation 6.99%–19.99% $3,500 $40,000 36–72 months 660+
LightStream Best for Fast Funding 3.99%–19.99% with autopay $5,000 $100,000 24–144 months 670+
Upstart Best for Professional Development Expenses 7.98%–35.99% $1,000 $50,000 3 or 5 years 600+
LendingClub Best Minimum Loan Amount 10.68%–35.89% $1,000 $40,000 36 or 60 months 600+
Wells Fargo Best Bank 5.74%–24.49% with relationship discount $3,000 $100,000 12–84 months 670+
Alliant Credit Union Best Credit Union 6.24%–10.24% with autopay $1,000 $50,000 12–60 months 670+
American Express Best Credit Card Company 5.91%–19.98% $500 $50,000 12–36 months 670+
Loan amounts, APR, and repayment period may vary by loan purpose or type.

If your credit score is 670 or above—like 67% of all Americans—congrats: You may qualify for the creamiest loans. But if you want the crème de la crème, you'll need to shop around, and that's where we come in. We've researched numerous personal loan options, comparing—as you should—factors such as the annual percentage rate (APR), origination fees, and how you can use your loan. We’ve also examined features such as qualification requirements, fees, interest rates, and loan limits.

SoFi: Best Overall

SoFi

SoFi (short for Social Finance) is an online lender and wealth management company. Though it's best known for student loans—its original core business, which began in 2011—we've ranked it the best overall in personal loans because it offers some of the lowest interest rates around, some of the highest loan amounts, and a whole host of benefits for members (as it quaintly calls customers) such as unemployment protection.

Pros
  • High loan limit (up to $100,000)

  • No fees for loan origination or early payoff, or even for late payments

  • Member benefits such as exclusive in-person events, personalized career advice, and financial planning from credentialed advisors

Cons
  • Small fry needn't apply: $5,000 minimum loan, higher than other lenders'

  • Higher-income borrowers or those with a high-end credit score have a better chance of qualifying

  • Wait times: Release of funds after loan approval can take several days

Other important information:

  • Minimum/maximum amount you can borrow: $5,000 to $100,000 (minimum may be higher in some states)
  • APR range: 5.99%–18.53% with autopay
  • Fees: No late, prepayment or origination fees
  • Minimum credit requirement: 670
  • Repayment terms: 2 to 7 years
  • Time to receive funds: According to SoFi, at least a few days after approval
  • Other qualification requirements: Not available in Mississippi. Applicants need to be the age of majority in their state, be a U.S. citizen or a valid visa holder plus proof of income or employment. Applications from borrowers who have existing SoFi personal loans need to have three recent on-time payments (except Michigan residents, who aren't allowed to have more than one loan at a time)

Read the full review: SoFi Personal Loans

Marcus by Goldman Sachs: Best for Debt Consolidation

Marcus

Marcus by Goldman Sachs, the consumer banking arm of the prestigious investment management firm, features personal loans that are particularly ideal for debt consolidation purposes. Unlike other specialists in this area, Marcus doesn't charge any loan origination fees—or any fees, for that matter—and it offers some of the longest, more flexible repayment terms around. Qualified applicants may qualify for 6.99% APR and repayment terms up to 72 months.

Pros
  • No fees

  • Customizable loan payment dates

  • Long loan terms (up to 72 months) that lessen monthly payments

Cons
  • No joint applications accepted

  • Higher rates for applicants who opt for longer borrowing terms

  • Funding takes longer (up to 4 business days) compared to other lenders

Other important information:

  • Minimum/maximum amount you can borrow: $3,500 to $40,000
  • APR range: 6.99%–19.99%
  • Fees: No late, prepayment or origination fees
  • Minimum credit requirement: 660
  • Other qualification requirements: Borrowers need to be at least 18 years old (with exceptions in a few states) and have a valid Social Security or Individual Tax I.D. number plus a valid U.S. bank account to apply. 
  • Repayment terms:  36 to 72 months
  • Time to receive funds: 1 to 4 business days after approval

Read the full review: Marcus Personal Loans

Lightstream: Best for Fast Funding

LightStream

As the online lending division of Truist Bank, Lightstream offers personal loans for almost any reason. The lender also offers funding as fast as the same business days. Keep in mind that minimum APRs and loan length will differ depending on the reason for your loan.

