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With nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & World Report, Newsweek Vault and other publications. Rebecca has her student loan certification from the National Association of Certified Credit Counselors and her Master of Education in Adolescent Counseling from the Harvard Graduate School of Education.
With nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & World Report, Newsweek Vault and other publications. Rebecca has her student loan certification from the National Association of Certified Credit Counselors and her Master of Education in Adolescent Counseling from the Harvard Graduate School of Education.
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top performer in the mortgage industry and his entrepreneurial success to simplify complex financial topics. Jordan aims to make mortgages and loans understandable.
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top performer in the mortgage industry and his entrepreneurial success to simplify complex financial topics. Jordan aims to make mortgages and loans understandable.
Lead Editor, Mortgages & Loans
Reviewed
Updated: May 1, 2024, 10:18am
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Having a good credit score (a FICO score of at least 670) can make it easier to take out a personal loan. Not only can you access lower interest rates, but you might also qualify for higher loan amounts. Plus, you’ll likely have plenty of options when it comes to selecting a lender, whether you opt for a bank, online lender or credit union.
Why you can trust Forbes Advisor: Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the loans methodology for the ratings below.
29 nationwide lenders researched
16 data points evaluated and scored
3 rounds of edits and reviews
Compare Personal Loan Rates
Best Personal Loans for Good Credit
BEST OVERALL PERSONAL LOAN FOR GOOD CREDIT
SoFi®
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.
Loans are available from $5,000 to $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Loan amounts available may vary by the state you live in. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). SoFi also lets prospective borrowers submit joint applications—although co-signers are not permitted.
Approved borrowers are rewarded with comparatively low APRs. What’s more, SoFi doesn’t charge origination fees, late fees or prepayment penalties—a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum.
However, if you’re considering a debt consolidating loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower’s other creditors. This means the loan proceeds will be deposited to your bank account and you’ll have to pay off your other lenders individually. The platform does offer customers a number of other perks and discounts.
Pros & Cons
Prequalification with a soft credit check
Funding as quickly as the same day of loan approval
Offers direct payments to third-party creditors for debt consolidation
High credit score requirement
High minimum loan amount
Details
Eligibility:
Minimum credit score required. 650
Minimum annual income. $45,000
Co-borrowers. Permitted
Co-signers. Not permitted
Expert’s Take
What I find impressive about SoFi is its innovative approach to lending, with a focus on providing borrowers with personalized loan options tailored to their unique financial situations.
As a small business owner, I benefited from SoFi’s competitive rates and borrower-friendly terms, which include no origination fees or prepayment penalties. Also, SoFi’s member benefits, such as career coaching and financial planning resources, add value beyond just the loan itself, making it an attractive choice for entrepreneurs looking to grow their businesses while managing their finances responsibly.
— Michael Ashley, finance expert, Richiest.com
BEST FOR LOW INTEREST RATES
LightStream
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
LightStream offers loans with both a low minimum and maximum interest rate, along with a rate-beat program. LightStream’s unsecured personal loans range from $5,000 to $100,000 with loan amounts varying based on the loan purpose. In addition to offering appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay.
Pros & Cons
Long loan terms available
Low interest rates
Fast approval and funding
No prequalification option
High minimum loan amount
Low average customer rating on Trustpilot
Details
Eligibility:
Minimum credit score. 660
Minimum income. Does not disclose
Co-borrowers. Permitted
Expert’s Take
Lightstream, a division of Trust Bank, is known for its range of loan options and competitive rates. The downside can be its strict eligibility criteria, making it difficult for those with less-than-stellar credit history to gain approval.
— Jonathan Feniak, general counsel and head of finance, LLC Attorney
BEST FOR FAST FUNDING
LendingPoint
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
LendingPoint is an online lender based in Atlanta that offers personal loans to prospective borrowers in 48 states and Washington D.C.; it does not offer loans in Nevada and West Virginia. Prospective borrowers in eligible states can apply online and benefit from quick funding.
LendingPoint personal loans range from $2,000 to $36,500; Georgia loans have a minimum loan amount of $3,500. Repayment terms range from 24 to 72 months—or two to six years.
