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Best Personal Loans for Good Credit in 2018

Loans, Personal Loans

Borrowers with good credit — generally considered a credit score of 690 to 719 — typically find favorable interest rates on most unsecured personal loans, which don’t require collateral and can be used to consolidate credit card debt, make home improvements or cover another large expense.

Those with excellent credit scores, above 720, can get the best rates, whether it’s a loan from a bank, credit union or online lender. Credit union loans are cheaper on average than online loans, and only some major banks offer personal loans.

If you’re someone with either good or excellent credit, it pays to shop around at all three types of lenders to get the best combination of low rates and fees, high loan amounts and payment flexibility. Most online lenders let you check rates without affecting your credit, using a soft credit check. Our selection of online lenders for good and excellent credit is listed below.

» MORE: Compare rates on unsecured loans from online lenders

In this article

Personal loans for excellent credit

Personal loans for good credit

Personal loans for credit card consolidation

Personal loans for ‘thin’ credit files

Personal loans for excellent credit

LightStream, SoFi and Marcus are online lenders geared toward borrowers who have stellar credit, offering low fees and high loan amounts.

LightStream tailors interest rates to suit your loan purpose and offers low rates normally reserved for secured loans.

SoFi lends to people with good credit and high incomes and offers loans in a wide range, from $5,000 to $100,000.

Marcus lets borrowers choose a monthly payment amount and loan term to fit their budget.

LightStream_logo 4.0-stars

•APR: 3.09% to 14.24% with AutoPay; 3.59% to 14.74% without AutoPay

•Loan amount: $5,000 - $100,000

•Loan terms: 2 to 7 years

•Minimum credit score: 660

•Time to funding: As soon as the same day

•Fees: None

Read our review

Check Rates Click to apply on LightStream.
sofilogoforbox 5.0-stars

• APR: 5.0% - 15.0% (fixed and variable rates)

• Loan amount: $5,000 - $100,000

• Loan terms: 3 to 7 years

• Minimum credit score: 660

• Time to funding: Typically 7 days

• Fees: Late fee is the lesser of 4% of payment or $5

Read our review

Check Rates Click to apply on SoFi.

 

Marcus_logo 5.0-stars

•APR: 6.99% - 23.99%

•Loan amount: $3,500 - $40,000

•Loan terms: 3 to 6 years

•Minimum credit score: 660

•Time to funding: Usually 2 days

•Fees: None

Read our review

Check Rates Click to apply on Marcus.

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Personal loans for good credit

Prosper, LendingClub and Laurel Road are solid choices for good credit borrowers.

Prosper and LendingClub are the largest and oldest peer-to-peer lenders, connecting borrowers with investors who fund their loans.

LendingClub’s APRs start at 5.99%, but it also offers a rate of 4.99% to some borrowers with excellent credit. The lender has more flexible loan terms, a slightly wider loan amount window and a lower minimum credit score requirement than Prosper.

Laurel Road stands out for offering a lower range of rates than most online lenders.

prosperlogoforbox 4.0-stars

•APR: 5.99% - 35.99%

•Loan amount: $2,000 - $35,000

•Loan terms: 3 or 5 years

•Minimum credit score: 640, but borrowers average 710

•Time to funding: 1 to 3 days after approval

•Fees: Origination fee of 1% - 5% of loan amount; fees for late payment and unsuccessful payment

Read our review

Check Rates Click to apply on Prosper.
LendingClub-box 4.5-stars

•APR: 5.99% - 35.89% (4.99% with excellent credit)

•Loan amount: $1,000 - $40,000

•Loan terms: 3 or 5 years

•Minimum credit score: 600, but borrowers average 699

•Time to funding: Usually 7 days

•Fees: Origination fee of 1% - 6% of loan amount; fees for late payment, unsuccessful payment and personal check use

Read our review

Check Rates Click to apply on LendingClub.

