Best of

Personal Loans for Good Credit: Best of February 2020

Narottam MedhoraDecember 20, 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%.

Summary of Personal Loans for Good Credit: Best of February 2020

LenderEst. APRMin. Credit ScoreLearn More
Lending Club

LendingClub

on LendingClub's website

6.95 - 35.89%

600

on LendingClub's website

Lightstream

LightStream

on LightStream's website

5.49 - 17.49%

660

on LightStream's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

6.99 - 28.99%

660

on Goldman Sachs's website

SoFi

SoFi

on SoFi's website

5.99 - 20.01%

680

on SoFi's website

RocketLoans

Rocket Loans

on Rocket Loans's website

6.85 - 28.90%

640

on Rocket Loans's website

Payoff

Payoff

on Payoff's website

5.99 - 24.99%

640

on Payoff's website

BestEgg

Best Egg

on Best Egg's website

5.99 - 29.99%

640

on Best Egg's website

Discover

Discover® Personal Loans

See my rates

on NerdWallet's secure website

6.99 - 24.99%

660

See my rates

on NerdWallet's secure website

LenderEst. APRMin. Credit ScoreLearn More
Lending Club

LendingClub

on LendingClub's website

6.95 - 35.89%

600

on LendingClub's website

Lightstream

LightStream

on LightStream's website

5.49 - 17.49%

660

on LightStream's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

6.99 - 28.99%

660

on Goldman Sachs's website

SoFi

SoFi

on SoFi's website

5.99 - 20.01%

680

on SoFi's website

RocketLoans

Rocket Loans

on Rocket Loans's website

6.85 - 28.90%

640

on Rocket Loans's website

Payoff

Payoff

on Payoff's website

5.99 - 24.99%

640

on Payoff's website

BestEgg

Best Egg

on Best Egg's website

5.99 - 29.99%

640

on Best Egg's website

Discover

Discover® Personal Loans

See my rates

on NerdWallet's secure website

6.99 - 24.99%

660

See my rates

on NerdWallet's secure website

Our picks for

Personal loans for good credit

Lending Club

on LendingClub's website

LendingClub

Lending Club

Min. Credit Score

600

Est. APR

6.95 - 35.89%

Loan Amount

$1,000 - $40,000

on LendingClub's 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

  • May offer direct payment to creditors with debt consolidation loans.

  • Joint loan option.

Cons

  • Charges origination fee.

  • Charges late fee.

Qualifications

  • Minimum credit score of 600.

  • 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: 1% - 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 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 Jan. 1, 2018, and July 20, 2018. The time it will take to fund your loan may vary.

Read Full Review
Lightstream

on LightStream's website

LightStream

Lightstream

Min. Credit Score

660

Est. APR

5.49 - 17.49%

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.

  • Co-sign option.

  • Low starting rates.

Cons

  • Does not offer pre-qualification on its website.

  • Requires several years of credit history.

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 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.

Read Full Review
Marcus by Goldman Sachs

on Goldman Sachs's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

Min. Credit Score

660

Est. APR

6.99 - 28.99%

Loan Amount

$3,500 - $40,000

on Goldman Sachs's website


Min. Credit Score

660

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.

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.

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.

Read Full Review
SoFi

on SoFi's website

SoFi

Min. Credit Score

680

Est. APR

5.99 - 20.01%

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

  • Low fixed and variable rates.

  • 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 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 13, 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 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 4.93% 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.

Read Full Review
RocketLoans

on Rocket Loans's website

Rocket Loans

RocketLoans

Min. Credit Score

640

Est. APR

6.85 - 28.90%

Loan Amount

$2,000 - $45,000

on Rocket Loans's website


Min. Credit Score

640

Key facts

Rocket Loans funds as fast as the next day. Its loans have low rates for borrowers with good credit.

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.

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.

Read Full Review
Payoff

on Payoff's website

Payoff

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

  • Low starting rates.

  • Competitive rates among similar lenders.

  • No late fee.

  • Offers online educational resources.

Cons

  • No co-sign or secured loan option.

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

  • Charges origination fee.

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.

Read Full Review
BestEgg

on Best Egg's website

Best Egg

BestEgg

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

  • 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.

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

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.

Read Full Review
Discover
See my rates

on NerdWallet's secure website

Discover® Personal Loans

Discover

Min. Credit Score

660

Est. APR

6.99 - 24.99%

Loan Amount

$2,500 - $35,000

See my rates

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

  • Free credit score access.

  • 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.

Read Full Review

» 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 December 20, 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 February 2020