Personal Loans for Good Credit
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Best Personal Loans for Good Credit in 2021
Securing competitive personal loans for good credit should be fairly simple. As a good credit borrower, you should have plenty of options. Personal loans can be good for many uses. Whether you need to consolidate debt or finance home improvements, personal loans can help. You may have a few ideas in mind for a personal loan. If you are wondering, are personal loans good to pay off credit cards? The answer is yes, in most cases. Personal loans can help with debt consolidation.
Taking out a personal loan from a reputable company can help you pay expenses or cover other debt that you are struggling with. Many people take out personal loans to cover the costs of home or car repairs. Finding the right lender and loan can be a hard decision. You will want to ensure you are getting a low-interest rate and a low minimum payment.
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How To Apply For Personal Loans for Good Credit
Fill out an easy online form to check for pre-qualified offers with no impact to your credit score
Compare terms and payment options to select the offer that’s best for you
Complete your application on your selected lender’s website
After your loan is approved, your funds should arrive within 1-2 business days2
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Learn More About Personal Loans for Good Credit
Acorn Finance can help you find the right lender and see which loans you may qualify for. We also can help you find loans and lenders that fit your needs and credit score. If you are looking for the best personal loans for good credit, keep reading.
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Best Personal Loans for Good Credit in 2022
What is good credit?
Higher limits: People with higher credit scores can borrow more and have higher credit limits on their credit cards than people with fair or bad credit scores.
Easier access to credit: Not only do borrowers with good credit obtain lower interest rates and higher loan amounts or credit card limits, the chances that will qualify for any type of credit is greater.Easier approval for rentals: Many landlords use a credit check when they are screening new tenants. A good credit score increases the chances you will be able to sign that lease and move into your rental home or apartment promptly.
Better car insurance rates: Even insurance companies may access your credit report when determining what kinds of premiums you will pay for your car insurance. People with higher credit scores tend to pay lower car insurance premiums than their counterparts who have bad credit.
These are just a few of the benefits that borrowers with good credit scores may experience. If you are a fair credit borrower, you may want to consider taking a little time to work on your credit and to give yourself that little extra boost to your credit score to get you over the hump.
If you have a good credit score, or if you are only a few short months away from obtaining a credit score, you may be curious as to which lenders offer the best deals on personal loans for good credit borrowers. Here is a list of some of the most trusted and respected online lenders who offer the best personal loans for good credit in 2022.
SoFi – 680 minimum score
Higher loan amounts of up to $100,000 are available to good credit borrowers
The lowest interest rate of 5.99% is possible for excellent credit borrowers
No fees. (No origination or late fee, and no early payoff penalty).
Joint applications are accepted
Good overall digital experience with exclusive member benefits
No same-day funding available
The smallest loan available is $5,000Why choose: Good or excellent credit borrowers looking for larger loan amounts, longer terms, and competitive interest rates may want to consider SoFi as one of their top lenders of choice.
LightStream – 660 minimum score
Qualifications Needed: LightStream is one of the most popular online lenders for borrowers with good or excellent credit. Part of the reason they are so popular is that they offer some of the most competitive interest rates on the lending market. Average APRs at LightStream range from 4.99% to 17.49% for personal loans between $5,000 and $100,000. LightStream also offers some long-term loan options, like personal loans of up to 12-years, that other lenders do not offer. To qualify for a personal loan through LightStream, you should have a minimum credit score of 680 and a minimum income of at least $50,000/year. One of the main perks of LightStream is that they charge no fees.
Fast loan approval and account funding
No origination or late fees and no early payoff penalty
Lower average APRs than other lenders
Smallest loan amount is $5,000Why choose: LightStream is the perfect lender for borrowers with good or excellent credit scores. They offer lower APS, zero fees, and loan amounts of up to $100,000. If you have excellent credit, you could qualify for a larger loan amount that you can use to complete significant home improvement projects like installing an inground pool, building a wrap-around deck with a porch, or a full kitchen renovation. Not only is it a possibility that you may qualify for a larger amount, but you could also lock in a low APR.
Best Egg – 600 minimum score
Fast loan approval and account funding
Lower minimum credit score requirements
Conducts a soft-credit check for prequalification
Charges an origination fee from 0.99% to 6.99%Why choose: BestEgg may be a good lender option for someone seeking a personal loan with good credit, however, they are at the bottom end of the good credit category. BestEgg has lower minimum requirements. Additionally, someone who is seeking an extremely fast loan for a smaller amount may find BestEgg to be one of the most convenient options.
