Personal Loans » Compare Loans » Best Personal Loans for Good Credit (April 2024)
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Best Personal Loans for Good Credit (May 2024)

Good credit loans are any type of loan offering fair terms and lower than average rates. Here are our top personal loans for good credit
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

One of the advantages of having a good credit score is access to favorable finance products. Good credit loans are any type of loan offering fair terms and lower than average rates. If you have a strong credit history and reliable source of income, you can access preferable rates for your loan.

Good credit loans can take the form of home equity loans, lines of credit, or home equity lines of credit. However, for the purposes of this article, we will be examining good credit personal loans. These personal loans are typical of any type of personal loan, typically requiring no security. This means that you don’t need to use your home, vehicle or other assets as collateral.

Here are The Smart Investor select’s picks of personal loans for good credit:

Lender
APR
Min. Score
Max Amount

rocket-loans loan review - logo

 9.11% – 29.99%
640
$2,000 -$45,000
us bank logo
U.S. Bank
8.24-21.49%
660
$1,000 – $50,000
Wells_Fargo-Logo
Wells Fargo Personal Loan
8.49% – 24.49%
660
$3,000 – $100,000

upgrade loan review - logo

Upgrade
8.49% – 35.99%
600
$1,000 – $50,000

happy money loan review - logo

Happy Money
11.52% – 24.81%
 640
$5,000 – $40,000

Prosper
6.99% – 35.99%
600
 2,000 – $40,000

bestegg loan review - logo

Best Egg
8.99% – 35.99%
640
$2,000 -$50,000

Best Egg

bestegg_logo svg
bestegg_logo svg
On Credible Website

Best Egg

APR

8.99% – 35.99%

Loan Term

36-60 months

Minimum Score

640

Loan Amount

$2,000 -$50,000
On Credible Website

Best Egg stands out as a notable option for borrowers seeking both convenience and flexibility. Best Egg offers a range of unsecured and secured personal loans tailored to individuals with fair to good credit scores. With a minimum credit score requirement of 600, borrowers can access loan amounts ranging from $2,000 to $50,000, providing versatility to cover various financial needs.

One of Best Egg's key features is its direct payment option for debt consolidation, streamlining the process for borrowers by sending funds directly to creditors. This can be particularly advantageous for those looking to consolidate multiple debts into a single loan.

However, borrowers should be aware of the origination fees charged by Best Egg, which range from 0.99% to 8.99% and can impact the total cost of borrowing. Furthermore, the absence of rate discounts and the lack of a mobile app for loan management may be drawbacks for some borrowers.

  • Soft Pull Inquiry
  • Direct Payments to Creditors
  • Simple Application Process
  • Quick Turnaround Times
  • Option for Secured Loans
  • No Prepayment Penalty
  • No Joint Applicants
  • Origination Fee
  • No Rate Discounts
  • No Mobile App
  • Not Available in All States

Are there prepayment penalties for paying off a Best Egg loan early?

No, Best Egg does not impose prepayment penalties, allowing borrowers to pay off their loans ahead of schedule without incurring additional fees.

What types of income are accepted for loan qualification?

Best Egg accepts income from various sources, including employment, alimony, retirement, child support, and Social Security payments.

Is there a minimum annual income requirement to qualify for a Best Egg loan?

Yes, applicants must have a minimum annual income of $3,500 to be eligible for a Best Egg personal loan.

Are Best Egg personal loans available in all states?

No, Best Egg loans are not available in all states. Borrowers should check Best Egg's availability in their state before applying.

Does Best Egg report loan payments to credit bureaus?

Yes, Best Egg reports loan payments to all three major credit bureaus (Experian, Equifax, and TransUnion), which can help borrowers build or improve their credit history with responsible repayment.

Upgrade

UpgradeLogo

On Upgrade Secure Website

Upgrade

APR

8.49% – 35.99%

Loan Term

24 – 84 months

Minimum Score

600

Loan Amount

$1,000 – $50,000
On Upgrade Secure Website

Upgrade offers personal loans tailored to various financial needs, including debt consolidation, home improvements, and large purchases. Founded in 2017 and headquartered in San Francisco, the company operates online, providing convenient access to financial products without physical branches. With loan amounts ranging from $1,000 to $50,000, Upgrade aims to cater to a wide range of borrowers.

