Best Personal Loans for Good Credit in August 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.

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

As of Thursday, August 06, 2020

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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.

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.

Best personal loans for good credit

Best for
Lender
APR range
Min credit score
Max loan amount
High borrowing limits
SoFi
5.99%–16.19% (with autopay)
680
$100,000
Personal loans without any fees
Marcus by Goldman Sachs
6.99%–19.99%
Not specified
$40,000
Borrowing money from other investors
LendingClub
10.68%–35.89%
600
$40,000
Borrowers who can qualify for the best rates
LightStream
3.49%–19.99% (with autopay)
660
$100,000
Joint loans
Prosper
7.95%–35.99%
640
$40,000
Fast funding
Rocket Loans
7.161%–29.99% (with autopay)
Not specified
$45,000
Borrowers with “okay” credit
Best Egg
5.99%–29.99%
640
$35,000
A range of repayment terms
Discover
6.99%–24.99%
660
$35,000
Borrowers who want to price shop

Credible

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

Earnest

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

Summary: good-credit loans in 2020

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.

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%

Details: best personal loans for good credit

SoFi: Best for high borrowing limits - 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 and no prepayment fees.

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

Lender SoFi
Bankrate Rating 4.7 / 5.0
Min. Credit Score 680
Est. APR 5.99% to 16.19% (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 - Minimum credit score not specified

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 five 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.

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 - 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: 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. 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.

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 - 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 borrow up to $100,000, and interest rates start at 3.49 percent APR 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. LightStream also offers one of the broadest ranges of loan terms out there, with repayment periods from two to 12 years.

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.

Lender LightStream
Bankrate Rating 4.6 / 5.0
Min. Credit Score 660
Est. APR 3.49% 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 - 640 minimum credit score

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.

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 Not specified
Fees Origination fee: 2.4% to 5%; late fee: $15 or 5%; insufficient funds fee: $15

Read Bankrate's expert Prosper Review

Rocket Loans: Best for fast funding - Minimum credit score not specified

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.

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

Read Bankrate's expert Rocket Loans Review

Best Egg: Best for borrowers with "okay" credit - 640 minimum credit score

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 5.99 percent of your loan amount.

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 or 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 - 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 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.

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

Read Bankrate's expert Discover Review

Credible: Best for borrowers who want to price shop - Minimum credit score varies

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, 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.

Lender Credible
Bankrate Rating N/A
Min. Credit Score Varies
Est. APR 4.99% to 35.99% (with autopay)
Loan Amount $1,000 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 - 680 minimum credit score

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.

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 - Minimum credit score not specified

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.

Lender Citizens Bank
Bankrate Rating N/A
Min. Credit Score Not specified
Est. APR 7.99% to 20.89%
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 - 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 $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.

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

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 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 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.

Additional personal loan resources