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Best personal loans for good credit in July 2024

Updated Jul 19, 2024

What to know first: The best personal loans for good credit generally come with competitive APRs for borrowers with FICO credit scores between 670 and 739. Based on Bankrate research, people with credit scores around this range get loans with an average interest rate between 13.50 percent and 15.50 percent.

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PERSONAL LOANS

LightStream: BEST FOR WIDE RANGE OF REPAYMENT TERMS

4.7

Est. APR
7.49- 25.49%
* with AutoPay
Loan term
2-7 yrs*
Loan amount
$5k- $100K
Min credit score
695
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PERSONAL LOANS

LendingClub: Best for small loan amounts

4.5

Est. APR
8.98- 35.99%
Loan term
2-5 yrs
Loan amount
$1k- $40K
Min credit score
600
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Check rate with Bankrate

PERSONAL LOANS

Best Egg: Best for midsize loans

4.6

Est. APR
8.99- 35.99%
Loan term
3-5 yrs
Loan amount
$2k- $50K
Min credit score
600
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Check rate with Bankrate

PERSONAL LOANS

Happy Money: Best for credit card debt consolidation

4.6

Est. APR
11.72- 17.99%
Loan term
2-5 yrs
Loan amount
$5k- $40K
Min credit score
640
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PERSONAL LOANS

Prosper: Best for joint loans

4.6

Est. APR
8.99- 35.99%
Loan term
2-5 yrs
Loan amount
$2k- $50K
Min credit score
640

PERSONAL LOANS

Discover: BEST FOR LOW INTEREST RATES ON SMALLER LOANS

4.8

Est. APR
7.99- 24.99%
Loan term
3-7 yrs
Loan amount
$2.5k- $40K
Min credit score
660

PERSONAL LOANS

SoFi: Best for large loan amounts

4.7

Est. APR
8.99- 29.49%
with all discounts
Loan term
2-7 yrs
Loan amount
$5k- $100K
Min credit score
680

PERSONAL LOANS

Rocket Loans: Best for fast funding

4.5

Est. APR
9.116- 29.99%
with Autopay
Loan term
3-5 yrs
Loan amount
$2k- $45K
Min credit score
Not disclosed

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Compare good credit loan rates from Bankrate’s top picks

Here's a deeper look into our top good credit personal loans. Scan the table to easily compare loan details. Pay attention to the minimum credit score to make sure you qualify. Also consider each lender’s APR range and loan amounts to find a loan that meets your financial needs.

LENDER BEST FOR APR RANGE LOAN AMOUNT LOAN TERM MIN CREDIT SCORE
LightStream Wide range of repayment terms 7.49%-25.49% with Autopay $5,000-$100,000 2-7 years 695
LendingClub Small loan amounts 8.98%-35.99% $1,000-$40,000 2-5 years 600
Best Egg Midsize loans 8.99%-35.99% $2,000-$50,000 3-5 years 600
Happy Money Credit card debt consolidation 11.72%-17.99% $5,000-$40,000 2-5 years 640
Prosper Joint loans 8.99%-35.99% $2,000-$50,000 2-5 years 640
Discover Low interest rates on small loans 7.99%-24.99% $2,500-$40,000 3-7 years 660
SoFi Large loan amounts 8.99%-29.49% with Autopay $5,000-$100,000 2-7 years 680
Rocket Loans Fast funding 9.116% - 29.99% $2,000- $45,000 3-5 years Not specified

A closer look at our top good credit loan lenders

Here's a deep dive into each featured lender. Use these sections to get the full picture on why each lender is the best in its category and what kind of borrower would benefit most from the loan.

LightStream: Best for wide range of repayment terms

LightStream
Rating: 4.7 stars out of 5
4.7

Overview: LightStream is an online lender owned by Truist Bank. The company prides itself on its customer experience to the point that it offers a $100 satisfaction guarantee. It also has the widest range of terms and one of the lower minimum APRs of our featured lenders.

Est. APR
7.49%–25.49%
Loan amount
$5k– $100k
Min credit score
695

LendingClub: Best for small loan amounts

LendingClub
Rating: 4.5 stars out of 5
4.5

Overview: Headquartered in San Francisco, California, LendingClub started as a peer-to-peer company, and has since evolved into a loan marketplace and bank. Personal, business, auto and medical loans are all available through LendingClub, along with a range of checking and savings products.

