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Best personal loans for good credit in November 2024

Updated Nov 06, 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. Bankrate research shows people with credit scores in this range get loans with an average interest rate between 13.50 percent and 15.50 percent, significantly lower than the 36 percent cap offered to many bad credit borrowers.

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PERSONAL LOANS

LightStream: BEST FOR WIDE RANGE OF REPAYMENT TERMS

4.7

Est. APR
6.94- 25.29%
* 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
9.06- 35.99%
Loan term
2-5 yrs
Loan amount
$1k- $40K
Min credit score
600
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PERSONAL LOANS

Best Egg: BEST FOR UNIQUE SECURED LOAN OPTIONS

4.6

Est. APR
7.99- 35.99%
Loan term
3-5 yrs
Loan amount
$2k- $50K
Min credit score
600
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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 PEER-TO-PEER LENDING

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 smaller no-fee 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
300

PERSONAL LOANS

Rocket Loans: Best for fast funding

4.5

Est. APR
8.99- 29.99%
with Autopay
Loan term
3-5 yrs
Loan amount
$2k- $45K
Min credit score
Not disclosed

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A closer look at the best good credit loan lenders

We’ve taken a deep dive into each featured lender so you can get the full picture of why each lender is the best in its category. Where available, we’ve also included data from real Bankrate users to help you determine which lender best matches your lending plans.

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 and even offers a $100 satisfaction guarantee. It also has the widest range of repayment terms, a high loan amount maximum and one of the lower minimum APRs of our featured lenders.

Est. APR
6.94%–25.29%
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
9.06%–35.99%
Loan amount
$1k– $40k
Min credit score
600

Best Egg: Best for unique secured 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
7.99%–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 to specialize in debt consolidation. The financial wellness-focused 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 peer-to-peer lending

Prosper
Rating: 4.6 stars out of 5
4.6

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

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

Discover: Best for smaller low-fee 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 of the good credit lenders we reviewed and doesn’t charge 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
300

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
8.99%–29.99%
Loan amount
$2k– $45k
Min credit score
Not specified

What is a good credit personal loan?

A good credit personal loan is an unsecured installment loan for borrowers with FICO scores between 670 and 739. The average FICO score in the U.S. is 717 as of October 2024.

Good credit loans usually come with more flexible terms and better interest rates than loans for fair or poor credit borrowers. A good credit score likely won’t qualify you for the lender’s minimum APR — those rates apply to excellent credit borrowers. However, you have a higher chance of securing a personal loan interest rate around the current average of 12.38 percent as of Nov. 6, 2024. That’s significantly lower than the current 20.39 percent average rate for credit cards. 

Good credit can also help you qualify for personal loans with higher loan amounts or debt-to-income (DTI) ratios than fair or bad credit borrowers. Lenders are also more likely to approve you for a longer term since you have a history of managing your debt responsibly.

Average personal loan rates by credit score

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 be higher than interest rates exceeding 30 percent.

CREDIT BAND CREDIT SCORE RANGE AVERAGE PERSONAL LOAN INTEREST RATE
Excellent Credit 720-850 10.73%-12.50%
Good Credit 690-719 13.50%-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?


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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 writer, Loans

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 either relies 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.

Financial wellness health check

Has your credit score made it past the 700 mark? If your credit card balances are high, a good credit debt consolidation loan, combined with other good credit habits, may help boost you into the excellent credit range (over 740). An excellent credit score opens the doors to much cheaper financing options in the future. The key is ensuring you have excellent credit habits: You pay off credit card balances when they are due, make your payments on time and apply for little if any new credit in a given year.

Types of loans for good credit borrowers

Good credit gives you 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

  • Predictable monthly payments
  • Lower rates that most credit cards
  • Can be used for almost anything
  • Credit can improve after consolidating revolving debt
Red circle with an X inside

Cons

  • Potential origination fees
  • Less flexibility in payment, like with credit cards
  • Could result in damaged credit
  • Shorter terms than secured loans

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 loan with a potentially lower interest rate and terms as long as 30 years. With enough equity, you can borrow more than the $100k cap at most personal loan lenders. 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 and get your loan funds.
  • 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 and your monthly payment is only based on the amount you use. However, that draw period usually ends after ten years, leaving you paying the remaining balance in monthly installments.
  • 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. Just remember: 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

48

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: