Best Personal Loans for Good Credit in October 2020

As of

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 borrowers 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.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

APR from
5.95%*
with AutoPay
Term
2-7yr*
Max. loan amount
$100,000
NEXT
APR from
5.99%
with AutoPay
Term
2-7yr
Max. loan amount
$100,000
NEXT
APR from
5.99%
3 or 5 year term
Term
3-5yr
Max. loan amount
$30,000
NEXT
APR from
5.99%
Term
2-5yr
Max. loan amount
$35,000
NEXT

Not Rated

APR from
6.49-17.99%
Term
1-5yr
Max. loan amount
$20,000
NEXT
APR from
6.99-19.99%
Term
3-6yr
Max. loan amount
$40,000
NEXT
APR from
7.95-35.99%
Term
3-5yr
Max. loan amount
$40,000
NEXT
APR from
7.98-35.99%
Term
3-5yr
Max. loan amount
$50,000
NEXT
APR from
7.99-35.97%
with AutoPay
Term
3-5yr
Max. loan amount
$35,000
NEXT
APR from
9.95-35.99%
Term
2-5yr
Max. loan amount
$35,000
NEXT
APR from
10.68-35.89%
with AutoPay
Term
3-5yr
Max. loan amount
$40,000
NEXT
APR from
15.49-34.99%
Term
2-4yr
Max. loan amount
$25,000
NEXT
APR from
18.00-35.99%
Term
2-5yr
Max. loan amount
$20,000
NEXT

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

As of Friday, October 30, 2020

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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 lowest 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. If you’re on the hunt for a good-credit personal loan, start your research here.

Summary: good-credit personal loans in 2020

Best personal loans for good credit in October 2020

Best For
Lender
APR Range
Min. Credit Score
Loan Amount
High borrowing limits
SoFi
5.99%–18.28% (with autopay)
680
$5,000–$100,000
Personal loans without any fees
Marcus by Goldman Sachs
6.99%–19.99%
Not specified
$3,500–$40,000
Borrowing money from other investors
LendingClub
10.68%–35.89%
600
$1,000–$40,000
Borrowers who can qualify for the best rates
LightStream
2.49%–19.99% (with autopay)
660
$5,000–$100,000
Joint loans
Prosper
7.95%–35.99%
640
$2,000–$40,000
Fast funding
Rocket Loans
7.161%–29.99% (with autopay)
Not specified
$2,000–$45,000
Borrowers with “okay” credit
Best Egg
5.99%–29.99%
640
$2,000–$35,000
A range of repayment terms
Discover
6.99%–24.99%
660
$2,500–$35,000
Borrowers who want to price shop

Credible

4.99%–35.99% (with autopay)
Varies
$600–$100,000
Borrowers who want other factors considered in their application

Earnest

Starting at 4.99%
680
$1,000–$100,000
Small loan amounts
Citizens Bank
7.99%–20.89% (with autopay)
Not specified
$5,000–$15,000
Borrowers who want to consolidate debt
Payoff
5.99%–24.99%
640
$5,000–$40,000

Average personal loan interest rates by credit rating

Average personal loan interest rates range from 10.3 percent to 12.5 percent for “excellent” credit scores ranging from 720 to 850, 13.5 percent to 15.5 percent for "good" credit scores of 690 to 719, 17.8 percent to 19.9 percent for "average" credit scores of 630 to 689 and 28.5 percent to 32.0 percent for “poor” credit scores of 300 to 629.

Credit Band Credit Score Range Average personal loan interest rate
Excellent Credit 720–850 10.3%–12.5%
Good Credit 690–719 13.5%–15.5%
Average Credit 630–689 17.8%–19.9%
Bad Credit 300–629 28.5%–32.0%

Rates as of 08/05/2020

Details: 12 best personal loans for good credit

SoFi: Best for high borrowing limits

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 and no prepayment fees.

What to watch out for: SoFi loans may be slightly slower to arrive than loans from other companies. SoFi claims that you can receive the funds "within a few days," while other lenders boast next-day funding.

Impact to good-credit borrowers: Both SoFi's minimum and maximum rates are on the low end for personal loans, so you're likely to find a competitive interest rate regardless of where you fall on the good-credit spectrum.

