Shop Personal Loans for Good Credit Borrowers

Shop Personal Loans for Good Credit Borrowers

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A good credit score is normally defined as a FICO Score between 670 and 739. If you fall within this credit band, you’ll find that you can qualify for loans with desirable interest rates and potentially perks, such as flexibility with your repayment options.

To help you find the best personal loans for good credit available to you, we compare five lending options below.

5 lending companies offering personal loans for good credit

Personal loans for good credit borrowers

APRLoan amountTermsMin. credit score
Best Egg5.99% to 29.99%$2,000 to $35,00035 to 60 months640
FredomPlus7.99% to 29.99%$7,500 to $40,00024 to 60 monthsNot specified
LendingClub10.68% to 35.89%$1,000 to $40,00036 months or 60 monthsNot specified
LendingPoint9.99% to 35.99%$2,000 to $25,00024 to 48 months585
OneMain Financial18% to 35.99%$1,500 to $20,00024 to 60 monthsNot specified
 

Best Egg: Best for quick funding, low interest rates

Consider this if you need quick funding with low interest rates.
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Loan Details

  • Loan amount: $2,000 - $35,000 (up to $50,000 for qualified borrowers)
  • Rates: 5.99% - 29.99%
  • Term: 3 or 5 years
  • Funding Time: 1+ days

If you need money fast, online lender Best Egg could be an attractive option. They’re able to process your application quickly — you should be notified of your status within several minutes of applying. Also, they’re able to fund loans in as little as one business day. This could be a good solution if you need money in an emergency, especially considering the fact that there are no fees for repaying your loan early and Best Egg has among the lowest APR on our list.

However, Best Egg does charge an origination fee from 0.99% to 6.99% of your loan amount. If you have a loan with a term of four years or longer, the origination fee is automatically at least 4.99%. For a $5,000 loan, that represents a minimum $250 fee. LendingPoint, on the other hand, also funds loans within the next business day but doesn’t always charge an origination fee. It would be worth comparing loan offers from both lenders to see which is cheaper.

 

FreedomPlus: Best for high-dollar loans

Consider this if you need a high-dollar loan.
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Loan Details

  • Loan amount: $7,500 - $40,000
  • Rates: 7.99% - 29.99%
  • Term: 2 to 5 years
  • Funding Time: 2+ days

Only two online personal loan lending companies on our list offer loans for more than $35,000 — FreedomPlus and LendingClub. Both charge origination fees: FreedomPlus’ ranges from 1.99% to 4.99%, LendingClub’s is from 1% to 6%. But what’s ideal about FreedomPlus is that the online lender has a lower starting and maximum APR. Not only that, but their loans are funded in about two business days, compared with the four business days that it typically takes with LendingClub.

When you apply for a loan with FreedomPlus, you’ll send your application and supporting documents electronically before speaking with a loan specialist over the phone. FreedomPlus doesn’t have public information about how they determine your interest rate, except for noting that you will need excellent credit, must borrow less than $12,000 and have a term of 24 months in order to get their lowest APR, which works out to 7.99%.

 

LendingClub: Best for small-dollar loans

Consider this if you need a small-dollar loan.
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Loan Details

  • Loan amount: $1,000 - $40,000
  • Term: 3 or 5 years
  • Funding Time: 6 days on average or sooner

There aren’t a lot of lending companies who will give you small-dollar loans. If you need less than $2,000 your options are limited to OneMain Financial, which has loans as low as $1,500 and LendingClub, through which you could get a loan for as little as $1,000. LendingClub outdoes OneMain Financial in the small-dollar loan category because of the lower starting APR and the fact that the entire process can be done online.

One important distinction to remember about LendingClub — it’s not an actual lender but a peer-to-peer marketplace. This means that after initial approval, LendingClub will place your loan in their marketplace to be funded by investors. If your loan is not funded, you won’t receive a loan. Also, LendingClub charges origination fees from 1% to 6%

 

LendingPoint: Best for shortest term with quick approval

Consider this if you want the shortest term with a quick approval.
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Loan Details

  • Loan amount: $2,000 - $25,000
  • Rates: 9.99% - 35.99%
  • Term: 2 to 4 years
  • Funding Time: As fast as next business day

If you’re intent on getting the shortest term possible, online lender LendingPoint offers loans for 24 months, which is similar to FreedomPlus or OneMain Financial. The difference with LendingPoint is that you can get your money sooner. Unlike OneMain Financial, where you have to visit a branch to complete the loan process, LendingPoint’s process is entirely online. They can fund your loan as soon as the next business day, while FreedomPlus takes a minimum of two days for funding.

To qualify for a LendingPoint loan, you need a minimum income of $25,000. Also, it’s important to note that they may charge an origination fee, which could range from 0% to 6%. LendingPoint is the only lender on our list to offer the possibility of no origination fee. However, it is likely that only excellent credit borrowers will qualify.

