5 best personal loans for good credit

In 2021, the average FICO Score in the U.S. was 716, reflecting a steady increase over recent years, according to Fair Isaac Corporation. As Americans’ credit scores are rising overall, it may be hard to tell if your credit score will be good enough to get a personal loan when you need it.

According to Equifax, a “good” credit score is between 670 and 739. If you have good credit, you should have plenty of borrowing options. The best personal loan lenders are widely available, have competitive annual percentage rates and charge few or no fees.

Below, see our top picks for good-credit personal loans.

Our picks for personal loans for good credit

No matter what type of personal loan you’re getting, it’s always a good idea to find a lender with reasonable annual percentage rates (APRs), transparent fee information and repayment terms that fit your needs. Our picks for lenders that are particularly ideal for borrowers with good credit are Prosper, Best Egg, Marcus by Goldman Sachs, Upgrade and LightStream.

Methodology: The ConsumerAffairs Research Team chose our top picks for good-credit loans by comparing popular lenders on online reputation, rate transparency and availability. All information is accurate at the time of publishing.

• Online reputation: We compared ratings and reviews on our site and across the internet, including Trustpilot. We also checked in with the Better Business Bureau for current alerts and government actions related to marketplace misconduct within the last year.
• Rates and fees: We gave preference to lenders with lower APR ranges, lower origination fees and no prepayment penalties. We also preferred companies with clear repayment terms.
• Availability: We confirmed that all of our picks are currently available throughout the United States. We also eliminated lead generators and companies that are only licensed in a few states.

Prosper is an online peer-to-peer lending marketplace that brings together those who need to borrow money with investors willing to lend to them. While Prosper doesn’t actually lend the funds, it does service the loans on behalf of borrowers and investors. Its loan amounts range from $2,000 to $40,000.

You can apply for a personal loan through Prosper’s website. You’ll need to provide personal information like your name, address, date of birth and Social Security number. You’ll also specify the amount of money you need to borrow and the purpose of the loan (like home improvement, medical expenses, etc.).

Prosper will then review your application and show you offers with no effect on your credit score. After you accept an offer, you complete the verification steps to get final approval. You then receive funds as soon as the next business day.

What we like

• No collateral requirement: Some lenders require collateral (such as a savings account or a car) for personal loans. A Prosper personal loan is unsecured, which means there’s no collateral requirement. Prosper can deduct your monthly payments directly from your bank account.
• No prepayment penalty: You can pay off your loan early with no added fees or restrictions. You can also make additional payments to principal monthly in order to pay off the loan more quickly.
• Lower interest rates: Prosper offers low starting rates compared with some other online lenders. If you have a high credit score, you may get a rate as low as 7.95%.

What to consider

• High origination fees: Prosper’s origination fees can vary from 2.41% to 5% of the loan value. Other lenders have fees as low as 1% or none at all, but they can also run higher than Prosper’s.
• Other fees: Prosper charges a fee for paying by check. The fee is either $5 or 5% of the check payment amount — whichever is less.
• Only two repayment terms available: Prosper only offers two repayment terms: three years or five years. If you are looking for a shorter or longer term, you’ll have to consider another lender.

What people say

People seem to like Prosper for its ease, and several of our reviewers are repeat customers.

A reviewer from Colorado wrote about their experience with the company on ConsumerAffairs: “It was a quick [and] easy process. Funds were available within [five] business days of my application. I recommend it [to] anyone with good to great credit.”

Best Egg is an online loan servicer that provides personal loans for a variety of purposes. The platform lets borrowers access funds quickly with minimal hassle, with approvals in minutes, and funds are available in as little as one day. You can borrow from $2,000 to $50,000 and pay it back in fixed monthly payments over three or five years.

Best Egg lets you check rates on its website, which only requires a soft credit inquiry and doesn’t impact your credit score. You’ll need to input info like your household income, debt details and Social Security number. This allows you to see your loan options without making a commitment.

Once you agree to the loan terms, Best Egg conducts a hard credit check. It may also request additional information, like proof of income, to finalize your loan. If you’re approved, you’ll need to provide your bank account information so Best Egg can transfer the funds.

What we like

• Receive funds in as little as one day: Best Egg has a fast turnaround time, with some loans gaining approval and funding in just one business day. Most borrowers, however, can expect at least a few business days before they see the funds deposited into their accounts.
• Competitive rates: Best Egg offers some of the lowest APRs among personal loan companies. Borrowers with excellent credit could pay as little as 8.99% on their personal loans.
• Check loan options with just a soft credit inquiry: Best Egg lets you view available loan options with a soft credit inquiry that won't impact your credit score. When you agree to the terms and finalize the loan, Best Egg conducts a hard credit inquiry.

