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Best personal loans for good credit in September 2023

Sep 21, 2023

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Personal loans

BEST FOR SMALL LOAN AMOUNTS

LendingClub
Est. APR
9.57%–35.99%
Loan amount
$1k– $40k
Term: 3-5 yrs
Min credit score
600
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Personal loans

BEST FOR A RANGE OF REPAYMENT TERMS

LightStream
Est. APR
7.99%–25.49%
with Autopay
Loan amount
$5k– $100k
Term: 2-7 yrs
Min credit score
695
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Personal loans

BEST FOR MIDSIZE LOANS

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

Personal loans

BEST FOR Credit card debt consolidation

Happy Money
Est. APR
11.52%–24.81%
Loan amount
$5k– $40k
Term: 2-5 yrs
Min credit score
585
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Personal loans

BEST FOR FAST FUNDING

Rocket Loans
Est. APR
9.12%–29.99%
with Autopay
Loan amount
$2,000 - $45,000
Term: 3-5 yrs
Min credit score
640
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on Bankrate

Personal loans

BEST FOR LOW INTEREST RATES

Est. APR
7.99%–24.99%
Loan amount
$2.5k– $35k
Term: 3-7 yrs
Min credit score
Not specified
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on Bankrate

Personal loans

BEST FOR JOINT LOANS

Est. APR
6.99%–35.99%
Loan amount
$2k– $50k
Term: 2-5 yrs
Min credit score
640
Read our review Arrow Right

on Bankrate

Personal loans

Best for large loan amounts

Est. APR
8.99%–25.81%
with AutoPay
Loan amount
$5k– $100k
Term: 2-7 yrs
Min credit score
680
Read our review Arrow Right

on Bankrate

We helped over 421K people get prequalified loan offers last year. Let's find yours now.

How to get a good credit loan in 3 easy steps

1. Answer a few questions

Take a few minutes to answer questions about yourself and the loan that you need, and we can match you with potential lenders. This service is free and will not affect your credit score. 

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Make sure you have good credit, look into a co-signer or find a lender that works with bad credit borrowers.
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2. Compare your offers

Get prequalified and compare loan product offers based on important factors like APR, loan amount and minimum monthly payments. 

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Take your time and check with multiple lenders to ensure you get the best deal possible.
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3. Lock in your rate

Choose a lender and visit its website to complete the application process. If you’re approved, you could get funding within a few weeks.

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Make sure you have financial documents regarding existing loans, income verification, etc.

How to choose the best personal loan lender for good credit

It's always best to get quotes from at least three lenders before choosing a personal loan so you can determine which has the best overall offerings for you. When comparing lenders, keep an eye on the following factors.

  1. Interest rates: The lowest advertised rate is never guaranteed, so compare your actual quotes by prequalifying when you can. When comparing interest rates, also make sure to incorporate any fees or penalties; origination fees or application fees can significantly add to the overall cost of the loan.
  2. 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 tens of thousands of dollars in medical bills.
  3. Repayment options: A good personal loan lender usually offers multiple repayment terms so you can choose the one that makes the most sense for your situation. Long repayment terms will decrease your monthly payment, but you'll pay more interest overall than you would with a shorter term.
  4. Unique features: Keep an eye out for lenders with any unique perks (or restrictions). Be sure to check that any lender you're considering will allow you to use your loan for your intended purpose.
  5. Customer service: It's also wise to investigate a company's customer service options, particularly if you prefer in-person service to online. If you need more information, you can always look up reviews about the company or check out its Better Business Bureau profile.

Best personal loans for good credit in September 2023

LENDER BEST FOR APR RANGE LOAN AMOUNT LOAN TERM MIN CREDIT SCORE
SoFi Large loan amounts 8.99%-25.81% with autopay $5,000-$100,000 2-7 years 680
Citi Best for multiple discounts 11.49%-19.49% $2,000-$30,000 1-5 years 720
LendingClub Small loan amounts 9.57%-35.99% $1,000-$40,000 3-5 years 600
LightStream A range of repayment terms 7.99%-25.49%* with AutoPay $5,000-$100,000 2-7 years 695
Best Egg Midsize loans 8.99%-35.99% $2,000-$50,000 3-5 years 600
Happy Money Credit card debt consolidation 11.52%-24.81% $5,000-$40,000 2-5 years 585
Rocket Loans Fast funding 9.116%-29.99% with autopay Up to $45,000 3-5 years Not specified
Discover Low interest rates 7.99%-24.99% $2,500-$40,000 3-7 years 660
Prosper Joint loans 6.99%-35.99% $2,000-$50,000 2-5 years 640

A closer look at our top good credit loans

Here's a deep-dive into each lender, why its the best in each category and specifically who would benefit most from borrowing from the lender. 

SoFi: Best for large loan amounts

Overview: SoFi is a one-stop-shop for financial products: from credit cards to refinance loans and even high-yield savings accounts, the company has a lot to offer. When it comes to personal loans, SoFi has some of the best in the market with flexible loan amounts, repayment terms of up to seven years, same-day funding and the option for no fees.

Citi: Best for multiple discounts

Overview: Although Citi’s best known for its credit cards, the company offers a complete suite of financial products, including personal loans. The lender’s personal loans feature no fees in addition to a quick and convenient online application process and fast funding.

LendingClub: Best for small loan amounts

Overview: LendingClub is a loans marketplace that matches borrowers with investors that can fund their loans, while maximizing their savings. The company offers loans of up to $40,000, with repayment terms of up to five years to borrowers with a credit score of 660 or better.

