Editor's choice: Credible personal loans
- Loan range: $1,000 to $100,000
- Personalized rates in minutes
- Funds as soon as 1 day
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A good credit score is a credit score that falls between 670 and 739. If your credit score falls into this range, you may be able to take advantage of competitive rates, minimal fees and extra borrower benefits. To give you the best selection, we narrowed down our list based on each lender’s APR range, fees, overall availability and unique perks.
Our team reviewed over 120 personal loan providers before selecting these lenders. We considered factors such as rates, fees terms, loan amounts and turnaround time. And we also included options for different needs.
Each month, we review this list for accuracy. In October 2021, we removed Alliant Credit Union over its high starting rates for long terms. And we added in Rocket Loans, which can send you funds as soon as the same business day. But for November and December, our picks stayed the same.
|Best for||Lender||APR||Max. loan amount|
|Doing it all||SoFi||7.99% to 23.43%||$5,000 to $100,000||Learn more|
|Comparing multiple lenders||Credible||3.99% to 35.99%||$600 to $100,000||Learn more|
|Home improvements||LightStream||Competitive||$5,000 to $100,000||Learn more|
|Quick turnaround||Rocket Loans||5.97% to 29.99%||$2,000 to $45,000||Learn more|
|Debt consolidation||Discover||5.99% to 24.99%||$2,500 to $35,000||Learn more|
|A variety of options||Wells Fargo||5.74% to 20.99%||$3,000 to $100,000||Learn more|
SoFi personal loans
Finder rating 4.45 / 5 ★★★★★
Credible personal loans
Finder rating 4.3 / 5 ★★★★★
LightStream personal loans
Finder rating 4.83 / 5 ★★★★★
|Min. Credit Score||Good to excellent credit|
|Loan Amount||$5,000 to $100,000|
Rocket Loans personal loans
Finder rating 3.85 / 5 ★★★★★
Discover personal loans
Finder rating 4 / 5 ★★★★★
|Min. Credit Score||Good to excellent credit|
|APR||5.99% to 24.99%|
|Loan Amount||$2,500 to $35,000|
Wells Fargo personal loans
Finder rating 3.65 / 5 ★★★★★
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.
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.
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.
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.
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 aside from personal loans, including:
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.
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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