Best Personal Loans for Good Credit in 2020

Bankrate's guide to choosing the right personal loan with good credit

By Holly Johnson

As of Monday, April 06, 2020

Personal loans for good credit tend to come with competitive interest rates and fair terms. Generally speaking, borrowers with a FICO score over 740 are considered to have very good credit, while consumers with scores between 670 and 739 have good credit.

If your credit score is good enough to qualify and you want to borrow a fixed amount of money with a fixed monthly payment and a fixed interest rate, personal loans for good credit may be exactly what you need. Bankrate compared top lenders to find the ones with the lowest interest rates and best terms. If you’re on the hunt for a good credit personal loan, you should start your research here.

Why trust Bankrate

At Bankrate, our mission is to empower you to make smarter financial decisions. We’ve been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.

If you have good credit, you should be able to find a loan offer with competitive interest rates and fair terms. While you likely won’t receive the absolute lowers APR, shopping around will help you find a lender that meets your needs.

Loan details presented here are current as of the publish date. Check the lenders’ websites for more current information. The lenders listed here are selected based on factors such as credit requirements, APR, loan amounts, fees and more.

Bankrate’s picks for the best good credit loans of 2020

  1. SoFi - 680 minimum credit score
  2. Marcus by Goldman Sachs - 660 minimum credit score
  3. LendingClub - 600 minimum credit score
  4. LightStream - 660 minimum credit score
  5. Prosper - 640 minimum credit score
  6. LendingClub - 600 minimum credit score
  7. Prosper - 640 minimum credit score
  8. Rocket Loans - credit score not specified
  9. Best Egg - 640 minimum credit score
  10. Discover - 660 minimum credit score
  11. Credible - minimum credit score varies
  12. Earnest - 680 minimum credit score
  13. Citizens Bank - credit score not specified
  14. Payoff - 640 minimum credit score

1. SoFi - 680 minimum credit score

Overview: SoFi may be best known for its popular student loan refinancing products, but this lender also offers personal loans for good credit. Interest rates start at just 5.99 percent APR, and you may be able to borrow up to $100,000 if you qualify.

Perks: If you lose your job while you’re repaying your loan, SoFi offers special programs that can temporarily pause your payments until you’re back on your feet. SoFi loans also come with no origination fees, no prepayment fees and no hidden fees.

What to watch out for: You’ll need to sign up for autopay to qualify for SoFi's lowest interest rates.

Read Bankrate's expert SoFi Review

2. Marcus by Goldman Sachs - 660 minimum credit score

Overview: Marcus by Goldman Sachs is another online lender that offers easy personal loans to consumers with good credit. Interest rates start at 6.99 percent for those who can qualify. These loans come without any fees and you can receive your loan funds in as little as five days once you’re approved.

Perks: Marcus by Goldman Sachs offers a discount when you enroll in autopay.

What to watch out for: Borrowing limits top out at $40,000, which is lower than some lenders in our ranking offer.

Read Bankrate's expert Marcus Review

3. LendingClub - 600 minimum credit score

Overview: LendingClub is a peer-to-peer lending platform, meaning you’ll borrow money from individual investors instead of from a traditional bank. However, the borrowing process is very much the same. You can borrow up to $40,000 for any reason through LendingClub, and flexible repayment terms are available.

Perks: You can check your rate online and without a hard inquiry on your credit report.

What to watch out for: Interest rates are higher for good-credit personal loans when compared to some other lenders on our list. Also note that you’ll pay an origination fee on your loan that is equal to 1 percent to 6 percent of your loan amount.

Read Bankrate's expert LendingClub Review

4. LightStream - 660 minimum credit score

Overview: LightStream offers personal loans for good credit that can be used for nearly any purpose, and it makes the online application process a breeze. You can even borrow up to $100,000 for some purposes and purchases, and interest rates start at 3.49 percent for those who qualify.

Perks: LightStream offers a $100 loan experience guarantee - if you're unsatisfied with your experience, you're eligible for a payment of $100 by completing a questionnaire within 30 days of receiving your loan.