 

OneMain Financial: Best for in person borrowing

Consider this if you like in person borrowing.
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Loan Details

  • Loan amount: $1,500 - $30,000
  • Rates: 18.00% - 35.99%
  • Term: 2 to 5 years
  • Funding Time: 1+ days

If you prefer to meet your lender in person, OneMain Financial is your only option on this list. With OneMain Financial, you’ll send in your documentation to get prequalified for a loan. Then, you’ll head to a branch to meet with your loan specialist who will verify your identity, your finances and present your options.

Another standout aspect of OneMain Financial is that under some circumstances they will allow you to use a vehicle as collateral to obtain a higher dollar amount. The vehicle has to be no more than 10 years old and meet their value requirements, in addition to having no existing liens on it. Keep in mind that OneMain Financial does charge an origination fee. In some states, this fee is assessed as a flat rate which can be anywhere from $25 to $400. Elsewhere, the fee is assessed as a percentage of your loan, ranging from 1% to 10%.


Finding the best personal loans for good credit

The personal lending sector is crowded and separating your best personal loan companies for good credit from ones that are merely average takes attention to detail. The simplest way to determine the best lender for you is to prequalify with several companies so you can compare factors, such as your interest rate, fees and more.

You can shop lenders easily using the LendingTree marketplace to compare up to five lenders. The process uses a soft credit check, which is not tied to a credit application, so it does not impact your credit.

If you’re unsure of the criteria you should use to compare personal loans for good credit, consider these factors:

  • APR: The annual percentage rate is a more accurate measure of your loan cost than the interest rate. It accounts for other fees, such as an origination or application fee.
  • Repayment terms: Typical personal loans have repayment terms that are anywhere from 24 to 60 months. Usually, the longer your term is, the lower your monthly payments will be, even though you will likely pay more in interest over the course of the loan.
  • Origination fee: Lenders often charge an origination fee, either as a percentage of the loan or a flat rate. Try to minimize the amount you pay for this common fee.
  • Prepayment penalty: Some lenders will charge you if you repay your loan early. If you plan to get out of debt as soon as possible, look for lenders with no or low prepayment penalties.
  • Flexible repayment: Some lenders will allow you to change the date of your payments or offer deferment or forbearance if you run into financial difficulty.
  • Application fee: Inquire as to whether your lender charges an application or process fee.
  • Late fee: Many lenders will charge a fee for late payments, although some do not. This could be either a flat fee or a percentage of the payment that was due.

What rates should you expect with good credit?

When you’re applying for loans with good credit, it helps to have an understanding of the average APR you can expect based on your credit score. There is no hard-and-fast rule, but statistics, like the ones below, can show a general trend.

To lenders, good credit means you’re in the 670 to 720 range. Your credit score could also impact the size of the loan you qualify for or your origination fee.

Personal Loan Statistics by Borrower Credit Score

Credit Score RangeAverage APR
720+7.63%
680-71911.88%
660-67918.53%
640-65926.15%
620-63938.64%
580-61965.70%
560-619105.39%
Less than 560113.62%
Source: LendingTree.com, Q4 2019

 

The cost of your loan is going to vary depending on if you’re an excellent, good and fair credit borrower. For comparative purposes, here’s what you can expect in each credit range:

Comparing costs for a $5,000 personal loan with a 36-month term

Average APRMonthly paymentTotal interest costsTotal loan cost
720+7.63%$156$610$5,610
660-67918.53%$182$1,555$6,555
580-61965.70%$321$6,550$11,550
560-below113.62%$492$12,726$17,726
Amounts rounded to the nearest dollar.

How to apply for a good credit loan

  • Determine your financial needs: Always try to borrow just the amount you need and nothing more, even if you can qualify for a larger loan. Determine the minimum amount you need, and at the same time, how you will find room in your monthly budget to make payments.
  • Shop personal loan lenders: Compare personal lenders that offer loans in the amounts you need, with the terms you are looking for. Remember to get specific about your criteria.
  • Prequalify with several lenders: Submit to a soft credit check so you can see your quoted rates with your top lenders. Remember to compare your quoted APR, not just the interest rate.
  • Compare loan offers: Review your rates, terms, fees and any penalties you might be charged.
  • Submit a formal application: When you’ve chosen your favorite lender, you’ll fill out a formal application. This requires a hard credit check. You may also be asked for documents to verify your identity and income.
  • Receive a loan decision: Depending on the lender, you could receive a decision within just a few business days. If approved, you can expect funds deposited in your bank account within a few days, or to receive a check by mail. If denied, you’ll receive an explanation notice.
  • Start making payments: Keep track of your monthly due dates or sign up for automatic payments to stay on top of your repayment schedule.

 

Jolene Latimer has her Master's in Specialized Journalism from the University of Southern California. She's a Canadian living in Los Angeles.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.