Prospective borrowers can apply for a loan online, with a streamlined process that involves filling out personal information and undergoing a soft credit check. Upon approval, funds are typically disbursed within one business day, offering quick access to financing. Upgrade's loans come with fixed-rate options, providing stability in monthly payments throughout the loan term.

However, there are some drawbacks to consider. Upgrade imposes an origination fee on all loans, which can impact the total amount received by borrowers. Additionally, the APRs offered by Upgrade can still be relatively high, especially for individuals with lower credit scores.

  • Multiple Rate Discounts
  • Joint Applications Allowed
  • Simple Application Process
  • Quick Turnaround Times
  • No Prepayment Penalty
  • Higher low end rates for those with excellent credit
  • Origination Fee
  • Not Available in All States
  • No Co-signers Accepted

How do I apply for an Upgrade personal loan?

To apply for an Upgrade personal loan, you can visit their website and fill out the online application. You'll need to provide basic personal information such as your name, address, income details, and employment information. After completing the application, Upgrade will conduct a soft credit check to determine your eligibility

What documents do I need to provide for the application?

During the application process, you may need to provide documents such as pay stubs, W-2s, tax returns, or bank statements to verify your income and financial information. The specific documentation required may vary depending on your individual circumstances.

Does Upgrade offer prequalification?

Yes, Upgrade offers prequalification, which allows you to check your potential loan offers without affecting your credit score. This can be a helpful tool to gauge your eligibility and compare loan options before submitting a formal application.

How quickly can I receive funds after approval?

Once your Upgrade personal loan is approved, funds are typically disbursed within one business day. However, the actual timing may depend on your bank's processing times and how quickly you provide any necessary documentation.

What is the minimum credit score required to qualify for an Upgrade loan?

While Upgrade does not disclose a specific minimum credit score requirement, they typically consider borrowers with a credit score of at least 600. However, meeting the minimum credit score alone does not guarantee approval, as Upgrade evaluates various factors such as credit history and income.

Rocket Loans

Rocket Loans
Rocket Loans
On RocketLoans Secure Website

Rocket Loans

APR

9.11% – 29.99%

Loan Term

36-60 months

Minimum Score

640

Loan Amount

$2,000 -$45,000
On Rocket Loans Secure Website

Rocket Loans offers personal loans designed to meet various financial needs with efficiency and transparency. Founded as a sister company of Rocket Mortgage, Rocket Loans delivers a streamlined online application process, enabling borrowers to access funds quickly. 

Prospective borrowers can benefit from Rocket Loans' flexible loan amounts ranging from $2,000 to $45,000, accommodating a wide range of expenses such as debt consolidation, home improvements, medical bills, and more. Moreover, Rocket Loans accepts applicants with fair credit scores starting at 640, providing opportunities for those with varying credit profiles.

However, borrowers should consider potential drawbacks, including origination fees of up to 9% and limited repayment term options of either 36 or 60 months. While Rocket Loans offers same-day funding for loans up to $25,000, larger loan amounts or specific circumstances may result in longer processing times.

  • Soft Pull Inquiry
  • Competitive Rates
  • Easy Application
  • Same day funding
  • Auto Discount
  • Business Loan
  • Only Two Loan Terms
  • Origination Fee
  • No Joint Borrowers
  • No Direct Payment to Creditors
  • No Secured or Co-signed Loans
  • Lack of Mobile App

What are the eligibility requirements for a Rocket Loans personal loan?

To qualify for a Rocket Loans personal loan, applicants must be at least 18 years old, U.S. citizens or permanent residents, and have a valid Social Security number. Additionally, they typically require a minimum credit score of 640 and proof of income.

What fees are associated with Rocket Loans personal loans?

Rocket Loans may charge an origination fee ranging from 1% to 6% of the loan amount, depending on various factors such as creditworthiness and loan term. Additionally, borrowers may incur late fees for missed payments.

Can I use a Rocket Loans personal loan for debt consolidation?

Yes, Rocket Loans allows borrowers to use personal loan funds for debt consolidation, providing an option to streamline multiple debts into a single, more manageable payment.

Does Rocket Loans offer options for borrowers facing financial difficulties?