There are two main disadvantages to LendingPoint: high maximum APRs and origination fees. While you can typically avoid high APRs by maintaining a high credit score, LendingPoint origination fees (up to 10%) depend on the state you live in.
Pros & Cons
Quick funding
Low credit score requirements
No prepayment penalty
Origination fee up to 10%
Co-signers or joint loans not permitted
Not available in Nevada and West Virginia
Details
Eligibility:
Minimum credit score. 600
Minimum annual income. $35,000
Co-signers. Not permitted
Expert’s Take
LendingPoint can be a good option for those who may not have a high credit score. They focus more on the potential borrower’s job history and income when determining loan eligibility and rates.
— Jonathan Feniak, general counsel and head of finance, LLC Attorney
BEST FOR NO INTEREST IF REPAID IN 30 DAYS
Discover
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Discover is an online bank that also offers customers credit cards, retirement solutions and personal loans in all 50 states. As a lending platform, Discover stands out because of its online application and mobile banking tools, well-reviewed customer support team and quick funding.
In general, loans are available from $2,500 to $40,000 and may be issued for between three and seven years. So, while borrowers may get a larger loan from another lender, the repayment terms are fairly flexible. Discover charges a late payment fee and does not offer an autopay discount; however, it does not charge any origination fees or prepayment penalties, making it competitive with other top personal loan providers.
Pros & Cons
Option to pay off creditors directly
No origination fees or prepayment penalties
Directly pays creditors
Charges late fees
Low maximum loan amount
Details
Eligibility:
Minimum credit score: 660
Minimum household income: $25,000
Doesn’t allow co-signers or co-borrowers
Loan uses:
Medical bills
Business expenses
Home renovation
BEST FOR LOANS AS LOW AS $1,000
Upstart
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Upstart has made a mark on the personal loan space because of its artificial intelligence- and machine learning-based approach to borrower qualification. In fact, Upstart estimates that it has been able to approve 27% more borrowers than possible under a traditional lending model. With competitive APRs, Upstart is not a top lender for borrowers who can qualify for more competitive rates. Even so, the platform’s minimum 300 credit score makes it an accessible option to those with fair credit.
Upstart also offers a pretty flexible range of loan options, with amounts ranging from $1,000 to $50,000 so you don’t have to borrow (or pay interest on) more than you really need. And, while Upstart’s loan cap is lower than some lenders—this is likely to be enough for many prospective borrowers.
Even though Upstarts three- or five-year loan terms are more restrictive than other lenders, it’s likely to be an acceptable tradeoff for applicants who might not be approved in a more traditional lending environment. Plus, it’s available in every state except West Virginia and Iowa, so it’s as widely available as many other top lenders.
Pros & Cons
Accessible to borrowers with no credit history
Prequalification with a soft credit check
Ability to choose a custom payment date
Charges an origination fee up to 12% of the loan amount
No co-signer option
Only offers three- or five-year terms
Details
Eligibility:
Minimum credit score. 300
Minimum income. No minimum but must have a source of income
Co-signers. Not permitted
Co-borrowers. Not permitted
Expert’s Take
Upstart has no minimum credit score to apply for a loan, which makes them a popular choice for borrowers of all categories. Those with lower credit scores or uneven credit history may receive offers with [high APRs]. Loan amounts range from $1,000 to $50,000 and loan term lengths available are three- or five-year.
Upstart offers flexibility with payment dates and funding can be as soon as one business day. However, some requirements are employment, steady income, a personal bank account, email address and a Social Security number. Some fees may apply, including an origination fee, late fees or statement fees.
We reviewed 29 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:
Loan cost: 35%
Loan details: 20%
Eligibility and accessibility: 20%
Customer experience: 15%
Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
Interest rates. Lenders offer a range of personal loan rates, typically assigning the lowest rates to borrowers with the highest credit. The lower your rate, the less interest you’ll have to pay over the life of your loan.
Fees. In addition to looking for the lowest interest rate, keep an eye out for any loan fees, such as an origination or disbursement fee. Comparing the annual percentage rate (APR) among loan options can help you find the most affordable option because it includes both the interest rate and fees.
Loan repayment terms. Most lenders give you a choice of repayment terms, typically ranging anywhere from one to seven years. A shorter term means higher monthly payments while a longer term leads to lower monthly payments. The downside of a longer term, however, is that you’ll pay more interest over time.
