4 Personal Loans for Good Credit Borrowers

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Updated on Tuesday, January 19, 2021

A good credit score is between 670 and 739. If you need a personal loan for good credit, you’ll find various lenders and lending platforms offering competitive rates and terms. To help start your search, look at our comparison of four personal loan lending platforms below.

Best Egg

APR

5.99%
To
29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.99% - 6.99%

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More


The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

*Trustpilot TrustScore as of June 2020. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$35,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–6.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR.

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Best Egg is an online lending platform that offers personal loans for a variety of needs, like paying for home improvement projects, moving expenses and consolidating credit card debt. Compared to your other personal loan options here, Best Egg offers low loan amounts and a low starting APR.

Funding is fast, too. Your loan could disburse the same day you’re approved. And there is no prepayment penalty for early loan repayment. However, Best Egg does charge an origination fee that’s 0.99% - 6.99% of your loan amount, as well as a late payment fee if you go past its three-day grace period.

Pros

Cons

  • Low starting loan amount
  • Quick loan disbursement after approval
  • Flexible loan purposes
  • Low minimum origination fee even for excellent credit borrowers
  • Loans are only for 36 or 60 months
  • Requires an annual $100,000 income and a 700 FICO Score to qualify for the lowest rates

Who’s a good fit for a Best Egg loan? A Best Egg personal loan is a good option for middle-to-high-income earners who have good-to-excellent credit and who need access to a small amount of money quickly. If you’re looking for more flexible payoff terms, Finance Factory and SoFi may be able to offer you more options.

Finance Factory

APR

Starting at 5.99%

Credit Req.

650

Minimum Credit Score

Terms

36 to 84

months

Origination Fee

Origination fees will be deducted from your loan proceeds

SEE OFFERS Secured

on LendingTree’s secure website

Finance Factory isn’t a loan provider, but it does connect borrowers with third-party lenders. You could qualify for a 36 to 84 month personal loan that can be used for traditional purposes, like consolidating debt, as well as for business purposes, like starting a business or investing in real estate. With loans up to $500,000, it offers the highest maximum loan amount for any lender or lending platform on this list.

Finance Factory likes to see a credit score that’s between 650 and 800, and ideally, 680 or better, along with an annual income that’s $35,000 or more. Time to funding is slow, typically taking seven to 10 days.

Pros

Cons

  • Offers personal loans for both personal and business use
  • Loans for up to 84 months
  • Very high loan amounts offered
  • Ideal credit score higher than most
  • Maximum APR not specified on website
  • Longer funding time than with many lenders

Who’s a good fit for a Finance Factory loan? If you have a high credit score, you may qualify for Finance Factory’s low starting APR. With an 84-month loan, you might be able to space out payments over a longer period of time without worrying about a prepayment penalty if you decide to pay your loan off early. This company is not a viable option for small personal loans.

Prosper

APR

7.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60*

months

Origination Fee

2.41% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read More


*For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.

Prosper is a peer-to-peer loan marketplace that connects borrowers with potential investors. Borrowers can access two tiers of personal loans through the marketplace: one for borrowers with good credit and another for borrowers with excellent credit. As a standard borrower, you’ll need a minimum credit score of 640 and you’ll be able to borrow up to $35,000. APRs range from a high minimum of 7.95% to 35.99%, with funding in a few days.

If your credit score is 740 or more, Prosper may let you borrow a high loan amount with a lower APR. You’ll also receive funds via direct deposit the same day you apply.

Pros

Cons

  • Peer-to-peer (P2P) lending may be more forgiving of adverse credit history
  • Lower interest rates and larger loan amounts for excellent credit borrowers
  • Same-day funding for excellent credit
  • No prepayment penalty, a common perk
  • High starting APR for good credit borrowers
  • Origination fee between 2.41% - 5.00%
  • Investors may choose not to fund your loan

Who’s a good fit for a Prosper loan? A Prosper personal loan is good for borrowers who want a low loan amount with an OK starting APR. The high minimum origination fee is a notable downside, but P2P lending can make loans easier to access for borrowers with some dings on their credit. Excellent credit borrowers may access a lower minimum APR and faster funding, but in that case, SoFi could be a better option.

SoFi

APR

5.99%
To
20.69%*

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.99% APR to 20.69% APR (with AutoPay). SoFi rate ranges are current as of January 19, 2021 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.

SoFi is an online personal finance company that offers fee-free loans, with rates that are especially competitive for borrowers who have good incomes and a reliable financial history. It offers some of the lowest APRs on this list.

Loan amounts range from a high minimum of $5,000 to $100,000. Notably, SoFi provides an unemployment protection program in the event of job loss. If you enroll in the program, SoFi will suspend your loan payments in three-month increments — for up to 12 months — and also help you search for another job.

Pros

Cons

  • No fees
  • High maximum loan amount
  • Unemployment protection available
  • Higher credit score requirement
  • Best rates go to borrowers with strong incomes and credit history
  • Slower funding time than other lenders

Who’s a good fit for a SoFi loan? If you have a good income, strong credit and are looking for the lowest personal loan rates with the least amount of fees, SoFi might be your best bet, especially if you’re also looking for a larger loan amount. The unemployment protection might provide added peace of mind if you’re worried about repaying your loan in case you lose your job.

Shopping for the best low-interest loans

Prequalification allows you to see loan terms you might qualify for, and it only requires a soft credit pull, which won’t affect your credit. We recommend you prequalify with a few lenders to help you shop for the best personal loan for your credit.

LendingTree’s personal loan tool is a good place to compare loan terms and rates from multiple lenders. After filling out one short form, there will be a soft inquiry on your credit — meaning your score won’t be impacted by checking for personal loan offers — and LendingTree will match you with offers from up to five lenders.

How to improve your credit to get better loan terms

If you’ve researched options and don’t qualify for personal loans for good credit, consider trying to boost your credit score before you actually apply. Here are four steps to take:

Organize monthly expenses, like rent or mortgage, utilities and credit card bills, to make sure you never miss a payment. Schedule automatic payments where you can, or set calendar reminders to ensure you never come up late anywhere.

Your credit utilization ratio is the amount of revolving debt you have for credit cards and lines of credit compared to your overall limit. Credit use accounts for 30% of your credit score. You can keep your utilization ratio low by paying off all balances in full and on time each month. If you’re having a hard time keeping debts down, consider setting up a budget.

By monitoring your credit report, you’ll be able to flag and report any inaccuracies or instances of fraud, which can hurt your credit score. You’re entitled to one free report annually from each of the three credit bureaus, Experian, Equifax and TransUnion. To access your reports for free, go to AnnualCreditReport.com.

If you need to establish credit — or it needs a boost — consider opening a secured credit card. You’ll have to put down a deposit to use as collateral, usually a few hundred dollars that will also serve as your credit limit. Then, use your card regularly, keep your credit utilization rate low, and stick to on-time payments. Once you’ve shown you can use your card wisely, your score will build and you’ll likely qualify for an upgrade to a regular, unsecured credit card.