Best Personal Loans for Good Credit

Best Personal Loans for Good Credit: Get Top Loan Rates Online

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Last updated on January 13, 2021

What if you suddenly find yourself needing to get your roof repaired and are concerned about the APR on a personal loan?

Having a good credit score means that you’re considered by lenders to be less risky, translating into lower rates and the best terms offered. Of course, it’s still helpful to shop around because you want to make sure you’re getting the best bang for your buck.

Here are our choices for the best personal loans for good credit.

Best Personal Loans for Good Credit

Best loan aggregator: Monevo

Best for low fees: Lending Club

Best for low rates and educational resources: SoFi

Best for borrowing low amounts: EVEN Financial

Best for debt consolidation: Prosper

LenderMin. Credit ScoreLoan AmountAPR Range
Lending Club640$1,000 to $100,0004% to 36%
Monevo600$500 to $100,0003.49% to 35.99%
SoFi680$5,000 to $100,0005.99% to 21.11% (fixed rate with autopay)

6.99% to 14.70% (variable rate with autopay)
EVEN Financial580$1,000 to $100,0004.99% to 35.99%
Prosper640$2,000 to $40,0006.95% to 35.99%



Monevo is a personal loan marketplace, giving you the opportunity to compare deals from 30+ lenders. Although it favors fair to excellent credit scores (600 to 850) they say there are deals across the spectrum – there’ll just be fewer if you have bad credit. Applications use a soft credit check that won’t harm your score (until you proceed with a formal application) and it’s free to use. Monevo is a quick way to compare deals between a lot of lenders at once. Read our full review.



Lending club

LendingClub is a peer-to-peer lending company, meaning that it’s not a bank that lends you money, but individuals. You can get lower rates but it depends on your risk profile, which LendingClub will determine once you fill out an application. Typically you’ll need a higher income or a low debt-to-income ratio (how much debt you’ve taken on compared to your income) but you can file a joint application.  Once your application is approved it goes appears on the LendingClub website so investors can opt to loan you money.




SoFi offers low rates–though those with higher incomes tend to receive them. There are no fees, flexible payments and plenty of educational resources. Unlike many other personal loan lenders, you have the option of choosing a fixed or variable rate loan. SoFi also has social events, member dinners around the U.S. and an online forum where you can receive career and money advice. Check to see what will work best for your financial situation and read our full review to learn more.


Even Financial

EVEN Financial 210x100 b

Even Financial is similar to Credible in that they’re also a loan aggregator. You can qualify for a loan for as little as $1,000 and terms range from 24 to 48 months. Just like Credible, you fill out one application form and it’ll populate a few different lenders that you may be able to qualify for. Read our full review here.




Prosper offers some of the lowest rates, targeting those who want to use a personal loan for debt consolidation. You can check your rate within minutes online (it’s fixed, by the way) and once approved, pay it off either in three or five years. Plus, there are no prepayment penalties so you don’t need to worry about paying additional fees if you decide to pay your loan off early. Check out our review.

Read More: A Legit Payday Loan Alternative? Earnin App Review

What is Considered a Good Credit Score?

Credit scores range from 300 to 850–this means the higher your number, the better your score. According to Experian, one of the three major credit reporting bureaus, 700 is considered a good credit score. However, lenders typically also consider scores 680 and above as the minimum requirement for an applicant with good credit.

That being said, whether you’ll be approved for a personal loan will also depend on factors other than your credit score which can include current employment status.

What is a Good APR For a Loan?

According to data from Experian, 9.41% is the average interest rate for a personal loan. So if you receive an offer for a lower rate, then you can consider that good. Keep in mind that what you’ll qualify for can depend on things like your financial history and credit score.

Will It Hurt My Credit If I Get a Personal Loan?

When you’re getting prequalified for a loan, your credit score won’t be affected because the lender is performing what’s called a soft inquiry. If you’re shopping around, it’s best to find lenders that will do this–usually online lenders.

When you fill out an application form, that’s when the lender will pull a hard inquiry which can affect your score–it tends to be temporary and your score can go back up, especially if you’re a responsible borrower.

Besides, a personal loan can help to increase your score since making on-time payments is a huge factor into how your credit score is calculated. Plus, a personal loan can increase your credit mix, which can increase your score as well. That being said, don’t take out a personal loan solely to try and increase your credit score.

How Can I Choose the Best Personal Loan?

No matter your credit score, you’ll want to shop around, as getting multiple loan offers will help you find the best rate and terms. In other words, it can help you save money on interest throughout the lifetime of the loan.

Once you have a few offers, find the one with the lowest APR as it tends to cost you the least over time. You’ll also want to check the terms of your loan. Are there rate discounts if you make automatic payments? Is there a flexible payment schedule? Will you be penalized if you decide to pay off your loan early?

Though not necessarily as important, check to see what other perks–think financial education resources or free credit score monitoring–you can get. Be sure to take advantage of any perks that will help you financially for years to come.

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