Pros
  • Fast funding, as soon as the same business day

  • No origination fees or prepayment penalties

  • Autopay discount available

Cons
  • Minimum APR fluctuates depending on the purpose of your loan

  • No prequalification option

  • High minimum loan amount

Other important information:

  • Minimum/maximum amount you can borrow: $5,000-$100,000
  • APR range: 3.99%–19.99%
  • Fees: none
  • Minimum credit requirement: 670
  • Other qualification requirements: Borrowers need to show sufficient income
  • Repayment terms: 2 to 12 years
  • Time to receive funds: as soon as the same business day

Read the full review: LightStream Personal Loans

Upstart: Best for Professional Development Expenses

Upstart

Founded by former Google employees, Upstart’s lending platform uses artificial intelligence when considering your application, which means you may qualify for a loan even if your score is on the lower spectrum. Plus, loans can be used towards post-secondary education expenses as long as you provide proper documentation.

Pros
  • Quick funding (as soon as the next business day or within two business days if you accept the loan offer after 5pm EST)

  • Check your initial rate without affecting your credit score

  • No prepayment penalty

Cons
  • Limited loan terms—either 3 or 5 years

  • Origination fees (as high as 8%) and late fees which could be a percentage of the past payment due

  • HIgher interest rates compared to other online lenders

Other important information:

  • Minimum/maximum amount you can borrow: $1,000 to $50,000, based on factors like education, income and occupation listed on your application.
  • Typical APR range: 7.98%–35.99% 
  • Fees: 0%–8% origination fee, late fee a flat $15 or 5% of the past due amount, whichever is greater
  • Minimum credit requirement: 600
  • Other qualification requirements: Must provide certification if using personal loans for post-secondary education expenses. You'll also need to be at least 18 years old in most states, be a U.S. citizen or permanent resident, a full-time job or a full-time job offer that starts within six months or some source of regular income.
  • Repayment terms: 3 or 5 years
  • Time to receive funds: As soon as 1 business day if you accept the loan terms the same day, or 2 business days if you accept after 5pm EST.

Read the full review: Upstart Personal Loans

Note: If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus.
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.16% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

LendingClub: Best Minimum Loan Amount

LendingClub

A peer-to-peer marketplace, LendingClub matches investors with millions of borrowers daily. But the best news: You can borrow as little as $1,000—perfect for those who don’t require large upfront capital, but just a small lifeline.

Pros
  • Lowest minimum loan amount around ($1,000)

  • No prepayment penalties if you wish to pay off your loan early

  • Joint applications permitted

Cons
  • Longer funding times ( a minimum of 4 days)

  • High origination fees

  • High maximum APRs (up to 35.89%) and stringent requirements for best rates (high credit score, low debt-to-income ratio, and a lengthy credit history)

Other important information:

  • Minimum/maximum amount you can borrow: $1,000 to $40,000
  • APR range: 10.68%–35.89%.
  • Fees: Origination fees cost anywhere from 1% to 6%, though the average is around 5.2%. Late fee is either $15 or 5% of the past due amount, whichever is greater.
  • Minimum credit requirement: 600
  • Other qualification requirements: You need to be a U.S. citizen or permanent resident at least 18 years old and have a bank account that can be verified. Borrowers from Iowa or a U.S. territory aren’t eligible
  • Repayment terms: 36 or 60 months
  • Time to receive funds: According to the website, most borrowers received loan proceeds as soon as four days back in 2018 

Read the full review: LendingClub Personal Loans

Wells Fargo: Best Bank

WF

Founded in 1852, Wells Fargo is headquartered in San Francisco and has over 5,400 branches across the country. Customers will have access to rates starting at 5.74% with a wide range of loan options. Their credit requirements aren’t as strict compared to other lenders but if you’re a new customer you need to apply in person.

Pros
  • Rate discount available

  • Minimal fees

  • Loan proceeds available as soon as the next business day

Cons
  • New customers need to visit a brick and mortar location

  • High minimum loan amount

  • Checking rates means a hard credit inquiry

Other important information:

  • Maximum/minimum amount you can borrow: $3,000 to $100,000
  • APR range: 5.74%–24.49% (relationship discount included )
  • Minimum recommended credit score: 670
  • Fees: None
  • Other qualification requirements: Need a qualifying Wells Fargo account with autopay for a relationship discount 
  • Repayment terms: 12 to 84 months
  • Time to receive funds: The next business day after approval
  • Restrictions: New customers need to apply in person

Read the full review: Wells Fargo Personal Loans

Alliant Credit Union: Best Credit Union

A

Founded in 1935, Alliant Credit Union doesn’t have really restrictive membership requirements—anyone can join by making a donation to Foster Care to Success (FC2S). Borrowers can choose from four different loan terms with no origination fees or prepayment penalties.

