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.


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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How to Find Personal Loans with Good Credit and Low Income

When you need a personal loan, it can be a stressful time. It can be stressful because you might be in a difficult financial position. You may need money quickly to pay for an emergency expense. It can also be stressful if you do not fully understand the details of a personal loan. There are some points you should be aware of before you agree to a personal loan. While it is fairly easy to get personal loans with good credit, your income may make a difference. Before you consider applying for a loan, make sure you completely understand how your credit and income impacts your ability to obtain a loan. Continue reading to find out all that you need to know.

Before We Begin – Personal Loan Basics

If you are considering a personal loan, it is important to understand the most basic definitions. Personal loans tend to go by different names, but most of them are personal loans. The lender can be a bank, credit union, online lender, or even a friend or family member. When you borrow the money, you make a promise to repay it within a set period of time. You usually make monthly payments for three or five years. The lender charges you a fee, better known as interest, for your ability to borrow the money.

Lenders get to set their own interest rates. They set those rates based on your credit score. It is easier to get better personal loans with good credit. The better your credit means the lower your interest rate, which means the lower your monthly payment. Most personal loans are unsecured loans, which means there is no collateral attached to them.

This type of loan is often riskier for the lender and has a higher interest rate. If you are interested in a personal loan, you should do some personal loan shopping. Loans are not a one size fits all type of lending. You should make sure that you read all the fine print of all loan agreements. You should make sure the loan you obtain is the right one for you.

And you should also make sure you go with a reputable, trustworthy lender. If you want to cut the search time, Loanry is the right place for you. We partnered up with Fiona to connect you with these lenders and send you offers within seconds.

All You Need to Know About Personal Loans with Good Credit and Low Income

I know you came here to find out how to get a personal loan with low income and good credit score. But let’s first go over the basics, just in case.

What Is a Good Credit Score?

When you want to obtain personal loans with good credit, it is important to understand the definition of credit. In general, credit is the ability for you to obtain something today with the promise to pay for it at a later date. There are a lender and a borrower involved when it comes to credit. Unless you are incredibly rich and do not need money, you will most likely always be the borrower. The lender is typically a bank or some other financial entity. The lender allows you to take ownership of something despite not having paid for it, or not having paid the full amount.

There are different types of credit. An example that may quickly come to mind is a credit card. That is the most prominent type of credit that we usually consider. However, other great examples are mortgages and car loans. These are instances where a lender is giving you money to buy a house or car and you promise to repay the lender over time. This type of credit allows you to make large purchases, even though you do not have the money for them today. Local businesses may also extend credit to you. Consider the neighborhood plumber or heating technician. They may allow you to pay for a percentage of the work today and pay the rest once the work is completed.

When a lender allows borrowing money, they are taking it on faith that you are going to back them back. Your credit history tells the story of your payment history. It shows if you have maintained your commitment by paying back loans. Your credit is built slowly over time, but it takes only one or two missed payments to start to decline.

How Do I Know If My Credit Is Good?

Your credit score goes hand in hand. While your credit score is a three-digit number that appears on your credit report, it is an indicator of how well (or not) you have used your credit.

Whoa…I have said the word credit about four times and each one means something different. So, I am going to pause for a moment and do some explaining. Your credit report shows your credit history. When I say credit history, I mean anything and everything that has some credit implications. There are items that have an impact that you probably do not realize. It shows your employment history and how long you have been in your current job. And it shows how many jobs you had and for how long. It shows your address and how long you have lived there. It also keeps a record of your previous addresses and how long you lived there.

These items show how stable you are. When you move around a lot, lenders do not consider you to be that stable or secure. Your credit history shows all the credit you have been given and how you use it. It shows loans, credit cards, mortgages, etc. The lenders also get to see any late payments and even loans on which you defaulted.

Your credit report also shows your credit score. I mentioned above that it is a three-digit number and it indicates to lenders if you are a risk. A typical credit score is in the range of 350 to 850. Most people have a credit score that falls between 600 to 750. If you have good credit, it falls between 670 to 800. You should be aware that anything below 570 is in danger of bad credit.

When you have bad credit, you may find it is difficult to be approved for a loan. Naturally, it is much easier to get personal loans with good credit. If you have less than perfect credit, do not stress. You can still obtain a loan, it just takes a little more work. Do some research and look around for the best loan for you. You may want to consider a personal loan finance company.

And What If I Have Low Income?

Your income is important when it comes to obtaining a personal loan. Lenders want you to have a stable and consistent source of income. They also want you to be able to prove it. A lender also looks at other factors to determine if you have a low income. Some of these factors are the size of your family and where you live. It is possible to find loans with low income, but you have to do a little more research and work. If you search for personal loans good credit low income, you can find some solid options for yourself.

You may see that loans for those with low income have high interest rates or are only for low amounts. If you have low income, you must be cautious with a loan that you obtain because some loans may make your financial situation worse. You can always find personal loans with good credit, even if you have a low income. If you have low income, you could consider getting a co-signer for your loan. This person promises to repay the loan if you are not able to do so. This person’s income is a factor in the loan, so you may be able to get a better loan with a co signer.

What Is More Important – Credit or Income?

One is not more important than the other. They are both equally important. Your income does not impact your credit score, but it impacts your ability to pay your bills, which impacts your credit score. A lender can obtain your credit score without you having to provide documentation. For a lender to get a true idea of your income, you must provide documentation to the lender. They often want pay stubs as proof of income. They also may want to see your previous tax returns, or W2s, as well as bank statements.

