Hanna Renaldi's Blog: The Best Personal Loans for Good Credit

Good credit — generally considered a credit score of 690 to 720 — gives you access to a wide variety of borrowing opportunities at favorable interest rates, including personal loans, which can be used to consolidate credit card debt, make home improvements or even fund emergencies. (Borrowers with excellent credit scores above 720 are likely to qualify for 0% introductory credit card interest rates, which are typically a better option than personal loans.)

The personal loan market is hot right now, and lenders are battling it out to provide the best terms and interest rates, which is always a win for consumers. One thing to watch out for: Not all lenders provide loans in every state, so be sure to check out the eligibility criteria on the lender’s website to make sure your state is within its geographic parameters.

NerdWallet compiled the best personal loans for borrowers with good credit:

Best personal loans for good credit overall

These lenders combine the best interest rates, good customer service, quick funding and no origination fees.

Lenders Earnest and SoFi are the best of the best — they were also our picks for best debt consolidation loans, largely because they offer some of the lowest interest rates with absolutely no origination fees. Earnest is in our top spot because the company levies no fees of any kind (including those for late payments) and has a very borrower-centric approach that includes the ability to customize payment amount and loan term.

Available in 21 states
APR: 4.25% to 9.25% fixed
Loan amount: $2,000 to $50,000
Loan terms: 1, 2 and 3 years
Minimum credit score: No minimum. Earnest considers credit in conjunction with alternative factors, like bank account balances, education and earning potential.
Time to funding: One business day once approved
Fees: None, including for late payments or insufficient funds. The company will instead work with you to adjust your payment amount if needed.

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Available in 46 states
APR: 5.50% to 9.99% fixed; variable rates that start at 4.04% and are capped at 10.99%
Loan amount: $5,000 to $100,000
Loan terms: 3, 5 and 7 years
Minimum credit score: 680
Time to funding: A few business days
Fees: No origination fee. Late fee is the lesser of 4% of payment due or $5.

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Best peer-to-peer lenders for borrowers with good credit

These lenders offer peer-to-peer loans at competitive interest rates for borrowers with good credit.

Prosper and Lending Club lead the peer-to-peer pack for good reason: They both offer favorable interest rates for borrowers in the “good credit score” category. We prefer LendingClub slightly for its more-flexible loan terms and slightly wider loan amount window (loans start at just $1,000). It also requires a lower minimum credit score.

Available in 48 states
APR: 5.99% to 32.99% fixed
Loan amount: $1,000 to $35,000
Loan terms: 2 to 5 years
Minimum credit score: 600
Time to funding: Within seven days
Fees: 1% to 5% origination fee, included in APR. Late fee is the greater of 5% of payment due or $15.

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Available in 47 states
APR: 5.99% to 36.00% fixed
Loan amount: $2,000 to $35,000
Loan terms: 3 and 5 years
Minimum credit score: 640
Time to funding: 2 to 8 business days after loan is approved
Fees: 1% to 5% origination fee, included in APR. Late fee is the greater of 5% of payment due or $15.

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Best personal loan for fast funding

Earnest offers some of the quickest turnaround times available.

If you need a loan and you need it now, your first stop should be Earnest, which offers funding in one business day once approved.

Available in 21 states
APR: 4.25% to 9.25% fixed
Loan amount: $2,000 to $50,000
Loan terms: 1, 2 and 3 years
Minimum credit score: No minimum. Earnest considers credit in conjunction with alternative factors, like bank account balances, education and earning potential.
Time to funding: One business day once approved
Fees: None, including for late payments or insufficient funds. The company will instead work with you to adjust your payment amount if needed.

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Best personal loan for high loan amounts

If you need to borrow a lot of money, SoFi is your best bet.

Most personal loan lenders cap their loans at between $25,000 and $50,000, but SoFi offers loans in a wide range, from $5,000 to $100,000. To go along with that, the lender also has one of the longest terms available, with loans for up to seven years. That means you can finance a large purchase — like a significant home improvement — or consolidate other high-balance debt. SoFi also offers favorable interest rates and no origination fees.

Available in 46 states
APR: 5.50% to 9.99% fixed; variable rates that start at 4.04% and are capped at 10.99%
Loan amount: $5,000 to $100,000
Loan terms: 3, 5 and 7 years
Minimum credit score: 680
Time to funding: A few business days
Fees: No origination fee. Late fee is the lesser of 4% of payment due or $5.

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Best personal loan for credit card consolidation

One lender caters specifically to borrowers consolidating credit card debt.

Payoff has made credit card consolidations its bread and butter, so if that’s your need, the lender should be high on your list of options. It should be noted, however, that a good credit score may qualify you for 0% balance transfer offers, which can be a less expensive way to pay down debt if you can do so in the time allotted.

Available in 31 states
APR: 8% to 22% fixed
Loan amount: $5,000 to $25,000
Loan terms: 2 to 5 years
Minimum credit score: 660
Time to funding: 2 to 5 business days
Fees: Payoff charges a “Payoff Platform Fee” that ranges from 2% to 5% of the loan amount, depending on term, included in APR. No late fee.

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Best personal loan for borrowers with “thin” credit

If you have a good credit score, but a short credit history, Pave may be a good fit.

A lot of factors go into determining your credit score, and one of them is the length of your credit history. It’s entirely possible to have a good credit score but a short history (also known as a “thin” file), particularly for millennial borrowers who haven’t yet established themselves financially. Some lenders like to see a lengthy history of positive borrower behavior, but Pave is going after this market by bringing competitive interest rates to borrowers with thin files.

Available in 34 states
APR: 7.50% to 20.30% fixed
Loan amount: $3,000 to $25,000
Loan terms: 2 to 3 years
Minimum credit score: 660
Time to funding: Within a few business days
Fees: Origination fee is 1% to 5% of loan amount, included in APR. Late fee is greater of 5% of past due amount or $15.