Best Personal Loans for Good Credit
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You’ve done it! You started small with that secured credit card but made sure you stuck to those minimum monthly payments, lengthened your credit history, and proved your creditworthiness. As a reward, you’ve just graduated with an actual unsecured card. Congratulations! And your credit score is probably looking pretty good, too! With that good credit score comes new opportunities and better personal loan options.
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Overview of the best personal loans for good credit
Product | Best For |
LightStream | Large loans with competitive rates |
SoFi | Families/unemployment protection |
Discover | Smaller loan amounts |
Upstart | Low APR |
Truist | Fast funding |
Avant | Customer satisfaction |
Use Bankrate to Get a Personal Loan
- Get as much as $100,000 with rates starting at 5.95% APR*
- Use a personal loan to pay off debt, renovate your home, family needs, and more
- Takes minutes to see how much you can get
- Doesn't hurt your credit score to check
Best Personal Loans for Good Credit
LightStream
LightStream offers personal loans with fixed rates ranging from $5,000 to $100,000. They can be used for almost anything, including cars, home improvement loans, and family needs. Annual percentage rates (APRs) start at 7.49% to 25.49% (with autopay), and loan terms are as long as 10 years. LightStream boasts the lowest interest rates and one of the highest maximum loan amounts out of every lender on this list.
Eligibility for a LightStream loan depends on many factors. However, LightStream cannot provide a specific minimum credit score requirement since, according to LightStream’s customer service, each individual’s credit/financial situation varies. You will have to apply to know if you qualify.
LightStream is associated with Truist, acting as their online lender division since 2019. Its best features are its large loan amounts and the various types of loans available.
Unfortunately, LightStream lacks a customer support phone number and online pre-approval. This means to see if you qualify, LightStream will place a hard credit inquiry on your account. This will negatively impact your credit score for a limited time, even if you are denied the loan.
Based on some negative reviews, there is also some confusion between LightStream and a different company called Light Stream (with a space). According to customer reviews, if you receive a phone call, receive communication from a Gmail account or talk of deposits being made for bank verification, it is a scam from a different (non-legit) company. In contrast, LightStream will never call you. It’s important when applying for any loan, especially online, that you first confirm the company's legitimacy and check for sneaky scams like this.
Cost: 7.49% to 25.49% APR. Rates mentioned are with the autopay discount applied. Without autopay, rates increase by 0.50% points.
Where to find: Head to Lightstream.com to start a loan application. You can also download the app, which is available for iOS and Android.
Where accessible: LightStream is accessible nationwide.
SoFi
SoFi offers personal fixed-rate loans ranging from $5,000 to $100,000. They can be used for various reasons, including credit card consolidation, travel, and medical and dental operations. Notably, family loans for events such as pregnancy and surrogacy, adoption, and in vitro fertilization are also available.
All loans come with an APR range of 8.99% to 25.81% with autopay discounts. Loan repayment terms can range from two to seven years. When I contacted them, SoFi did not provide minimum credit score requirements. Like most other online loan providers, customer service at SoFi indicated that eligibility depends on each individual’s financial situation. They may accept less-than-perfect credit scores depending on other variables like employment status or banking history. And if you have great credit, you’ll probably qualify for better terms.
With an easy application process, SoFi is great for online-savvy users. SoFi’s standout features include low interest rates with zero fees, loan flexibility, and bonus unemployment protection options. Even better, there’s no hard inquiry. Instead, there’s just a soft credit check to see if you pre-qualify, leaving your credit score unimpacted.
The main drawback of SoFi comes down to what type of loan you’re looking for. Borrowers looking for real estate, business, or investment loans must look elsewhere. There are also no options for secured or joint loans. Also, if you’re looking for a loan smaller than $5,000, you’re best off using a different lender.
Cost: 8.99% to 25.81% APR. Rates mentioned are with the 0.25% autopay discount applied. Interest rate caps will differ between states for legal reasons and could impact your SoFi loan eligibility.
Where to find: Check out SoFi.com to apply. You can also download the app, which is available for iOS and Android, at the Apple App Store, Google Play, or through the QR code on SoFi’s website. Just flip through the banner at the top of the main webpage to find it.
