Best Personal Loans for Good Credit (The 2020 Edition)

It’s no secret. The most competitive interest rates on loan products generally go to consumers with good or excellent credit history. If you fall into this category and are in the market for a personal loan, look no further than our recommendations for the best personal loans for good credit.

BestEgg

BestEgg has helped over 450,000 consumers access the funds they need minus the red tape. They are accredited by the Better Business Bureau (BBB) with an A+ rating and have funded over $6 billion in loans to date.

Loans range from $2,000 to $35,000, with a fixed APR from 5.99 to 29.99 percent. An origination fee between 0.99 and 5.99 percent applies. However, the loan amount, repayment term, and interest rate will be determined by your creditworthiness and debt to income ratio.

The proceeds can be used for credit card refinancing, debt consolidation, home improvements, and moving expenses. Borrowers can also use the funds to cover the costs associated with a new baby or adoption, special occasion, vacation, or any other big-ticket purchase.

The application process is rather swift, and same day funding options are available. You should also know that you can inquire about your potential rate with no impact to your credit score.

Credible

Credible grants you access to the best possible rates on personal loans by shopping your information with up to 10 lenders in their network. Whether you’re seeking funds to pay down credit card debt, consolidate installment loans, cover medical expenses, or make a big-ticket purchase, they have a covered. Lenders in the Credible network are as follows:

• Avant
• Best Egg
• FreedomPlus
• Laurel Road
• LendingClub
• LightStream from SunTrust
• Marcus by Goldman Sachs
• Payoff
• Prosper
• SoFi
• Upgrade
• Upstart

Qualified applicants can get a loan from a lender in the Credible network with an APR as low as 4.99 percent, and discounted APRs are available through the loyalty program or when you enroll in autopay. Depending on your debt-to-income ratio and credit score, you have access to up $50,000. However, loan amounts up to $100,000 are available to well-qualified borrowers.

There’s no impact to your credit score to check your loan rates, and it’ll only take two minutes of your time. And should you decide to move forward with the application, you can expect for your loan to be finalized and funded within one to two business days.

Laurel Road

Headquartered in Connecticut, Laurel Road offers personal loan products to help you get by when you’re in a financial crunch. They have been around since 2006 and served thousands of consumers to date. They offer personal loans between $1,000 and $45,000, and the proceeds can be used to pay down debt, take that dream vacation, cover unexpected medical expenses, or however you see fit.

The APR on personal loans from Laurel Road start at 8.01 percent, and you can receive a 0.25 percent discount if you enroll in autopay. As with most personal lenders, creditworthiness plays a major role in the rate you receive, and the more favorable your credit history, the lower the rate that you’ll be eligible for. Also, you can expect a slightly higher interest rate with longer loan terms. To illustrate, their rates by repayment period are as follows:

• 3-year term: 8.01 to 13.80 percent (fixed APR)
• 4-year term: 9.16 to 15.20 percent (fixed APR)
• 5-year term: 10.11 to 16.30 percent (fixed APR)

Another major perk of doing business with Laurel Road is their fee-free structure. They do no impose application or loan origination fees. And if you want to repay the loan early, you will not incur a prepayment penalty.

You can view your rates in two minutes tops to determine if what they’re offering is a good fit for you. There is no impact to your credit score, and should you decide to move forward with the application process, the loan proceeds can be deposited into your bank account in two business days.

Lending Club

If you’d prefer to explore personal loan options from multiple lenders, Lending Club may be a good fit. Lenders in their network offer personal loans of up to $40,000 that can be used to streamline or eliminate debt-repayment altogether, make home improvements, cover big-ticket purchases, or fill the void if an unexpected expense arises.

What makes Lending Club stand out among others in their industry is their competitive fixed APRs, which are as low as 6.95 percent for well-qualified borrowers. To check your rate, simply complete the online form. You’ll receive instant results, and your credit score won’t be impacted unless you continue with the application process. If approved for a loan, expect an origination fee is between one and six percent.

The loan proceeds should be deposited in your account within 7 days as it takes some time for identifying and income documents to be reviewed and approved by the underwriter. You’ll have 36 or 60 months to pay off of your loan, but there are no prepayment penalties if you pay the balance in full before the loan term lapses.

Lightstream by SunTrust

LightStream, a division of SunTrust Bank, is a direct lender that rewards creditworthy customers with some of the most competitive interest rates on the market. You can borrow anywhere from $5,000 to $100,000. And depending on your credit score and repayment term, you may qualify for a rate as low as 3.34 percent, and you’ll have between 24 and 144 months to repay the loan.

Even better, you’ll never pay any loan origination or prepayment penalties with LightStream.

Their personal loan terms are as follows:

• Loan amounts between $5,000 and $9,999: 4.24 to 9.19 percent (APR)
• Loan amounts between $10,000 and $24,000: 3.34 to 13.04 percent (APR)
• Loan amounts between $25,000 and $49,999: 3.84 to 13.04 percent (APR)
• Loan amounts between $50,000 and $100,000: 3.84 to 13.04 percent (APR)

Quick note: you will 0.50 percent more in interest if you opt-out of autopay.

Loan proceeds can be used to purchase an automobile, remodel your kitchen or bathroom, consolidate debt, install a swimming pool, cover medical expenses, pay for your dream wedding, or purchase a timeshare or boat.

