Best personal loans for good credit in 2020

Top lenders that shine thanks to their competitive rates, minimal fees and unique perks.

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If your credit score sits between 670 and 739, you may be able to take advantage of competitive rates, minimal fees and unique perks offered by these top lenders.

7 best personal loans for good credit

Best for doing it all: Earnest

680
Min. Credit Score
5.99 %
Starting APR
$75,000
Loan Amount
Earnest is our top pick thanks to its competitive APRs that are capped at 17.24% and zero fees — not even late fees. It also stands out for its two-week autopay schedule that can make it easier to stay on budget if you’re paid biweekly.
Min. Loan Amount $5,000
Max. Loan Amount $75,000
APR 5.99% to 17.24%
Interest Rate Type Fixed
Min. Credit Score 680
Minimum Loan Term 36 months
Maximum Loan Term 60 months
Pros
  • No late fees
  • Low starting and maximum APRs
Cons
  • Loans start at $5,000
  • Good to excellent credit required

Best for scoring a low rate: Alliant Credit Union Personal Loans

640
Min. Credit Score
6.24%
Starting APR
$50,000
Loan Amount
Alliant is our best pick for fair credit, but borrowers with good credit can also take advantage of its highly competitive APR. Anyone is eligible to become a member, and there are no origination, late or prepayment fees. And should the worst happen, Alliant has a debt protection plan in case you unexpectedly lose your job.
Min. Loan Amount $1,000
Max. Loan Amount $50,000
APR 6.24% to 10.24%
Interest Rate Type Fixed
Min. Credit Score 640
Maximum Loan Term 60 months
Turnaround Time 1 business day
Pros
  • Extremely low rates
  • Fair credit OK
  • Large range of loan amounts
Cons
  • Must become a member
  • Negative customer reviews

Best for comparing multiple lenders: Credible Personal Loans

640
Min. Credit Score
3.99%
Starting APR
$100,000
Loan Amount
If you’re not sure where to start, Credible can help. You fill out just one online form to get connected with multiple lenders you might qualify with. And the lenders in its network have rates that start extremely low at just 3.99%. Plus, it’s fast — you might be able to get your funds in just one business day.
Min. Loan Amount $1,000
Max. Loan Amount $100,000
Interest Rate Type Fixed
Min. Credit Score 640
Minimum Loan Term 24 months
Maximum Loan Term 84 months
Pros
  • Wide range of loan amounts
  • Positive customer reviews
  • Get funds in just 1 business day
Cons
  • Rates max out at a high 35.99%
  • May receive marketing phone calls and emails
  • Some of its partner lenders charge fees to borrow

Best for a variety of options: Wells Fargo Personal Loans

Varies
Min. Credit Score
5.24%
Starting APR
$100,000
Loan Amount
Wells Fargo offers both secured and unsecured personal loans, as well as lines of credit if you’re craving flexibility. Already have an account with the bank? Even better — you can apply online and knock 0.25% off your interest rate thanks to its customer relationship discount.
Min. Loan Amount $3,000
Max. Loan Amount $100,000
Interest Rate Type Fixed
Minimum Loan Term 12 months
Maximum Loan Term 84 months
Pros
  • No origination fee
  • Multiple APR discounts available
  • Coapplicants welcome
Cons
  • Hefty late fee of $39
  • Online application for current customers only

Best for young professionals: SoFi Personal Loans

680
Min. Credit Score
5.99%
Starting APR
$100,000
Loan Amount
Borrowing from SoFi unlocks more than just fee-free loans. You’ll also get access to special perks like job coaching, unemployment protection and networking events to get a leg up in your career. And as it expands, you may be able to take advantage of its other lending and investment tools at discounted rates.
Min. Loan Amount $5,000
Max. Loan Amount $100,000
APR 5.99% to 18.64%
Interest Rate Type Fixed
Min. Credit Score 680
Minimum Loan Term 24 months
Maximum Loan Term 84 months
Turnaround Time Varies
Pros
  • High maximum loan amount of $100,000
  • No fees and multiple special programs
  • Optional banking system
Cons
  • Loans start at $5,000
  • Good to excellent credit required

Disclaimer
Fixed rates from 5.99% APR to 18.64% APR (with AutoPay). SoFi rate ranges are current as of March 27, 2020 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. 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.