Lender SoFi
Bankrate Rating 4.7 / 5.0
Min. Credit Score 680
Est. APR 5.99% to 18.28% (with autopay)
Loan Amount $5,000 to $100,000
Term Lengths 2 to 7 years
Min. Annual Income Not specified
Fees None

Read Bankrate's expert SoFi Review

Marcus by Goldman Sachs: Best for personal loans without any fees

Overview: Marcus by Goldman Sachs is an online lender that offers personal loans to consumers with good credit — you'll have the best chance of qualifying if you have a credit score above 680. Interest rates start at 6.99 percent APR for those who can qualify.

Perks: Marcus by Goldman Sachs offers a discount when you enroll in autopay. These loans come without any fees, and you can receive your loan funds in as little as one to four days once you’re approved. Another unique benefit is Marcus' on-time payment reward, which allows you to skip one payment if needed for every 12 months of consecutive payments.

What to watch out for: Borrowing limits top out at $40,000, relatively low compared to other lenders in these rankings.

Impact to good-credit borrowers: If you want to keep the overall costs of your loan low, Marcus could be a good fit; good-credit borrowers may qualify for competitive rates, and you won't have to worry about origination fees or even late fees.

Lender Marcus by Goldman Sachs
Bankrate Rating 4.7 / 5.0
Min. Credit Score Not specified
Est. APR 6.99% to 19.99%
Loan Amount $3,500 to $40,000
Term Lengths 36 to 72 months
Min. Annual Income Not specified
Fees None

Read Bankrate's expert Marcus by Goldman Sachs Review

LendingClub: Best for borrowing money from other investors

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.

Perks: LendingClub may be a particularly good option if your credit score is slightly below average, since its minimum credit score requirement is lower than that of many similar lenders. You can also 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, with rates starting at 10.68 percent APR. Also note that you’ll pay an origination fee on your loan that is equal to 2 percent to 6 percent of your loan amount.

Impact to good-credit borrowers: LendingClub doesn't have the lowest interest rates available, but it could be a viable option if your credit score is on the lower end of the good-credit band, since it also allows joint applications. Applying with another person who has excellent credit could help you qualify for LendingClub's lowest rates.

Lender LendingClub
Bankrate Rating 4.5 / 5.0
Min. Credit Score 600
Est. APR 10.68% to 35.89%
Loan Amount $1,000 to $40,000
Term Lengths 3 or 5 years
Min. Annual Income Not specified
Fees Origination fee: 2% to 6%; Late fee: 5% or $15

Read Bankrate's expert LendingClub Review

LightStream: Best for borrowers who can qualify for the best rates

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 borrow up to $100,000, and interest rates start at 2.49 percent APR for those who qualify.

Perks: LightStream offers one of the broadest ranges of loan terms out there, with repayment periods from two to 12 years. It also offers to beat the rate of a competing lender by 0.1 percentage points.

What to watch out for: LightStream's flexibility and low rates don't apply to all loan purposes. If you'd like to consolidate debt — one of the most popular uses for a personal loan — the lowest rate available is 5.95 percent APR, and the longest term is seven years.

Impact to good-credit borrowers: If you have extremely good credit, LightStream is likely the best lender out there in terms of low interest rates. Not only does it have a low starting rate, but it also promises to beat the rate of a competing lender by 0.1 percentage points.

Lender LightStream
Bankrate Rating 4.6 / 5.0
Min. Credit Score 660
Est. APR 2.49% to 19.99% (with autopay)
Loan Amount $5,000 to $100,000
Term Lengths 2 to 12 years
Min. Annual Income Not specified
Fees None

Read Bankrate's expert LightStream Review

Prosper: Best for joint loans

Overview: Prosper is a 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 7.95 percent APR, 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. Unlike many other personal loan lenders, it also allows co-borrowers on its loans, which could help your odds at approval if you're having trouble qualifying on your own.

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. Prosper also lists several eligibility requirements that may make it tough for some people to qualify: You must have a debt-to-income ratio of no more than 50 percent, at least three open trades reported on your credit report and fewer than five credit bureau inquiries within the last six months.

Impact to good-credit borrowers: Even if you have good credit, some borrowers impose minimum income requirements on their personal loans that could make it hard for you to qualify. While Prosper does have fairly strict eligibility requirements, it will accept any income over $0.

Lender Prosper
Bankrate Rating 4.6 / 5.0
Min. Credit Score 640
Est. APR 7.95% to 35.99%
Loan Amount $2,000 to $40,000
Term Lengths 3 or 5 years
Min. Annual Income None
Fees Origination fee: 2.4% to 5%; Late fee: $15 or 5%; Insufficient funds fee: $15; Check fee: $5 or 5%

Read Bankrate's expert Prosper Review

Rocket Loans: Best for fast funding

Overview: Rocket Loans boasts speedy personal loans, with preapproved offers within seconds and funding by the next business day, or on the same day in some cases. You can borrow up to $45,000, and interest rates start at 7.161 percent APR 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.

