Best of

Personal Loans for Good Credit: Best of October 2019

Narottam MedhoraOctober 15, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Compare the 10 best personal loans for good and excellent credit. Loan amounts range from $1,000 to $100,000, and APRs start around 6%.

Our picks for

Personal loans for good credit

Lending Club

on LendingClub's website

on LendingClub's website

Min. Credit Score

600

Est. APR

6.95-35.89%

Loan Amount

$1,000-$40,000

Pros

  • Offers a loan option with direct payment to creditors.
  • Co-sign option.
  • Offers hardship plan.

Cons

  • Charges origination and late fees.
  • No rate discount for autopayments.
Read full review

Qualifications

  • Minimum credit score of 600.
  • Minimum credit history of 3 years.
  • Debt-to-income ratio of less than 40% for single applications, 35% for joint applicants.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 1% - 6%.
  • Late fee: Greater of $15 or 5% of payment after 15-day grace period.
  • Check processing fee: $7.

Disclaimer: *All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% 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 January 1, 2018 to July 20, 2018. The time it will take to fund your loan may vary.

RocketLoans

on Rocket Loans's website

on Rocket Loans's website

Min. Credit Score

640

Est. APR

6.85-28.90%

Loan Amount

$2,000-$45,000

Pros

  • Fast funding.
  • Soft credit check with application.
  • Low starting rates.

Cons

  • Origination and late fees.
  • Does not offer direct payment to creditors for debt consolidation loans.
  • No co-sign or secured loan option.
Read full review

Qualifications

  • Minimum credit score: 640, but average is 710.
  • Minimum credit history: Two years, but average is 18 years.
  • Minimum annual income: $24,000, but average is $87,000.
  • Debt-to-income ratio: 40%, but average is 14%.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 1% - 6%.
  • Late fee: $15 after 10-day grace period.
  • Unsuccessful payment fee: $15.

Disclaimer: All personal loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. Please refer to our Disclosures and Licenses page for state required disclosures, licenses, and lending restrictions. Borrower must be a U.S. citizen or permanent U.S. resident alien at least 18 years of age (in Nebraska and Alabama a borrower must be at least 19 years of age). All loan applications are subject to credit review and approval. Offered loan terms depend upon your credit profile, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice. Please refer to RocketLoans.com and our Terms of Use for additional terms and conditions.

Laurel Road Personal Loan

on Laurel Road's website

Min. Credit Score

660

Est. APR

8.01-16.30%

Loan Amount

$1,000-$45,000

Pros

  • No origination or prepayment fees.
  • Co-sign option.
  • Autopay discounts.

Cons

  • Charges late fees.
  • Lacks flexible payment options.
Read full review

Qualifications

  • Minimum credit score: 660.
  • Minimum income: None specified.
  • Debt-to-income ratio: Not disclosed.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: None.
  • Prepayment fees: None.
  • Late fees: 5% or $28, whichever is less.

Our picks for

Personal loans for excellent credit

Marcus by Goldman Sachs

on Goldman Sachs's website

Min. Credit Score

660

Est. APR

6.99-28.99%

Loan Amount

$3,500-$40,000

Pros

  • No fees.
  • Flexible payment options.
  • Directly pays creditors for debt consolidation loans.

Cons

  • Requires good credit.
  • No co-sign option.
Read full review

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.

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. 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.

Lightstream

on LightStream's website

on LightStream's website

Min. Credit Score

660

Est. APR

5.49-17.29%

Loan Amount

$5,000-$100,000

Pros

  • No fees.
  • Co-sign option.
  • Low starting rates.

Cons

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

Qualifications

  • Minimum credit score of 660.
  • No minimum income specified.
  • Maximum debt-to-income ratio varies depending on loan purpose.

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 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 Bank is an Equal Housing Lender. ©2019 SunTrust Banks, Inc. All rights reserved. SUNTRUST, LIGHTSTREAM and the LightStream logo are trademarks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners. Lending services provided by SunTrust Bank.

