8 Best Personal Loans for Good Credit of 2024


A personal loan can be used for many things in life, from home improvements to debt consolidation.

When you have good credit, doors open even more widely compared to those with bad credit. For example, you’ll have access to unsecured loans, meaning you don’t have to put up collateral to qualify for a loan.

You’ll also get offered the best interest rates so you’ll have a lower monthly payment. Another bonus? You could qualify for the highest loan amounts. After all, just because a lender offers a particular loan maximum doesn’t mean every borrower gets that deal. Finding the best loan terms is easier than ever, with many online lenders competing for your business.

Selecting an online lender is convenient, too. Most lenders provide a funding decision the same day you apply, and your money could be available in your bank account in as little as one or two business days.

So, what is the definition of good credit? You’ll need to have a credit score between 690 and 720. Anything above 720 is considered excellent credit.

Top 8 Personal Loans for Good Credit

We’ve pulled together the best personal loans, along with how the loan process typically works from start to finish, to help get you started.

Each one has a slightly different approach to lending. So, you’ll see a bit of each company’s personality along with their loan rates and borrower requirements. There’s a little something for everyone, so don’t forget to compare offers to see which one fits you best.

1. Prosper

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Loan Amount: $2,000 to $40,000
Term Length: 3 or 5 years
Minimum Credit Score: 640

Prosper is a top choice for borrowers with good credit, especially if you’re interested in peer-to-peer loans.

Loan proceeds can be used for various purposes, such as debt consolidation, home renovations, or significant life events like a wedding or adoption.

Funding may depend on investors committing to your loan. However, you’re guaranteed total funding as long as you reach 70% of your goal.

Before you commit, feel free to compare your loan terms to make sure they’re suitable. You can do this without impacting your credit score in the early stages of applying.

If you have above-average credit and a debt-to-income ratio under 50%, you could very well qualify for a personal loan.

Read our full review of Prosper

2. SoFi

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Loan Amount: $5,000 to $100,000
Term Length: 3, 5, or 7 years
Minimum Credit Score: None (average is above 700)

Starting as a student loan company, SoFi now offers personal loans and even mortgages.

They are a unique online lender that uses its own underwriting process to offer competitive fixed and variable rate loans.

Instead of focusing strictly on your credit score, SoFi also looks at your education, current career, income, expenses, and financial history.

A long credit history is stressed less than having a high-income potential in a growing job market sector.

As long as your existing payment history is positive, and you make enough money to meet your monthly expenses, you could qualify for a low-interest personal loan. And everyone gets an automatic 0.25% discount on their interest rate when they sign up for autopay.

Read our full review of SoFi

3. OneMain

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Loan Amount: $1,500 to $25,000
Term Length: Up to 60 months
Minimum Credit Score: varies

OneMain provides both secured and unsecured loans to borrowers. Their lending process is a bit unusual in that they require applicants who have been approved for a personal loan to meet a loan officer at a local branch.

It’s not the most convenient way to get a personal loan these days, but five out of six Americans live within 25 miles of a OneMain office.

Reviewers found the process to be helpful, giving the lender an average of 4 out of 5 stars — so they must be doing something right.

Once you meet with a loan officer and discuss your situation, it’s quite possible you’ll walk out with a check in your hand — yes, they’re that fast.

They prefer to meet in person to determine why you need the personal loan and to make sure you understand the repayment terms, such as APR and term length. All in all, OneMain offers some stiff competition for fast, unsecured loans.

Read our full review of OneMain

4. LendingPoint

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Loan Amount: $3,500 to $20,000
Term Length: 24 to 48 months
Minimum Credit Score: 600

LendingPoint boasts that it is a lender for “fair” credit borrowers. Specifically, this refers to borrowers in the 600 to 680 FICO score range.

LendingPoint factors in several criteria during the loan application process.

You must be at your current job for at least 12 months with the ability to verify your income. You should also have a reliable track record for both your banking and credit behavior.

The online application is quick and easy, especially if you pull together a few necessary documents. They include proof of employment and income (think pay stubs), recent bank statements, a voided check, and your ID.

Once you’ve received your loan funds, you can make bi-weekly payments to help you stay on top of your budget. For “near-prime” borrowers, They offer competitive terms and an easy-to-use customer interface.

The origination fee varies by state, but is usually 0% – 6%.

Read our full review of LendingPoint

5. Upstart

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Loan Amount: $1,000 to $50,000
Term Length: 3 or 5 years
Minimum Credit Score: 620

For a more holistic loan application approach, consider Upstart. Rather than focusing almost entirely on your credit score and income, Upstart also considers several other factors, like your education, area of study, and job history.