Impact to good-credit borrowers: The main draw of Rocket Loans is its speed; if your credit is good enough to qualify you for one of Rocket Loans' products, you likely won't find a faster way to receive funds.

Lender Rocket Loans
Bankrate Rating 4.5 / 5.0
Min. Credit Score Not specified
Est. APR 7.161% to 29.99% (with autopay)
Loan Amount $2,000 to $45,000
Term Lengths 36 or 60 months
Min. Annual Income Not specified
Fees Origination fee: 1% to 6%; Late fee: $15; Returned check fee: $15

Read Bankrate's expert Rocket Loans Review

Best Egg: Best for borrowers with "okay" credit

Overview: Best Egg lets you borrow up to $35,000, although offers up to $50,000 may be available. Best Egg also has competitive rates starting at just 5.99 percent APR.

Perks: Qualified borrowers can receive funds from Best Egg in as little as one day after approval. Best Egg also doesn't charge prepayment fees, meaning you can make additional payments whenever you'd like in order to pay off your loan faster.

What to watch out for: This company charges an origination fee that can be as high as 6.99 percent of your loan amount.

Impact to good-credit borrowers: High-income earners with good credit will most benefit from Best Egg's loans; the best rates go to borrowers with a minimum individual annual income of $100,000 and a minimum credit score of 700.

Lender Best Egg
Bankrate Rating 4.7 / 5.0
Min. Credit Score 640
Est. APR 5.99% to 29.99%
Loan Amount $2,000 to $35,000
Term Lengths 3 to 5 years
Min. Annual Income Not specified
Fees Origination fee: 0.99% to 6.99%; Late fee: $15; Returned payment fee: $15

Read Bankrate's expert Best Egg Review

Discover: Best for a range of repayment terms

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 APR. Discover personal loans also come in amounts up to $35,000.

Perks: You won’t pay any upfront fees with Discover, and you can choose a repayment term of 36, 48, 60, 72 or 84 months. Funds disbursement is also quick; you may receive your loan as soon as the next business day. If you decide that you no longer need your loan, Discover allows you to cancel the loan within 30 days without charging interest.

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 people who need large sums of money.

Impact to good-credit borrowers: Borrowers with good credit could qualify for Discover's wide range of repayment options. Many lenders have only two or three options for a repayment term, but Discover offers five. Because of this, you can choose the term that best suits your budget.

Lender Discover
Bankrate Rating 4.8 / 5.0
Min. Credit Score 660
Est. APR 6.99% to 24.99%
Loan Amount $2,500 to $35,000
Term Lengths 36 to 84 months
Min. Annual Income $25,000
Fees Late fee: $39

Read Bankrate's expert Discover Review

Credible: Best for borrowers who want to price shop

Overview: Credible is a loan aggregation website that lets you compare personal loans from multiple providers all in one place. Interest rates can start at low as 4.99 percent APR, 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. It could be a good option if you are looking to save time in your process of rate shopping.

What to watch out for: Credible is a loan comparison site, so it won’t be your actual lender. As such, fees, terms and available loan amounts will vary based on the lenders you're matched with.

Impact to good-credit borrowers: With good credit, you're likely eligible for some of the lowest rates on the market. Credible can help you find the lenders that will offer you those rates, saving you time in your research.

Lender Credible
Bankrate Rating N/A
Min. Credit Score Varies
Est. APR 4.99% to 35.99% (with autopay)
Loan Amount $600 to $100,000
Term Lengths 12 to 84 months
Min. Annual Income Not specified
Fees Origination fee: 0% to 8%

Earnest: Best for people who want other factors considered in their application

Overview: Earnest partners with Fiona, a personal loan search engine, in order to match you with loan offers from multiple lenders. This is an easy way to compare multiple offers without impacting your credit score.

Perks: Earnest has always advertised the fact that it looks at 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. Now that Earnest works with a loan marketplace, it's possible that you'll have even more options available to you if you have dings in your credit history.

What to watch out for: Earnest doesn't offer loans itself; through Fiona, it matches you with multiple lenders. This means that your available terms, loan amounts and APRs will vary by lender.