LightStream: Best for a range of repayment terms

Overview: LightStream offers some of the most competitive loans in the market, featuring no fees or prepayment penalties, same-day funding, low starting APRs and an autopay rate discount of 0.5 percent. Its loan amounts are also generous, ranging from $5,000 to $100,000. This makes LightStream loans ideal for many situations, including home remodeling projects, purchasing big-ticket items or financing a medical treatment.

Best Egg: Best for midsize loans

Overview: One of the few lenders offering both secured and unsecured personal loans, Best Egg’s loans feature same-day decisions and next-day funding. Loan repayment terms range from three to five years and borrowers can take out loans of up to $50,000.

Happy Money: Best for credit card debt consolidation

Overview: Formerly known as “Payoff,” Happy Money offers personal loans of $5,000 to $40,000, with repayment terms ranging from two to five years. The company works with credit unions and community-focused lending partners to help borrowers secure the most competitive rates on its debt consolidation loans.

Rocket Loans: Best for fast funding

Overview: Rocket Loans was launched in 2016. The company features a simple application process and electronic verification that can be completed within minutes. Rocket Loans offers personal loans of up to $45,000, with repayment terms between three and five years.

Discover: Best for low interest rates

Overview: Discover’s personal loans can be used for a variety of purposes, from debt consolidation to midsize home improvement projects. Loan amounts go from $2,500 to $35,000 and borrowers have up to seven years to repay their loans.

Prosper: Best for joint loans

Overview: Founded in 2005, Prosper is a peer-to-peer lending platform. The company’s loans come with a low fixed APR and two- to five-year repayment terms. Prosper’s personal loans feature next-day funding and loan amounts of up to $50,000.

How we choose our best lenders

To select the best 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:

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    Affordability
    The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 
  • Checkmark
    Availability
    Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.
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    Customer experience
    This category covers customer service hours, if online applications are available, online account access and mobile apps.
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    Transparency
    For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.
Clock Wait
47
years in business
Credit Card Search
30+
lenders reviewed
Loan
20
loan features weighed
Rates
665
data points collected

What is a good credit loan?

A good credit loan is a personal loan for borrowers with good to excellent credit. Your credit is considered good if your FICO score falls between 670 and 739. While lenders consider other factors when determining your eligibility, such as your debt-to-income ratio, employment status and annual income, your credit score tends to be the most important factor for approval.

Good credit loans typically feature more competitive terms and interest rates than loans for borrowers with fair or poor credit. Although that doesn’t guarantee you’ll qualify for the lender’s minimum APR, you have higher chances of securing a more affordable loan than those with lower scores. 

Where to get good credit loans

Personal loans for good credit are available from a variety of lenders, including traditional and online banks, credit unions and peer-to-peer lenders. Although all of these are great options, you should always compare a few lenders before applying for a loan — even if you have good credit.

Average personal loan interest rates by credit rating

Personal loans currently have an interest rate of roughly 11 percent. If you have good credit, your interest rate could be anywhere from around 11 percent to 18 percent. This is much lower than the average interest rate for a fair or poor credit loan, which can have interest rates exceeding 20 — and even 30 percent.
 
CREDIT BAND CREDIT SCORE RANGE AVERAGE PERSONAL LOAN INTEREST RATE
Excellent Credit 720-850 10.73%-12.50%
Good Credit 690-719 13.5%-15.50%
Average Credit 630-689 17.8%-19.90%
Bad Credit 300-629 28.5%-32.00%
Source: Bankrate

Alternatives to good credit loans

A personal loan isn't the right fit for everyone. A few other loans for good credit include:
 
  • Home equity loan: Using the equity in your home, you can take out a sizable loan with a potentially lower interest rate. The downside is that the loan is secured by your home, putting you at risk of foreclosure if you fail to keep up with payments.
  • 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. The difference is that a HELOC does not give you loan funds up front; 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, but you may be able to get a lower interest rate if you have good credit. These are a good alternative to a personal loan if you need to manage ongoing expenses rather than one large expense.
  • Zero-interest credit card: If you feel confident that you can pay back your expenses quickly, a credit card with a 0 percent introductory rate may be a good option. This way, you can borrow money and pay it back over 12 to 18 months without having to pay additional interest.

Tips to improve your credit score

Even if you have good credit, putting in a little work to raise your credit score could save you money on your loan. Use these tips to boost your score:

  • Look for errors on your reports: You can access one free annual credit report each from Experian, TransUnion and Equifax. Regularly examining your reports can help you catch any errors and make sure you aren't being penalized for a financial misstep you didn't make.
  • Make on-time payments: One of the best ways to improve your credit score is to make timely payments on all of your bills. If you're having trouble remembering to make payments, see if any of your lenders offer autopay.
  • Pay down debt: Pay off as much debt as you can before applying for a loan. This will improve your credit score and lower your debt-to-income ratio, which many lenders take into account. If you have a considerable amount of high-interest debt, consider getting a debt consolidation loan to help you achieve this goal.
  • Avoid opening new accounts: Having a diverse credit mix is good, but it's best to avoid opening too many new accounts within a short time frame. Each application will run a hard check on your credit, lowering your score slightly.
  • Don't close old accounts: Credit scoring agencies closely examine the age of your existing accounts. Even if you have an old credit card that you no longer use, keeping it open could benefit your score.

Frequently asked questions about good credit loans