Est. APR
8.98%–35.99%
Loan amount
$1k– $40k
Min credit score
600

Best Egg: Best for midsize loans

Best Egg
Rating: 4.6 stars out of 5
4.6

Overview: Founded in 2014 and headquartered in Wilmington, Delaware, Best Egg has made a name for itself as a reputable and affordable personal loan solution. Best Egg has funded over 1.1 million loans.

Est. APR
8.99%–35.99%
Loan amount
$2k– $50k
Min credit score
600

Happy Money: Best for credit card debt consolidation

Happy Money
Rating: 4.6 stars out of 5
4.6

Overview: Happy Money is the only lender in the good credit space solely on debt consolidation. The financial wellness-specialized lender offers one loan — the Payoff Loan — specifically dedicated to consolidating high-interest credit card debt.

Est. APR
11.72%–17.99%
Loan amount
$5k– $40k
Min credit score
640

Prosper: Best for joint loans

Prosper
Rating: 4.6 stars out of 5
4.6

Overview: Prosper is a personal loan pioneer — the company became the first firm to enter the peer-to-peer lending arena when it launched in 2005. For nearly 20 years, Prosper has helped over 1.4 million borrowers gain access to loans.

Est. APR
8.99%–35.99%
Loan amount
$2k– $50k
Min credit score
640

Discover: Best for low interest rates on small loans

Discover
Rating: 4.8 stars out of 5
4.8

Overview: Discover is a well-known financial institution with a wide reach that provides a variety of services. Its personal loan product has one of the lowest minimum rates available at present, and it features zero origination or prepayment fees. 

Est. APR
7.99%–24.99%
Loan amount
$2.5k– $40k
Min credit score
660

SoFi: Best for large loan amounts

SoFi
Rating: 4.7 stars out of 5
4.7

Overview: SoFi was established in 2011 by Stanford business school students and is now among the most recognized lenders in the personal lending space. It offers one of the most comprehensive — if not the most comprehensive — portfolio of member benefits on the market. Among other perks, it offers financial planning services and access to premium discounts. 

Est. APR
8.99%–29.49%
Loan amount
$5k– $100k
Min credit score
680

Rocket Loans: Best for fast funding

Rocket Loans
Rating: 4.5 stars out of 5
4.5

Overview: Rocket is a financial services company best known for its mortgage products. However, the company's sister company, Rocket Loans, entered the personal loan market within the last 10 years.

Est. APR
9.116%–29.99%
Loan amount
$2k– $45k
Min credit score
Not specified

What is a good credit personal loan?

A good credit personal loan is generally a loan for borrowers with FICO scores between 670 and 739. That means your credit is right around average. The average FICO score in the U.S. is 717 as of October 2023. 

Good credit loans typically feature more competitive terms and interest rates than loans for borrowers with fair or poor credit. A good credit score doesn’t guarantee you’ll qualify for the lender’s minimum APR. However, you have a higher chance of securing a personal loan interest rate around the current average of 12.36 percent as of July 17, 2024.

Good credit will typically help you qualify for personal loans with higher loan amounts or debt-to-income (DTI) ratios than fair or bad credit borrowers. When lenders see a credit score this high, they know you generally handle your credit responsibly and are unlikely to default.

Types of loans for good credit borrowers

With good credit, you have a better chance of securing lower rates if you need to borrow money. Some of the most common types of personal loans you can qualify for with good credit include:

Pros and cons of good credit personal loans

Good credit personal loans come with the usual personal loan pros, including quick funding and lower rates than credit cards. But there are some drawbacks to be mindful of as well.

Green circle with a checkmark inside

Pros

  • Fixed interest rates and repayment terms means your monthly payment won’t change.
  • Lower rates than most credit cards.
  • Many lenders offer funding within days of approval.
  • Can be used for almost anything — from home renovations to big-ticket purchases.
  • Loan terms up to seven years with many borrowers, which could keep your monthly payment low.
  • If used to consolidate debt, your credit utilization ratio (and credit score) may improve.
Red circle with an X inside

Cons

  • Some lenders add origination fees, which increases the cost of borrowing.
  • Late or missed payments could damage your credit.
  • Rates are usually higher than secured loans, such as home equity loans.
  • There is no payment flexibility like minimum payment options or re-using funds you’ve repaid.
  • If you opt for a long term, you will pay significantly more in interest over time.
  • Can increase your debt-to-income ratio for years, impacting future borrowing.