What to consider

• Minimum loan amounts: Residents in certain states have minimum loan amounts higher than $2,000. For example, if you live in New Mexico or Ohio, the minimum loan amount is $5,000. In Massachusetts, it’s $6,500.
• High origination fees for longer-term loans: Best Egg charges an origination fee between 0.99% and 8.99% of the loan total. If you get a term of four years or longer, the origination fee will be at least 4.99%. This fee is deducted from the funds deposited into your bank account.
• Higher top-end rates: With APRs as high as 35.99% for some borrowers, Best Egg may not be ideal for those without great credit histories. Some lenders cap their rates at lower numbers.

What people say

Reviewers on our site give Best Egg positive ratings overall, highlighting the company’s customer service and promptness.

According to a reviewer from Massachusetts, “Best Egg was extremely responsive and I was blown away with their customer service. I received my loan within two days of applying, and was set up with an account immediately.”

They also said they were “NOT on hold for any amount of time” and that the representative was “not only knowledgeable, but also very quick to resolve my issues and didn't require me to be on the phone for more than a few minutes.”

Marcus by Goldman Sachs is an online offering from investment bank Goldman Sachs. Marcus offers personal loans with relatively low rates and no fees. You can apply for an unsecured personal loan ranging from $3,500 to $40,000.

To begin the process, you’ll need to provide your personal info, including your annual income. Marcus then conducts a soft credit check and shows you your loan options, usually within minutes. If you like what you see, you can proceed by providing your Social Security number so the lender can run a hard credit inquiry. Marcus may also request other documents to complete your application, like pay stubs or bank statements.

Once your application is approved, you’ll sign the loan documents and connect your bank account to receive the funds. Funds should be deposited within three to four business days.

What we like

• No fees: Marcus advertises no fees ever, including sign-up fees, late fees or origination fees. You can also receive a rate discount of 0.25% by signing up for automatic payments from your checking account.
• Fast approval: You can apply for a personal loan online and receive your loan options in just a few minutes. After that, you could get a loan decision within 24 hours. If you’re approved, the funds will be deposited into your account in about three to four days.
• Payment reward: Marcus offers a reward for making 12 consecutive payments in full and on time: the opportunity to defer one monthly payment with no extra interest charge. Marcus calls it a “payment vacation.”

What to consider

• No joint applications: Marcus only accepts individual applications, so you won’t be able to apply for a loan with a co-signer. This means your credit history and credit score alone need to satisfy the requirements for the loan.
• Paying late: Even though Marcus doesn’t charge late fees, you will still accrue interest charges by not paying on time, and your credit will take a hit.
• MarcusPay: Marcus also offers the MarcusPay loan, which you can use to finance a purchase from a participating merchant. MarcusPay is also a no-fee, fixed-rate installment loan.

What people say

At the time of publishing, our site doesn’t have many reviews for Marcus. Several people have found a customer from New York’s review helpful, however.

“Great loan and excellent client services," they said. "I needed to consolidate my high-interest credit cards. … My loan was able to pay off three accounts in full and pay off a large chuck of other balances that were haunting me every month. My one monthly payment along with not using these credit cards has made my credit score go from good to excellent in seven months!”

As of February 2023, Marcus by Goldman Sachs is offering personal loans by invitation only. Rates and loan terms may have changed.

Upgrade is a financial technology (fintech) company that offers personal loans, checking accounts, cards with a personal line of credit and credit monitoring and education. Its personal loans can be used to consolidate debt, refinance credit cards, make home improvements or pay for a major purchase.

Upgrade’s loans range from $1,000 to $50,000 with terms from two to seven years, giving you lots of flexibility. Upgrade also lets you change your payment date so it fits with your budget.

Like most other personal loan companies, Upgrade lets you check your rate online without affecting your credit score. You can see the different loans you qualify for and choose the one you want. Once you’re approved, the funds are sent to your bank account within one business day.

What we like

• Flexible loan terms: You can choose a loan term ranging from two years up to seven years. Upgrade provides the longest loan term of the companies on our list.
• Low starting APR: Upgrade offers a low 8.49% starting APR. If you have excellent credit and enroll in automatic payments, you should get a fairly good rate.
• Quick funding: Upgrade advertises one-day funding after you’ve accepted a loan offer. If you need the money in a pinch, this may be a great option for covering expenses promptly.