Credit scores and credit history show the lender how you have used credit and paid it back in the past. Income shows lenders your ability to make the payments to repay the loan. Sometimes, if you do not have the best history but you have really high income, a bank may be willing to lend you money. Also, if you have low income but have an excellent credit history of always making timely payments, the lender may allow you to borrow money. They are both an important factor in the lender’s decision. I know I have mentioned this a few times, but it is important to repeat: it is much easier to obtain personal loans with good credit.

Can I Get a Personal Loan with Low Income AND Bad Credit?

If you have less than perfect, or maybe even, bad credit, that’s bad news. The good news is you can always work to improve your credit score. It’s really difficult to get a decent deal i.e. interest if you have both low income and bad credit. The lender just doesn’t have anything to hold on to and believe that you will be able to pay off this loan. So ultimately, you might even be denied a loan.

But, you can improve your credit score and increase your chances. It does take time and consistent effort on your part. The better your credit score is, the more likely a lender is going to lend you money. Use that as your motivation.

For now, let us focus on how to improve your credit score. The first thing you want to do is pull your credit report. This allow you to see your credit report, which includes your credit score. Once you see it, then you know what it is and know where to go from here. Take a good look at it and check for errors. If there is anything that does not look right, you must have it corrected or removed immediately. You can contact the reporting agency and have it corrected. If you go to their website, you should be able to find the appropriate form.

After that, you need to eliminate as much debt as possible. The more debt you carry means the lower your credit score will be. Most lenders prefer to see your debt to income ratio below 30 percent. This is the amount of debt you have in comparison to the amount of income you receive. Lenders feel that the more debt you have, the less likely you are to repay it. You may want to consider finding additional means of income to pay off more debt faster. Perhaps you can get a side job, or sell some items around your home to make more money.

In addition to paying off your debt as quickly as possible, you must pay all of your bills on time. You must also pay them in the correct amount. One of the top reasons a credit score drops is because you are making late or missing payments. You must make every effort to make all payments on time.

What about the Interest When I Have Good Credit and Low Income?

Another item to consider when thinking about a loan is the interest. This is actually a big factor. It is probably bigger than you think. When you want to borrow money, you have a set amount in mind that you need. The lender adds interest to that amount as a fee for allowing you to borrow the money. The more risk you pose to the lender than the higher the percentage of interest. A lender makes the decision on how much interest to charge you based on your credit score. The main amount that you would like to borrow is called the principal. When you obtain personal loans with good credit, the interest rate is lower.

If you have great credit, you can expect an interest rate from 3 percent to 6 percent, but if you have just ok credit, you can expect interest rates from 5 percent to 36 percent. That is correct, your interest rate can go up to 36 percent. Now, let me show you what that looks like with numbers.

If you have great credit and you want a loan for $20,000. The lender charges you 5 percent.

5 percent of $20,000 is $1,000.

The principal amount is $20,000 + $1,000 (interest) = $21,000.

If you have a loan for 36 months, that means your monthly payment will be $583.33.

If your credit is just ok, your interest rate might be 30 percent.

30 percent of $20,000 is $6,000.

The principal amount is $20,000 + $6,000 (interest) = $26,000.

If you have a loan for 36 months, that means your monthly payment will be $722.22.

If you have just average credit, your monthly payment goes up about $138 per month.

And how does the low income influence this equation? Well, as I have previously said, credit score is what influences the interest you get. Low income can only influence the amount you can get, since you cannot take out a large amount of money if you don’t have enough money to pay each month. But again, be aware of high interest when you have low income, and avoid these kinds of loans. If you have good credit, don’t be fooled into taking out a loan that will only make your financial situation worse.

Are There Different Types Of Personal Loans?

There are different personal loans with good credit available to you. There are traditional loans that you can obtain through a traditional bank, that you probably think about when you think about a loan. Those are the big banks that have an actual building that you can visit when you need help. You can also obtain a loan from a credit union. You can also obtain a loan from an online banker. In the past, online lenders where considered for those who have bad credit. That has changed and now all types of personal loan shoppers obtain loans online. Online lenders offer quick and easy application processing. You are able to upload all documents in the same place as where you fill out the application.

There are also secured and unsecured loans. A secured loan means that there is collateral associated with the loan. The typical type of secured loan is a mortgage or auto loan. When you have collateral attached to a loan, if you default on the lender, they can take the collateral. Unsecured loans do not have collateral attached to them, which makes them a bigger risk for lenders.

Do I Need a Proof of Income?

You always need to provide some type of documentation any time that you apply for a loan. You always must prove your identity to the lender. They want to make sure that you are who you say you are. In this world of fraud, lenders cannot be too careful when interacting with you. They must protect your identity as well as their data. Lenders may as for some type of photo ID, whether it is a driver’s license, passport, or military ID. It is important that your ID is valid and not expired.

Any lender wants to see proof of your income. They may want recent pay stubs or bank statements showing how much income you receive regularly. If you do not have a standard job and do contract work or some other form of self-employment, the bank may want to see your tax returns. The sooner you have all of these documents prepared and ready for the bank, the faster you can be approved. Lenders may also ask for some other type of document or may have additional forms for you. You should respond quickly to any and all requests. Failure to do so may result in your loan being delayed and even denied, even for personal loans with good credit

Do Personal Loan Companies Require Proof of Income?


I have shared a lot of information about personal loans with good credit. The key piece to obtaining personal loans with good credit is to make sure you can afford to repay the loan. It is important that you are able to make those monthly payments. When you are not able to make those payments, you are adding stress to your life and could potentially negatively impact your credit score. You should create a budget to make sure you are able to afford any loan that you plan to obtain. It is also important to save as much money and reduce as much debt as you can. Taking both of those steps will put in you a better financial position.