These factors often make up for a short credit history, making it an excellent pick for younger borrowers. Upstart borrowers report an average 25% savings on their APR compared to their credit cards when they use the personal loan instead.

Founded by a team of former Google employees, it’s no surprise that Upstart views technology as essential.

Appropriately, then, you can use an Upstart loan to pay for your tuition at a partnering bootcamp for coding. It’s an easy way to get some new career training without having to shell out for an entire degree program.

Read our full review of Upstart

6. Best Egg

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Loan Amount: $2,000 to $50,000
Term Length: 3 to 5 years
Minimum Credit Score: 640

Best Egg offers competitive interest rates, but you’ll need more than a good credit score to get them. You’ll need to have a relatively high annual income, needing to earn at least $100,000 to qualify for the best rates.

You’ll need at least a 700 FICO score to earn those lowest rates. The application is risk-free and only entails a soft credit check until you’re ready to commit to a personal loan.

So, what can you do with your Best Egg funds? The most popular option is to consolidate debt, whether it’s multiple expensive credit cards or a single high-interest loan (or a combination of both!).

But don’t mistake Best Egg as a debt consolidation company. This direct lender provides personal loans for many purposes, including household expenses, relocating, and vacations.

The origination fee on a loan term of 4 years or longer will be at least 4.99%.

Read our full review of Best Egg

7. Avant

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Loan Amount: $1,000 to $35,000
Term Length: 2 to 5 years
Minimum Credit Score: 600

Avant is a great choice if you want a loan to consolidate several high-interest credit cards. In fact, about half of all their personal loans are used as debt consolidation loans.

There’s a reason why: they offer various tools to help you manage your finances. For instance, it provides you with your VantageScore each month so you can actively work on improving your credit score.

Borrowers usually see an average 12 point increase over the first six months of taking out a personal loan. The origination fee is up to 4.75%.

The lower end of credit scores falls around 600, so you don’t need excellent credit to qualify.

Read our full review of Avant

8. LendingClub

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Loan Amount: $1,000 to $40,000
Term Length: 3 or 5 years
Minimum Credit Score: 600

LendingClub is a P2P lender and one of the first in the country. However, the loan funding process is a bit slower than other lenders because of how personal loans are financed.

Once your application is approved, you still have to get investors to back your loan with funds. They’ll review your profile and credit grading (created by LendingClub) to determine whether they want to invest in you.

Don’t worry about whether you’re going to get picked. Most investors automatically invest in a diverse portfolio of different graded loans without actually reviewing the specifics. And while they offer bad credit loans, most borrowers maintain a credit score of 699.

Read our full review of LendingClub

Pros of Personal Loans

As with any major financial decision, taking out a loan has its benefits and potential drawbacks. Before you set your heart on a personal loan, it’s good to consider both the pros and cons. Here are the pros:

Lower Rates Compared to Credit Card

One of the major benefits of a personal loan is that they can offer much better interest rates in comparison to a credit card. If you’ve got good or excellent credit, you should be able to secure a relatively competitive rate on a personal installment loan.

No Collateral Needed

Unless otherwise stated, personal loans are unsecured. This means they are not guaranteed by collateral, so you won’t have to risk losing personal possessions if you fall behind on payments. Instead, lenders will thoroughly evaluate your credit standing to determine if you are a trustworthy borrower.

Easier Payments

Taking out a personal loan to consolidate debt means you can turn several monthly payments into one, making it much easier to manage.

Absorb Large Purchases

A personal loan allows you to afford large purchases that you may not otherwise have access to, by paying them off over the course of the loan term.

Cons of Personal Loans

Potentially high penalties and fees

Fees and potential penalties are a feature, even with the best personal loans. Origination fees, for example, are extremely common. Late fees are also a normal part of unsecured personal loans. Don’t overlook the fees involved when calculating the cost of a loan.

Risk of Greater Debt

While a personal loan can be a great way to consolidate debts, it is easy for people to mistake it as an easy way out of debt. In reality, getting a personal loan can often simply free up space to take on even more debt.

If you’re not careful and responsible with your payments, this could lead you into greater financial difficulty.

No Funding Guarantees

There are no guarantees that a lender will provide you with the total loan amount you need. Even good credit borrowers, if requesting a large sum, can be denied their desired total funding.

Higher Monthly Payments

Although the interest rates are usually lower, monthly loan payments can be higher than your minimum credit card payment. The difference is that a personal loan will reduce the principal of the debt, while your minimum credit card payment is primarily just interest.

The Different Types of Online Personal Loans

When looking for the best personal loan online, you need to know that there are a few different types of lenders out there. Understanding which type you’re working with helps clarify much of the process, from how your personal loan is funded to how you’ll repay it.

Traditional Lenders

Many traditional financial institutions are making their way into the online loan market as well.

