The 11 Best Personal Loans For Good to Excellent Credit

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When you find yourself in a place where you need a personal loan does not always feel good, depending on why you need the loan. Perhaps you need a loan because you want to purchase all new furniture for a new house? Or maybe you need a loan for a new car? Those are pretty upbeat reasons for needing a personal loan. You may need a personal loan because you have an emergency situation but you do not have the cash. No matter the reason why you need a loan, it is always helpful to have all the possible information before you begin looking for a loan. If you are looking for personal loans for good to excellent credit, you are in a great place to select from many loans and get the best rates. Continue reading to find out all the information you need to know.

Top 11 Loans For Good to Excellent Credit

Personal loans can be secured or unsecured loans. Most personal loans are unsecured, which means they do not require collateral. The loan terms can range from 12 months to 60 months. You typically repay the loan by making one payment per month. The less time you take to pay back the loan usually means that you can get a lower interest rate

When searching for personal loans for good to excellent credit, you should understand the most basic information about personal loans first. This puts you in a position to make the best choices for your situation. A personal loan is when a lender allows you to borrow money with your promise to pay back the money within a specific period of time. Lenders add interest rates on top of the money you borrow, which is called principal, as a fee for allowing you to borrow the money. Interest rates can be fixed or variable, which means it is changeable during the repayment period.

Where Can I Find Personal Loans for Good to Excellent Credit?

There are many places where you can find personal loans for good to excellent credit, but you just have to know where to look. There are many different types of lenders that provide personal loans good credit low income. You can find traditional banks and credit unions that have brick and mortar buildings where you can walk in and talk to a person. There are also many online lenders that provide excellent loan options. In the past, online lenders were considered for those with only bad credit, but that has changed over time.

There are also lenders that offer fast cash loans and payday loans. These types of loans must be carefully considered because they are not always a good option. If you have good to excellent credit, you have many options available to you so you should not have to consider these types of lenders. These lenders have high-interest rates and fees with short repayment terms.

#1 Earnest

Earnest logoIf you have good credit, but not a long credit history, this is a very good option for you. They offer you low rates and no fees. If you are new to credit and are responsible with money, this is the option you should consider.  There are no origination fees or late fees. They also have flexible payments. They require you to have a minimum credit score of 680 and you must prove that you have a consistent income. If you have any active collections accounts they will not loan you money. They do not offer loans with cosigners. To scan your checking account, they require your permission so they can access it. They have terms of 3 years to 5 years and they offer loans in amounts of $5,000 to $75,000. They have interest rates of 5.99 percent to 17.24 percent.

#2 SoFi

A great option for personal loans for excellent credit because they provide loans with low rates and flexible payments. They offer variable rates and member perks. They require you to have a credit score of at least 680, with their typical borrower having a credit score of 700 or higher. The term lengths range from 2 years to 7 years. They do not require you to have a set income level, but their average borrower earns over $100,000 per year. They do not have any type of fees, including no late or origination fees.

SoFi provides loans in amounts from $5,000 to $100,000 with interest rates ranging from 5.99 percent to 21.16 percent.  They do not offer any type of refinance options. While they offer debt consolidation loans, but they will not pay your creditors directly.

#3 LightStream

LightStream logoLightStream is a lender that aims to lend money to borrowers with strong credit. They offer low rates that are variable based on the purpose of the loan. This lender does not have any origination or late fees. Their loan amounts vary from $5,000 to $100,000 with interest rates of 5.49 percent to 17.49 percent. They do allow you to have a co-signer for loans. They require you to have a credit score of at least 660.  You don’t have to have a specific annual income. They do want you to have a maximum debt to income ratio based on the purpose of your loan. They offer repayment periods of 2 years to 7 years.  This lender does require you to have several years of solid credit history.

Three more loans for you to consider when looking for personal loans for good to excellent credit:

#4 Marcus by Goldman Sachs

Marcus by Goldman Sachs logoThis is an online lender offering unsecured personal loans. You must have a credit score of at least 660. They have loan amounts from $3,500 and up to $40,000, with interest rates ranging from 6.99 percent to 28.99 percent. They have repayment plans from 36 months to 72 months. Your credit score and income are what they look at when making decisions about loans. Their application takes only 5 minutes and they guarantee no fees. They do not have origination, prepayment, or late fees.

#5 Lending Club

Lending Club is a peer to peer lending group. These lenders are selected based on your individual criteria from your application. They offer debt consolidation loans where they will send the money to your creditors. They offer loans in the amounts of $1,000 to $40,000.  You are required to have a credit score of 600 or higher. They want you to have a credit history of at least 3 years and a debt to income ratio of less than 40 percent. They do not have an income level preference, so a lower income will not impact your ability to be approved. Their origination fee can get fairly high as it ranges from 1 to 6 percent. Their interest rates range from 6.95 percent to 35.89 percent. They offer loan terms of 3 or 5 years.

#6 Rocket Loans

Rocket Loans logoThey have low-interest rates for those with good credit. Once you are approved, you get your money quickly. They do a soft credit check with your application. They also have origination fees and late fees. You must have a credit score of at least 640, but the average borrower has a credit score of 710. You must have a credit history of at least 2 years. Your minimum income must be at least $24,000 but the average income is $87,000. They prefer your debt to income ratio is less than 40 percent, but the average ratio is 14 percent. Loan terms range from 3 years to 5 years. Origination fees range from 1 percent to 6 percent and late fees are $15.