SoFi

on SoFi's website

Min. Credit Score

680

Est. APR

5.99-17.67%

Loan Amount

$5,000-$100,000

Pros

  • Low fixed and variable rates.
  • Flexible payment options.
  • Offers member perks.

Cons

  • Strong credit and income required.
  • Can take 7 days to fund.
Read full review

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 5.990% APR to 16.790% APR (with AutoPay). Variable rates from 5.74% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of July 17, 2019 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, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.41% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

Our picks for

Good-credit loans for debt consolidation

Payoff

on Payoff's website

on Payoff's website

Min. Credit Score

640

Est. APR

5.99-24.99%

Loan Amount

$5,000-$35,000

Pros

  • Low starting rates.
  • Flexible payments.
  • Offers financial guidance.

Cons

  • No co-sign or secured loan option.
  • Does not offer direct payoff to creditors.
Read full review

Qualifications

  • Minimum credit score of 640.
  • Minimum credit history: 2 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.

BestEgg

on Best Egg's website

on Best Egg's website

Min. Credit Score

640

Est. APR

5.99-29.99%

Loan Amount

$2,000-$35,000

Pros

  • Fast funding.
  • Low starting rates.
  • Pre-qualify with a soft credit check.

Cons

  • Origination and late fees.
  • Typical borrower has several years of credit history.
Read full review

Qualifications

  • Minimum credit score: 640.
  • Minimum credit history: Not specified.
  • Minimum annual income: Not specified, but average is $80,000.
  • Debt-to-income ratio: Not specified, but typically less than 35%.

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: The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99%–5.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR 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 rate. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall 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. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies. 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.

Discover
See my rates

on NerdWallet's secure website

See my rates

on NerdWallet's secure website

Min. Credit Score

660

Est. APR

6.99-24.99%

Loan Amount

$2,500-$35,000

Pros

  • Free credit score access.
  • No origination fee.
  • Option to directly pay creditors.
  • Flexible payment options.

Cons

  • Charges late fees.
  • No refinancing option.
Read full review

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.

Our pick for

Good-credit loans for short credit history

It’s possible to have a good credit score but a short, or “thin,” credit history, particularly if you’re a young borrower. Online lender Upstart caters to such borrowers.

Upstart

on Upstart's website

on Upstart's website

Min. Credit Score

620

Est. APR

7.69-35.99%

Loan Amount

$1,000-$50,000

Pros

  • Accepts borrowers new to credit.
  • Fast funding.

Cons

  • Origination and late fees.
  • No secured or co-sign option.
Read full review

Qualifications

  • Minimum credit score: 620.
  • Minimum credit history: None.
  • Minimum annual income: $12,000.
  • Max debt-to-income ratio: 45%.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 0% - 8%.
  • Late fee: 5% of past due amount or $15, whichever is greater.

Disclaimer: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,001. The minimum loan amount in GA is $3,100. The full range of available rates varies by state. The average 3-year loan on Upstart will have an APR of 20% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. The average APR on Upstart is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