Yes, Rocket Loans may offer special options for borrowers facing financial hardship, such as temporary payment forbearance, modified repayment plans, or hardship assistance programs. Borrowers should communicate openly with Rocket Loans' customer service team to explore available solutions.

How can I contact Rocket Loans customer service?

Borrowers can contact Rocket Loans customer service by phone at 800-333-7625 or via email at [email protected]. Customer service representatives are available during specified hours to assist with inquiries, application processes, and addressing any concerns or questions borrowers may have.

Happy Money

APR

11.52% – 24.81%

Loan Term

24 – 60 months

Minimum Score

640

Loan Amount

$5,000 – $40,000

Happy Money, formerly known as Payoff, specializing in helping individuals manage and pay off credit card debt. With a minimum credit score requirement of 640, the platform facilitates a seamless application process, utilizing a soft credit pull to provide pre-qualification options without impacting credit scores.

Borrowers can access loans ranging from $5,000 – $40,000 , aiming to consolidate various high-interest credit card balances into a single, manageable loan with potentially lower APRs. Happy Money's personal loans include the option for direct payments to creditors, allowing for seamless consolidation.

However, funding time for loans typically ranges from three to seven business days after approval. Happy Money does impose an origination fee ranging from 1.5% to 5%, affecting the overall cost of the loan. Furthermore, the absence of rate discounts for autopay and limited loan options, such as no co-signed or secured loan alternatives, may pose drawbacks for certain borrowers.

  • Free Credit Monitoring
  • Competitive Rates
  • Easy Application
  • Flexible Payments
  • Soft Pull Inquiry
  • No Late Fees
  • Soft Pull Inquiry
  • No rate discount for autopay
  • Origination Fee
  • Longer funding times
  • No Joint Applicants
  • Not Available in All States

What is Happy Money?

Happy Money is a financial wellness company that specializes in providing fixed-rate personal loans designed for debt consolidation, formerly known as Payoff. The platform aims to help individuals manage and pay off high-interest credit card debt more effectively.

How long does it take to receive funds after approval?

After approval, it typically takes between three to seven business days for borrowers to receive their loan funds. The exact funding time may vary depending on factors such as the borrower's bank and the verification process.

Are there any fees associated with Happy Money loans?

Happy Money may charge an origination fee, which is deducted from the loan amount before funds are disbursed to the borrower. However, the platform does not charge application fees, prepayment penalties, or late payment fees.

Can I change my repayment schedule or payment dates?

Happy Money offers some flexibility in repayment options, including the ability to change the monthly due date every 12 months. However, borrowers should contact customer service to discuss specific requests regarding repayment schedules or payment dates.

Does Happy Money offer payment protection programs?

Yes, Happy Money provides payment protection insurance for eligible borrowers facing financial hardship, such as involuntary job loss or disability. This insurance program may allow borrowers to skip or delay payments for a specified period or modify their loan terms, providing relief during challenging times.

How can I contact Happy Money customer service?

Customers can reach Happy Money's customer service team through various channels, including phone, email, and the online help center. Operating hours are Monday through Friday from 6:00 a.m. to 6:00 p.m. PT and Saturday from 6:00 a.m. to 2:30 p.m. PT. Additionally, borrowers can visit the website to access frequently asked questions or submit inquiries through a contact form.

Prosper

On Prosper Secure Website

Prosper

APR

6.99% – 35.99%

Loan Term

36-60 Months

Minimum Score

600

Loan Amount

2,000 – $40,000
On Prosper Secure Website

Prosper is a peer-to-peer lending platform offering personal loans to individuals seeking financial assistance for various purposes. The platform's personal loans range from $2,000 to $50,000, accommodating diverse borrowing needs, and come with flexible terms spanning from two to five years.

One of Prosper's standout features is its accessibility, as it accepts credit scores as low as 600, making it an attractive option for individuals with fair credit who may struggle to secure loans from traditional lenders. Additionally, Prosper offers expedited funding, with approved borrowers potentially receiving their funds as soon as the next business day after approval.

While offering competitive rates and quick funding, presents several drawbacks for potential borrowers. These include origination fees, which can range from 1% to 7.99% of the loan amount, potentially reducing the total amount received. Additionally, borrowers may incur fees for check payments, late payments, and insufficient funds, increasing the overall cost of borrowing.