You might be familiar with some of the names. However, many banks with brick-and-mortar locations can’t offer interest rates as competitive as strictly online lenders because they have much higher expenses to cover. Some banks are better at this than others, so always be sure to shop around.

Alternative Lenders

Another burgeoning type of lender is the alternative lender. Many of these companies are startups seeking to fill a gap in the need for different loan requirements than traditional banks offer.

Several of the top personal loan lenders use algorithms to determine what kind of loan terms borrowers qualify for based on financial and other types of data. They typically don’t have branch locations so they can keep their overhead costs low. That allows them to focus on passing savings to borrowers in the form of low interest rates. Credit unions are also popular and can offer competitive interest rates to their members.

P2P Lenders

Finally, one of the oldest types of lenders is the peer-to-peer or P2P lender. P2P loans originated in England and worked their way to the U.S. in the early 2,000s. P2P lending allows individual investors to fund personal loans and collect the interest as their return.

There is still a formal application process. However, these lenders have opened the doors to greater access to credit for those with lower credit scores. And if you have good credit, you get to take advantage of low interest rates and flexible repayment terms.

How to Compare Personal Loans

Finding the best personal loan rates requires comparing offers from multiple lenders. But knowing how to compare loans confidently means understanding all the different elements that make up a loan offer.

Let’s run through the criteria you’ll want to consider to find the best personal loans:


Loan offers will come with both an interest rate and an annual percentage rate (APR). The interest rate is an important factor, but the overall cost of your loan will be reflected in the APR. This is because the APR includes all loan fees as well as the interest rate.


The fees associated with a loan offer can vary widely, so it’s important to give them careful consideration. Some fees, such as origination fees, are widespread. But you’ll want to pay close attention to things like late payment fees, as well as early fees. Keep in mind that online lenders sometimes offer very low fees.

Loan Term

The loan term is another important thing to consider. This is the period during which you will make monthly payments to repay the loan. Loan terms range from short, long or flexible, depending on your credit standing and the lender.

Try to figure out your ideal loan term before shopping for quotes. Keep in mind the while a long-term loan will mean lower monthly payments, it will also lead to a more expensive loan overall.

Loan Features

There may also be additional features offered by a loan provider which could factor into your decision. Some lenders have strong apps or desktop loan platforms which are useful for keeping track of your payments. Flexible payment schedules or options to defer payments are further examples of possible loan features.

Time to Funding

The speed with which you receive your loan funds after approval will vary between lenders. Most loans will take at least two business days to arrive into your bank account, but there are options out there for faster loan funding if necessary.

Applying for Personal Loans Online

Lenders who operate online make it easy for borrowers to get offers within minutes of entering a few pieces of basic information. There are typically two types of online applications: the pre-approval process and the formal application.


Many lenders allow you to check your personal loan offer through the pre-approval process without performing a hard inquiry. This lets you find out what kind of interest rates and monthly payments you can expect. That way, you can compare offers without getting a hard credit inquiry on your credit report.

Application Process

Once you find loan terms you approve of, it’s time to fill out the loan application form. During this time, you’ll enter your personal and financial information to verify your ability to repay, and they’ll usually perform a hard pull at this point.

Typically, you’ll also need to upload your driver’s license and pay stub as proof of identity and financial information. The exact requirements vary depending on each lender.

couple on laptop

What Lenders Look For

Traditionally, lenders place the greatest importance on two factors: your credit history and your current financial ability to repay the loan.

They’ll look at your credit score to determine how well you’ve paid your current and past obligations. But if you have good credit, you most likely won’t have any issues.

Debt-to-Income Ratio

Lenders also review your current outstanding debt payment obligations, as well as your income. They compare the two using a formula called the debt-to-income ratio, or DTI. If you carry too much debt for the amount of money you earn each month, they might not view you as very creditworthy. Even if you have excellent credit history, it’s worth taking a look to see how your DTI stacks up.

Those are historically the most important criteria for traditional lenders. However, remember that many online lenders began explicitly replacing the old underwriting standards.

Many place greater importance on other factors besides your credit score and debt. For example, they consider your education, earning potential, and the types of debt you owe. Depending on your situation, you might be better suited with a lender that takes the bigger picture into account.

Do personal loans affect your credit score?

You want to make sure you keep your good credit score intact. So, what changes can you expect after taking out a personal loan?

You may see a slight dip after submitting your application, but this typically only amounts to 5 to 10 points. The good news is that credit scoring models typically group similar loan inquiries together, as long as you complete them within a few weeks of each other. This allows you to price shop without worrying about a big drop in your credit scores.