Impact to good-credit borrowers: Like Credible, Earnest is a good way to compare offers from multiple providers, and a good credit score will help you qualify for the broadest loan repayment options and the highest loan amounts.

Lender Earnest
Bankrate Rating N/A
Min. Credit Score 680
Est. APR Starting at 4.99%
Loan Amount $1,000 to $100,000
Term Lengths 24 to 84 months
Min. Annual Income Not specified
Fees Varies by lender

Citizens Bank: Best for small loan amounts

Overview: Citizens Bank personal loans come with no fees. You can borrow between $5,000 and $15,000 if you qualify, and APRs start at 7.99 percent.

Perks: Citizens Bank loans may be particularly attractive for borrowers who already have a relationship with the bank. In addition to a 0.25 percent discount for automatic payments, borrowers are eligible for a 0.25 percent discount if they have a qualifying account with Citizens Bank.

What to watch out for: Citizens Bank's loan amounts are extremely limited; you can borrow only $5,000 to $15,000, which may not be enough for some projects. Additionally, you currently cannot apply for a loan online.

Impact to good-credit borrowers: If you have good credit and you already have a relationship with Citizens Bank, it could be a lender worth pursuing. Not only will having a relationship with the bank earn you discounts, but it may help to manage all of your finances in one place.

Lender Citizens Bank
Bankrate Rating N/A
Min. Credit Score Not specified
Est. APR 7.99% to 20.89% (with autopay)
Loan Amount $5,000 to $15,000
Term Lengths 3 to 5 years
Min. Annual Income Not specified
Fees None

Payoff: Best for borrowers who want to consolidate debt

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 $40,000.

Perks: These loans don’t charge any prepayment fees, application fees or late fees. Payoff is also committed to the empowerment of its members; it provides free monthly FICO updates and personalized quarterly check-ins during the first year of your loan.

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.

Impact to good-credit borrowers: Even borrowers with good credit likely have room to improve their credit scores. Payoff's free monthly FICO score updates is a great perk to help you track your score as you pay off your loan.

Lender Payoff
Bankrate Rating 4.6 / 5.0
Min. Credit Score 640
Est. APR 5.99% to 24.99%
Loan Amount $5,000 to $40,000
Term Lengths 2 to 5 years
Min. Annual Income Not specified
Fees Origination fee: 0% to 5%

Read Bankrate's expert Payoff Review

What you need to know about loans for good credit

What is a good-credit loan?

A personal loan for 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.

What is a good credit score to get a loan?

Most lenders look at your FICO credit score in order to approve you for a loan. In general, lenders consider anything above 670 to be "good" credit, although "very good" credit scores are scores above 740. You're likely to be approved for a loan with a good credit score, although the higher your score, the lower your rates will be.

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 with 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 a lender without that lender doing a hard credit check — meaning your credit score won't be hurt in the process.
  • Pay down debt: If 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 the lenders we’ve outlined in our rankings, 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 of 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 also lets you estimate your monthly payment, 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.

Other loans you can get with good credit

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 sizeable 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 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, 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.

Can a personal loan help build your credit?

A personal loan may improve your credit score if you manage it responsibly. If you make on-time payments, it can help your credit score in a few ways:

  1. Payment history: Your credit score takes into account how often you make timely payments on credit accounts.
  2. Credit utilization ratio: If you use your personal loan to pay off other types of debt, you may be able to decrease the overall amount of credit you're using, which helps your score.
  3. Credit mix: One way to improve your credit score is to hold a diverse mix of credit types, such as credit cards, auto loans and personal loans.

However, while all of the above are ways to build your credit, keep in mind that missing payments or making late payments will hurt your score.

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 your credit reports from Experian, TransUnion and Equifax for free, and 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 keeping up with 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 not only improve your credit score, but it will also lower your debt-to-income ratio, which many lenders take into account.
  • Avoid opening new accounts. It's good to have a diverse credit mix, but it's best to avoid opening too many new accounts within a short time frame, as each application will run a hard check on your credit, lowering your score slightly.
  • Don't close old accounts. Credit scoring agencies take a close look at the age of your existing accounts. Even if you have an old credit card that you no longer use, keeping it open could be beneficial for your score.

The bottom line

Acquiring a personal loan shouldn't be a problem if you have a good credit score. With a high score, you also may be able to take advantage of lenders' lowest rates and best terms. If you're looking for a good-credit personal loan, shop around with a few of the lenders listed above to see which offers you the best loan for your needs.

Additional personal loan resources