Where accessible: SoFi is available nationwide.
Discover
Discover offers personal fixed-rate loans ranging from $2,500 to $40,000. Main loan purposes include medical bills, back taxes, and home repairs, though other options are also available. All Discover personal loans come with an APR ranging from 7.99% to 24.99%, with three to seven years of repayment terms.
To qualify, you’ll want a good to excellent credit score. According to Discover’s customer service, exact credit score requirements are proprietary information that cannot be publicly released for competitive reasons.
Where Discover stands out is its lower interest rates and debt consolidation offers, with funding available as soon as one business day. If you don’t want the loan, there’s a 30-day money-back guarantee at no cost. There’s no origination fee; you can pre-qualify with a soft credit check to avoid that hard inquiry. As a bonus, Discover offers a free FICO credit report scorecard that updates monthly, allowing you to keep track of your credit score as you go.
Drawbacks with Discover come down to potential fees. While there are no closing, prepayment penalties, or origination fees, a late fee may be charged if you struggle to pay bills on time. Some sources claim this late fee is $39, but this could not be verified on Discover’s website (mine is a bit higher). There is no rate discount with autopay or otherwise, and neither cosigner nor joint loan options are offered.
Ultimately, this may be a good option if you’re looking for a smaller loan from a lender with a long history.
Cost: 7.99% to 24.99% APR. Possible late fees. No closing, prepayment penalties, or origination fees.
Where to find: Go to Discover.com to apply. You can also download the app, which is available for iOS and Android, at the Apple App Store or Google Play.
Where accessible: Discover is available nationwide.
Upstart
Upstart offers loans ranging from $1,000 to $50,000. They offer primary loans for weddings, medical, big-spender purchases, and moving or other relocation expenses.
Personal loan rates are slightly lower than competitors, with an APR ranging from 6.4% to 35.99%, with repayment terms as long as five years. The best thing about Upstart is that it allows you to make extra payments in addition to your repayment schedule, making it possible for you to repay the loan before time. It charges an origination fee ranging from 0% to 12%.
Still, you can safely assume that your annual income (notably your debt-to-income ratio), credit history, and employment status will be considered before the loan application is approved. By inputting your loan amount and credit score, Upstart can calculate options that suit you best based on monthly payments or desired term lengths. The biggest drawback of Upstart as compared to other lenders is the late fee. It charges a late fee of $15 or 5% of the amount outstanding, whichever is higher.
Cost: 6.4% to 35.99% APR. No prepayment, or late fees. Late or partial payments can also impact your credit score.
Where to find: Visit Upstart.com to apply.
Where accessible: Upstart is available nationwide.
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Truist
Truist offers fixed-rate loans ranging from $3,500 to $100,000. The main loan types available are debt consolidation and home improvement loans. Every loan has an 8.74% to 17.39% APR, with loan repayment terms ranging from two to five years. Truist doesn’t state its desired minimum credit score.
Where Truist shines is its fast funding options. Truist claims decisions are made quickly, and it’s possible to get same-day funding. Collateral is not required, and a helpful calculator can estimate your monthly expenses based on the loan amount, loan term, and the state where you reside. Also, unlike other lenders on this list, Truist does offer co-signed and secured loans.
The primary drawback to Truist is its availability. At the time this article was written, only 18 states in the U.S. had access. If you live on the East Coast, you’re in luck, but for the rest of the country, you’re best off looking elsewhere. In addition, there are no discounts for autopay, and there is no option to pre-qualify, so expect a hard inquiry on your credit score once again with no assurance of eligibility.
If your credit score isn’t at the level needed for other offers, Truist may well be your best lowest-credit option. Alternatively, you could look into various credit unions like Alliant Credit Union for larger loans or Navy Federal for smaller loans.
Cost: 8.74% to 17.39% APR. Excellent credit and a minimum three-year term are required to get the lowest rates. No origination fees. However, residents in Florida will be required to pay the Florida state doc stamp fee. This will affect Floridians’ agreed monthly payment amount and their APR.
Where to find: Head to Truist.com to apply. You can also download the app, which is available for iOS and Android, at the Apple App Store or Google Play.
