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.

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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

Provider Rate Terms Loan Amount Min. Credit Score SimpleScore
Best Egg 5.99%–29.99% 36–60 months $2,000–$50,000 550 3.75/5
Payoff 5.99%–24.99% 24–60 months $5,000– $35,000 640 4.5/5
LightStream 3.49%–19.99% 24–84 months $5,000–$100,000 Undisclosed 4.8/5
Marcus 6.99%–19.99% 36–72 months $3,500–$40,000 Undisclosed 5/5
LendingClub 10.68%–35.89% 36–60 months $1,000–$40,000 Undisclosed 3.2/5
SoFi 5.99%–18.53% 24–84 months $5,000–$100,000 Undisclosed 4.6/5
Prosper 7.95%–35.99% 36–60 months $2,000–$40,000 Undisclosed 3.2/5

*Rates accurate as of August 13, 2020

Best for debt consolidation – Best Egg

Best Egg

Best Egg offers competitive APR rates on personal loans with one of the lowest posted credit score minimums of 550, meaning a lot of room for people with great credit to earn the best rates.

APR
5.99%–29.99%
Terms
3–5 years
Loan Amount
$2K–$50K
SimpleScore
3.75 / 5.0
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SimpleScore
Best Egg
3.75
  • Rates
    4
  • Loan Amount
    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.
Full review

Our Two Cents — 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.

Best for credit card debt – Payoff

Payoff

Payoff has a tighter window of offered loan amounts but comes out shining with no late fees, no annual fees and no prepayment penalties.

APR
5.99%–24.99%
Terms
2–5 years
Loan Amount
$5K–$35K
SimpleScore
4.5 / 5.0
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SimpleScore
Payoff
4.5
  • Rates
    5
  • Loan Amount
    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.

Full review

Our Two Cents — 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.

Best for rate guarantee – LightStream

LightStream

LightStream offers incredible flexibility with payment terms, rates and loans up to $100,000 for a wide array of personal loan uses.

APR
3.49%–19.99%
Terms
2–7 years
Loan Amount
$5K–$100K
SimpleScore
4.8 / 5.0
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SimpleScore
LightStream
4.8
  • Rates
    5
  • Loan Amount
    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.
Full review

Our Two Cents — 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.

Best for no fees, ever – Marcus

Marcus

Marcus' best credit loans can get you up to $40,000 at competitive rates with absolutely no fees ever (including no late fees).

APR
6.99%–19.99%
Terms
3–6 years
Loan Amount
$3,500–$40K
SimpleScore
5 / 5.0
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SimpleScore
Marcus
5
  • Rates
    5
  • Loan Amount
    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.
Full review

Our Two Cents — 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.

Best peer-to-peer lender – LendingClub

LendingClub

LendingClub is a peer-to-peer lender with somewhat higher rates, but personal loans starting as low as $1,000.

APR
10.68%–35.89%
Terms
3–5 years
Loan Amount
$1K–$40K
SimpleScore
3.2 / 5.0
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SimpleScore
LendingClub
3.2
  • Rates
    2
  • Loan Amount
    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.
Full review

Our Two Cents — 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.

Best for member perks – SoFi

SoFi

With available amounts up to $100,000, competitive rates, no fees and great member perks, SoFi certainly should be on every consideration list for good credit loans.

APR
5.99%–18.53%
Terms
2–7 years
Loan Amount
$5K–$100K
SimpleScore
4.6 / 5.0
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SimpleScore
SoFi
4.6
  • Rates
    5
  • Loan Amount
    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.

Full review

Our Two Cents — 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.

Best for joint loans – Prosper

Prosper

Prosper offers loans starting as low as $2,000 to individuals or joint borrowers with competitive rates and term lengths out to five years.

APR
7.95%–35.99%
Terms
3–5 years
Loan Amount
$2K–$40K
SimpleScore
3.2 / 5.0
close
SimpleScore
Prosper
3.2
  • Rates
    2
  • Loan Amount
    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.
Full review

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

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]

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.

Check Your Personal Loan Rates

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

Good credit personal loan FAQs

How do I increase my credit score?

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.

Can I get a personal loan without good credit?

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.

Are personal loans secured loans?

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.

Too long, didn’t read?

Personal loans for borrowers with good credit are available with flexible terms and great rates for dollar amounts up to $100,000. Many companies offer unique perks and helpful member benefits to borrowers that should be considered when shopping to meet your funding needs.

Keep reading

Methodology

The SimpleScore is our proprietary scoring metric to compare products and services at The Simple Dollar in a transparent, evidence-based way. Our editorial team identifies five quantifiable aspects to compare for every brand, determines the rating criteria for each aspect score, then averages the five aspect scores to produce a single SimpleScore. For good credit personal loans, we compared rates, loan amounts, customer satisfaction, support and fees for every major lender. Our ratings are meant to be a directional tool to help you in the process of choosing a personal loan provider. Be sure to continue your research and shop around for the best good credit personal loan that fits your specific needs.

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.

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Jason Lee
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 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.