Best Personal Loans for Good Credit

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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Good credit opens a lot of doors in the world of borrowing. You’ll have no problem finding personal loans to pay down higher-interest debt, buy big-ticket items or take care of your family when the unexpected occurs. With a variety of lenders competing for your business, you’ll have many options from which to choose.

While many borrowers with lesser credit must choose their lender based on costs alone, good credit will give you access to a variety of quality products so that you can be more discerning about how you pick. Check out the lenders’ approaches, their speed and flexibility, the fine print and the quality of customer service. You can find a borrowing process that works best for you.

Start with LendingTree

LendingTree, the parent company of Student Loan Hero, is a good place to start your search. Enter your information online and you could receive up to five different lender quotes based on your creditworthiness. The process involves a soft credit pull that won’t affect your credit score.

LendingTree is great for those who are unfamiliar with borrowing in the personal loan space, or those who are overwhelmed by the many choices available.

LightStream

LightStream is particularly interested in lending to borrowers with good credit. The site is the online consumer lending service of SunTrust Bank, and the service gives wide latitude to its borrowers. LightStream says its loans can be used for “practically anything,” from timeshares to adoption to hot tubs.

The company is confident that its borrowers will be satisfied as it offers $100 to any customer who is not completely happy with their experience. The company has good reason to think it’ll make people happy: It promises to undercut any APR offered by another lender by 0.10 percentage points if the offer meets certain terms and conditions. The service gets money out quickly, since you may be able to get approved the very day you apply. LightStream is also eco-friendly, planting a tree for every loan it disburses.

LightStream’s personal loans range from $5,000 – $100,000 with APRs from 3.99% – 16.99%. Loan terms are from 24 to 144 months. These loans are borrower-friendly. Rates are fixed, and there are no fees or prepayment penalties.

It takes good credit to qualify for these loans, which means having established a solid credit history across a range of account types over several years. You’ll need a good payment history, demonstrated ability to save and a stable income that will allow you to service your current and prospective debt.

Pros

  • No fees
  • No prepayment penalties
  • Fixed rate for the entire loan
  • Terms from 24 to 144 months and amounts up to $100,000
  • Easy online application and a user-friendly website

Cons

  • Rates go up 0.50 points unless you use autopay
  • Rates depend in part on the purpose of the loan

RocketLoans

RocketLoans, a Quicken Loans service, tries to make borrowing simple, digital and fast. Instantaneous quotes and same-day funding are standard, and there are no hidden fees. The company claims to have developed “the most user-friendly lending platform in the world,” and the company’s five-star Trustpilot rating would seem to indicate it’s doing something right.

RocketLoans’ rates don’t match up to LightStream’s, even for those with the best credit, but borrowers with good credit can still find quality loan products.

RocketLoans’ loans range from $2,000 to $45,000, with APRs from ranging 5.98% – 29.99% and terms from 36 or 60 months. There is an origination fee of 1.00% - 6.00% that is folded into the loan. These loans are fast. Same-day financing may be available for loans of up to $25,000.

Pros

  • Quick and easy financing
  • No prepayment penalties
  • No hidden fees
  • Customer-oriented lending platform

Cons

  • 1.00% - 6.00% origination fee financed into the loan
  • Rates go up unless you use autopay

Payoff

Payoff is focused on helping borrowers pay off credit card debt faster and cheaper by consolidating all debt under a single loan. Borrowers pay one fixed monthly payment, which helps them reduce the costs and the time to pay them off.

One of the benefits of using this service is securing an improved credit score (borrowers see an average 40-point increase, according to Payoff). But, to qualify, it’s best to already have fairly good credit, as eligibility requires a credit score of 640 or higher.

Payoff loans range from $5,000 – $35,000 and are meant only to pay off credit cards. Its fixed APRs fall between 5.99% and 24.99% with terms of 24 to 60months. Each loan includes an origination fee between 0.00% - 5.00%.

Qualified borrowers must have a FICO Score of 640 or higher, a debt-to-income ratio of 50% or lower, three years of good credit, at least two open and satisfactory lines of credit, and zero current delinquencies. Needless to say, those with good credit and a solid borrowing history are the best candidates for these loans.

Pros

  • Fixed monthly payments
  • No late payment fees
  • Designed to increase FICO Score
  • Pay off your credit card debt faster and cheaper

Cons

  • Origination fee between 0.00% - 5.00%
  • Loan amount limited to $35,000

BestEgg

BestEgg is focused on fast and easy lending, advertising that many borrowers can get funded in a single business day. The company strives to make the online lending process easy, frictionless and fast.

Like RocketLoans, BestEgg focuses strongly on customer accessibility and ease of use. The company gets good word-of-mouth on online review sites, signifying healthy customer satisfaction.

BestEgg’s unsecured personal loans range from $2,000 to $35,000, with fixed APRs ranging from 5.99% to 29.99%. Borrowers pay an origination fee between 0.99% - 5.99% on each loan.

Pros

  • Funding possible in one business day
  • Fixed rates
  • No prepayment penalties

Cons

  • Origination fee of 0.99% - 5.99%
  • Loan amount limited to $35,000

Peerform

Peerform, a peer-to-peer lender, connects individual borrowers and individual lenders via its online platform. Peer lending is a flourishing new business, and Peerform is a welcoming doorway into this world. The site promises to help borrowers get a peer-to-peer loan easily with a fast and free application process. An affiliate company of Versara Lending, Peerform offers both personal and consolidation loans, and serves borrowers with a range of credit scores.

Peerform’s unsecured personal loans range from $4,000 to $25,000, and come with fixed APRs of 5.99% to 29.99% APR. Personal loan terms are three years, and consolidation loans can be three or five years. Each loan incorporates an origination fee of 1.00% - 5.00%. There are no prepayment penalties, but there is $15 charge for each payment by check.

Pros

  • Fast and easy online application
  • No prepayment penalties
  • Provides access to peer-to-peer lending

Cons

  • Minimum loan of $4,000
  • Origination fee of 1.00% - 5.00%
  • $15 processing fee for each payment by check

Interested in a personal loan?

Here are the top personal loan lenders of 2019!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 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 5.72% APR assumes current 1-month LIBOR rate of 2.49% 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.
  2. 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.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

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: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com

**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.


7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33


* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

5.74% – 16.99%1$5,000 - $100,000

Visit SoFi

7.54% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

 

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