Pros
  • Hardship program available

  • Minimal fees

  • Funding as soon as the same business day

Cons
  • Rates go up the longer the loan term

  • Four loan terms available

  • Need to be a member of the credit union

Other important information:

  • Maximum/minimum amount you can borrow: $1,000 to $50,000
  • APR range: 6.24%–10.24% with autopay discount
  • Fees: No origination fee or prepayment penalties
  • Minimum recommended credit score: 670
  • Other qualification requirements: Rate could also depend on your credit history and income 
  • Repayment terms: 12 to 60 months
  • Time to receive funds: As soon as the same business day
  • Restrictions: Need to be a member of the credit union

American Express: Best Credit Card Company

AE

Founded in 1890, existing American Express cardholders may take advantage of the company’s competitive rates and low loan amounts. Although there are no origination fees, you may be charged a high late fee. Currently, you need to be invited to apply for a personal loan.

Pros
  • Quick funding

  • No origination fees

  • Low minimum loan amount

Cons
  • High late fee

  • Need to be invited to apply

  • Short repayment terms

Other important information:

  • Maximum/minimum amount you can borrow: $500 to $50,000
  • APR range: 5.91%–19.98%
  • Fees: $39 late fee
  • Minimum recommended credit score: 670
  • Other qualification requirements: Need to be existing American Express cardholder 
  • Repayment terms: 12 to 36 months
  • Time to receive funds: As soon as the next business day
  • Restrictions: Need to be invited to apply

Read the full review: American Express Personal Loans

What Credit Score Range Do You Fall Into?

  • Excellent Credit: 800–850
  • Very Good Credit: 740–799
  • Good Credit: 670–739
  • Fair Credit: 580–669
  • Poor Credit: under 580

What Is a Good Credit Score to Get a Personal Loan?

It’s safe to assume that the higher your credit score, the more doors are open for you. That means more lenders are willing to offer you personal loans at the lowest rates and best terms. While 670 is the minimum "good" FICO credit score, lenders tend to give preference to those with at least a 690 score, and more so if you have an excellent credit score closer to the 800 range. 

Where is The Best Place to Get a Personal Loan With Good Credit?

The good news is that there are plenty of lenders that offer personal loans for borrowers with good credit. Options include banks, credit unions, brick and mortar institutions, and online lenders. Don't assume any one type is the best: Though online lenders often have lower nominal rates, for example, their fees might make their effective rates less competitive.

What Should You Consider Before Choosing a Personal Loan?

When comparing personal loan options, it’s important to understand all the terms and conditions in order to find the one that will both cost you the least and that fits your needs. 

For example, if you’re looking for a personal loan to consolidate a few business debts and the lender doesn’t allow financing for this purpose, then you’ll need to find another source, even if the first place offers the lowest APR in town. Or if you’re interested in borrowing $3,000 and a lender has a $5,000 loan minimum, then you’ll also need to look elsewhere. (Never take on more financing than you absolutely need.)

Basically, you want to find a lender that offers the best combination of interest rates, fees, and repayment terms. Interest rates are paramount: the lower the APR, the less you’ll pay throughout the lifetime of your loans. Bear in mind that longer loans seem cheaper (lower monthly payments), but often are more expensive overall (because you pay more in interest). And other aspects may be important too. If there's a good chance you'll be able to pay off your debt early, a personal loan without prepayment penalties means you can do so without forking over a fee. 

How Do You Know If You Have Good Credit?

The best way to determine if you have good credit is by signing up for a free credit monitoring service. Companies such as Credit Karma, Rocket HQ, and Credit Sesame are reputable and free. Although these services may not be the exact credit scoring models lenders use, their evaluations give you a fairly good idea of where you stand since it’ll show you the types of financial behaviors that could affect your score. 

Otherwise, a few signs that you have good credit include:

  • You’ve been consistently making on-time payments
  • You don’t rack up more than 30% of your credit limit across your credit cards
  • There are no defaults or bankruptcies in your name

The Bottom Line

Having good credit means you have more options when it comes to finding the best terms and rates for a personal loan. Before going with any lender, make sure to shop around compare all available options so that you find a loan that’ll cost you the least and suits your current needs. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders for all borrowing needs. We collected over twenty five data points across more than fifty lenders including interest rates, fees, loan amounts and repayment terms to ensure that our content helps users make the right borrowing decision for their needs.

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