  • Flexible Loan Amounts
  • Soft Pull Inquiry
  • Joint Applications
  • Accepts Fair Credit Scores
  • Hardship Program
  • Potentially Long Turn Around times
  • No Rate Discount for Autopay
  • Origination Fee
  • No Direct Payment to Creditors
  • Limited Repayment Term Options

What are the minimum requirements to qualify for a Prosper personal loan?

To qualify for a Prosper personal loan, you need a minimum credit score of 560, a valid U.S. bank account, and a Social Security number. Additionally, you must be at least 18 years old.

Does Prosper report loan payments to credit bureaus?

Yes, Prosper reports loan payments to all three major credit bureaus (Equifax, Experian, and TransUnion), helping borrowers build or improve their credit scores with timely payments.

Can I change my payment dates with Prosper personal loans?

Yes, Prosper borrowers can change their personal loan payment date once every 365 days by contacting customer support via phone.

How can I reach Prosper's customer service for assistance?

You can reach Prosper's customer service team by phone at 866-615-6319 or via email at [email protected]. Representatives are available Monday to Friday from 5 a.m. to 7 p.m. Pacific Time (PT) for assistance with existing loans or recent loan application submissions.

U.S. Bank

APR

8.24-21.49%

Loan Term

1 – 7 years

Minimum Score

660

Loan Amount

$1,000 – $50,000

U.S. Bank Personal Loans offer a reliable solution for borrowers seeking competitive rates, fast funding, and flexible terms. With a focus on serving existing customers, U.S. Bank provides competitive APRs ranging between 8.24-21.49%, cater to a wide range of credit profiles. Furthermore, the option to receive a 0.50% interest rate discount by enrolling in autopay adds an extra incentive for borrowers to manage their loan payments efficiently.

One of the standout features of U.S. Bank Personal Loans is the convenience of same-day funding for existing customers with strong credit scores, making it an attractive option for those in need of immediate financial assistance. Additionally, the absence of origination fees and prepayment penalties enhances the overall affordability and flexibility of these loans.

While U.S. Bank extends its lending services to non-customers as well, there are certain limitations, including stricter eligibility requirements and lower loan limits.

  • Competitive Interest Rates
  • No Origination Fees or Prepayment Penalties
  • Fast Funding
  • Autopay Discount
  • Flexible Loan Options
  • Higher Requirements for Non-Customers
  • No Soft Credit Check for Prequalification
  • No Direct Payment to Creditors

How do I apply for a U.S. Bank Personal Loan?

You can apply online through U.S. Bank's website, where you'll need to provide personal information such as your income, employment details, and desired loan amount. Existing customers may also apply through their online banking portal for added convenience.

How much can I borrow with a U.S. Bank Personal Loan?

Loan amounts range from $1,000 to $50,000 for existing customers and up to $25,000 for non-customers, depending on creditworthiness and other factors.

What are the funding times for U.S. Bank Personal Loans?

Funding times vary but can be as quick as within hours for existing U.S. Bank customers. Non-customers may experience slightly longer processing times.

What credit score do I need to qualify for a U.S. Bank Personal Loan?

U.S. Bank typically requires a credit score of 660 or higher for approval, although higher scores may qualify for more favorable terms.

How do I contact U.S. Bank customer service?

You can reach U.S. Bank customer service by phone at 800-872-2657 or 800-USBANKS, or schedule an appointment online for virtual or in-person assistance.

Wells Fargo Personal Loan

Wells_Fargo-Logo
Wells_Fargo-Logo

Wells Fargo Personal Loan

APR

8.49% – 24.49%

Loan Term

12-60 months

Minimum Score

660

Loan Amount

$3,000 – $100,000

Wells Fargo offers personal loans tailored to meet various financial needs, ranging from debt consolidation to home improvements. With loan amounts ranging from $3,000 to $100,000 and flexible repayment terms extending from 12 to 84 months, borrowers can customize their loans to fit their budgets and goals. While existing Wells Fargo customers benefit from streamlined application processes and potential rate discounts, new customers may face some limitations, such as needing to visit a branch to apply.

Prospective borrowers can pre-qualify for loans online without impacting their credit scores, providing them with insight into potential loan offers. Wells Fargo stands out for its quick funding, often disbursing funds as soon as the next business day after approval.

