Personal Loans for Good Credit: Best of July 2020

on LightStream's website

LightStream

5.0

Min. Credit Score

660

Est. APR

5.49 - 20.49%

Loan Amount

$5,000 - $100,000

on LightStream's website

Min. Credit Score

660

Key facts

LightStream targets strong-credit borrowers with no fees and low rates that vary based on loan purpose.

Pros

No fees.
Rate discount for autopay.
Low starting rates.

Cons

Does not offer pre-qualification on its website.
Requires several years of credit history.

Qualifications

Minimum credit score of 660.
Enough income to pay existing debts and a new LightStream loan.
Maximum debt-to-income ratio varies depending on existing assets and the reason for the loan.

Available Term Lengths

2 to 7 years

Fees

Origination fee: None.
Late fee: None.

Disclaimer

Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. To obtain a loan, you must complete an application on LightStream.com, which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank.

on Goldman Sachs's website

Marcus by Goldman Sachs

5.0

Min. Credit Score

690

Est. APR

6.99 - 19.99%

Loan Amount

$3,500 - $40,000

on Goldman Sachs's website

Min. Credit Score

690

Key facts

Marcus loans stand out for low rates, no fees, and flexible loan terms and payment options.

Pros

No fees.
Flexible payment options.
Directly pays creditors for debt consolidation loans.
Rate discount with autopay.

Cons

Requires good credit.
No co-sign option.

Qualifications

At least 18 years old (19 in Alabama; 21 in Mississippi and Puerto Rico).
Valid U.S. bank account, Social Security number or tax ID.
660+ credit score.
For debt consolidation loans, you may be required to send part of the loan directly to your creditors.

Available Term Lengths

3 to 6 years

Fees

Origination fee: None.
Late fee: None.

Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

on Payoff's website

Payoff

4.5

Min. Credit Score

640

Est. APR

5.99 - 24.99%

Loan Amount

$5,000 - $35,000

on Payoff's website

Min. Credit Score

640

Key facts

Payoff offers loans and ongoing support to help good-credit borrowers pay off credit card debt.

Pros

Competitive rates among similar lenders.
Offers online educational resources.
Offers direct payment to creditors with debt consolidation loans.

Cons

No co-sign or secured loan option.
Charges origination fee.

Qualifications

Minimum credit score of 640.
Minimum credit history: 3 years.
Minimum annual income: $40,000.
Debt-to-income ratio: less than 50%.

Available Term Lengths

2 to 5 years

Fees

Origination fee: 0% - 5%.

Disclaimer

This does not constitute an actual commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to enable us to verify your income, assets, and financial condition. Your interest rate and terms for which you are approved will be shown to you as part of the online application process. Most applicants will receive a variety of loan offerings to choose from, with varying loan amounts and interest rates. Borrower subject to a loan origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements.

on SoFi's website

SoFi

5.0

Min. Credit Score

680

Est. APR

5.99 - 18.72%

Loan Amount

$5,000 - $100,000

on SoFi's website

Min. Credit Score

680

Key facts

SoFi is a strong option for good-credit consumers, offering low rates, no fees and flexible payments.

Pros

Soft credit check with pre-qualify.
Flexible payment options.
Offers member perks.

Cons

Does not offer direct payment to creditors with debt consolidation loans.
Does not offer refinance options.

Qualifications

Minimum credit score: 680, but typically 700 or higher.
Minimum annual income: None; borrowers' average is over $100,000.

Available Term Lengths

2 to 7 years

Fees

Origination fee: None.
Late fee: None.

Disclaimer

Fixed rates from 5.99% APR to 18.72%% APR (with AutoPay). SoFi rate ranges are current as of June 30, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

on Best Egg's website

Best Egg

4.0

Min. Credit Score

640

Est. APR

5.99 - 29.99%

Loan Amount

$2,000 - $35,000

on Best Egg's website

Min. Credit Score

640

Key facts

Best Egg offers personal loans for good-credit borrowers who want to consolidate debt and need cash fast.

Pros

Able to fund loans within one business day.
Soft credit check with pre-qualification.
Option to change your payment date.

Cons

Charges origination fee.
Charges $15 late fee.

Qualifications

Minimum credit score: 640; average is 700. This lender uses the FICO 8 credit score to evaluate borrowers.
Minimum credit history: 3 years and 3 accounts.
Minimum annual income: Not specified, but average is $80,000.
Minimum debt-to-income ratio: 40% or 65% including a mortgage.

Available Term Lengths

3 to 5 years

Fees

Origination fee: 0.99% - 5.99%.
Late fee: $15.
Return fee: $15 if payments are not processed.

Disclaimer

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$35,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–5.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

on NerdWallet's secure website

LendingClub

5.0

Min. Credit Score

600

Est. APR

10.68 - 35.89%

Loan Amount

$1,000 - $40,000

on NerdWallet's secure website

Min. Credit Score

600

Key facts

LendingClub, a pioneer of peer-to-peer lending, accepts lower credit scores, but is particularly attractive to good-credit borrowers.

Pros

Offers direct payment to creditors with debt consolidation loans.
Joint loan option.
Soft credit check with pre-qualification.

Cons

Charges origination fee and late fees.
Does not offer mobile app to manage your loan.

Qualifications

Minimum credit score of 600. LendingClub uses FICO 8 credit scoring model.
Minimum credit history of three years.
Debt-to-income ratio of less than 40% for single applications, 35% combined for joint applicants.

Available Term Lengths

3 to 5 years

Fees

Origination fee: 2% to 6%
Late fee: Greater of $15 or 5% of payment after 15-day grace period.

Disclaimer

*All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long-term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: 595 Market St suite 200 San Francisco Ca 94105. **Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between Jan. 1, 2018, and July 20, 2018. The time it will take to fund your loan may vary.

on NerdWallet's secure website

Discover® Personal Loans

5.0

Min. Credit Score

660

Est. APR

6.99 - 24.99%

Loan Amount

$2,500 - $35,000

on NerdWallet's secure website

Min. Credit Score

660

Key facts

Discover is ideal for consumers with good to excellent credit who want to consolidate high-interest debt.

Pros

No origination fee.
Option to directly pay creditors.
Flexible payment options.

Cons

Charges late fees.
No refinancing option.

Qualifications

Minimum credit score required: 660; borrowers' average score is about 750.
Minimum gross income required: $25,000, but typically much higher.
Minimum credit history: Not provided.
Maximum debt-to-income ratio: Not provided.

Available Term Lengths

3 to 7 years

Fees

Origination fee: None.
Late fee: $39.

Disclaimer

This is not a commitment to lend from Discover Personal Loans. Your approval for a loan is determined once you apply and is based on your application information and credit history. Your APR will be between 6.99-24.99% based upon creditworthiness at time of application. Not all applications will be approved.