Personal Loans for Good Credit

Overview

You've been careful when managing your own credit: Isn't it about time you were rewarded? These loans are for borrowers that have a great track record when it comes to paying back debts. These loans rarely require collateral, are relatively easy to obtain, and are offered by a variety of lenders. If you can qualify for one of these good credit loans, it may be worthwhile to choose this loan option over others. Fees tend to be low or waived, and lenders provide more room when it comes to negotiating terms.

Is It Right For You?

Lenders look for a couple of important things when making decisions about personal loans for good credit. First, they like to see a credit score that is high enough (although individual requirements may vary). They also like to see a high income or at least a very dependable source of income that can be used to pay back the loan, so get ready to provide bank statements and other indications that you are able to handle this type of loan.

Pros and Cons

Pros:

-Generous terms. Lenders like to see the sort of borrowers that quality for these good credit loans. As a result, they are often willing to make more concessions when it comes to rates, the length of the loan, the amount, and more. This gives you more freedom to find a loan that fits your life.

-Project-friendly flexibility. There is no restriction on what these loans can be used for. This makes them great for a number of different projects, from home improvement to even funding a vacation trip.

Cons:

-Requirements tend to be strict. "Good credit" can mean different things, but generally your credit history has to be very strong to qualify for these loans, which means that not everyone will be successful.

What Else Should I Know About Personal Loans for Good Credit?

If you aren't sure if you can qualify for these loans or not, just ask! Most lenders will be able to run a credit check that 1) won’t damage your credit, no matter the results and 2) will let you know what kind of good credit loan that you can apply for. It is particularly important to check with multiple lenders for these loans, because some may be willing to offer better terms for such a low-risk borrower. In this case, playing the field is encouraged.