However, Wells Fargo does not disclose specific credit score or income requirements, but it favors applicants with strong credit histories and stable incomes. Additionally, while the bank does not allow co-signers, it does permit co-applicants, offering flexibility for borrowers who may need to strengthen their applications.

  • Quick Funding
  • Competitive Rates
  • No Origination Fees
  • Flexible Repayment Terms
  • Relationship Discount
  • Co-applicant Option
  • Soft Pull Inquiry
  • Existing Customer Requirement
  • Origination Fee
  • Lack of Transparency
  • No Co-signers Allowed
  • Not Available in All States

Do I need to have an existing account with Wells Fargo to apply for a personal loan?

No, while existing Wells Fargo customers may benefit from streamlined application processes, new customers can also apply online or in-person at a branch.

What documentation do I need to provide when applying for a personal loan?

Applicants typically need to provide proof of identity, income, and employment, as well as details about the purpose of the loan.

Is there a prepayment penalty if I pay off my loan early?

No, Wells Fargo does not charge prepayment penalties, giving borrowers the freedom to pay off their loans ahead of schedule without incurring additional fees.

Are there any fees associated with Wells Fargo personal loans?

Wells Fargo does not charge application fees or annual fees for personal loans, but borrowers may encounter origination fees ranging from 1% to 5% of the loan amount.

What are the Expected Personal Loan Rates for Good Credit?

Since personal loans are unsecured debt, the rates are typically higher than a mortgage or auto loan. One of the biggest considerations for the interest rate on your loan offers is your credit score. If you have good credit, you’ll have the best chances of lower rates.

The expected personal loan rates for individuals with good credit typically range from around 8% to 20%, although the exact rate can vary depending on factors such as the lender, loan amount, loan term, and current economic conditions. Here's a breakdown:

  • Excellent Credit (FICO score 720 and above): Individuals with excellent credit can expect to qualify for the lowest interest rates available, often ranging from 7% to 17%.

  • Good Credit (FICO score 690 to 719): Borrowers with good credit can still qualify for relatively low-interest rates, typically ranging from 8% to 20%. The exact rate will depend on various factors, including income, debt-to-income ratio, and employment history.

  • Fair Credit (FICO score 630 to 689): Those with fair credit may still be able to qualify for personal loans for fair credit, but they may encounter higher interest rates, usually starting from around 15% and potentially reaching higher levels.

  • Poor Credit (FICO score below 630): Individuals with poor credit may find it challenging to qualify for a personal loan from traditional lenders. If they do qualify, interest rates can be significantly higher, often exceeding 20% and sometimes even reaching 30% or more.

However, lenders will also look at your debt to income ratio. This is your monthly income divided by your total debt monthly payments. If you have a low DTI, you will attract a lower interest rate.

Lenders will also look at your debt ratios, annual income and other factors to determine your score.

How To Shop Around For Personal Loan If I Have Good Credit?

If you have good credit and you're looking to shop around for a personal loan, here are some steps you can take:

  1. Research Lenders: Look for reputable lenders that offer personal loans. This can include traditional banks, credit unions, online lenders, and peer-to-peer lending platforms. Check their interest rates, fees, repayment terms, and customer reviews to find the best fit for your needs.

  2. Compare Offers: Once you've identified several potential lenders, compare their loan offers. Pay attention to the APR (Annual Percentage Rate), which includes both the interest rate and any fees associated with the loan. Also, consider factors such as loan amounts, repayment terms, and any special features or benefits offered by each lender.

  3. Prequalify or Get Rate Quotes: Many lenders offer prequalification or rate quote tools that allow you to see what interest rate and loan terms you may qualify for without affecting your credit score. Take advantage of these tools to get personalized loan offers from multiple lenders without committing to a hard credit inquiry.

  4. Negotiate: Don't be afraid to negotiate with lenders to try to secure better terms, especially if you have good credit. You may be able to leverage competing offers to negotiate lower interest rates or fees.

  5. Apply for the Loan: Once you've selected a lender and loan offer that meets your needs, submit your application. Be prepared to provide documentation such as proof of income, employment verification, and identification.