Once a personal loan is funded, you may see another dip in your credit score because you’ll have a higher debt balance. The exception to this is if you’re consolidating credit card debt into a debt consolidation loan. Generally, installment loans are viewed more favorably than revolving credit, so you might actually see an increase in this situation.

Credit Score Boost

It is possible for a personal loan to improve your credit score, too. It all depends on how well you can manage your payments over time.

Here are the main ways a loan could boost your credit score:

  • Positive payment history: If you take out an installment loan and demonstrate a consistent ability to make your monthly payments on time, your credit score will slowly improve. Payment history is the biggest factor in determining your credit score. 
  • Improved credit utilization: If you have other active forms of credit, taking on a new loan could also boost your score if it leads to a lower credit utilization ratio.
  • Improved credit mix: Your credit mix could improve through taking on a new personal loan. Even though applying for the loan will temporarily bring your credit score down, maintaining a more diverse credit mix will also contribute to improving your score.

Why Take Out a Personal Loan

Once you find the right lender, getting a personal loan can help you in many ways.

Debt consolidation loans are a very popular option these days. The reason is that personal loan rates are much lower than credit card interest rates, especially if you have good credit history. Other people use personal loans for home improvement, major life events like weddings and vacations.

Before Applying

Before you apply for any loan, make sure the lender offers personal loans for your intended use. Most want to know exactly what you will use the loan proceeds for before making the loan. And because that information is in your legal loan agreement, you’ll want to stick to your word.

No loan decision should ever be made lightly, so make sure you do your research before reaching a conclusion.

Repayment Terms

You’ll want to know that you can make your monthly payments even if something major comes up, like a job loss or medical emergency. So keep that good credit intact by keeping a padded monthly budget and a healthy rainy day fund.

With the right personal loan, you can build your credit history by consistently making on-time payments. And that, along with funding a significant purchase or life event, can feel like a great accomplishment.

How to Improve Your Credit Score 

Although good credit borrowers may feel comfortable, even the smallest improvement in credit habits could lead to big savings. Putting in a bit of extra work could quickly raise your score further and help you access an even better rate.

Review Credit Reports

Consumers are entitled to one free credit report per year from each of the three major credit bureaus. If you don’t already do so, regularly examining your credit reports can help you better understand your credit standing. It also gives you the opportunity to spot any errors which could be negatively affecting your credit score. 

Make Full, Timely Payments

Because payment history carries the biggest weight on your FICO credit score, ensuring you make timely payments is vital. But you can also go further by making those payments in full, rather than simply meeting the minimum. This can improve your credit score within a few months.

Pay Off Debt

Before you apply for a loan, always try to pay off as much debt as possible. This should result in a relatively quick credit score boost, as a good debt to income ratio is important for many lenders, no matter your score.

Avoid Closing Old Accounts

While it might seem wise to close down a credit account that you don’t use, remember that this will affect both your credit utilization and your credit history overall.

Frequently Asked Questions

What is a good credit loan?

A good credit loan is simply a regular personal installment loan for good credit borrowers. According to FICO, any credit score of 690 or higher is considered good, at least. For a regular unsecured personal loan, there are numerous deciding factors that lenders consider.

Your debt to income ratio, employment status and annual income are often checked, but your credit score will be the most important factor when applying for a loan. 

A good credit loan will come with relatively competitive rates and access to some of the best loan terms.

Can a personal loan help build your credit?

Yes. A personal loan can definitely improve your credit score, once it is managed well. Making timely payments can build your credit history regarding payments, credit utilization and also credit mix. 

However, opening a new line of credit will most often result in a temporary decrease in your credit score. And it should be said that simply being approved for a good credit personal loan doesn’t mean your credit score will improve. Any new line of credit has to be responsibly managed to result in a better credit standing.

What is a good credit score for a personal loan?

According to FICO, good credit ranges from 690 to 719. While the minimum credit score requirements will naturally vary between lenders and rate levels, having good to excellent credit means that the best loan offers will be accessible to you. 

How much can you borrow with a personal loan?

In general, personal loans range from $1,000 all the way to $100,000. However, for most lenders, loan amounts capped at around $40,000 to $50,000. Only a small selection of lenders will offer loan amounts over $50,000, and these loans are exclusive to those with the best credit scores and significant incomes.

What documents are required for a personal loan?

The documentation required for loan application will vary between lenders and loan products. Generally, you’ll need at least one form of government ID, Social Security Number, proof of income, and personal details such as your home address and contact information.

What can you use a personal loan for?

Most personal loans can be used to fund any personal expense. The primary restrictions on usage of personal loans relate to college tuition fees and business expenses. Most loans will be used to fund the following: 

  • Large household expenses
  • Debt consolidation
  • Home improvement or repairs
  • Medical bills
  • Weddings or vacations
  • Funerals
  • General emergency expenses
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