What to watch out for: Interest rates can vary depending on the purpose of your loan. You also have to use autopay to qualify for LightStream's lowest rates.

Read Bankrate's expert LightStream Review

5. Prosper - 640 minimum credit score

Overview: Prosper is another peer-to-peer lender that lets you borrow money for nearly any reason then pay it back with a fixed interest rate and fixed monthly payment. Interest rates start at 6.95 percent, and you can borrow up to $40,000 if you qualify.

Perks: Prosper lets you check your rate online and without a hard inquiry on your credit report.

What to watch out for: Prosper charges an origination fee that can be as high as 5 percent of your loan amount depending on your creditworthiness.

Read Bankrate's expert Prosper Review

6. Rocket Loans - credit score not specified

Overview: Rocket Loans offers personal loans that can be accessed online and from the comfort of your home. You can borrow up to $45,000 and interest rates start at 7.161 percent with autopay.

Perks: You can get prequalified online without a hard inquiry on your credit report. While Rocket Loans doesn't specify a minimum credit score requirement on its website, borrowers report eligibility in the low to mid-600s.

What to watch out for: Rocket Loans' origination fee can be as high as 6 percent of your loan amount.

7. Best Egg - 640 minimum credit score

Overview: Best Egg lets you borrow up to $50,000 with a personal loan for good credit, and interest rates start at just 5.99 percent.

Perks: Qualified borrowers can receive funds from Best Egg in as little as one day after approval.

What to watch out for: This company charges an origination fee that can be as high as 5.99 percent of your loan amount.

Read Bankrate's expert Best Egg Review

8. Discover - 660 minimum credit score

Overview: Discover personal loans come without any origination fees. You can apply online and qualify for fixed interest rates starting at just 6.99 percent. Discover personal loans for good credit also come in amounts up to $35,000.

Perks: You won’t pay an origination fee with Discover, and you can choose a repayment term of 36, 48, 60, 72 or 84 months.

What to watch out for: Discover has a lower maximum borrowing limit than some competing lenders, which means it won’t be a good option for everyone.

Read Bankrate's expert Discover Review

9. Credible - minimum credit score varies

Overview: Credible is a loan aggregation website that lets you compare personal loans with good credit from multiple providers all in one place. Interest rates can start at low as 4.99 percent, and you may be able to borrow up to $100,000.

Perks: Credible allows you to compare multiple loan rates in one place, and you can find your rate without a hard inquiry on your credit report.

What to watch out for: Credible is a loan comparison site, so it won’t be your actual lender.

10. Earnest - 680 minimum credit score

Overview: Earnest offers personal loans for good credit with fixed rates as low as 5.99 percent. You can check your rate online, and you’ll receive a personal response once you take the steps to apply.

Perks: Earnest considers more than your credit score when you apply for a personal loan. For example, it examines data like your savings habits, your education level and your future earning potential.

What to watch out for: Earnest loans aren’t available in all 50 states.

11. Citizens Bank - credit score not specified

Overview: Citizens Bank personal loans are popular with consumers thanks to the fact they don’t come with any fees. You can borrow between $5,000 and $50,000 if you qualify, and interest rates typically start at 6.79%.

Perks: These loans don’t come with any hidden fees. And because Citizens Bank doesn't specify a credit score threshold, loans may be more accessible to a greater range of potential borrowers.

What to watch out for: Citizens Bank's starting rates for good-credit personal loans are higher than those of some of its competitors.

12. Payoff - 640 minimum credit score

Overview: Payoff offers personal loans that are geared specifically toward consumers who want to consolidate and pay off high interest credit card debt. These loans offer fixed rates that start at 5.99 percent APR and you can borrow up to $35,000.

Perks: These loans don’t charge any prepayment fees, application fees or late fees.

What to watch out for: An origination fee of up to 5 percent can apply, which includes closing costs and maintenance fees. Additionally, Payoff personal loans can only be used to consolidate or pay off credit card debt, so their utility is slightly limited.