Summary of Personal Loans for Good Credit: Best of October 2019

LenderBest ForEst. APRMin. Credit ScoreLearn More
Lending Club

LendingClub

on LendingClub's website

Personal loans for good credit

6.95-35.89%

600

on LendingClub's website

RocketLoans

Rocket Loans

on Rocket Loans's website

Personal loans for good credit

6.85-28.90%

640

on Rocket Loans's website

Laurel Road Personal Loan

Laurel Road Personal Loan

on Laurel Road's website

Personal loans for good credit

8.01-16.30%

660

on Laurel Road's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

Personal loans for excellent credit

6.99-28.99%

660

on Goldman Sachs's website

Lightstream

LightStream

on LightStream's website

Personal loans for excellent credit

5.49-17.29%

660

on LightStream's website

SoFi

SoFi Personal Loan

on SoFi's website

Personal loans for excellent credit

5.99-17.67%

680

on SoFi's website

Payoff

Payoff

on Payoff's website

Good-credit loans for debt consolidation

5.99-24.99%

640

on Payoff's website

BestEgg

Best Egg

on Best Egg's website

Good-credit loans for debt consolidation

5.99-29.99%

640

on Best Egg's website

Discover

Discover Personal Loan

See my rates

on NerdWallet's secure website

Good-credit loans for debt consolidation

6.99-24.99%

660

See my rates

on NerdWallet's secure website

Upstart

Upstart

on Upstart's website

Good-credit loans for short credit history

7.69-35.99%

620

on Upstart's website

LenderBest ForEst. APRMin. Credit ScoreLearn More
Lending Club

LendingClub

on LendingClub's website

Personal loans for good credit

6.95-35.89%

600

on LendingClub's website

RocketLoans

Rocket Loans

on Rocket Loans's website

Personal loans for good credit

6.85-28.90%

640

on Rocket Loans's website

Laurel Road Personal Loan

Laurel Road Personal Loan

on Laurel Road's website

Personal loans for good credit

8.01-16.30%

660

on Laurel Road's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

Personal loans for excellent credit

6.99-28.99%

660

on Goldman Sachs's website

Lightstream

LightStream

on LightStream's website

Personal loans for excellent credit

5.49-17.29%

660

on LightStream's website

SoFi

SoFi Personal Loan

on SoFi's website

Personal loans for excellent credit

5.99-17.67%

680

on SoFi's website

Payoff

Payoff

on Payoff's website

Good-credit loans for debt consolidation

5.99-24.99%

640

on Payoff's website

BestEgg

Best Egg

on Best Egg's website

Good-credit loans for debt consolidation

5.99-29.99%

640

on Best Egg's website

Discover

Discover Personal Loan

See my rates

on NerdWallet's secure website

Good-credit loans for debt consolidation

6.99-24.99%

660

See my rates

on NerdWallet's secure website

Upstart

Upstart

on Upstart's website

Good-credit loans for short credit history

7.69-35.99%

620

on Upstart's website

» MORE: Personal loans for excellent credit

How to choose a personal loan

Consider these factors when choosing an online lender so you get a loan you can afford:

  1. Compare rates across lenders: If you’re someone with either good or excellent credit, it pays to shop around to get the best combination of low rates and fees. Most online lenders let you pre-qualify to check rates without affecting your credit, using a soft credit check.
  2. Loan purpose: A benefit of personal loans is you can usually use the money however you like, whether to pay off high-interest credit cards or for home improvements, and rates may vary based on the loan purpose.
  3. Loan features: Some lenders have mobile apps where you can track your loan, which is helpful if you like to have a good handle on your finances. Others offer flexible payment schedules or options to skip a payment in case of hardship. If you’re consolidating your debt, some lenders will send your loan proceeds directly to your creditors, saving you an important step in your efforts to pay off debt.
  4. Additional benefits: Take advantage of benefits like free credit score monitoring, financial education resources and career counseling that may be offered by your lender.

» MORE: Pre-qualify for a loan on NerdWallet

How much will it cost?

The annual percentage rate you receive on a personal loan depends a lot on your credit score. The better your score, the lower your rate and the less interest you’ll pay over the life of the loan. Estimated APRs for borrowers with good credit range from about 14% to 18%, according to a NerdWallet lender survey.

The interest rate also affects your total monthly payment, as does the term length; a longer term means lower monthly payments, but more interest. Use our personal loan calculator to estimate your monthly payments based on your credit score.

Personal loans from banks

Traditional banks are another option if you have excellent credit. Most offer interest rates on par with online lenders, and if you have an existing account with the bank, you could also benefit from an easier application process and discounted rates.

American Express, which preapproves existing Amex cardholders, is a good choice for consolidating credit card debt. It offers low rates, no fees and the option to directly pay off up to four cards.

Citizens Bank offers a 0.25% discount on a personal loan to existing customers and an additional 0.25% discount for setting up automatic payments.

PNC also offers its banking customers a 0.25% discount on a personal loan if they choose to make repayments through their checking account.

Wells Fargo allows existing customers to apply for personal loans online and offers comparatively high borrowing amounts that make it an option for funding home improvements.

» MORE: Top banks offering personal loans

Last updated on October 15, 2019

Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.

To recap our selections...

NerdWallet's Personal Loans for Good Credit: Best of October 2019