 

LaurelRoad_Logo 5.0-stars

•APR: 5.75% - 11.99% without autopay; 5.5% - 11.74% with autopay

•Loan amount: $1,000 - $45,000

•Loan terms: 3 to 5 years

•Minimum credit score: 680

•Time to funding: 5 business days

•Fees: Late fee is the lesser of 5% of payment or $28

Read our review

Compare Rates Click to compare estimated rates on NerdWallet.

 

» MORE: Read our side-by-side comparison of LendingClub and Prosper

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Personal loans for credit card consolidation

All online lenders let you borrow money to consolidate debt. A good credit score may qualify you for a 0% balance transfer credit card, which can be a less expensive way to pay down debt.

Discover, FreedomPlus and Payoff specialize in lending to those who want to consolidate debt. Both Discover and FreedomPlus allow borrowers to send money straight to their creditors. Payoff provides personalized recommendations on paying off debt and staying debt-free.

Borrowing to consolidate any kind of debt should only be done as part of a bigger plan to get out of debt. There’s little point in taking out a personal loan to pay off credit cards unless you stop using the cards.

DiscoverLogoDownloads 5.0-stars

• APR: 6.99% to 24.99% fixed

• Loan amount: $2,500 to $35,000

• Loan terms: 3 to 7 years

• Minimum credit score: 660

• Time to funding: Next-day, up to a week

• Fees: No origination fee. Fee for late payment

Read our review

Compare Rates Click to compare estimated rates on NerdWallet.
FreedomPlus-logo-814x180 4.5-stars

•APR: 4.99% - 29.99% fixed

•Loan amount: $10,000 - $35,000

•Loan terms: 2 to 5 years

•Minimum credit score: 640, but generally 700+

•Time to funding: As soon as 2 days

•Fees: Origination fee of 0% to 5% of loan amount; fees for late payment, unsuccessful payment and personal check use

Read our review

Check Rates Click to apply on FreedomPlus.

 

Payoff_Logo 4.0-stars

• APR: 8.00% - 25.00%

• Loan amount: $5,000 - $35,000

• Loan terms: 2 to 5 years

• Minimum credit score: 660

• Time to funding: 1 to 7 business days

• Fees: Origination fee of 2% to 5% of loan amount. No late fee.

Read our review

Check Rates Click to apply on Payoff.

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Personal loans for borrowers with ‘thin’ credit

Many factors go into determining your credit score, and one of them is the length of your credit history. It’s possible to have a good credit score but a short history, also known as a “thin” file, particularly in the case of millennial borrowers who haven’t established themselves financially.

Online lenders that target such borrowers often consider nontraditional factors such as your college major, profession and school in addition to your credit score.

UpstartBackedEarnest and SoFi cater to this type of borrower.

Upstart analyzes education data to underwrite those who don’t have long credit histories, while Earnest and SoFi reward high earners who demonstrate responsible financial behavior. Backed lets novice borrowers add co-signers with established credit to increase approval odds or snag lower rates.

Upstartlogoforbox 4.0-stars

•APR: 7.43% - 29.99%

•Loan amount: $1,000 - $50,000

•Loan terms: 3 or 5 years

•Minimum credit score: 620

•Time to funding: Next business day

•Fees: Origination fee of 0% - 8% of loan amount. Fees for late payment and unsuccessful payment

Read our review

Check Rates Click to apply on Upstart.
backedlogoforbox 4.0-stars

•APR: 2.9% - 15.99%

•Loan amount: $3,000 - $25,000

•Loan terms: 1 to 3 years

•Minimum credit score: 660 without co-signer, 720 for co-signer

•Time to funding: 2 to 4 business days

•Fees: Origination fee of 0.8% to 2.0% of loan amount. Fees for late payment, unsuccessful payment, personal check use

Read our review

Compare Rates Click to compare estimated rates on NerdWallet.

 

earnest-logo 4.0-stars

•APR: 5.49% - 18.24%

•Loan amount: $5,000 - $75,000

•Loan terms: 3 to 5 years

•Minimum credit score: None

•Time to funding: Up to a week

•Fees: No origination fee. Fee for unsuccessful payment

Read our review

Check Rates Click to apply on Earnest.

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Updated Feb. 28, 2018.

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