You’ll have the best chance of qualifying for a personal loan from LightStream if you meet the following criteria:

• Several years of established credit history, along with experience managing both installment loans and revolving (i.e. credit cards) accounts
• Liquid assets (i.e. cash) that are easily accessible
• Stable income that allows you to comfortably cover expenses and debts
• Stellar payment history

It only takes a few minutes to apply online. And if approved, you can upload the requested documentation and receive your loan proceeds today.

LightStream also offers a Loan Experience Guarantee, which grants you $100 if you are not satisfied with the application and loan disbursement process for any reason. In addition, they will beat any other rate that you find from a qualifying lender (but conditions apply).

Marcus by Goldman Sachs

Marcus by Goldman Sachs is another enticing fee-free unsecured personal loan options of up to $40,000 for prospective borrowers with good credit. Loan proceeds can be used to consolidate debt, make home improvements, fund your dream vacation, cover the cost of a wedding, or pay for moving expenses, just to name a few.

The APR on their unsecured personal loan ranges from a low 6.99 percent to 24.99 percent, and you’ll have between 36 and 72 months to repay what you borrow. Should you decide to pay off the loan before the loan term expires, you won’t be assessed a prepayment penalty.

Best of all, you won’t ever have to worry about fees at all with Marcus by Goldman Sachs. New loans do not incur origination or disbursement fees. And in the event you miss the due date, you won’t be charged a late-payment fee, either. Instead, the lender will simply add interest to cover the additional days, and this amount will be payable at the end of the loan term.

Ready to get started? Simply complete the online form and you’ll be only your way to exploring all the benefits Marcus by Goldman Sachs hs to offer. It only takes five minutes to view your rates, and your credit score won’t be impacted. You can also call 1-844-627-2871 if you have additional questions or wish to apply for a loan by phone.

Upon approval, the loan proceeds will be deposited into your bank account between one and four business days. However, the disbursement period will be a bit lengthier for paper applications.

Prosper

Prosper is a peer-to-peer lender that’s been around for over 15 years. To date, they have served close to one million consumers. You may qualify for a loan between $2,000 and $40,000. Interest rates vary by your credit rating, but you can expect to receive a loan term of three or five years.

Personal loans from Prosper can be used in any way that you see fit. But in general, borrowers apply the loan proceeds to debts with high interest rates, wedding or vacation expenses, the cost of adoption, big-ticket purchases, and moving or relocation expenses.

You can get started with Prosper by completing the online application. Your credit score won’t be impacted, and you’ll receive real-time loan offers.

SoFi

SoFi also boasts fee-free personal loans ranging from $5,000 to $100,000. They cater to prospective borrowers with good credit and offer some of the lowest interest rates on the market when you enroll in the AutoPay program. You could qualify for a rate as low as 6.99 percent, but you’ll never pay more than 14.99 percent.

With regards to the fee-free structure, you’ll never pay any loan application, origination, or disbursement fees. Standard loan repayment terms are anywhere from three to seven years, with high APRs for longer periods. But if you wish to pay off the loan early, SoFi does not charge prepayment penalties.

Other SoFi benefits available to borrowers include:

• Unemployment protection if you are separated from your employer
• Job search assistance from the Career Advisory Group to expedite the process and quickly get you back to work

You can get pre-qualified with SoFi by completing a brief questionnaire online. There is no impact to your credit score for doing so. And if you’re matched with an offer, simply submit the requested documentation and upon final approval, the loan proceeds will be deposited into your bank account. The entire process, from start to finish, should only take a few business days.

Upgrade

Upgrade is a unique online platform that offers personal loans that are affordable to borrowers. They were founded in 2016 and are committed to helping customers navigate the credit maze so they can make well-informed and responsible lending decisions.

You can apply for a loan between $1,000 to $50,000 to be used for debt consolidation, to pay off credit cards, fund a business, make home improvements, or cover a large purchase. If there’s something else that isn’t on this list, you can use the proceeds for that as well.

You will repay interest anywhere from 6.99 to 35.97 percent APR over the life of the loan. And you’ll have either 36 or 60 months to pay the loan in full. As a customer, you will also have access to tools to help you improve your credit health so you qualify for the best possible financing terms on subsequent loan products.

To check your rate, enter the desired loan amount and loan purpose into the boxes found on the website. You’ll be prompted to answer a few simple questions to determine what loan amount and terms you qualify for. There’s no impact to your credit score to do so, and you’ll only receive a hard inquiry should you decide to move forward with the loan application.

You can have the funds in your account in as little as one business day as long as you get the requested documentation to the loan officer in a jiffy.

Upstart

While Upstart offers competitive interest rates on personal loans to borrowers with good credit, they know that you are more than just a credit score. So, they evaluate other factors, like your income, educational background, and employment history to determine if you qualify and the specifics of your loan offer.

Their loan amounts range from $1,000 to $50,000 and can be used in any way that you wish. However, most borrowers take out personal loans from Upstart to pay down or consolidate debt, cover unexpected medical expenses, pay for moving costs, make home improvements, and take care of wedding and vacation expenses.

Your interest rate will be anywhere from 7.98 to 35.99 percent, and you’ll have three or five years to pay back the loan. To check your rate, fill out the form found online. Doing so will not impact your credit score and should you decide to move forward, the loan can be funded in as little as one business day.

Quick note: you can also use loan proceeds to cover the cost of higher education, but a three-day waiting period applies to the disbursement of funds.

The Bottom Line

You’ve worked hard to earn a good credit rating, so use it to your advantage to score a great deal on a personal loan. And by doing your homework and working with the right lender, you’ll be sure to save a bundle in interest.