Read Bankrate's expert Payoff Review

Best personal loans for good credit summary

Best for
Lender
APR range
Min credit score
Max loan amount
High borrowing limits
SoFi
5.99%-18.82%
680
$100,000
Prsonal loan without any fees
Marcus by Goldman Sachs
6.99%-28.99%
660
$40,000
Borrowing money from other investors
LendingClub
6.95%-35.89%
600
$40,000
Borrowers who can qualify for the best rates
LightStream
3.49%-16.79%
660
$100,000
Borrowers who want to get prequalified online
Prosper
6.95% - 35.99%
640
$40,000
Good credit borrowers who can’t qualify for the best rates
Rocket Loans
7.116% - 29.99%
Not specified
$45,000
Consumers with “okay” credit
Best Egg
5.99% - 29.99%
640
$35,000
Consumers with relatively low borrowing needs
Discover
6.99% - 24.99%
660
$35,000
Borrowers who want to price shop
Credible
3.99% to 35.99%
Varies
$100,000
People who want other factors considered in their application
Earnest
5.99% - 17.24%
680
$75,000
Consumers with great credit
Citizens Bank
6.79%- 20.90%
Not specified
$50,000
Consumers who want to consolidate debt
Payoff
5.99% - 24.99% (with autopay)
640
$35,000

What is a good credit loan?

A personal loan with good credit can be described as any loan that offers lower-than-average interest rates and fair terms. Qualifying for one of these loans typically requires a strong credit history and a predictable and reliable source of income, although individual lenders may list additional requirements that limit who can qualify.

Your credit score also plays a significant role in your ability to get approved for these loans, and many good credit lenders list a minimum credit score they require for approval.

While there are many credit scores out there today, most lenders look at the FICO credit score in order to approve applicants for their loan products. The following chart outlines the type of score you’ll need to fall within each credit score range.

FICO credit score range

Category
Credit Score
Percentage of people in this category
Excellent
800-850
21%
Very good
740-799
25%
Good
670-739
21%
Fair
580-669
17%
Very poor
300-579
16%

How to get a good credit loan

Loans with low APRs and fair terms are attainable if you work on keeping your finances and credit score in good shape. For the best chances at qualifying for a good-credit loan, keep these tips in mind:

  • Shop around with multiple lenders: All lenders use your personal information differently to calculate your APR. They may also have different definitions of "good" credit, so a score of 680 may net you a lower rate at one lender than with another.
  • Apply for preapproval whenever possible: Many lenders give you the option to apply for preapproval online. This process allows you to see whether or not you qualify for a loan with that lender without that lender pulling a hard credit check — meaning your credit score won't be hurt in the process.
  • Pay down debtIf you're looking to improve your credit score in order to get a good-credit loan, one of the best ways to do so is to start paying off debt. Having a low debt-to-income ratio boosts your credit score, and lenders may also look at your DTI to determine which APRs and loan terms you qualify for.

Choosing a good credit lender

As you compare all the lenders we’ve outlined in our ranking, there are several factors you should consider. For example:

  • How much do you need to borrow?
  • How long do you need to pay back your loan?
  • Is your credit score good enough to qualify for the lowest APRs available?
  • Do you want to be able to check your rate online before you apply?

Any of the lenders on this list could provide the ideal loan for your needs. However, you should compare all your options to ensure that you wind up with the right loan amount and lowest interest rate you can qualify for. Also make sure you check for fees like origination fees, prepayment fees and application fees.

Playing around with a personal loan calculator can also help you determine what your monthly payment will be, which can help you figure out how to fit your new loan into your existing monthly budget.

At the end of the day, the best personal loan for good credit is one that provides the cash you need at a price you can afford.

How much will it cost to take out a loan?

As soon as you receive funds from your personal loan, you'll enter the repayment period, during which you'll make regular payments that include payments toward both the principal (the amount of your loan) and interest (an additional amount calculated based on your APR).

Your APR is determined based on things like your credit score and income. Generally, the higher your credit score, the lower your APR and the less interest you'll pay over the life of your loan.

To determine the true cost of your loan, enter your loan amount, APR and loan term into an online calculator.

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