Top Factors To Consider When Comparing Lenders

When comparing lenders for a personal loan, several key factors should be taken into consideration to ensure you're making an informed decision. Here are the top factors to consider:

  • Interest Rates: The interest rate directly impacts the total cost of borrowing. Look for lenders offering competitive interest rates, but keep in mind that the rate you're offered may depend on factors such as your credit score, income, and loan term.

  • Annual Percentage Rate (APR): The APR represents the total cost of the loan, including both the interest rate and any fees or charges associated with borrowing. Comparing APRs allows you to accurately assess the true cost of each loan offer.

  • Fees and Charges: Pay attention to any upfront fees, origination fees, prepayment penalties, or other charges that may be associated with the loan. These fees can significantly impact the overall cost of borrowing and should be factored into your comparison.

  • Loan Terms: Consider the length of the loan term offered by each lender. Shorter loan terms typically result in higher monthly payments but lower overall interest costs, while longer loan terms may have lower monthly payments but result in higher total interest payments over time.

  • Repayment Flexibility: Some lenders offer flexible repayment options, such as the ability to make biweekly payments or to customize your repayment schedule. Evaluate whether the lender's repayment options align with your financial needs and preferences.

  • Customer Service and Support: Research the lender's reputation for customer service and support. Read reviews and testimonials from other borrowers to gauge the lender's responsiveness, professionalism, and overall customer satisfaction.

  • Loan Amounts: Determine the minimum and maximum loan amounts offered by each lender to ensure they can accommodate your borrowing needs.

  • Speed of Funding: If you need funds quickly, consider the lender's turnaround time for loan approval and funding. Some lenders may offer same-day or next-day funding, while others may take longer to process and disburse funds.

  • Credit Requirements: Understand the lender's credit score requirements and eligibility criteria. While you may have good credit, different lenders may have varying minimum credit score requirements for approval.

  • Additional Features and Benefits: Some lenders offer additional features or benefits, such as rate discounts for autopay, debt consolidation services, or financial education resources. Consider whether these additional perks add value to the loan offer.

Lender Reputation: What Can We Learn From JD Power And TrustPilot Score?

Trustpilot and J.D. Power can be valuable tools in assessing lender reputation from different perspectives.

J.D. Power conducts comprehensive studies to evaluate customer satisfaction across various industries, including lending. Their scores provide an expert assessment based on standardized criteria, offering a more structured and comparative analysis of lender performance. Lenders with higher J.D. Power scores are generally considered more reputable due to their ability to consistently meet or exceed customer expectations.

Lenders such as American Express and Best Egg received higher scores, suggesting they excel in meeting customer needs and delivering satisfactory lending experiences.

Trustpilot is a platform where customers can leave reviews and ratings based on their experiences with a company. These ratings provide insight into customer satisfaction, service quality, and overall experience. High Trustpilot ratings indicate that the majority of customers have had positive experiences with the lender, suggesting a strong reputation and trustworthiness

Lenders like Upstart, Prosper, Upgrade and LendingPoint received higher TrustPilot scores, indicating positive customer perceptions and potentially stronger trust in these lenders.

Lender
JD Power Score 2023 (1,000 point scale)
TrustPilot Score 2023 (5 point scale)
American Express
775
1.3
Best Egg
772
4.6
Discover
769
1.8
SoFi
769
4.6
Wells Fargo
756
1.7
Oportun
744
4.8
LightStream
740
1.7
Citi
732
1.2
LendingClub
731
4.7
Prosper
725
4.7
Security Finance
721
N/A
U.S. Bank
717
1.3
Upgrade
716
4.4
LendingPoint
714
4.8
Upstart
711
4.9
Avant
710
4.6
OneMain Financial
698
4.8
Opploans
642
4.5

What are the Expected Fees for Good Credit Loans?

For personal loans aimed at individuals with good credit, the expected fees can vary depending on the lender and the specific terms of the loan. Here are some common fees you might encounter:

  • Origination Fees: This is a one-time fee charged by the lender for processing the loan application and disbursing the funds. Origination fees typically range from 1% to 12% of the loan amount, but some lenders may charge a flat fee instead.

  • Late Payment Fees: If you miss a payment or fail to pay your monthly installment on time, the lender may impose a late payment fee. Late payment fees can vary but are typically a flat amount or a percentage of the overdue payment.

