4 best personal loans for good credit

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In a Nutshell

If you’re searching for a personal loan and have good credit, you may be able to qualify for competitive interest rate and loan terms. Check out our picks for the best personal loans for good credit, sorted by factors such as competitive rates, low fees and debt payoff options.
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Your good credit may reward you with a number of options if you’re in the market for a personal loan.

Whether you’re looking for a debt consolidation loan or need financing for an emergency expense, having good credit can signal to lenders that you’re less of a default risk.

“Good” credit can mean different things to different lenders, and there’s no exact science or particular score that will unlock the best rates and terms. But generally speaking, good credit scores fall in the range of the high 600s to mid-700s (on a scale of 300 to 850). With a credit score in this range, you may also qualify for lower interest rates 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 best option for your financial circumstances.

Best for competitive rates: LightStream

Why a LightStream personal loan stands out: LightStream, the online lending arm of Truist Bank, attracts customers with its competitive interest rates and “rate beat” program. The lender says it’ll beat a competing offer by 0.1 percentage points if it meets certain conditions.

LightStream indicates that you may need good or excellent credit to qualify for one of its loans.

  • No prequalification — You won’t be able to preview a potential rate with LightStream. You’ll have to apply to see what LightStream is willing to offer you.
  • No small loan amounts — If you just need to borrow a small amount of money, you’ll need to look elsewhere. LightStream offers personal loans between $5,000 and $100,000.
  • Potential for same-day funding — LightStream says it may be able to fund your loan the same day you apply, but you’ll have to meet some conditions, such as applying and being approved on a business day by 2:30 p.m. Eastern time. But keep in mind the exact timing of when you’ll receive your funds depends on your bank.

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

Best for member perks: SoFi

Why SoFi personal loans stands out: Online lender SoFi may be a good choice if you value a company that provides extra benefits, such as member events, rate discounts, estate planning and unemployment protection. That’s on top of competitive interest rates for people with strong credit.

  • Fees — SoFi says it doesn’t charge prepayment or late fees. That can be a boon if you don’t want to feel as if you’re being nickel-and-dimed to take out a loan. Origination fees are not required, but there’s an option to pay a one-time fee of 0% to 7% for a lower interest rate.
  • Large loan amounts — SoFi is better if you need to borrow a sizable chunk of money since it offers personal loan amounts between $5,000 and $100,000.
  • Mobile app — You can apply for a personal loan directly from SoFi’s mobile app, where you can also check your balance and make payments.

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

Best credit union: Navy Federal Credit Union

Why Navy Federal Credit Union personal loans stand out: Navy Federal won’t be an option for everyone — you’ll have to have certain ties to the armed forces to qualify for membership. But it’s worth a look for a range of borrowing needs because it offers loan amounts between $250 and $50,000. That can come in handy whether you need to pay for a car repair or finance a home project.

  • Secured loans — Navy Federal offers secured loans that can give you access to lower APRs, or annual percentage rates, than unsecured personal loans. But you’ll have to use either money in your Navy Federal savings account or a CD as collateral for the loan.
  • Possible quick funding — The credit union says it may be able to deposit your funds as soon as the same day. But note that the exact timing will depend on your bank.
  • Low fees — Navy Federal doesn’t charge an origination fee or prepayment penalty.

Read our full review of Navy Federal personal loans to learn more.

Best regional bank: Regions Bank

Why Regions Bank personal loans stand out: If you live in one of the 15 states where Regions Bank operates across the South, Midwest and Texas, it’s a solid choice. The company offers unsecured and secured personal loans for you to consider.

  • Processing fee — Regions doesn’t charge an origination fee, but you may face a processing fee. Regions also may charge a late fee, unlike some lenders on this list.
  • Potentially fast funding — Depending on when you apply, Regions says it may be able to fund your personal loan as soon as the same business day. But the timing will ultimately depend on your bank.
  • Alternate offers — If you apply for prequalification through Regions but don’t prequalify for an offer, Regions says you may still be offered a personal loan from Avant. And keep in mind that a prequalified offer doesn’t mean you’ll receive approval or that your final terms won’t change.

Read our full review of Regions Bank personal loans to learn more.

What you should know about personal loans with good credit

Personal loans can be a good option for uses such as credit card debt consolidation, emergency expenses and home improvements.

But keep in mind that not all loans are equal — the terms, including interest rate, can affect your monthly payments and costs over the life of the loan. It’s a good idea to shop around.

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 competitive rates.

How we picked these loans

When considering the best loans for good credit, we examined the likelihood you’ll be approved by personal loan lenders if you’re applying with a good credit score — generally considered between the high 600s and the mid-700s, depending on the credit-scoring model and what the lender is looking for. We also considered factors such as competitive interest rates, loan amounts and whether the lender offered flexible loan terms or charged certain fees.

About the author: Erin Dunn is an editor at Credit Karma who specializes in personal loans and is passionate about financial literacy and budgeting. She’s an award-winning business journalist and editor whose work has appeared in Busin… Read more.