Best for quick turnaround: LightStream Personal Loans

680
Min. Credit Score
5.49%
Starting APR
$100,000
Loan Amount
LightStream has some of the most competitive rates out there for borrowers with good to excellent credit. Its same-day turnaround means you can get your funds fast. And if you’re quoted a better rate, LightStream may beat that rate by 0.1%. Plus, its autopay discount is one of the best around — you can trim 0.5% off your APR by signing up for automatic payments when you apply.
Min. Loan Amount $5,000
Max. Loan Amount $100,000
APR Competitive
Interest Rate Type Fixed
Min. Credit Score 680
Minimum Loan Term 24 months
Maximum Loan Term 84 months
Turnaround Time Varies
Pros
  • Highly competitive rates
  • Rate Beat Program
  • May be able to get your funds the same day
  • No origination fee
Cons
  • No customer service phone number
  • No preapproval process
  • Large minimum loan amount of $5,000

Disclaimer
* Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 5.99% APR with a term of 3 years would result in 36 monthly payments of $304.17.

† You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.

§ After receiving your loan from LightStream, if you are not completely satisfied with your experience, please contact them. They will email you a questionnaire so they can improve their services. When they receive your completed questionnaire, they will send you $100. LightStream’s guarantee expires 30 days after you receive your loan.

LightStream reserves the right to change or discontinue their guarantee at any time. Limited to one $100 payment per funded loan. LightStream and SunTrust teammates do not qualify for the Loan Experience Guarantee.

Best for debt consolidation: Discover Personal Loans

Varies
Min. Credit Score
6.99%
Starting APR
$35,000
Loan Amount
If you have less than $35,000 in credit card or unsecured personal debt, Discover makes it easy to consolidate it into one monthly payment. It pays off your lenders directly, so you don’t have to do the legwork yourself. You’ll also receive a free copy of your credit score each month, so you can keep track of your progress of becoming debt free.
Min. Loan Amount $2,500
Max. Loan Amount $35,000
APR 6.99%
Interest Rate Type Variable
Minimum Loan Term 36 months
Maximum Loan Term 84 months
Turnaround Time 1 to 7 days
Pros
  • 30-day return policy
  • Free credit score reports
  • Pays creditors directly
  • Fast turnaround
Cons
  • Low maximum amount of $35,000
  • Hefty late fee of $39 and no grace period
  • No autopay discount

How did we choose these lenders?

To give you the best selection, we narrowed down our list of lenders based on their APR range, fees, overall availability and unique perks.

What’s new for 2020?

We overhauled our top lenders based on our new rating system. These lenders score well across the board, and they offer solid programs for borrowers with good credit alongside competitive terms.

What do lenders look for in borrowers with good credit scores?

Beyond your credit, lenders want to see that you have an ability to repay your loan. They will look at your current financial situation: your income and outstanding debts.

When you apply for a loan, the lender will calculate your debt-to-income ratio. This is your income divided by the amount of debt repayments you make each month. If you have multiple credit card payments, a mortgage and a car payment, your debt-to-income ratio will be high. Since so much of your income goes toward debt already, a lender is less likely to approve your application.

On the other hand, if you only have a mortgage and a single credit card payment each month, your debt-to-income ratio will be low. Lenders will view you as a better applicant because you have more disposable income.

Most lenders prefer applicants with a debt-to-income ratio of 35% or less. If you’ve calculated yours and are above this number, hold back on applying for a loan and work on paying off your existing debt instead.

Is my credit score good?

A good credit score generally sits between 680 and 720, but the numbers aren’t as clear-cut as you might think. Even though credit bureaus collect the same information to determine your credit score, there’s enough variance in their algorithms to result in different scores.

The three major credit bureaus — Experian, TransUnion and Equifax — each use their own scoring systems. To make things more complicated, FICO (Fair Isaac Corporation), considered an industry standard by many lenders, is also calculated differently. How each company calculates your credit score remains a trade secret, but most consider your payment history, available lines of credit, the types of credit you have, credit inquiries you’ve made and the years you’ve had ongoing credit as part of the total number.

This means that applying for multiple loans at once can lower your credit score by a few points, which could impact the interest rate you’re quoted on later loan applications. In order to maintain a good credit score, keep your inquiries to a minimum by applying for loans with preapproval and always make your payments on time for the full amount due.

How does my credit score affect my application?

Good credit scores show lenders that you’re able to handle credit and make regular payments. And for many, it’s just a stepping stone along the way to excellent credit. While credit scores aren’t everything, they can significantly affect many areas of borrowing, including the interest rate you’re offered and the total amount you can borrow.

