10 Best Personal Loans for People With Good Credit

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There are plenty of reasons why you may be considering a personal loan, including debt consolidation, making a significant purchase or having some home repairs completed. While options are good, sometimes they can also be overwhelming.

These are the best personal loans for people with good credit, based on factors like APR, loan amounts, loan terms and use case options. 

1. LightStream

LightStream is the online, consumer lending division of Truist, and it prioritizes customers with strong credit. This includes those with a demonstrated ability to save, good credit history and a strong income-to-debt ratio. 

Pros

• Good option for those with high credit scores combined with strong financial histories.
• Highly rated by customers
• Quick application and approval process

Cons

• All rates apply only if you use autopay
• For this lender, the answer to “What is a good credit score?” is subjective and includes many factors
• Only approves “good to excellent” credit profiles
• Rates vary by loan purpose

2. SoFi

SoFi tries to satisfy borrowers’ growing financial needs from buying a home to saving money on student loans to advancing their careers. The company offers meet-ups and career counseling, which are nice perks. After approval, funds can be available the same day they’re approved. 

Pros

• SoFi offers loan forbearance and suspends payments if you lose your job
• No fees required
• Direct pay to credit card companies if you’re consolidating debt
• Potential for same-day funding upon approval

Cons

• Some online lenders may have slightly more competitive interest rates

3. Best Egg 

Best Egg is a self-proclaimed hassle-free personal loan option, and can give you a quote with a rate and loan terms in as little as five minutes. Their Direct Pay feature could help you get better rates and pay off existing debt faster, and they offer both secured and unsecured loans. 

Pros

• Both secured and unsecured loans are available if needed
• Direct Pay can pay creditors directly if you’re using the loan for debt consolidation
• Highly rated by customers

Cons

• There are origination fees, with loans over four years automatically receiving a minimum 4.99% origination fee
• Minimum of 700 FICO score required for eligibility

4. LendingClub 

LendingClub is an online lender that has a quick, streamlined application process. It has multiple available uses for the loan money, including debt consolidation, and you can receive funds within 24 hours after loan approval. 

Pros

• Funds can be sent directly to your creditors if using for debt consolidation
• Multiple options available for personal loan uses
• Both shorter and longer loan terms available compared to some competitors

Cons

• Cannot pay for post-high school education costs or for making investments (including into cryptocurrency)

5. Discover Personal Loans

Discover Personal Loans can provide fast payment on personal loans and loan funds can be disbursed directly to your creditors if you’re consolidating debt.

Pros

• Discover provides loan calculators so you can figure out exactly what you’ll be paying
• Flexible payment options are available
• Card members may get discounted rates
• Fast approval processes as long as application is thorough

Cons

• The loan cannot be used to pay for post-secondary education or to pay off a secured loan.
• Rates may be higher for non-card members, which can be a disadvantage for some users. 

6. Wells Fargo Personal Loans

Wells Fargo also offers a wide range of lending solutions for existing customers, including secured loans and personal loans for credit card consolidation. The bank has more than 8,000 locations and borrowers can apply online, by phone or in person. Once your loan is approved and you agree to the terms, you can receive funding by the next business day.

Pros

• The Wells Fargo website offers an online loan rate and payment calculator, and a debt consolidation calculator. 
• Potentially competitive interest rates compared to some other lenders. 
• Potential loan of up to $100,000, which is higher than some other competitors.  

Cons

• To be eligible to apply, you need to be a Wells Fargo customer for at least 12 months and meet other not-stated “applicant requirements” per the site. 
• If you’re looking at personal loans for excellent credit, you might find lower interest rates elsewhere.

7. Upgrade

Upgrade is an online lending platform that comes with access to helpful products and tools, including free credit monitoring, alerts and educational tools. 

Once you accept a loan offer from Upgrade, funds will be sent to your bank via an ACH transfer within one business day. It also provides some of the best personal loans for fair credit.

Pros

• Find out if you’ve been approved within seconds
• You can change your payment date to fit your budget
• Currently has a $200 bonus offer if you also open an account and direct deposit at least $1,000
• Can check your rate in 10 minutes
• Multiple available discounts, including if you use part or all of the loan to pay off existing debt or set up auto-pay
• Secured and unsecured loans available

Cons

• All loans have an origination fee

8. Citibank Personal Loans

Citibank has a large number of financial products, and its personal loans fit a variety of needs. You can choose between fixed-rate personal loans as well as personal lines of credit. Products vary per state, but the website allows you to choose your state to compare personal loans. 

You can get approved for a Citibank personal loan quickly and receive funding within five business days.

Pros

• The bank has nearly 700 branches across the U.S. for additional service
• If you’re already a Citibank member, you can get the money same-day as approval 
• .5% rate reduction for enrolling in auto-pay at loan origination

Cons

• You might find lower rates from other lenders if you have a high credit score
• Some states have more competitive offers

9. TD Bank

TD Bank has locations across the eastern part of the U.S. At its branches and online, TD Bank offers a suite of personal loan products. You can consolidate credit card debt, fund a vacation or pay for home improvements with a TD Bank personal loan.

If you opt for the TD Express Loan, you can typically receive funds within two business days after you’re approved.

Pros

• If you need $25,000 or less, you might qualify for a TD Express Loan, which comes with expedited loan processing and funding in as few as two days
• Use autopay and get a 0.25 percent interest rate deduction
• TD offers a personal unsecured line of credit

Cons

• General loan information only available after selecting from limited state options
• You can’t use the loan for educational or business expenses

10. UpStart 

UpStart has a quick and easy online application program, and you can take advantage of either three- or five-year loan terms on balances up to $50,000.

They have relatively competitive interest rates, and you can discover your rate in as little as five minutes. 

Pros

• Get funding in as soon as one business day
• Competitive rates compared to traditional lenders
• No prepayment penalties
• Approval model considers education and employment, in addition to financial background, which may make it easer to get approved

Cons

• There are origination fees
• There aren’t as flexible of loan terms compared to some other options

Choosing the Right Personal Loan Lender for You

When choosing a personal loan, there’s a few things to keep in mind:

• Get quotes from multiple lenders, so you can choose the loan with the best APR and terms that meet your needs.
• Remember that longer loan terms will mean a lower monthly payment, but you’ll also pay more in interest over the lifetime of the loan. 
• Double check use cases for each lender; some, for example, don’t allow you to use the money to pay for post-high school education costs. 
• Read customer reviews online to vet the lender you’re considering.
• Consider the whole picture, including APR, loan terms and any origination fees to understand the true cost of the loan across it’s lifetime. 

Barbara Friedberg and Gabrielle Olya contributed to the reporting for this article.

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