The 5 Best Personal Loans for Good Credit

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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 6.99% – 18.24% APR None $2,000 – $50,000 1 – 3 years
SoFi 6.79% – 16.24% 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 6.95% – 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.

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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.

Advertiser Disclosure

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.

RATES (APR)loan amount
7.73% – 29.99% $1,000 to $50,000
6.54% – 16.24%1 $5,000 to $100,000
7.99% – 35.89%* $1,000 to $50,000
56.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
4.99% – 29.99%4 $10,000 to $35,000
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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 6.79% APR to 16.24% APR (with AutoPay). Variable rates from 6.54% APR to 14.95% APR (with AutoPay). SoFi rate ranges are current as of January 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 6.54% APR assumes current 1-month LIBOR rate of 2.51% 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.

    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.
  2. 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.
  3. 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.
  4. 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 Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states:

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. This information is current as of October 10, 2017 and is subject to change. Opportunity Financial, LLC lends or arranges loans in the following states: Alabama, California, Delaware, Florida, Idaho, Illinois, Kansas, Maryland, Missouri, Nevada, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin. We do not lend or arrange loans in all states. Opportunity Financial offers line of credit products in: Kansas, Tennessee and Virginia. Please note: This is an expensive form of credit. This service is not intended to provide a solution for longer-term credit or other financial needs. Loans made or arranged by Opportunity Financial are designed to help you meet your short-term borrowing needs. Loan amounts may vary and are dependent upon qualification criteria and state law. Refer to Loan Cost & Terms at www.opploans.com for additional details. Complete disclosures of APR, fees and payment terms are provided within the transaction documents, such as the Loan Agreement. First-time Opportunity Financial customers typically qualify for an installment loan of $1,000 to $5,000 with an APR from 59% to 199%. For example, a $1,000 loan made or arranged by Opportunity Financial with 12 bi-weekly payments of $130 has a 199% APR. After the 12th successful payment, the loan would be paid in full.
  3. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day. In some cases, we may not be able to verify your application information and may ask you to provide certain documents. Some customers applying for a loan may be required to submit additional documentation due to state law and qualification criteria.
  4. Lower APRs and longer terms when compared to a typical payday lending product. According to the Consumer Federation of America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums and carry an average APR of 400% and an average loan term of two weeks. The maximum APR for a loan offered by OppLoans is 199% and loan sizes range from $1,000-$5,000 with a typical term of six months dependent on the state law.
  5. As of October 17, 2017. Ratings on third-party websites may periodically change; please check the third-party websites for up-to-date reviews and ratings. Google+ Rating: 4.8 out of 5 based on 1,824 reviews. Facebook Rating: 4.7 out of 5 based on 270 reviews.
3 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.
4 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 4.99% 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 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.
* 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.