  • Prepayment Penalties: Some lenders charge a fee if you pay off your loan early, either in part or in full. Prepayment penalties are designed to compensate the lender for the interest they would have earned if you had continued to make payments according to the original loan terms.

  • Check Processing Fees: If you choose to make loan payments by check rather than through electronic means, the lender may charge a fee for processing paper checks.

  • Returned Payment Fees: If a payment made on your loan is returned due to insufficient funds or other reasons, the lender may charge a returned payment fee.

Loan Requirements For Good Credit Borrowers

Whether you have good or excellent credit, the requirements typically remain the same. You’ll need to be prepared to answer some questions about what you need to borrow the money for and how long you wish to borrow it. There are also more formal requirements and documentation that include:

  • Your loan application: Every lender has different application forms to begin the loan process. The initial application is typically quite basic. You’ll need to provide your personal contact information, the loan purpose and desired amount.
  • Proof of identity: Banks and financial institutions need to be very careful to avoid fraud and identity theft. So, they will need to see proof of your identity and confirmation that you are a permanent resident or citizen of the US. Appropriate proof includes driver’s license, birth certificate, passport, military ID, Certificate of citizenship or other state issued ID.
  • Income verification: Since there is no collateral to back your loan, the lender will need to verify that you have the ability to repay the loan with a steady source of income. If you are employed, you can show W2s, paystubs, bank statements or employer information. If you’re self employed, you will need to show income tax returns, bank statements and 1099s.
  • Proof of address: Finally, you will need to confirm your address. This is usually accomplished with a utility bill, but you can also show a lease or rental agreement, voter registration card or proof of home insurance.
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The product offers that appear on this site are from companies from which this website receives compensation.
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Rewards Plan:
3X – 7X 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
Welcome Bonus:
80,000 points 80,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership

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Rewards Plan:
2x – 6x 6X points on purchases at hotels participating in Marriott Bonvoy, 4X points at restaurants worldwide (including takeout and delivery in the U.S.) and U.S. supermarkets (up to $15,000 in combined purchases per year, then 2X points), 2X points on all other purchases
Welcome Bonus:
85,000 points 85,000 Marriott Bonvoy bonus points after you use your new Card to make $5,000 in purchases within the first 6 months of Card Membership
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

What Are The Risks to Consider?

While obtaining a personal loan with good credit can offer numerous benefits, there are still risks to consider. Here are some potential risks associated with personal loans for individuals with good credit:

  • Overborrowing: Having good credit might make it easier to qualify for larger loan amounts, but it's essential to borrow only what you need and can afford to repay. Overborrowing can lead to financial strain and difficulty making payments, even with a good credit score.

  • Interest Costs: While good credit typically qualifies you for lower interest rates, personal loans still come with interest costs. It's important to calculate the total interest payments over the life of the loan to ensure it fits within your budget and financial goals.

  • Fees and Charges: Some lenders may impose origination fees, late payment fees, prepayment penalties, and other charges. These fees can add to the overall cost of borrowing and may catch borrowers off guard if not carefully considered.

  • Impact on Credit Score: Taking out a personal loan increases your overall debt load, which can affect your credit utilization ratio and potentially lower your credit score. Additionally, missed payments or defaulting on the loan can have a significant negative impact on your credit score.

  • Risk of Default: Even with good credit, unexpected life events such as job loss, medical emergencies, or major expenses can make it difficult to keep up with loan payments. Defaulting on a personal loan can result in collection efforts, damage to your credit score, and potential legal consequences.

  • Scams and Predatory Lenders: Not all lenders offering personal loans are reputable. Beware of predatory lending practices, high-pressure sales tactics, and loan offers that seem too good to be true. Always research lenders thoroughly and read the terms and conditions of any loan agreement carefully.

To mitigate these risks, borrowers should carefully assess their financial situation, budget, and repayment ability before taking out a personal loan.

How Much Of A Personal Loan Can I Get With a 680 Credit Score?

Typically, lenders offer personal loans ranging from a few hundred dollars to tens of thousands of dollars, with some lenders offering loans up to $100,000 or more for those who have good credit.

However, the specific loan amount you can qualify for with a 680 credit score will depend on various factors, including the lender's criteria, your income, and your debt-to-income ratio.

