4 best personal loans for good credit

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In a Nutshell

If you’re in the market for a personal loan and you have good credit, you may be able to qualify for a competitive interest rate and loan terms. Take a look at our picks for the best loans for good credit from a variety of online lenders.

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Your good credit should reward you with a number of options when it comes to personal loans, which you can use for things like debt consolidation or emergency expenses.

Whether you’re looking for a debt consolidation loan or for financing for an emergency expense, if you have good credit you’ll likely have more options. That’s because lenders see you as less of a default risk.

But what is “good” credit? FICO, which many consider the industry standard for scoring creditworthiness, identifies a good credit score as between 670 and 739 on a scale of 300 to 850. With a credit score in this range, you may also qualify for a lower interest rate and may get more competitive loan offers than you would with a weaker credit profile.

But just because you may have a variety of options doesn’t mean they’re all good for you. With a good credit score, it’s important to consider how competitive the interest rates are and whether the lender charges any fees. Here’s our take on the best personal loans for good credit to help you find the lowest rate and best repayment terms.

Best for debt consolidation: Marcus by Goldman Sachs

Why Marcus by Goldman Sachs stands out: If you’re looking to consolidate credit card debt, Marcus by Goldman Sachs makes it easy. If approved, Goldman Sachs will send your loan funds directly to up to 10 credit cards you’d like to pay off.

Another feature that makes Marcus unique is the ability to defer one payment after making at least 12 consecutive monthly payments in full and on time. This could come in handy if you have an unexpected additional expense to take care of one month.

Here are some more details about a Marcus by Goldman Sachs personal loan.

  • No fees: Unlike some creditors, Marcus offers its personal loans without charging any fees for things like your loan application or origination. And there aren’t any prepayment fees if you want to pay off your loan early. Marcus also doesn’t charge you any late fees if you miss a payment due date.
  • Varying funding amounts: Marcus offers unsecured loans up to $40,000 to suit everything from smaller unexpected expenses to longer-term loans for paying down debt.
  • Competitive interest rates: Marcus offers competitive interest rates, but you’ll need to have great credit to get the lowest rate and best loan terms.
  • Flexible payment options: With a Marcus personal loan, you have the ability to set up autopay, and you can also choose your payment due date. This can help you keep track of your payments more easily.

Read our full review of Marcus personal loans to learn more.

Best for considering more than your credit score: Upstart

Why Upstart stands out: If you’d like to work with a lender that considers data like education and employment rather than just your credit scores, Upstart’s approach may be what you’re looking for.

Here are some other features of an Upstart person loan.

  • Varied loan amounts: Upstart offers a broader range of loan amounts than some other lenders, with unsecured personal loans ranging from $1,000 to $50,000.
  • Competitive interest rates: Upstart offers a competitive interest rate for those with strong credit. Rates vary, with better terms available for the highest credit scores.
  • No prepayment penalty: Upstart won’t charge a fee if you want to pay off your loan early. However, there may still be an origination fee on the loan.
  • Limited loan terms: Loan terms are limited to either 36 or 60 months. That might not matter, since you can pay off your loan early, if you want, without a penalty. But if you want a repayment term longer than five years, you’ll have to look elsewhere.

Read our full review of Upstart personal loans to learn more.

Best for when you need another loan: BestEgg

Why BestEgg stands out: Life happens, and things like an unexpected emergency could mean you need to borrow more within a business day or two. BestEgg is willing to let you take out two personal loans as long as the first one is at least six months old and the total amount borrowed isn’t over $50,000.

Check out some other points to consider for BestEgg personal loans.

  • Competitive interest rates: BestEgg offers competitive interest rates for borrowers with strong credit. However, rates vary, with better credit terms available for the highest credit scores.
  • Solid credit scores and higher income needed for best terms: Unlike some lenders, BestEgg is transparent about its criteria for the best loan terms. The lender says you should have a FICO score of 700 and annual income of $100,000 for the most competitive annual percentage rates.
  • May not be able to borrow as much: BestEgg offers unsecured loan amounts from $2,000 to $35,000 — depending on which state you live in — which is within the range lenders tend to offer for personal loans. However, some lenders may allow you to borrow a little more or even less. So, if you’d like to borrow an amount outside of BestEgg’s range, consider a different lender.
  • Option to apply for prequalification: If you apply and get prequalified for a BestEgg loan, the credit inquiry won’t count as a hard inquiry on your credit report. Although getting prequalified doesn’t mean you’re approved for a loan, it helps to give you an idea about the loan terms you may qualify for.
  • Origination fee could be high: BestEgg may charge an origination fee of 0.99% to 5.99%. If a fee-free loan is important to you, another lender may be a better option.

Read our full review of Best Egg personal loans to learn more.

Best for when you want a co-signer: LendingClub

Why LendingClub stands out: If you have good credit and want a co-signer for your personal loan or want to be the co-signer for someone else’s personal loan, LendingClub offers the option to complete a joint application.

Check out some other features of LendingClub personal loans.

  • Average borrowing amount: LendingClub offers personal loan amounts up to $40,000, which is in line with some other lenders that service personal loans for good credit. If you’d like to borrow more, you might consider a different lender.
  • Competitive interest rates: LendingClub’s interest rates are competitive for those with strong credit. But rates vary, with better credit terms typically available for the highest credit scores.
  • Option to apply for prequalification: LendingClub allows you to apply for prequalification for a loan with a soft credit inquiry, which won’t affect your credit score. Remember, getting prequalified doesn’t mean you’re approved for a loan, and you may be offered different terms after completing a full application.
  • May take longer to get your loan funds: LendingClub says that once your loan is approved, funds may take four days or more to be deposited. If you’re in a rush to get your personal loan funds, you may want to consider a different lender.
  • Origination fee may be higher: LendingClub charges an origination fee of 1% to 6% of the amount borrowed. This fee is taken out of the amount you borrow. For example, if you borrow $5,000 with a 2% fee, you’ll only receive $4,900 because $100 will be taken out as a fee. Other lenders may charge a lower origination fee, and some don’t charge one at all.

Read our full review of Lending Club personal loans to learn more.

What you should know about personal loans with a good credit score

Personal loans can be an option for things like credit card debt consolidation, emergency expenses, home improvements and large expenses like a down payment on an auto loan or traveling for weddings.

But it’s important to keep in mind that not all loans are equal — the terms, including interest rate, can affect your monthly loan payment and costs over the life of the loan. Shopping around is key. Before you do, it’s a good idea to understand the factors that make up your credit scores and know what your credit report looks like. For instance, if your debt-to-income ratio is high, it could affect your odds of approval and your loan costs.

And if your credit history is improving but you’re still not getting the rates you’d like, consider adding a co-signer to your loan. Having a co-signer whose credit is as strong or stronger than yours could help you qualify for personal loans at the most competitive rates.

Finally, keep in mind any established bank or credit union accounts you may have. Some financial institutions may offer good rates on a personal loan if you’re an existing customer. It’s also possible that a credit union personal loan could have lower interest rates and fees than other traditional banks.

How we picked these loans

When looking for the best loans for good credit we considered things like likelihood of approval with a good credit score — considered between 670 and 739 according to FICO®, and is based on the FICO 8 scoring model. We also considered factors like competitive interest rates, loan amounts and whether the lender offered flexible loan terms or charged any fees.

About the author: Paris Ward is a content strategist at Credit Karma, providing readers with the latest news that will aid their financial progress. She has more than a decade of experience as a writer an… Read more.