Personal Loans for Good Credit: Best of February 2023
The best personal loans for good credit have low fixed interest rates and flexible features. Compare loan offers from multiple lenders before you choose.
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Personal loans for good- or excellent-credit borrowers — those with credit scores 690 and above — typically have low interest rates. Many come with perks like free credit monitoring and flexible payment options. Generally, the better your credit, the wider pick of lenders you have.
Here are the top lenders offering personal loans for borrowers with good credit.
Best Egg: Best for small loan amounts.
Achieve: Best for multiple rate discounts.
Happy Money: Best for credit card consolidation.
LendingClub: Best for joint loans.
LightStream: Best for low rates.
SoFi: Best for high loan amounts.
Why trust NerdWallet? NerdWallet's editorial team has reviewed more than 35 personal loan providers and compared them to select the best personal loans for borrowers with good credit. We chose these lenders based on features like star ratings, APR ranges and minimum required credit scores.
Personal loans for good- or excellent-credit borrowers — those with credit scores 690 and above — typically have low interest rates. Many come with perks like free credit monitoring and flexible payment options. Generally, the better your credit, the wider pick of lenders you have.
Here are the top lenders offering personal loans for borrowers with good credit.
Best Egg: Best for small loan amounts.
Achieve: Best for multiple rate discounts.
Happy Money: Best for credit card consolidation.
LendingClub: Best for joint loans.
LightStream: Best for low rates.
SoFi: Best for high loan amounts.
Why trust NerdWallet? NerdWallet's editorial team has reviewed more than 35 personal loan providers and compared them to select the best personal loans for borrowers with good credit. We chose these lenders based on features like star ratings, APR ranges and minimum required credit scores.
Personal Loans for Good Credit: Best From Our Partners
Lender | NerdWallet rating | Est. APR | Loan amount | Min. credit score | Learn more |
---|---|---|---|---|---|
Happy Money Get rate on Happy Money's website | Best for Good credit and credit card consolidation | 7.99- | $5,000- | 640 | Get rate on Happy Money's website |
Best Egg Get rate on Best Egg's website | Best for Good credit and small loan amounts | 8.99- | $2,000- | 600 | Get rate on Best Egg's website |
![]() SoFi Get rate on SoFi's website | Best for Good credit and high loan amounts | 7.99- | $5,000- | None | Get rate on SoFi's website |
LightStream Get rate on LightStream's website | Best for Good credit and low rates | 6.99- | $5,000- | 660 | Get rate on LightStream's website |
LendingClub Get rate on LendingClub's website | Best for Good credit and joint loans | 8.30- | $1,000- | 600 | Get rate on LendingClub's website |
![]() Achieve Personal Loans Get rate on Achieve's website | Best for Good credit and multiple rate discounts | 7.99- | $5,000- | 620 | Get rate on Achieve's website |
Our pick for
Good credit and credit card consolidation
Our pick for
Good credit and small loan amounts
Our pick for
Good credit and high loan amounts
Our pick for
Good credit and low rates
Our pick for
Good credit and joint loans
Our pick for
Good credit and multiple rate discounts
What is a good-credit loan?
Having good credit can often mean lower annual percentage rates and more favorable terms on personal loans. These loans are unsecured, meaning you don't have to put up collateral like your car or savings; instead, lenders evaluate applicants' ability to repay by considering factors like credit, debt and income.
You can get a good-credit personal loan from online lenders, credit unions and some banks.
How to choose a personal loan
Consider these factors when choosing an online lender so you get a loan you can afford:
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.
Loan amount: The amount of money you could receive with a personal loan ranges from about $2,000 to $50,000, though some lenders offer up to $100,000. The amount you request from a lender may factor into their decision to qualify you, so carefully consider just how much you need.
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.
Loan term: Personal loans generally have terms from two to seven years, though some lenders offer extended terms for specific purposes like home improvement. A shorter loan term means you'll pay less total interest on the loan; a longer term makes your monthly payments lower and potentially more affordable.
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 defer 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.
Additional benefits: Take advantage of benefits like free credit score monitoring, financial education resources and career counseling that may be offered by your lender.
What are rates on good-credit loans?
The APR 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.
The interest rate also affects your total monthly payment, as does the term length. Use our personal loan calculator to estimate your monthly payments based on your credit score.
Here is what interest rates on personal loans look like, on average:
How's your credit? | Score range | Estimated APR |
Excellent | 720-850. | 10.6%. |
Good | 690-719. | 15.7%. |
Fair | 630-689. | 19.4%. |
Bad | 300-629. | 25.2%. |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from March 1, 2022, to Aug. 31, 2022. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below a 500 credit score — are unlikely to qualify. Information in this table applies only to lenders with APRs below 36%.
» MORE: Compare best personal loan rates
Good-credit loans from banks
Traditional banks are another option if you have good to excellent credit. Most offer starting 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, has low rates and no origination fee. It can be a good option for borrowers looking to consolidate their credit card debt.
PNC offers its banking customers a 0.25 percentage point discount on a personal loan if they choose to make repayments through their checking account.
TD Bank offers loans to customers primarily in East Coast states, with competitive rates and quick approval and funding times.
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.
Next step: Pre-qualify for a personal loan
You can pre-qualify on NerdWallet and compare offers from lenders that partner with us. Pre-qualifying will not affect your credit score.
Last updated on December 21, 2022
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
To recap our selections...
NerdWallet's Personal Loans for Good Credit: Best of February 2023
- Happy Money: Best for Good credit and credit card consolidation
- Best Egg: Best for Good credit and small loan amounts
- SoFi: Best for Good credit and high loan amounts
- LightStream: Best for Good credit and low rates
- LendingClub: Best for Good credit and joint loans
- Achieve Personal Loans: Best for Good credit and multiple rate discounts
Frequently asked questions
Good credit scores on the FICO credit scale are between 690 and 719. The credit score you need for a personal loan can vary by lender and the reason you're borrowing. The best personal loan rates and terms are reserved for those with good and excellent credit.
Lenders favor borrowers with good and excellent credit scores (FICO scores above 689). Lenders also consider your debt-to-income ratio on a loan application. When you're ready to apply for a personal loan, compare multiple lenders and pre-qualify to make sure you're getting the best rates and terms available.