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How you can use your good credit to score a personal loan with low rates.

You’ve worked hard to pay your bills on time, keep your credit balance low and make smart purchases. You’ve got a good credit score, and you’re looking to use it. Good credit can get you larger amounts and more competitive rates than lower scores, but you might not qualify for the lowest APR your lender offers. Learn how to use your good credit as leverage to make your loan application stand out.
Even Financial Personal Loans

Even Financial Personal Loans

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  • Minimum credit score: 550
  • Min. loan amount: $1,000
  • Max. loan amount: $100,000
  • APR: Starting at 3.84%
  • Loan terms: 2 to 7 years
  • Funds available as soon as next business day
  • No impact on your credit score to see offers

    What’s considered a good credit score?

    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.

    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.

    Compare personal loans for people with good credit

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    Rates last updated December 11th, 2018

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    Best Egg Personal Loans
    A prime lender with multiple repayment methods.
    640 FICO®
    5.99%–29.99% (fixed)
    Credible Personal Loans
    Get personalized rates in minutes and then choose a loan offer from several top online lenders.
    Good to excellent credit
    4.99% to 36% (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    7.24% to 15.24% (fixed)
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit score.
    3.34% to 35.99% (fixed)
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    3.84% to 35.99% (fixed)
    FreedomPlus Personal Loans
    Consolidate debt and more with these low-interest loans. Cosigners welcome.
    4.99%–29.99% (fixed)
    Laurel Road Personal Loans
    Get a personal loan with no application or origination fees and a rate discount for autopay.
    8.01% to 16.30% (fixed)

    Compare up to 4 providers

    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.

    Which companies offer the best loans for people with good credit?

    Prosper, SoFi and LendingClub are a few of the top names in the online market when it comes to peer-to-peer lending. All three lenders have different criteria for personal loans, and they typically offer low interest rates. With a good credit score, any of these options should be able to fit your needs.

    LenderWhy it’s best for good credit
    SoFiUnemployment protection and other perks make this loan extra-attractive to people who haven’t had time to build excellent credit yet.
    LendingClubLendingClub is great for boosting your credit score into the next tier: Three-quarters of borrowers say paying off a LendingClub loan has improved their credit in just a few months.
    ProsperFixed and variable rate options and no prepayment penalties mean you can potentially save extra on interest, making your rate even more competitive.


    SoFi is good choice for no-fee personal loans as it has lent its 275,000 members over $19 billion. It offers competitive interest rates for both variable and fixed rate loans, and it doesn’t have origination, late fees or prepayment penalties. Loan amounts range from $5,000 to $100,000 with terms of three, five or seven years. Funding speed varies. Here is what else it can offer a borrower with good credit:

    • Variable and fixed APRs. Fixed rates are 7.24% to 15.24%, while variable rates range from 6.51% to 14.35% — each individual is quoted differently dependent on credit history.
    • Unemployment protection. Sometimes jobs fall through and people get laid off. You can apply for the SoFi Unemployment Protection Program and SoFi may suspend monthly payments temporarily. SoFi can also help you hunt for new work via their career services program.
    • Additional perks. Automatic electronic payments via ACH can earn you a 0.25% APR discount and the customer service team is ready to assist you with any questions, seven days a week.


    Operating for over a decade, LendingClub has made a name for itself as one of the biggest online lenders in the marketplace. Offering a variety of loan products at competitive rates, LendingClub has funded over $26.5 billion in loans. The minimum loan offered is $1,000 and the maximum is $1,000 with loan terms of either three or five years. Funding typically takes a week. Here are some of the other perks offered:

    • Variable and fixed APR rates. Loan rates start at 5.99% and can go as high as 35.89% — the rate is determined by your credit.
    • Making additional payments. No prepayment penalties means you can make additional payments anytime you’d like or even pay off your loan in full before your loan term is up.
    • Hardship plans. If the unexpected happens, borrowers can temporarily make interest-only payments for up to three months.

    LendingClub has a one-time origination fee of 1% to 6% of your loan.


    At the forefront of peer-to-peer lending in the US, Prosper has lent its 3 million members over $5 billion in loans. Whether you need money for debt consolidation, home improvements, a special occasion or for any other reason, Prosper is worth your time when looking for a personal loan. Prosper offers loans ranging from $2,000 to $40,000 with three or five year loan terms and funds that can be disbursed within three to five days. It also offers:

    • Fixed APRs. Rates range from 6.95%–35.99% — the rate you receive will be dependent on your credit score.
    • Additional payments allowed. Prosper has no prepayment penalties in place. If you choose to make any additional payments or pay off your loan ahead of time, you won’t be charged any fees.
    • Prosper Daily. Prosper Daily is an financial management application where you can access all of your accounts and balances and even check your credit score.
    • Account security. Prosper has top-notch, extremely secure data centers where all of its borrowers’ personal and financial information is stored. The platform takes advantage of tools like web filtering, anti-spam filters, antivirus, VPN, firewall technologies and automatic session timeouts.

    Depending on your Prosper Rating, you’ll be charged an origination fee between 1% to 5% of the loan amount.

    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 loan options for different credit score ranges

    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.

    Frequently asked questions about good credit personal loans

    Rhys Subitch

    Rhys Subitch is a content creator and editor for They specialize in updating information on various pages to keep everything accurate for the readers, and enjoy the time they get to spend researching various topics because of it. Rhys lives with their cat and partner in Seattle. When not working they enjoy working on sewing and other craft projects.

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    Credible Personal Loans

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    Monevo Personal Loans

    Quickly compare multiple online lenders with competitive rates depending on your credit score.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

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    US Personal Loans Offers

    Important Information*
    Credible Personal Loans

    Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Monevo Personal Loans

    Quickly compare multiple online lenders with competitive rates depending on your credit score.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

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