The 5 Best Personal Loans for Good Credit

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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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The average credit score of Americans is 700, based on April 2017 data from Fair Isaac Corp., an analytics company that issues the FICO credit score.

If your score meets or beats that average, it’s enough to put you in the good credit score range, which goes from 670 to 739. As a result, you should have a good chance of getting approved for some of the best personal loans for good credit.

How your credit impacts your personal loan qualification

Each personal loan company has its own credit criteria for applicants, but in general, lenders start with credit score ranges.

“It’s simple: The higher your credit score, the lower the interest rate and better terms of credit you’ll receive,” said Katie Ross, education and development manager for American Consumer Credit Counseling.

A high credit score is a sign that you have experience using credit responsibly and that you’re less likely to miss payments or default on your loan. Consequently, people with great credit scores typically qualify for the lowest interest rates lenders offer because such borrowers pose less of a risk to the lenders.

“In addition to your credit score, lenders may look at the credit report itself,” said Ross. “They’ll also look at your income and expenses, loan term, and employment history.”

The best personal loans for good credit

To improve your chances of getting a low interest rate, you need to know where to look. To save you time, we’ve done the research and found five personal loan lenders that offer great rates to people with good credit.

Here’s a summary of the best personal loans for good credit, their interest rates, and other relevant terms, as of April 18, 2018. For the latest rates and information, contact the lenders or visit their websites below.

Lender Interest rates Origination fee Loan limits Repayment terms
Citizens Bank 5.99% – 18.99% APR None $5,000 – $50,000 3 – 7 years
Earnest 5.49% – 18.24% APR None $2,000 – $50,000 1 – 3 years
SoFi 6.58% – 14.87% APR None $5,000 – $100,000 3 – 7 years
FreedomPlus 4.99% – 29.99% APR 0% – 5% $10,000 – $35,000 2 – 5 years
LendingClub 5.99% – 35.89% APR 1% – 6% $1,000 – $40,000 3 or 6 years

Citizens Bank: Up to a 0.50% interest rate reduction

Citizens Bank doesn’t charge any fees to get you started, and it matches SoFi for the most flexible repayment options. The bank has a high maximum loan limit, but it might not be a good choice if you need to borrow less than $5,000.

One thing that sets Citizens Bank apart from the rest is its rate discount offers. You can get up to a 0.50% rate reduction — 0.25% for having a qualifying Citizens Bank account when you apply for the loan and an additional 0.25% for setting up automatic payments on your loan.

Earnest: Doesn’t just check your credit score

Earnest offers one of the lower minimum loan thresholds on our list, and it doesn’t charge any origination or other hidden fees. But the lender might not be a good choice if you need more than three years to repay your loan.

In addition to checking the typical credit factors, Earnest also looks at criteria such as your savings patterns, 401(k) and other investments, employment history, and growth potential. So, if your credit score is barely in the good range, you might still get a great interest rate if these other factors are strong.

SoFi: Offers protection if you lose your job

Like Citizens Bank, SoFi offers flexible repayment terms, and it has the highest loan limit of any of the lenders we researched. You’ll also get a 0.25% interest rate reduction if you set up autopay, and an extra 0.125% rate discount if you already have a SoFi loan. But if you need less than $5,000, it might not be a good fit.

If you apply with SoFi and other lenders and get similar rate offers, SoFi’s unemployment protection program could be a tie-breaker. Not only can you qualify for forbearance on your loan payments for up to 12 months — in three-month increments — but you can get help from a team of career coaches to return to the workforce.

FreedomPlus: Low rates for some but high for others

While FreedomPlus offers the lowest rate among any of the personal loan companies we reviewed, its origination fee could increase your APR to more than what you’d pay with the other lenders.

Also, it’s high minimum loan amount makes the lender a poor choice unless you need to borrow at least that much.

LendingClub: Watch out for the origination fee

LendingClub offers the lowest minimum loan amount among any of the lenders we listed, making it a good choice if you don’t need a lot of cash. It also offers the widest range of interest rates, so be sure to compare the lender with others to get the best rate.

As in the case of FreedomPlus, LendingClub’s biggest disadvantage is its origination fee. It’s the only lender on our list of the best personal loans for good credit that charges an such a fee on every loan.

Which personal loan should you choose?

The best personal loans for good credit offer great interest rates. To make sure you get the lowest rate possible, it’s crucial that you compare personal loans from several lenders.

“Shop around for the best rate in a personal loan that will fit your financial circumstances,” said Ross. “Compare the amounts, monthly payments, and interest rates. Your local credit union or bank may offer lower interest rates and more flexible terms.”

Many of these lenders allow you to get a personalized rate with just a soft credit pull, which won’t hurt your credit. Use a personal loan calculator to see how your monthly payment changes based on your interest rate and repayment period.

As you take the research we’ve done and do a little of your own, you’ll improve your chances of getting a low rate and paying less money over the life of your new loan.

Note: Student Loan Hero has independently collected the above information related to personal loan rates and terms. The lenders have neither provided nor reviewed the information shared in this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal LoansFixed rates from 6.58% APR to 14.87% APR (with AutoPay). Variable rates from 6.275% APR to 12.575% APR (with AutoPay). SoFi rate ranges are current as of July 16, 2018 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 6.275% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% 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. 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 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  • Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% 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.
  1. 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.
  2. 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.

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

  • Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% 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.
  1. 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.
  2. 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.
7.73% – 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
6.28% – 14.87%1$5,000 - $100,000
Check rate nowon SLH's secure site
6.87% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% – 29.99%$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%2$5,000 - $50,000Visit Citizens
15.49% – 34.49%$2,000 - $25,000Visit LendingPoint
5.99% – 35.89%$1,000 - $40,000Visit LendingClub
5.49% – 18.24%$5,000 - $75,000Visit Earnest
9.95% – 35.99%$2,000 - $35,000Visit 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.