Some more quick information about other personal loans for good to excellent credit…

#7 Credible

Credible logoThis lender has interest rates that start at 4.99 percent. Their loan terms range from 24 months to 84 months. The maximum amount they will allow to borrow is $100,000. There is no impact on your credit score when you apply.

#8 Payoff

It offers interest rates between 5.65% and 22.99% APR with an average for 16.5% percent. Loan terms range from 2 years to 5 years. Loans range between $5,000 with maximum amount of money they allow you to borrow is $35,000.

#9 Prosper

Offers interest rates ranging from 7.19 percent to 35.99 percent. Prosper has lent over $16 billion to over 1 million borrows. Their loan terms generally are around 60 months. The amount they loan is $4000 minimum with a maximum amount of money they allow you to borrow is $40,000.

#10 One Main Financial

It offers interest rates averaging around 22.74% percent. Their loan terms and fees can vary depending on state. They offer loans between $1,500 minimum with a maximum amount of money they allow you to borrow is around $20,000. They’re a trusted lender with over 100 years of experience.

#11 Upgrade

Upgrade offers fixed interest rates ranging from 6.99 percent to 35.89 percent. Their loan terms range from 36 months to 60 months. The maximum amount of money they allow you to borrow is $50,000.

Important Information About Personal Loans

There are a few more things you should understand about personal loans for good to excellent credit. There are often other fees that come with personal loans and they often take away from the amount you want to borrow. Loans often have administrative fees, which take care of the administration costs of the loan. Sometimes these fees include application fees. Lenders may call their fees origination fees, which include the application, running a credit check, processing the application, and paying you the money.

You need to provide documentation to the lender when you apply for a loan. You will need to prove your identity with a valid picture ID, such as a driver’s license or military ID. The lender wants to see proof of income, which may include pay stubs and bank statements. They want to know how much income you have coming in on a regular basis. If you do not have a standard job or self-employment, you may have to show the lender your tax returns.

What Are Considered Good to Excellent Credit Scores?

When you are looking for a personal loan for good to excellent credit, it is important to understand credit scores and how they impact you. Credit scores range from 300 to 850. Most credit scores fall between 600 and 750. The higher your credit score, then the better your credit is. A credit score of 749 or higher is considered a great credit score.  A credit score of 670 to 739 is considered good. Your credit score is one of the most important factors when is about your average personal loan interest rate.

Credit is something you build over time. It takes consistent work to build up your credit, but only a few missed or late payments will cause it to fall. Your credit score is listed on your credit report. This report lists all of your credit histories, including the debt you have or had in the past. It shows how you have repaid that debt and if you have had any late or missed payments. It shows how much debt you have balanced with your income to show your debt to income ratio. Also, it shows personal information about you, including marriages, addresses, and jobs that you have held. While your credit report shows all of this information, but it does not tell the story of why your credit score looks the way it does.

What Do I Need To Know About Interest?

When you are considering personal loans for good to excellent credit, you should learn as much as you can about interest rates. Interest rates can impact how much money you end up spending at the end of the loan. The higher your credit score is then the lower your interest rate is going to be. When you have excellent credit, you should expect to find interest rates around 10 to 12 percent. It is possible you could even get a lower rate. When you have good credit, you can expect to find interest rates of 13.5 to 15.5 percent. If your credit score is lower than that, you should expect that your interest rate will be much higher.

It is not enough to understand that your interest rate will go up as your credit score goes down. However, it is important to know what that means when your interest rate goes up. I will show you how interest impacts your loan amount in numbers, so it will be easier to understand.

How does Credit Score Impact on Your Personal Loan Interest Rate?

Let’s say that you want to borrow $10,000. If you have excellent credit and your interest rate is 10 percent, that means that your interest rate adds $1,000 to your loan. That makes the total amount you have to repay $11,000. If your repayment period is 36 months, that means you pay $305.57 per month. Let me show you how 10 percent impacts you when you borrow a larger amount of money. If you want to borrow $30,000 and you have 10 percent interest, that means your total interest is $3,000. The total amount that you have to pay back is $33,000. Your monthly payment is $916.67 for 36 months.

To highlight how your credit score impacts your interest rate, I am going to show you how good credit changes your payments. With good credit, you may find an interest rate of 15 percent. If you want to borrow $10,000 and you have 15 percent interest, that means your interest amount is $1,500. Your total loan amount is $11,500. Your monthly payment amount is $319.44. If you want to borrow $30,000, and you have 15 percent interest, your interest amount is $34,500. Your monthly payment amount will be $958.33.

Conclusion

I gave you a lot of information about personal loans for good to excellent credit, including a long list of lenders that you should consider. As you can see about half of them cater to those who have higher credit scores and should you be your first stop. There are other lenders offering personal loans for good to excellent credit that I have also listed, but you may not be able to borrow as much money from them or have a higher interest rate. The key is to research as much information as you can so that you can have enough information to make the best choice for you. Sometimes, the lower interest rate is not always the best option, if you cannot borrow as much money as you would like. You have to look at all the details of all the options when making your final choice.

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