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Best Personal Loans for Good Credit (680 - 720)
A good credit score is normally defined as any FICO score between 680 and 720. If you fall in this range, you’ll be in luck when it comes to qualifying for a personal loan. For people with credit scores above 720, please see the next section below.
We think Best Egg is one of the better lenders for borrowers with good credit. To qualify for the lowest rate at Best Egg, which is 5.99%, you need a minimum credit score of 700 and annual income of $100,000. Even if you don’t meet that income requirement, you may still qualify for a low rate if your credit score is around 700. Best Egg makes loans from $2,000 to $35,000, though you may receive an offer up to $50,000 if you have annual income of $150,000 or more. Annual percentage rates range from 5.99% to 29.99% and you can repay your loan over three or five years. The average rate on a Best Egg loan is around 15%, which we have found is typical for borrowers with credit scores between 680 and 720. To better your odds at getting approved, we suggest borrowers have sufficient income to support the loan they’re seeking as well as several years of good credit history.
Best for: Borrowers with good credit, especially those with high annual income.
Another great option is Citizens Bank. You don’t have to be a member to get a great personal loan from Citizens Bank. Citizens Banks makes unsecured personal loans from $5,000 to $50,000 with low fixed rates generally ranging from 5.99% to 16.25% (you can also opt for a variable rate). Loan maturities range from three to seven years. There are no origination, check processing or prepayment fees on their personal loans. If you happen to be a customer of Citizens Bank, you can receive a 0.25 percentage point discount on your personal loan if you have a qualifying checking account.
Citizens Banks states that borrowers need strong credit history and annual income of at least $24,000 and to be a citizen or permanent resident of the U.S. or Puerto Rico to be eligible. We advise that borrowers have credit scores of at least 680, enough annual income to support loan repayment and a low debt-to-income ratio to increase your likelihood of getting approved. The lender is available to residents in all states and Puerto Rico. One downside to Citizens Bank is that its loans cannot be used for home renovation, postsecondary education or business purposes.
Best for: Borrowers with good credit or who are already members of Citizens Bank.
Best Personal Loans for Excellent Credit (720 - 850)
If you have a credit score of at least 720, you’ll likely qualify for some of the lower interest rates you can get on a personal loan. Here are the two lenders we recommend with the strongest offerings for you.
A division of SunTrust bank, LightStream is one of the best options on the market for an online personal loan. The lender offers a wide range of loan amounts and terms, and no fees on its loans. You can borrow between $5,000 and $100,000 for two to seven years. Rates are some of the lowest we've seen, and the loans can be used for almost any purpose (prominent exceptions are education, business or cash out refinancing). The lender also has a Rate Beat program, promising to beat a quoted APR from another lender by 0.10% if certain conditions apply.
LightStream looks for borrowers who have good credit history and are financially responsible. This means a good to excellent credit score (660 to 850), several years of credit history, variety of account types (credit cards, mortgages, auto loans, etc.), demonstrated ability to save and low debt-to-income ratio. To improve your chances of getting approved, we recommend borrowers have excellent credit, a debt-to-income ratio under 36%, significant savings and at least two to three years of credit history. If you are approved for a LightStream loan, same-day funding is available in some cases.
Best for: Borrowers with excellent credit history.
For high-income creditworthy borrowers, SoFi is another excellent choice for a personal loan as the lender has very affordable pricing and offers extra benefits to its borrowers. Like LightStream, you can borrow up to $100,000 for up to seven years. You can choose between a fixed or variable rate on your loan, with fixed rates between 6.99% and 14.87%. To qualify, borrowers should have good to excellent credit, several years of credit history and a verifiable source of income. To improve your chances, we suggest you have a credit score of at least 700, several years of good credit history and high income (the median annual income for SoFi borrowers is around $100,000).
Another reason we like SoFi is the lender’s wide range of service offerings and perks for its members. Not only does SoFi also provide student loans, mortgages and wealth management services, but the lender has a wide range of professional development services and events for its members. This includes networking and community events, resume and interview help and even access to investors or advice for new entrepreneurs and startups.
Best for: Borrowers with excellent credit and high annual income and borrowers who want other financial products or a personal touch.
