Best Personal Loans for Good Credit of April 2024

LightStream offers loans for practically anything — home improvement projects, auto financing, medical bills, timeshares and debt consolidation. It’s known for offering low interest rates to borrowers with good to excellent credit scores and even has a Rate Beat Program that promises to beat any competitor’s rate by 0.1 percentage points if certain conditions are met. LightStream is a division of Truist Bank.

You must have good to excellent credit to qualify for a LightStream personal loan. Although the company doesn’t list credit score minimums on its website, this is generally a FICO score of 670 or higher. You also need several years of credit history, proof of assets such as a retirement account, checking account or savings account, stable income and a good payment history.

Loan amounts for LightStream range from $5,000 to $100,000, and repayment terms are between two to 12 years, depending on the loan amount and purpose.

SoFi is a top choice for securing a personal loan with good credit. Plus, it has exceptional customer service – including a few programs you won’t find with other lenders. Through its unemployment protection program, a customer service representative can help you adjust your payments if you lose your job. There’s also a free career coaching program to help you find new employment. This level of customer service is virtually unmatched. Plus, SoFi doesn’t charge origination or prepayment fees, and it provides same-day funding to eligible customers.

SoFi doesn’t advertise a minimum credit score requirement but says you may qualify for the most favorable rates if you have a minimum score of 670. You must also be at least 18 years old and be a U.S. citizen, permanent resident or non-permanent resident alien. You must be employed, have a job offer to start work within the next 90 days or have enough income from other sources to be eligible.

SoFi loan terms start at $5,000 and go up to $100,000, but minimums may be higher in some states. Repayment terms for SoFi vary from two to seven years.

Pentagon Federal Credit Union (PenFed) has lower personal loan minimums than a great deal of the competition — amounts start at just $600. This makes it a solid option if you need a small personal loan.

Although you don’t have to be a PenFed member to apply for a loan, you’ll need to become a member to get loan funds. PenFed membership is available to anyone in the U.S., not just military personnel.

PenFed doesn’t advertise a required minimum credit score. Loan amounts range from $600 to $50,000. You can choose from several term lengths between one and five years.

Discover has some of the best personal loans for good credit and low rates. The company is known for its transparency, as it doesn’t charge origination fees or early payoff fees. While you can use your Discover personal loan for almost anything, you can’t use it for college or to pay off a Discover credit card. Keep this in mind if you’re considering a personal loan for credit card consolidation.

Discover requires borrowers to be at least 18 years old, a U.S. citizen or permanent resident and have a minimum annual income of $25,000. You must also have a physical mailing address and an active email address to complete your online application. Loan amounts range from $2,500 to $40,000 with repayment terms of three to seven years.

Upstart is known for using artificial intelligence to determine if you’re eligible for a personal loan.  It considers factors beyond your credit score — like your education and job history — which can help you get approved, even with a low income or shaky credit score. In fact, Upstart requires only a $12,000 annual income to be considered for approval.

Upstart’s minimum credit score requirement is 300. Beyond this, you must be at least 18 years old, be a U.S. citizen with a U.S. street address (unless you’re active duty military), have a personal bank account in the U.S. and have a job or employment offer that starts within six months of loan approval. You must earn at least $12,000 in annual household income.

Upstart loan limits start at $1,000 and go up to $50,000. There are only two loan term options: three or five years.

U.S. Bank personal loans can be an attractive option if you’re open to switching banks. Existing U.S. Bank customers may get approved for a personal loan with lower credit scores and for larger loan amounts than non-customers. If you’re in the market for a new bank, it could be worth looking into.

Requirements vary based on whether you’re a current U.S. Bank customer. 

Current customers need a minimum 660 credit score to qualify for a personal loan. If approved, loan limits range from $1,000 to $50,000, and terms go up to seven years. 

Non-customers need a minimum 720 credit score to qualify, and if approved, the maximum loan amount is $25,000, and the maximum term is five years. U.S. Bank is only available to customers in certain states, so it’s best to check availability before applying.

Upgrade is popular for offering rate discounts and other perks to borrowers who fulfill specific requirements, like setting up automatic payments. It often has welcome bonuses that sweeten the deal. You can apply for an Upgrade personal loan online and receive funding within one business day. It also has low interest rates, making it a solid choice if you’re looking for a personal loan with good credit.

Minimum credit score requirements are not disclosed by Upgrade. You must be a U.S. citizen or permanent resident or have a valid U.S. visa to be eligible for an Upgrade personal loan. You must also be at least 18 years old and have a bank account and active email address.

Loan amounts range from $1,000 to $50,000, with terms going from 24 to 84 months. At the time of publishing, new borrowers can receive a $200 welcome bonus when they open an Upgrade Rewards Checking Plus account with their loan application and have at least $1,000 in direct deposits within the first 45 days.

With branch locations scattered across the U.S., Wells Fargo is a top choice if you prefer to discuss your loan options in person with a lender. It’s the fourth largest commercial bank in the U.S. and allows customers to take out personal loans in amounts spanning from $3,000 to $100,000.

Minimum credit score requirements are not disclosed by Wells Fargo. You must be at least 18 years old, have a Social Security number or Individual Tax Identification Number (ITIN) and have proof of employment and stable income to be eligible for a personal loan.

Loan amounts range from $3,000 to $100,000, and loan terms vary from 12 to 84 months.