Where accessible: Truist is only available in Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C.
Avant
Avant offers fixed-rate loans ranging from $2,000 to $35,000. Of the lenders on this list, Avant offers the lowest minimum loan amount. These loans are advertised for debt consolidation, emergency, home improvement, and installment loans.
These loans come with an APR ranging from 9.95% to 35.99%, with repayment terms anywhere from one to five years. According to Avant’s website, you can qualify even if your FICO credit score is as low as 600!
Where Avant truly stands out is its accessibility for those with fair, low, or even bad credit. However, unlike others, it also stands out by offering both secured and unsecured personal loans. You can pre-qualify with just a soft credit check, and it’s possible to receive loan funds after being approved just one day later.
The main downside of Avant is the fees. First, there’s an administration fee of up to 4.75%. There are also late fees, returned check fees, and no rate discounts. In addition, Avant is not available in all 50 U.S. states. Those in Hawaii, Iowa, New York, Vermont, and West Virginia will have to choose a different lender.
Cost: 9.95% to 35.99% APR. Avant also charges an administration/origination fee of up to 4.75%. Additional late fees and return check fees are also possible.
Where to find: Hop over to Avant.com to apply. You can also download the app, which is available for both iOS and Android, at the Apple App Store or Google Play.
Where accessible: Loans are available in all U.S. states except Hawaii, Iowa, New York, Vermont, and West Virginia.
Summary of best personal loans for good credit
Product | Best For |
LightStream | 8.74% to 17.39% |
SoFi | 8.99% to 25.81% |
Discover | 7.99% to 24.99% |
Upstart | 6.4% to 35.99% |
Truist | 8.74% to 17.39% |
Avant | 9.95% to 35.99% |
FAQs
What is considered “good” credit?
In general, credit scores can range anywhere from 300-850. According to Equifax, you’re considered to have good credit if your score ranges from 670-739. Very good credit scores range from 740-799, and 800+ are excellent.
Could these loans hurt my credit score?
If you fail to make minimum monthly payments or exceed the repayment terms, yes. This is true for any loan. Also, when applying for a loan, be aware of hard inquiries. A soft inquiry will not damage your credit score, but companies such as LightStream, Marcus by Goldman Sachs, and Truist will use a hard inquiry to see if you qualify. Even if you get denied, that hard inquiry will remain, impacting your credit score for a limited time. Minimizing the number of loans you apply for at one time or using online pre-approval options will help mitigate this. Credit unions are another option that can help you avoid the various limitations that can come with some lenders.
Are there risks?
With any loan, there are always risks. However, if you ensure you pay your minimum monthly payments, maintain a healthy line of credit, keep up with any accrued debt, and are generally responsible with your money management, your risks will be minimized. But be wary of any emails or phone calls claiming to come from your lender, especially if the email or name associated isn’t spelled exactly like the one you applied with.
Why should you use a personal loan?
Taking out a loan is a big decision. You’ll want to make sure you choose the right lender for your situation. Don’t use a personal loan if you can tap into savings or access cheaper loan options, like a home equity loan or line of credit. On the other hand, if you need to make a large purchase or consolidate debt into one regular monthly payment, a personal loan can be a great option if you can afford the interest rates.
Use Bankrate to Get a Personal Loan
- Get as much as $100,000 with rates starting at 5.95% APR*
- Use a personal loan to pay off debt, renovate your home, family needs, and more
- Takes minutes to see how much you can get
- Doesn't hurt your credit score to check
The bottom line
Depending on the circumstances, taking out a loan can be beneficial. LightStream, Upstart and SoFi offer loans for large loans with no fees, Discover is the best for smaller loan amounts, and Truist and Avant are the best for those with lower credit scores. These are the most promising options if a personal loan is right for you. Check them out, and make the most of that good credit score. You’ve earned it!
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Writer
A veteran wordsmith and research nerd, Brittany Wren spent a decade working in higher education where she helped people overcome challenges to chart a path forward. These days, she writes about personal finance, careers, parenting and education. Her content has been published by a wide variety of brands including T-Mobile, Intuit, LifeLock, Reliant Fund Administration and CURO Financial Technologies Corp.
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