Best Personal Loans for Good Credit of 2020

Personal loans are a great source of fast cash. And if you’ve been taking care of your finances and building good credit, you should be rewarded with an affordable rate for all of your hard work. The best personal loans for good credit deliver favorable repayment terms, attractive interest rates and the dollar amounts you need.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

Get Started

with our trusted partners at Bankrate.com

Refreshing data.
We found results in California.
    In this article


      Because there are so many lending options to choose from, it’s important that you take a few minutes to find the right good credit loans that match your exact wants and needs. To help, we’ve examined each of the top lenders from top to bottom and applied an in-depth SimpleScore rating to the process comparing rates, loan amounts, customer satisfaction, support and fees.

      The 7 best good credit personal loans of 2020

      The best personal loans for good credit at a glance

      ProviderRateTermsLoan AmountMin. Credit ScoreSimpleScore
      Best Egg5.99%–29.99%36–60 months$2,000–$50,0005503.75/5
      Payoff5.99%–24.99%24–60 months$5,000– $35,0006404.5/5
      LightStream3.49%–19.99%24–84 months$5,000–$100,000Undisclosed4.8/5
      Marcus6.99%–19.99%36–72 months$3,500–$40,000Undisclosed5/5
      LendingClub10.68%–35.89%36–60 months$1,000–$40,000Undisclosed3.2/5
      SoFi5.99%–18.28%24–84 months$5,000–$100,000Undisclosed4.6/5
      Prosper7.95%–35.99%36–60 months$2,000–$40,000Undisclosed3.2/5

      *Rates accurate as of August 13, 2020

      Best for debt consolidation – Best Egg

       If you’re looking for ‘eggcellence’ and ‘eggsperts’ when it comes to personal loans, check out Best Egg, but be ready to prove your ‘eggcellent’ income.

      APR Range
      5.99%–29.99%
      Loan Amount
      $2K–$35K
      Term
      3–5 years
      SimpleScore
      3.8 / 5.0
      close
      SimpleScore Best Egg 3.8
      Rates 4
      Loan Size 5
      Customer Satisfaction N/A
      Support 3
      Fees 3

      Based out of Wilmington, DE, Best Egg is the lending division of Marlette Funding, LLC. The company offers some of the best personal loans for good credit with amounts available as little as $2,000 up to $50,000. Rates, terms and loan amounts fall relatively in the middle of the road when it comes to options and flexibility compared with the rest of the industry. However, one standout requirement of Best Egg is that customers must have an income of $100,000 to receive the best rates and possibly even qualify.

      Best Egg Disclosure

      Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding LLC. All uses of “Best Egg” on this site mean and shall 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. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,500; in NM and OH must exceed $5,000; in GA must exceed $3,000.

      Best for credit card debt – Payoff

      Payoff does a great job helping you pay off your personal loans with no late fees, no annual fees and no prepayment penalties — seems like a fitting company name.

      APR Range
      5.99%–24.99%
      Loan Amount
      $5K-$40K
      Term
      24–60 months
      SimpleScore
      4.5 / 5.0
      close
      SimpleScore Payoff 4.5
      Rates 5
      Loan Size 5
      Customer Satisfaction N/A
      Support 4
      Fees 4

      There are definitely upsides and downsides when considering loans through Payoff. On the positive side, the rates start on par with the leaders in the industry on the bottom end, and the highest rates are lower than many companies in the industry. This means that if you are just shy of having less-than-excellent credit, you can still see added benefits.

      Payoff specializes in credit card debt. In fact, that’s the only purpose for its loans. However, becoming a Payoff customer means tracking your credit card debt and personalized support along your debt-free journey.

      Best for rate guarantee – LightStream

       If you’re looking for the light at the end of the tunnel with fast funding, try LightStream. The company’s same-day funding and use-specific rates should get a stream of cash flowing your way quickly.

      APR Range
      5.95%–19.99% w/AutoPay
      Loan Amount
      $5K–$100K
      Term
      24–84 months
      SimpleScore
      4.8 / 5.0
      close
      SimpleScore LightStream 4.8
      Rates 5
      Loan Size 5
      Customer Satisfaction 4
      Support 5
      Fees 5

      As a division of SunTrust Bank, now Truist, LightStream is one of the most streamlined lenders for best credit loans. Rates are already industry-leading but do get better with a 0.50% autopay discount. Compared to the rest of the industry that generally offers a 0.25% auto-pay discount, this is a nice perk. On top of this, LightStream offers a unique rate guarantee where the company agrees to beat any comparable rates by 0.10%. With this in place, it’s hard to say that any company has a better rate than LightStream.

      LightStream Disclosure

      Disclaimer: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be 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 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66

      © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

      Best for no fees, ever – Marcus by Goldman Sachs

      Unless you have a secret love for paying fees, Marcus could be a good fit for your lending needs with no fees across the board.