What to consider

• High origination fees: These administrative costs can range from 1.85% to 9.99% of the loan value — 8% is the highest on our list. This fee is deducted from the loan funds you receive.
• Credit score requirements aren’t disclosed: Upgrade states that rates and offers depend on factors like credit, income and loan amount, but it doesn’t specify minimum requirements. If you’re unsure if you qualify, you can always check the website for rates. This soft credit check won’t hurt your credit score.
• Varying minimum loan amounts: Upgrade has different minimum loan amounts that vary by state. For example, borrowers who live in Georgia are subject to a minimum loan amount of $3,005; in Massachusetts, the minimum is $6,400.

What people say

ConsumerAffairs doesn’t have many reviews for Upgrade at the time of publishing, but a customer from Las Vegas had a great experience with the lender.

“Easy application process," they said. "They will even do a soft credit pull to tell you what your likelihood is of being preapproved and at what rate. Once your process is approved they deposit the funds directly into your bank account. Customer service is helpful, knowledgeable and professional. I have had multiple loans. [I am] happy and would continue doing business with them. I highly recommend them.”

LightStream is a division of Truist, a bank formed by the merger of SunTrust Bank and BB&T. It offers personal loans for a variety of purposes, including home improvement, vehicle purchases, recreation, family life and debt consolidation. It has competitive rates on loans up to $100,000, a satisfaction guarantee and a rate-beating program. You can apply online and possibly get same-day funding.

LightStream’s application and funding process are completed online. The company doesn’t disclose credit score or income requirements for personal loans, but it does state that it approves borrowers with several years of credit history, reliable income, assets and a track record of on-time payments.

What we like

• Rate Beat program: If you’re approved for another unsecured loan from a different lender at a lower rate, you can present these terms to LightStream, and it will beat the rate by 0.1%.
• Loan Experience Guarantee: LightStream sends you $100 if you are not completely satisfied with your loan experience and fill out a questionnaire.
• No origination fee: LightStream charges no origination fee — or any other fees, like late fees or a prepayment penalty.

What to consider

• $5,000 minimum loan requirement: The minimum loan requirement is $5,000, which is higher than you may need — and it can be a bad idea to borrow more than necessary.
• Visa or Mastercard credit card required: LightStream’s online application states you must have a valid Visa or Mastercard credit card for verification purposes before you receive loan funds. Your card isn’t charged.
• No phone support: LightStream does not offer customer service by phone; you have to email for answers to questions.

What people say

LightStream has generally favorable reviews on our site, with one reviewer from Florida praising the company's customer service and options.

“Lightstream could not be any more user-friendly and customer-driven!" she said. "They plant a tree for every loan! They offer lots of repayment options and allow you to change payment time and amount whenever you need to make it more convenient.”

Compare the best lenders for borrowers with good credit

All our top picks have strong offerings, but the best lender for you depends on your needs and priorities. LightStream, for example, has the lowest starting APR but the highest minimum borrowing amount. Check out the table below for important points of comparison between our top picks.

	APR range	Min. credit score	Max. loan amount	Origination fee
	7.95% to 35.99%	640	$50,000	2.41% to 5%
	8.99% to 35.99%	600	$50,000	0.99% to 8.99%
	6.99% to 19.99%	660	$40,000	None
	8.49% to 35.99%	560	$50,000	1.85% to 9.99%
	7.49% to 24.49% (with autopay)	660	$100,000	None

	7.95% to 35.99%	640	$50,000	2.41% to 5%
	8.99% to 35.99%	600	$50,000	0.99% to 8.99%
	6.99% to 19.99%	660	$40,000	None
	8.49% to 35.99%	560	$50,000	1.85% to 9.99%
	7.49% to 24.49% (with autopay)	660	$100,000	None

How to get the best APR on a loan

The best (and lowest) APRs are reserved for borrowers with excellent credit, which is often defined as a score of 800 or higher, but it's possible to get a loan even if you have less-than-ideal credit.

To save on borrowing costs, research reputable lenders that offer low rates with few fees. Before you apply for a personal loan, you’ll want to request a recent copy of your credit report and check it for mistakes and inaccuracies that can negatively affect your score.

You’re entitled to one free credit report every year from each of the three major credit bureaus (TransUnion, Equifax and Experian) — visit annualcreditreport.com to get a copy of yours. Check with your credit card company or bank for access to your score.

If you find that your credit is less than ideal, you can work on improving your score before you apply for loans. Focus on paying your bills on time and keeping your credit utilization low.

Bottom line: How to choose a loan if you have good credit

In general, if you have good credit, you should be able to secure a lower rate on a personal loan. As you research loan options, take into account the reputation of the lender, the ease of application, how quickly you can get funds and any fees you may be responsible for. Be sure to compare offers from several lenders before making your decision.