Lenders place a lot of emphasis on your credit score because it’s a reflection of your ability to meet your financial obligations. Higher scores mean higher reliability, which means less risk for the lender. If you’re less of a risk, your interest rates aren’t going to be as high, and you’re going to have a better chance of getting a less expensive loan.

What types of loans are available to people with good credit?

If you have good credit, the sky is the limit when it comes to the loans you qualify for. You may not get the best rates available, but you should be eligible for a wide variety of loans, including:

  • Unsecured personal loans. Unsecured personal loans can be used for just about any legitimate purpose. They don’t require collateral, and you may be eligible for loans up to $50,000.
  • Secured personal loans. A lender may be willing to lower the interest rate on a loan even further if you’re able to offer up collateral. The collateral gives the lender security by having something of value that can be collected in case of default.
  • Auto loans. With good credit, you may be eligible for a lower interest rate when you buy a new or used car. You can also refinance a current loan for lower rate.
  • Peer-to-peer loans. Lower rates, flexibility, quick turnaround and fewer fees are some of the benefits that come with borrowing from an investor through an online marketplace rather than a traditional bank.
  • Startup loans. When you have good credit and a solid five-year plan, you can fund your new business venture with a loan.
  • Business loans. Already have an established business? Take the opportunity to grow it with a little extra capital. Buy equipment, renovate a storefront or even expand using the funds from a business loan.
  • Debt consolidation loans. If you have open balances in several different places, you may be able to get them all under one loan, possibly with a lower interest rate.
  • Pet care loans. Keep the four-legged, feathered or scaled members of your family healthy with funds to pay vet bills or buy medical supplies.

How do I compare my loan options if I have good credit?

A good credit score opens up more borrowing options. Although each type of loan differs, you’ll want to look over some universal features to make sure you’re getting the most out of your financing.

  • Interest rate. APR is one of the easiest numbers to compare from lender to lender. Good credit usually means you’ll find lower interest rates, but some providers may offer significantly better rates than others.
  • Maximum loan amount. It’s important to consider how much you actually need to borrow versus how much you can borrow. If you can get more money from a lender but at a worse rate, it may not be worth the extra cost.
  • Loan term. A shorter term leads to lower overall repayment costs but higher payments. On the other hand, you can have lower payments but end up paying significantly more if you opt for a loan with a longer term.
  • Turnaround time. While fast turnaround times are available from some lenders, they may come with added fees or higher APRs.
  • Requirements. Your eligibility is often based on more than just your credit score. Check with providers you’re interested in to make sure you meet all of the base requirements.

How can I improve my credit?

Sitting at good credit is fine, but you may be looking to improve your score. Your payment history, how long you’ve held credit, the type of credit you’ve used and the number of credit inquiries you’ve made all affect your score. Here’s how to make them work for you.

  • Pay off open balances. It’s important to close your balances by paying them off before taking out another form of credit, whether that’s a new card or a loan. This will improve your credit and show lenders you’re able to fulfill your financial obligations.
  • Keep open balances low. Once you’ve paid down your balances, try to keep them low. Staying below 30% is the advised threshold by many experts.
  • Have some open balances. Your credit utilization ratio — the amount of credit you have open versus the amount you are currently using — looks better when you’re using less than 30% of your open credit.
  • Avoid opening new accounts. Opening new accounts before you improve your credit score means you’re opening accounts with potentially weaker terms.

Compare personal loans for people with good credit

Select your credit score range to see personalized recommendations of personal loans.

Updated March 29th, 2020
Name Product APR Min. Credit Score Max. Loan Amount
Fiona Personal Loans
4.99% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
LightStream Personal Loans
Competitive
Good to excellent credit
$100,000
Borrow up to $100,000 with low rates and no fees.
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
SoFi Personal Loans
5.99% to 18.64%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Upgrade Personal Loans
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
Best Egg Personal Loans
5.99% to 29.99%
640 FICO®
$35,000
A prime online lending platform with multiple repayment methods.
Monevo Personal Loans
3.49% to 35.99%
450
$50,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
LendingClub
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.

Compare up to 4 providers

Bottom line

A good credit score can lead to getting better lending opportunities. With better loan terms, interest rates and more loan types available, you can finance bigger projects with confidence. However, taking out any kind of loan is a big financial decision and should be met with a good deal of caution. Do your research, compare personal loan lenders, talk to friends and sleep on it before signing any contracts.

By making sure you’re getting a loan within your budget, you can protect and possibly even improve that credit score you’ve worked so hard to maintain.

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