      APR Range
      6.99%–19.99%
      Loan Amount
      $3.5K–$40K
      Term
      36–72 months
      SimpleScore
      5 / 5.0
      close
      SimpleScore Marcus by Goldman Sachs 5
      Rates 5
      Loan Size 5
      Customer Satisfaction 5
      Support 5
      Fees 5

      It’s hard to start anywhere else than the fees (or lack thereof) when reviewing Marcus’ personal loans. The company has no sign-up fees, no prepayment fees and even no late fees. However, if you miss a payment, you will continue to accumulate interest on the amount you owe and late payments could affect your good credit, but you’ll never find yourself slapped with unsightly late penalties. Loans are available up to $40,000 and start a bit lower than many other lenders at $3,500. This makes Marcus’ good credit loans fantastic for smaller and medium-sized needs.

      Marcus by Goldman Sachs Disclosure

      Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

      Best peer-to-peer lender – LendingClub

      There are no hidden fees or secret handshakes to get into this club. LendingClub offers personal loans that are a bit more expensive but may be easier to earn approval.

      APR Range
      10.68%–35.89%
      Loan Amount
      $1K–$40K
      Term
      36–60 months
      SimpleScore
      3.2 / 5.0
      close
      SimpleScore LendingClub 3.2
      Rates 2
      Loan Size 5
      Customer Satisfaction 3
      Support 3
      Fees 3

      If you’re looking for a very small to medium-sized loan, you’ll probably want to consider LendingClub in your search. Loans start as little as $1,000, which is much lower than most of the rest of the industry. The rates offered through LendingClub are a bit higher, so the money will be slightly more expensive. But, while not posted, this could mean easier chances of approval if your credit score isn’t perfect. Unlike traditional lenders, LendingClub is a peer-to-peer (p2p) lender. What this means is that instead of your funds coming from a bank or credit union, groups of investors fund customer loans in order to reap profits on interest rates and fees.

      LendingClub Disclosure

      All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. For example, you could receive a loan of $5,700 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. *The origination fee ranges from 1% to 6%; the average origination fee is 5.2% (as of 12/5/18 YTD).* There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.

      Best for member perks – SoFi

      When you look at the options, rates and member benefits, it’s hard not to say that SoFi is so fly when it comes to loans for good credit.

      APR Range
      5.99%–18.28%
      Loan Amount
      $5K–$100K
      Term
      24–84 months
      SimpleScore
      4.6 / 5.0
      close
      SimpleScore SoFi 4.6
      Rates 5
      Loan Size 5
      Customer Satisfaction 3
      Support 5
      Fees 5

      There are two things that initially stand out about SoFi — the rates and membership perks. While the bottom end of the rates is similar to the other industry leaders, the higher end of the rates is several percentage points lower. This means that if you find yourself towards the higher end of another company’s rates, SoFi will be your best bet.

      SoFi’s membership perks is one of its greatest advantages against other competitors. There’s no fee to sign up — once you’re a customer, you’re a member. SoFi membership perks include career counseling, personalized financial advice and even discounts on other loan products.

      SoFi Disclosure

      Fixed rates from 5.99% APR to 18.28% APR (with AutoPay). SoFi rate ranges are current as of October 5, 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, 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 joint loans – Prosper

      Two heads are better than one — borrow with a cosigner or your partner in finance to enjoy Propser’s personal loans.

      APR Range
      7.95%–35.99%
      Loan Amount
      $2K–$40K
      Term
      36–60 months
      SimpleScore
      3.2 / 5.0
      close
      SimpleScore Prosper 3.2
      Rates 2
      Loan Size 5
      Customer Satisfaction 3
      Support 3
      Fees 3

      With loans starting as low as $2,000, Prosper is an ideal option for people looking to meet low to medium-sized personal lending needs. To date, the company has lent to over 1 million people for loans totaling over $17 billion. All loans come with fixed rates and no prepayment penalties. Additionally, if you’re looking to take out a loan with someone else or with a cosigner, Prosper can accommodate. While the rate range is a bit higher than with some other companies, it is still competitive. Compared to other peer-to-peer lenders like LendingClub, though, the rates appear to be a bit lower.

      Prosper Disclosure

      For example, a three-year $10,000 personal loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 personal loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% (AA) to 35.99% (HR) for first-time borrowers, 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 and WebBank take your privacy seriously. Please see Prosper’s Privacy Policy and WebBank’s Privacy Policyfor more details. Notes offered by Prospectus. Notes investors receive are dependent for payment on unsecured loans made to individual borrowers. Not FDIC-insured; investments may lose value; no Prosper or bank guarantee. Prosper does not verify all information provided by borrowers in listings. Investors should review the prospectus before investing.