Loan amounts. Look for a lender that offers loan amounts that match your needs. Loan amounts range anywhere from $1,000 to $100,000, depending on your lender.
Time to fund. Some lenders will process your application within a day, whereas others take longer to approve your application and disburse the loan. Find out how quickly you can get the funds if you have an immediate need for them.
Loan features. Some lenders offer flexible repayment options, such as the ability to defer payments if you run into financial hardship. Others will send a debt consolidation loan directly to your creditors so you don’t have to. Keep an eye out for any loan features that might be useful for your individual circumstances.
What Is a Good Credit Score?
While personal loan lenders don’t always disclose their minimum credit score requirements, a good credit score is defined as a score that’s at least 670 on the FICO scoring model. A very good score is at least 740 while an exceptional score is at least 800.
Lenders look closely at your credit when reviewing your application. A strong score suggests that you manage debt responsibly and are likely to pay back your loan in full and on time.
How to Get a Personal Loan With Good Credit
The process for getting a personal loan with good credit will likely run more smoothly than it would if you had bad credit. Here are the steps you’ll need to take:
Check your credit score. Start by checking your credit score with a credit monitoring service or myFICO.com. It’s useful to know your credit score any time you apply for a loan.
Review your credit report. It’s also worth ordering a free copy of your credit report from AnnualCreditReport.com. Although your report won’t show your score, it will give you an overview of your various accounts. If you see any discrepancies, you can try disputing them with your creditors or the credit bureaus.
Compare loan offers. Take some time to shop around and compare offers from multiple lenders. By reviewing rates, fees and terms, you can find the best personal loan for you.
Fill out an application. Once you’ve selected your offer, you’ll fill out a full application with your personal information. You can typically complete this process online. The lender will run a hard credit inquiry at this point, which could temporarily ding your credit score by a few points.
Provide any supporting documentation. Along with your personal details, you may need to upload documentation, such as pay stubs or proof of employment.
Receive funding and start repayment. After you’ve applied, await the lender’s decision. If your loan is approved, you’ll likely receive the funds in your bank account via direct deposit. Set up automatic payments to ensure you never miss a payment.
How Personal Loans Impact Your Credit
A personal loan can help or harm your credit, depending on how you manage it.
Here’s how getting a personal loan will likely affect your credit:
Payment history: Your payment history makes up 35% of your FICO credit score. If you make on-time monthly payments, you may see your credit score increase. But if you’re late on payments or miss them completely, you’ll see your score go down.
Score change: You might also see your credit score dip by a few points when you apply for a personal loan. This decrease occurs when a lender runs a hard inquiry to check your credit. However, it’s usually minor and temporary—you should see your score bounce back as long as you make on-time payments on your loan.
Credit mix: Adding a personal loan to your debt portfolio could also improve your score if it changes your credit mix—a category that makes up 10% of a FICO score. Maintaining a healthy mix of credit shows creditors that you’re able to handle different types of debt and can increase your overall score.
Debt-to-income (DTI) ratio: That said, taking out a big loan can increase your DTI ratio. Your DTI doesn’t directly affect your credit score, but it’s a metric that lenders consider when evaluating your application for a loan. If you’re looking to borrow a mortgage in the near future, for example, be cautious about borrowing a big personal loan that could push your DTI ratio too high.
Frequently Asked Questions (FAQs)
What is an average interest rate for a good credit loan?
Some personal loan lenders offer APRs starting around 4% or 5% for good-credit borrowers. According to Federal Reserve data, the average APR on a 24-month personal loan is 8.73%.
The cost to borrow a personal loan will vary by lender but expect to pay interest charges on the amount you borrow. Some personal loan lenders also charge an origination fee between 1% and 8% of the total loan amount.
What can I use a personal loan for?
You can use a personal loan for almost any legal purpose, including home renovation, debt consolidation, medical bills, wedding costs and vacations.
You typically can’t use personal loans for higher education costs and business expenses.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
With nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & World Report, Newsweek Vault and other publications. Rebecca has her student loan certification from the National Association of Certified Credit Counselors and her Master of Education in Adolescent Counseling from the Harvard Graduate School of Education.
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