Your credit score is an important factor that lenders consider when determining the amount of personal loan you can qualify for, but it's not the only factor. Lenders also take into account your income, existing debt obligations, employment history, and other factors when assessing your eligibility and determining your loan amount.

Is it Better to Get a Personal Loan or Balance Transfer?

If you’re trying to get your finances in order or are planning a large purchase, you may wonder whether it is better to get a personal loan or opt for a balance transfer credit card. There are both pros and cons to each product, so it will depend on your specific circumstances and preferences.

Personal loans allow you to make fixed payments each month on larger balances. You are also likely to get a lower rate on your financing. However, balance transfer cards can be a good option for smaller debts that can be completely paid off in a shorter period of time.

If you only need a small amount and are confident that you will be able to pay it off before the end of the 0% introductory rate, a balance transfer card may be a good option. Just be aware that if you fail to clear the balance before the end of the introductory period, you are likely to be hit with a far higher APR rate.

How Many Points Does a Personal Loan Drop Your Credit Score?

The credit agencies take a note of all financial activity. Not only do the credit bureaus record the reports of payments you make on your credit cards and other bills, but also when you acquire new debt. This can impact your credit score and chances of approval for new finance.

So, if you’ve recently taken out a personal loan and then apply for a new car loan, your application may be rejected. However, your overall credit history has more impact than just one new loan. If you have a history of making payments on time and managing your debt, there is likely to be less impact on your credit score for taking out a new loan.

In fact, taking out a new personal loan on which you make payments on time each month, can actually increase your credit score. It will demonstrate that you responsibly handle debt.

While there is no hard and fast rule for how many points your credit score drops after obtaining a personal loan, it is a good idea to wait at least three months between credit applications.

Where Can I Get a Legitimate Personal Loan Online?

There are a number of legit companies offering personal loans online. In fact, online lenders can often offer more favorable rates and terms. You can use a personal loan comparison tool to compare between the different lender and find the right one for your needs.

You can find companies with a basic web search. Simply type in “online personal loan” into your preferred search engine and check out the results. You may recognize some company names, but others may be unfamiliar to you. So, it is important to double check that the company is legit.

You can check the Better Business Bureau and Trustpilot for lender ratings. You can also check federal registration, as all lenders have to register in states where they operate. This will give you some reassurance that the company is registered and legitimate, but you can confirm how they operate by reading some customer reviews.

FAQs

To qualify for a personal loan with good credit, you'll typically need to have a stable income, low debt-to-income ratio, and a demonstrated history of responsible credit use.

To avoid predatory lenders, research potential lenders thoroughly, read reviews, compare multiple loan offers, and be wary of lenders who pressure you into borrowing more than you need or offer unusually high-interest rates and fees.

Before applying for a personal loan, consider your financial goals, budget, repayment ability, and whether you have explored other financing options, such as 0% APR credit cards or home equity loans.

Approval times vary depending on the lender and your financial situation, but some lenders offer instant approval decisions, while others may take a few days to process your application.

Personal loans can be used for a variety of purposes, including debt consolidation, home improvements, major purchases, medical expenses, and unexpected emergencies.

Picking the Best Personal Loans For Good Credit: Our Methodology

Our team conducted extensive research on over 30 lenders, including major banks, credit unions, online platforms, and specialized finance companies to identify the top providers offering personal loans for individuals with good credit.

In developing our ratings, we didn't solely rely on numerical data. We also considered the factors that individuals like you prioritize when seeking a personal loan. 

  • Affordability (40%): We gauge how expensive each company’s loans are to pay back, taking into account both interest rates and fees. The highest-scoring lenders will have low minimum and maximum annual percentage rates (APRs) and low or no origination fees.
  • Loan features (30%): This category measures the breadth of loan terms available to prospective customers. The most points go to lenders with a wide range of loan lengths, small minimum loans, large maximum loans, and fast funding.
  • Customer experience (20%): We review each company’s application, prequalification and customer service policies and procedures to create this category score. The best companies will have simple online applications and multiple ways for customers to get their problems solved.
  • Company reputation (10%): Our team analyzes each company’s Better Business Bureau file, customer reviews and any outstanding regulatory actions. The most points will go to companies with an A+ rating with the BBB, a track record of addressing customer complaints and no active regulatory orders.

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender.

Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.

Picture of Andrew O'Malley

Andrew O'Malley

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
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