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Best Personal Loans for Good Credit for December 2022

Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

If you have a good credit score, lenders are happy to compete for your business. That's because your strong score tells them that you've managed debt well in the past. Here, we dive into the pool of top lenders to find those with the lowest rates and best terms for borrowers like you.

As of Nov. 21, 2022
Lending Partner Min. Credit Score Loan Amounts Apr Range Next Steps
SoFi
Rating image, 5.0 out of 5 stars.

5.0/5

Min. Credit Score: 680 Loan Amounts: $5,000 - $100,000 APR Range: Fixed: 7.99-23.43% APR (with all discounts)
Marcus
Rating image, 5.0 out of 5 stars.

5.0/5

Min. Credit Score: 720 FICO Loan Amounts: $3,500 - $40,000 APR Range: 6.99% - 24.99%
FreedomPlus
Rating image, 4.5 out of 5 stars.

4.5/5

Min. Credit Score: 640 Loan Amounts: $5,000 - $50,000 APR Range: 7.99% - 29.99%
LightStream
Rating image, 4.0 out of 5 stars.

4.0/5

Min. Credit Score: 660 Loan Amounts: $5,000 - $100,000 APR Range: 5.99% - 21.49% (w/ AutoPay*)
Disclaimers

*SoFi Personal Loan Disclaimer

Fixed rates from 7.99% APR to 23.43% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

*Marcus by Goldman Sachs Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.

Best For: Exclusive borrower benefits

Logo for SoFi
Rating image, 5.0 out of 5 stars.
5.0/5
Minimum Credit Score
680
Loan Amounts
$5,000 - $100,000
APR Range
Fixed: 7.99-23.43% APR (with all discounts)
Term Length
24 - 84 months

We selected SoFi as a best personal loans lender for good credit applicants because there are no fees, loan limits are high, and interest rates for well qualified applicants are low. An added perk is that SoFi members get special benefits like career coaching and financial planning services.

  • Competitive interest rates
  • No fees
  • Paused payments for unemployment
  • High minimum loan amount

Best For: Long repayment terms

Logo for Marcus
Rating image, 5.0 out of 5 stars.
5.0/5
Minimum Credit Score
720 FICO
Loan Amounts
$3,500 - $40,000
APR Range
6.99% - 24.99%
Term Length
36 - 72 months

Marcus makes our list of best personal loans for good credit because of all the benefits it offers. Besides a low rate, you'll get no fees, a long repayment term, and the option to defer a payment if you run into financial difficulties in the future.

  • No fees
  • Opportunity to defer a payment
  • Long repayment term
  • Simplifies debt consolidation
  • No joint applications

Best For: No prepayment fees

FreedomPlus

Logo for FreedomPlus
Rating image, 4.5 out of 5 stars.
4.5/5
Minimum Credit Score
640
Loan Amounts
$5,000 - $50,000
APR Range
7.99% - 29.99%
Term Length
24 - 60 months

We chose FreedomPlus for best personal loans for good credit because it offers competitive loans to well qualified applicants. The best rate is reserved for people with excellent credit who need a relatively small loan and a shorter repayment period. There is no prepayment penalty.

  • Cosigners accepted
  • Special discounts for borrowers who want to pay down existing debt
  • No prepayment penalty
  • Difficult to qualify for lowest interest rate
  • Costly origination fees

Best For: Fast funding

LightStream

Logo for LightStream
Rating image, 4.0 out of 5 stars.
4.0/5
Minimum Credit Score
660
Loan Amounts
$5,000 - $100,000
APR Range
5.99% - 21.49% (w/ AutoPay*)
Term Length
36 - 84 months

We chose LightStream for best personal loans for good credit because of its top customer satisfaction rankings and rates among the lowest that you'll find. There are no fees, and the autopay discount is more generous than what most lenders offer. Some loans are funded the same day.

  • One of the lowest APRs in the industry
  • Low-rate guarantee
  • Super fast funding
  • High maximum loan amounts
  • Strict qualification requirements

What is a good credit score?

FICO® Scores are calculated on a scale of 300 to 850, with higher scores being better. There’s no official cutoff point that determines what is considered excellent, good, or bad credit, but FICO does offer some guidelines:

If your FICO® Score is in this range… Your score is generally considered…
800-850 Exceptional
740-799 Very Good
670-739 Good
580-669 Fair
579 or lower Poor

For the purposes of this discussion we’ll go with FICO’s definition and consider you a good-credit borrower if you have a FICO® Score of 670 or higher. The categories of very good and exceptional are also lumped into the broad category of people who can be said to have “good” credit.

If you’re not sure if you have good credit, there are several websites where you can check your own FICO® Score, or you may be able to access a free FICO® Score through certain credit card issuers if you’re a cardholder. My favorite is myFICO, which is run by the Fair Isaac Corporation -- the creators of the FICO® Score itself. It’s not free, but the tools and resources you get make it well worth the cost. I’ve been a myFICO customer since 2005 and love the comprehensive score reports and the score-predicting tools members can use.

How to choose the best personal loan for you

The best piece of advice I can give prospective personal loan borrowers is to shop around for a low interest loan. I don’t just mean reading about the various lending companies like you’re doing right now (although it’s certainly a good start). Rather, I’m talking about actually going through several lenders’ pre-approval processes to see both what loan terms you could qualify for and to ensure you can get approved for a personal loan.

Why several lenders? Simply put, you might be shocked at the variation in loan terms that you could be offered. It isn’t uncommon for the best and worst loan offers a consumer receives to be 10 percentage points apart, even for borrowers with strong credit histories.

Most personal loan companies, including the three I’ve discussed here, allow you to check your loan terms by filling out a quick-and-easy form and without affecting your credit. The lender conducts what is known as a soft credit pull, similar to what companies do when they send you those pre-approved credit card offers in the mail.

In a nutshell, there’s no good reason not to get pre-approved at a few different lenders, and you could save yourself hundreds of dollars (or more).

Is a personal loan the best way to consolidate your debt?

As a final thought, no discussion on personal loans would be complete without taking a step back and asking yourself if a personal loan is even the best option for you, especially if you plan to consolidate credit card debt or make a major purchase.

Here’s why I say that: If you have good credit, you can probably qualify for some pretty impressive 0% intro APR credit card offers for both purchases and balance transfers. As I write this, there are several balance transfer cards on the market with 0% intro APR offers for 18 months or longer.

If you are confident that you can repay your consolidated credit card debts, or whatever purchase you’re considering making with a debt consolidation loan, within a credit card’s 0% intro APR promotional period, that could be the smarter way to go. Just food for thought as you contemplate your best options.

Lending Partner Min. Credit Score Loan Amounts APR Range Best For
SoFi 680 $5,000 - $100,000 Fixed: 7.99-23.43% APR (with all discounts) Low APR for borrowers with high income
Marcus 720 FICO $3,500 - $40,000 6.99% - 24.99% Low overall APR
FreedomPlus 640 $5,000 - $50,000 7.99% - 29.99% Diverse offerings
LightStream 660 $5,000 - $100,000 5.99% - 21.49% (w/ AutoPay*) Borrowers with good credit

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