      What is a good credit personal loan?

      Personal loans give people the ability to get funding fast for a variety of needs, including things like debt consolidation, major purchases, emergency medical expenses, home improvement and more. Generally, these loans are unsecured, which means that you don’t need to put up collateral to get approval. A good credit personal loan refers to a personal loan with favorable rates and repayment terms given to someone with good credit. Usually, the better your credit score and credit profile, the better and less expensive personal loan you will qualify for.

      How good credit personal loans work

      When you apply for your personal loan, the lender will likely perform a soft credit check to get an idea of what you can be approved for. After you accept the estimated terms, the lender will then do a hard credit check and confirm that you can be approved for the estimated terms. In general, the better your credit score and creditworthiness, the better the rates and repayment terms you will get.

      Credit score

      While there are several factors that go into determining your interest rate and loan repayment terms, none is bigger than your credit score. Your credit score is a numerical depiction of your likelihood to default on a loan within the next 24 months. The higher your score, the less of a risk you are to the lender, and the better rates and terms you should see.

      [Related: Multiple Personal Loans And Your Credit Score]

      Check Your Personal Loan Rates

      Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

      Get Started

      with our trusted partners at Bankrate.com

      APRs

      When you are shopping for personal loans, you’ll see two terms in reference to the cost of borrowing — interest rates and annual percentage rates (APR). The cost of a personal loan is primarily made up of a percentage of the money you borrowed, known as interest. If you take out a loan 5% interest, you’re charged 5% of the amount owed every month that it is not completely paid off. For example, if you have a $1,000 loan at 5%, $50 will be tacked on to what you owe the first month. If you make a monthly payment of $100, the next month you’ll be charged 5% of $900, or $45.

      However, the interest rate does not tell the whole story. Some lenders charge additional fees. Your APR takes into account your interest costs and the fees you will be charged, making it a much more accurate depiction of the annual cost of borrowing.

      [Related: APR vs. Interest Rates]

      How to choose the best good credit personal loan for you

      • Calculate how much you want to borrow. This might seem like a simple first step, but it’s an important one. Figure out exactly how much money you need, what you need it for, when you need it by and what you can afford.
      • Develop a repayment plan. Before you start shopping for good credit personal loans, make sure you have a budget or plan to pay the money back. You’ve worked hard to get your good credit score. Don’t put yourself in a position to lose that.
      • Compare lenders. Because you have a good to great credit score, you have some leverage in the lending process. You’re an ideal customer to which lenders want to lend money. What this means is that you should look around at multiple companies to find the best good credit personal loan for you. Take advantage of preapproval options that don’t hit your credit score at all and can give you results instantly.
      • Choose wisely. Not all lenders are the same. Make sure you look at more than just the APR rates when deciding on a lender. Look at reviews, repayment terms, options if you run into financial troubles and any added benefits available for customers.

      FAQs: Good credit personal loan

      Increasing your credit score takes time, especially when it’s already good. The best things you can do, though, include checking your score for any errors (and correcting them), continuing to make good on all debt obligations, lowering your overall outstanding debt and using booster products like Experian Boost or UltraFico.

      You are able to get personal loans without good credit and without the need to put up collateral. The money may be more expensive, and you may have to shop around more, but lenders are willing to work with you.

      Generally, personal loans are unsecured loans. This means that you are not required to put any collateral (like a car or house) up to secure the loan. This can mean slightly higher rates, but it also means you don’t have any assets at risk if you default on the loan.

      We welcome your feedback on this article and would love to hear about your experience with the personals we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

      Methodology

      SimpleScore

      The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

      For every review, our editorial team:

      • Identifies five measurable aspects to compare across each brand
      • Determines the rating criteria for each aspect score
      • Averages the five aspect scores to produce a single SimpleScore

      Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

      Why do some brands have different SimpleScores on different pages?

      To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

      However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

      Questions about our methodology?

      Email Hayley Armstrong at hayley@thesimpledollar.com.

      Rates

      We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

      Loan Size

      We awarded higher scores to lenders with more generous loan sizes.

      Customer Satisfaction

      We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

      Support

      We awarded higher scores to lenders with the most channels for customer support.

      Fees

      We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

      Jason Lee

      Contributing Writer

      Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill sets with the rest of the world. Follow Jason on Facebook here

      Reviewed by

      • Courtney Mihocik
        Courtney Mihocik
        Editor

        Courtney Mihocik is an editor at The Simple Dollar who specializes in insurance, personal finance, and loans. Previously, she wrote and edited for Interest.com, PersonalLoans.org, Ballantyne Magazine, Thread Magazine, The Post, ACRN, The New Political, Columbus Alive and the Institute for International Journalism.