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Best personal loans for good credit in March 2024

Feb 22, 2024

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Check Your Personal Loan Rates

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    Check personalized rates from multiple lenders in just 2 minutes
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    Explore loans ranging from $500 to $100,000
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Personal loans

LendingClub: BEST FOR SMALL LOAN AMOUNTS

LendingClub
Rating: 4.1 stars out of 5
4.1
Est. APR
9.57%–35.99%
Loan term
2-5 yrs
Loan amount
$1k– $40k
Min credit score
600
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Personal loans

LightStream: BEST FOR A RANGE OF REPAYMENT TERMS

LightStream
Rating: 4.7 stars out of 5
4.7
Est. APR
7.99%–25.49%
* with AutoPay
Loan term
2-7 yrs
Loan amount
$5k– $100k
Min credit score
695
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Personal loans

Best Egg: BEST FOR MIDSIZE LOANS

Best Egg
Rating: 4.7 stars out of 5
4.7
Est. APR
8.99%–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

Happy Money
Rating: 4.6 stars out of 5
4.6
Est. APR
11.72%–17.99%
Loan term
2-5 yrs
Loan amount
$5k– $40k
Min credit score
Not specified
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Personal loans

Rocket Loans: BEST FOR FAST FUNDING

Rocket Loans
Rating: 4.5 stars out of 5
4.5
Est. APR
9.116%–29.99%
with Autopay
Loan term
3-5 yrs
Loan amount
$2,000 - $45,000
Min credit score
640

Personal loans

Discover: BEST FOR LOW INTEREST RATES

Discover
Rating: 4.8 stars out of 5
4.8
Est. APR
7.99%–24.99%
Loan term
3-7 yrs
Loan amount
$2.5k– $35k
Min credit score
Not specified

Personal loans

Prosper: BEST FOR JOINT LOANS

Prosper
Rating: 4.7 stars out of 5
4.7
Est. APR
8.99%–35.99%
Loan term
2-5 yrs
Loan amount
$2k– $50k
Min credit score
600
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Check rate with Bankrate

Personal loans

SoFi: BEST FOR LARGE LOAN AMOUNTS

SoFi
Rating: 4.7 stars out of 5
4.7
Est. APR
8.99%–29.49%
with all discounts
Loan term
2-7 yrs
Loan amount
$5k– $100k
Min credit score
680

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How to compare personal loan lenders for good credit

It's 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.

  • 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 tens of thousands of dollars in medical bills.
  • 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. 
  • 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.
  • Customer service: It's also wise to investigate a company's customer service options, particularly if you prefer in-person service to online. 

Compare good credit loan rates from Bankrate’s top picks

LENDER BEST FOR APR RANGE LOAN AMOUNT LOAN TERM MIN CREDIT SCORE
LendingClub Small loan amounts 9.57%-35.99% $1,000-$40,000 2-5 years 600
LightStream A range of repayment terms 7.49%-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 11.72%-17.99% $5,000-$40,000 2-5 years 640
Rocket Loans Fast funding 9.116% - 29.99% 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 8.99%-35.99% $2,000-$50,000 2-5 years 600
SoFi Large loan amounts 8.99%-29.49% with Autopay $5,000-$100,000 2-7 years 680

A closer look at our top good credit loan lenders

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

LendingClub: Best for small loan amounts

LendingClub
Rating: 4.1 stars out of 5
4.1

Overview: LendingClub started as a peer-to-peer company, and has since evolved into a loan marketplace. You can take out personal and business loans and take advantage of auto and medical financing.

Est. APR
9.57%–35.99%
Loan amount
$1k– $40k
Min credit score
600

LightStream: Best for a range of repayment terms

LightStream
Rating: 4.7 stars out of 5
4.7

Overview: LightStream is one of the most competitive online lenders in the personal loan space, offering a quick application process, fast funding and low APRs. LightStream is owned by Truist Bank.

Est. APR
7.99%–25.49%
Loan amount
$5k– $100k
Min credit score
695

Best Egg: Best for midsize loans

Best Egg
Rating: 4.7 stars out of 5
4.7

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 a financial wellness company that offers debt-consolidation loans through its network of FDIC- and NCUA-insured lenders. Through Happy Money, borrowers can access “personality, stress, and cash flow assessments” to better manage finances and debts. Plus, there are first-year quarterly check-ins to address any questions or concerns.

Est. APR
11.72%–17.99%
Loan amount
$5k– $40k
Min credit score
Not specified

Rocket Loans: Best for fast funding

Rocket Loans
Rating: 4.5 stars out of 5
4.5

Overview: Rocket Loans makes it easy for people to apply for an unsecured personal loan. Prospective borrowers can check their rate and determine eligibility without a hard inquiry on their credit report, and those who are approved can apply online and receive funding as soon as the same day.

Est. APR
9.116%–29.99%
Loan amount
$2,000 - $45,000
Min credit score
640

Discover: Best for low interest rates

Discover
Rating: 4.8 stars out of 5
4.8

Overview: Discover is a financial institution with a wide reach that provides a variety of services. The Discover global network extends across more than 200 countries with over 400,000 ATM locations. Known for its credit cards, Discover also offers personal loans among other financial services.

Est. APR
7.99%–24.99%
Loan amount
$2.5k– $35k
Min credit score
Not specified

Prosper: Best for joint loans

Prosper
Rating: 4.7 stars out of 5
4.7

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. Prosper offers unsecured personal loans through WebBank to customers with a variety of credit profiles. It also offers home equity lines of credit (HELOCs).

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

SoFi: Best for large loan amounts

SoFi
Rating: 4.7 stars out of 5
4.7

Overview: A SoFi personal loan is a good choice for borrowers who have a stable income and good-to-excellent credit. Along with a fully digital experience, SoFi has large loans and accepts joint applications.

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

How we made our picks for the best good credit 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.
  • Checkmark
    Customer experience
    This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Checkmark
    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 to know about good credit personal loans

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. 

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 better than average, giving you a better chance of getting a personal loan interest rate below the current average of 11.93 percent

Qualifying requirements for good credit personal loans may also get you approved for a higher loan amount or debt-to-income (DTI) ratio than fair or bad credit borrowers. That’s because lenders see your good credit history as a solid sign you can manage debt and are less likely to default. 

Types of loans for good credit users

With good credit, you’ll likely secure some of the best rates available if you need to borrow money. These are some of the most common loans you can qualify for as a good credit borrower.

Pros and cons of good credit personal loans

Good credit personal loans come with a number of advantages, including quick funding and lower rates than credit cards. But there are some drawbacks to be mindful of as well.

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Pros

  • Fixed interest rates and repayment terms means your bill won’t change.
  • Potentially 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.
  • They can boost your credit score through a positive repayment history.
  • If used to consolidate debt, your credit utilization ratio may also 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 that of secured loans, such as home equity loans.
  • You can’t avoid interest like you would with a zero-interest credit card.
  • They can increase your debt-to-income ratio, impacting future borrowing.

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.

Average personal loan interest rates by credit rating

Personal loans currently have an interest rate of just above 11.5 percent. If you have good credit, your interest rate could be anywhere from around 13 percent to 15 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

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Credit scores in 2022: Statistics and how to build your credit

Credit can greatly affect your financial life. Bankrate has tips on how to open doors by building your credit.

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Alternatives to personal loans for those with good credit

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 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.

Frequently asked questions about good credit loans