Average personal loan interest rates by credit rating

Personal loans currently have an average interest rate of just above 12 percent. If you have good credit, your interest rate could be around 13.50 percent to 15.50 percent. This is much lower than the average interest rate for a fair or poor credit loan, which can have interest rates exceeding 30 percent.

Estimated APR by FICO credit score ranges

CREDIT BAND CREDIT SCORE RANGE AVERAGE PERSONAL LOAN INTEREST RATE
Excellent Credit 720-850 10.73%-12.50%
Good Credit 690-719 13.50%-15.50%
Average Credit 630-689 17.80%-19.90%
Bad Credit 300-629 28.50%-32.00%

Can you build even better credit with a personal loan?


Nationally recognized student financial aid expert

Credit scores are based on the mix of credit types and your performance in making the monthly payments on time. If you are late with a payment or miss a payment, it can ruin an otherwise good credit score, regardless of the type of debt. Adding a personal loan can improve your credit mix, helping improve your credit score. A personal loan may also offer lower payments that are more predictable and affordable, helping you manage your debt better. A personal loan can also help you pay down your debt, which can improve your credit score by reducing your debt-to-income ratio.

Senior Loans Writer

A personal loan is a great tool for building your credit score if you use it to pay off some or all of your revolving credit. Nine out of 10 times if a borrower came to me to get a mortgage with a low credit score, it was because of maxed-out credit cards. A personal loan is the next best thing to using cash to pay credit card debt off. Credit scoring systems look at high revolving credit card balances as a sign that a consumer is either relying on borrowing to make ends meet or doesn’t have good money management skills. A personal loan requires the discipline of a regular monthly payment over a set term. The reward for that discipline usually comes in the form of a higher credit score.

How to compare personal loan lenders for good credit

Get quotes from at least three lenders before choosing a personal loan to determine which has the best overall offerings for you. When comparing lenders, keep an eye on the following factors.

  • Interest rates: The lowest advertised rate is never guaranteed, so compare quotes by prequalifying when you can. 
  • Loan amounts: If you need a loan for something small, like a minor car repair, you'll look at different lenders than you would if you need to pay for a $50,000 home renovation.
  • Repayment options: A good personal loan lender usually offers multiple repayment terms. Choose shorter terms for quicker payoffs if you can swing the payment or longer terms if you need to keep the payment as low as possible. 
  • Unique features: Keep an eye out for lenders with any unique perks like price matches or autopay discounts. Also, watch for restrictions on how you can use funds or penalties for paying the balance early. 
  • Customer service: Check your company's customer service options, particularly if you prefer in-person service to online chat or phone banks.

Alternatives to personal loans for those with good credit

While there are many ways to borrow outside of personal loans, a few other financing options that might better fit your needs include:

  • Home equity loan: Using the equity in your home, you can take out a large loan with a potentially lower interest rate and terms as long as 30 years. The downside: The loan is secured by your home, putting you at risk of foreclosure if you miss payments. It can also take days or even months to process the paperwork for approval.
  • Home equity line of credit (HELOC): Like a home equity loan, a HELOC lets you use your home to secure a loan based on your home equity. So, you still risk your home if you default. The difference is that a HELOC does not give you all the loan funds upfront. Instead, you can draw from your credit line as needed. 
  • Personal line of credit: A personal line of credit is similar to a credit card, with slightly lower interest rates if you have good credit. They’re a good alternative to a personal loan if you don’t need all the funds at once and want the flexibility to re-use the credit as needed.
  • Zero-interest credit card: If you feel confident you can pay your expenses quickly, a credit card with a 0 percent introductory rate may be a good option. You can borrow money and pay it back over 12 to 18 months without paying interest. This strategy is best for smaller expenses. The drawback: You’ll pay interest charges if the balance isn’t zeroed within the promotional period.
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What are the best options for good credit users to get money?

"Always start by exploring options with no interest payments or fees. Most buy now, pay later payment plans spread the purchase cost out without interest charges. A 0% interest credit card could give you 15 to 21 months to pay the balance off interest-free. If your budget is too tight for a BNPL or zero-interest card payment, a good credit personal loan gives you longer repayment options with lower monthly payments. Your rate and payment won’t change for the loan’s term, and most lenders don’t charge a penalty if you pay the balance early."

– Denny Ceizyk, Bankrate Senior Loans Writer

Frequently asked questions about good credit loans

How we made our picks for the best good credit lenders

Bankrate's trusted personal loans industry expertise

57

years in business

30

lenders reviewed

20

loan features weighed

665

data points collected

To select the best good-credit personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories: