Personal Loans for Good Credit: Best of May 2022

Key facts

Pros

• No fees.

• Offers co-sign loan options.

• Offers 0.25 percentage point rate discount for setting up autopay.

• Offers unemployment protection.

• Provides mobile app to manage your loan.

Cons

• No secured or joint loan option.

• High minimum loan amount.

Qualifications

• Must legally be an adult in your state.

• Must be a U.S. citizen, permanent resident or visa holder.

• Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Available Term Lengths

2 to 7 years

Fees

• Origination fee: None.

• Late fee: None.

Disclaimer

Fixed rates from 6.99% APR to 22.28% APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 5/12/22 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. Lowest rates reserved for the most creditworthy borrowers. 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.

Key facts

Pros

• Competitive rates among online lenders.

• Offers direct payment to creditors.

• Reports payments to all three major credit bureaus.

• No prepayment or late fees.


Cons

• Charges origination fee.

• No rate discount for autopay.

• Requires several years of credit history.


Qualifications

• Minimum credit score: 600.

• Minimum credit history: Three years.

• At least two open accounts on credit report.

• Maximum debt-to-income ratio: 50% (excluding mortgage).

• Free cash flow: At least $1,000.

• Zero credit delinquencies.

• Must be able to provide income verification.

• No bankruptcies filed within the past two years.

• Must provide Social Security number.

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.

Key facts

Pros

• No fees.

• Wide variety of repayment term options.

• Offers 0.25 percentage point rate discount for setting up autopay.

• Offers direct payment to creditors for debt consolidation loans.


Cons

• No co-sign, joint or secured loan option.

Qualifications

• Minimum credit score: 660 FICO.

• May need to provide proof of income, including recent pay stubs or bank statements.

• May need to provide Social Security number, Individual Tax ID number or a photo ID.

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. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.

Key facts

Pros

• No fees.

• Competitive rates among online lenders.

• Offers 0.5 percentage point rate discount for setting up autopay.

• Special features including rate beat program and satisfaction guarantee.

Cons

• No option to pre-qualify on its website.

• Requires several years of credit history.

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

Qualifications

• Minimum credit score: 660.

• Several years of credit history.

• Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.

• Strong payment history with few or no delinquencies.

• Investments, retirement savings or other evidence of an ability to save money.

• Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

2 to 7 years

Fees

• Origination fee: None.

• Late fee: None.

Disclaimer

Rates quoted are with AutoPay. 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. AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. 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 $25,000 loan at 4.98% APR with a term of 20 years would result in 240 monthly payments of $164.71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Key facts

Pros

• Offers wide range of loan amounts.

• Provides secured loan option for homeowners.

• Offers direct payment to creditors with debt consolidation loans.

Cons

• Charges origination fee.

• No rate discount for autopay.

Qualifications

• Minimum credit score: 600; borrower average is 700.

• Minimum credit history: 3 years and 3 accounts.

• Minimum income requirement is $3,500; borrower average is $80,000. Borrower must have enough cash flow to cover current financial obligations.

• Minimum debt-to-income ratio: 40% or 65% including a mortgage; borrower average is 40%.

• Employment: Must provide proof of income; part-time employees are eligible.

• Must provide valid U.S. address and Social Security number.

Available Term Lengths

2 to 5 years

Fees

• Origination fee: 0.99% - 5.99%.

• Return fee: $15 if payments are not processed.

Disclaimer

*Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan”, “the Best Egg Secured Loan”, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge 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. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. 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%–35.99%. 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. What this means for you: 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. We may also ask to see your driver’s license or other identifying documents.

Key facts

Pros

• Soft credit-check with pre-qualification.

• Offers 0.25 percentage point rate discount for setting up autopay.

• Reports payments to all three credit bureaus.

• Offers mobile app to manage loan.

Cons

• May charge origination fee.

• No option to choose or change your payment date.

• No co-sign, joint or secured loan options.

• Borrowers can only choose from two repayment terms.

Qualifications

• Minimum credit score: 680; borrower average is 710.

• Maximum debt-to-income ratio: 60% excluding housing expenses; borrower average is 39% including a Figure loan.

• Minimum monthly cash flow (income minus expenses) of $1,000 after signing the loan agreement.

• Must have a valid government-issued U.S. ID.

• Must be at least 18 years old.

• Must be a U.S. citizen or permanent resident.

• Must be employed.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 0% - 3%.