Best for Debt Consolidation
Consolidating debt is the most common reason people take out a personal loan. Regardless of whether you have great credit already, or have recently raised your credit score, you should be able to score an interest rate that’s lower than what you’re currently paying.
Marcus is one of our top picks for debt consolidation as the lender offers great rates and lets you consolidate virtually any type of debt. Marcus is owned by Goldman Sachs, so there’s a trusted name behind this personal loan company, and it’s available in all states except Maryland. Another thing to like about Marcus is the lack of fees: there are no origination fees, prepayment penalties, late fees, check processing fees or application fees. If you get a loan for $10,000, you won’t have to worry about receiving less to your bank account because of fees. You can borrow between $3,500 and $30,000 with rates from 6.99% to 23.99% and terms from two to six years. Borrowers should have credit scores of at least 660, debt-to-income ratios under 40% and at least a few years of credit history to have a chance at qualifying at Marcus. To help your chances at getting approved at Marcus, you should have a credit score of at least 700 and enough income to support loan repayment.
Best for: Consolidating any high-interest debt, whether credit cards, medical bills or other loans.
What we like about Payoff is that the company only makes loans for credit card debt consolidation and offers a full suite of tools and support to help you stay on track. This includes free FICO score updates, quarterly check-ins with a dedicated member experience team, cash flow assessment tools and job loss protection. The lender is also very clear about what it takes to qualify for a Payoff loan. You’ll need a credit score of 640 or higher, a debt-to-income ratio less than 51%, at least three years of credit history, at least two open and satisfactory trades (e.g., credit cards, loans, etc.), no current delinquencies and no delinquencies greater than 90 days in the last 12 months. If you want to increase your odds of approval, we suggest you have good to excellent credit (680 to 850) and long credit history.
Rates at Payoff range from 8% to 25% with two to five year terms. You can borrow between $5,000 and $35,000, though you will pay an origination fee between 2% to 5% of the loan amount. There are no other fees associated with a Payoff loan, meaning no late, check processing or prepayment fees. Payoff is not currently available in Massachusetts, Mississippi, Nebraska, Nevada, Ohio or West Virginia.
Best for: Consolidating high-interest credit card debt.
Best for Educational and Professional Development: Upstart
Upstart is one of the few personal loan companies that allows you to use funds to pay for postsecondary education, and has borrower-friendly terms. Upstart also partners with over 15 leading bootcamps across the country, including General Assembly, Dev Bootcamp and Fullstack Academy. What’s more, if you’re accepted into one of these bootcamp programs, Upstart will waive certain academic and employment eligibility criteria, meaning you’d be eligible for a loan without a four-year college degree, a job or a job offer starting in six months.
To qualify at Upstart, you must have a minimum credit score of 620 and a verifiable source of income (or a full-time job offer starting within six months). To have a better shot at getting approved, we advise borrowers to have a good to excellent credit score and history, a full-time job and a four-year college degree. Upstart makes personal loans from $1,000 to $50,000 with rates between 8.69% and 29.99% for three or five year terms. Upstart is available in all states except West Virginia.
Best for: Paying for postsecondary education or a course/bootcamp.
Summary of Best Personal Loans for Good Credit
For quick comparison, we’ve summarized our top picks for personal loans for borrowers with good credit.
|Excellent credit (720-850)||LightStream||Rates vary by loan purpose|
|SoFi||6.99% - 14.99% with AutoPay (variable rates also available)|
|Good credit (680-720)||Citizens Bank||6.78% - 20.88% with AutoPay|
|Best Egg||5.99% - 29.99%|
|Debt consolidation||Marcus||6.99% - 24.99%|
|Payoff||5.99% - 24.99%|
|Educational and professional development||Upstart||7.74% - 35.99%|
We evaluated over 30 different personal loan companies, including banks, credit unions and online lenders. In reviewing these lenders, we looked for lenders that met the following criteria:
- Competitive and fair APRs and fees (no APRs above 36%)
- Wide range of loan amounts and terms
- Few restrictions on loan use
- Clear eligibility criteria
- Transparent website, including fee and rate schedule
- Ease of applying and funding
- No prepayment penalties
- Good third-party/user reviews and ratings
With the presence of online lending, it’s now easier than ever to get a loan from a less than reputable source. We only included lenders in our list that had reasonable rates, transparent fees and easy to find information on their websites.