Upgrade – 560 minimum score
Fast funding and loan approval
Offers loans as low as $1,000 for borrowers looking for a smaller quick emergency loan
Lower credit score requirements
Charges an origination fee
Higher APRsWhy choose: If you are a borrower with good or excellent credit, then Upgrade may not be the lender for you unless you are looking for a smaller loan amount. Upgrade does offer smaller loan amounts as little as $1,000 whereas other lenders have a minimum loan amount of $5,000. If you are looking for a larger loan amount and you have a good or excellent credit score, then you may want to look elsewhere.
Prosper – 600 minimum score
Lower minimum credit score requirements
No prepayment penalty
Joint applications are allowed
Charges an origination fee
Takes longer to be approved and to receive funding compared to other lendersWhy choose: If you have good or excellent credit, you may want to consider a different lender. Prosper has limited loan amounts, limited loan terms, and they charge many fees and higher APRs than someone with good or excellent credit should not have to be subject to.
LendingPoint- 600 minimum score
Lower minimum credit score requirements
No early payoff penalty
Charges an origination fee
Higher average APRsWhy choose: LendingPoint is a good option for borrowers who may have good or excellent credit but make less than 50k but more than 30k. Other lenders may have higher income requirements even if you have an excellent credit score.
Axos Bank – 700 minimum score
Fast approval and funding
No early payoff penalty
Charges an origination feeWhy choose: Axos Bank is known for helping borrowers who have recently acquired higher credit scores of over 700 to refinance current loans that may have incredibly high-interest rates.
OneMain- 600 minimum score
Shorter approval process
Lower minimum credit score and income requirements
Origination fee has the potential to be very highWhy choose: OneMain may be a good lender option for someone who may have a good credit score but only works part-time. With a minimum income requirement of $7,200, part-time workers may be eligible for personal loans through OneMain.
How do you pre-qualify for a personal loan with good credit?
How do you apply for a good credit loan?
What are the best personal loan rates for good credit?
What FICO score range is considered good credit?
How much can I borrow with a good credit loan?
Will getting a personal loan hurt my credit score?
How do you compare the best personal loans for good credit?
How much will it cost to take out a good credit loan?
What is the best good credit loan for high loan amounts?
What is the best good credit loan for low rates?
What is the best good credit loan for a secured loan?
What’s the minimum credit score for a personal loan?
Personal loan requirements vary by lender and institution. Some will have more requirements than others. Some may also be more lenient than others and factor in your income more than your credit score. However, most lenders will use your credit score as one of the factors of deciding if you can get a personal loan and what your interest rate will be.
The minimum credit score is usually 610 or higher. Some lenders will be fair credit lenders and may offer personal loans for lower scores around 580. If you don’t have the minimum score, you might need to spend some time trying to raise it. You can also consider getting a cosigner.
What is a good credit score to get a personal loan?
The higher your credit score, the better your loan terms will be. You should qualify for lower interest rates and as a result, lower monthly payments. Credit scores higher than 670 should usually receive more favorable loan terms. People with this credit score or higher are considered to have a good credit score and lenders feel like they can trust them more.
People with good credit scores are usually considered as lower risk than a borrower with fair credit. While even a good credit borrower can default on a loan, it’s less likely. With a good credit score, you should have more lender options and can be pickier about where you choose to borrow from.
Where can I get a personal loan with good credit?
Most banks offer personal loans to people with good credits. You can even try the bank you already work with. Sometimes banks don’t have the best interest rates though. Credit card companies may offer personal loan options as well. Many third parties also give personal loans.
To check personal loan offers from some top national lenders, apply online at Acorn Finance. You can receive offers in 60 seconds or less with no impact to your credit score.
Which bank has the easiest personal loan approval?
Do personal loans hurt your credit score?
Most lenders will do a hard pull of your credit history when you submit your official loan application. This can cause your credit score to drop. Taking out a personal loan will also raise your debt amount and might also raise your income-to-debt ratio amount. Both of these things can also hurt your credit score.
If you make your payments on time and don’t apply for more loans, your credit score should bounce back in about 6 months or maybe less. In some cases, a personal loan may even increase your credit score if you pay it off in a timely manner.
How many points does a personal loan drop your credit score?
Will my credit score increase if I pay off a personal loan?
Should I get a personal loan to pay off credit cards?
What credit score do I need for a $10000 loan?
What credit score do I need for a $15000 loan?
What credit score do I need for a $20000 loan?
Where can I borrow $30k?
If you need $30,000, you can borrow from an online lender, bank, or credit union. For a personal loan of this amount, Acorn Finance can help you find lenders that can offer competitive rates compared to other online lenders and banks.
$30,000 loans often have stricter requirements and companies may check your credit score, existing debt, and income. Acorn Finance can help you identify the lenders available to you and help guide you to make an informed decision on which loan company best suits your needs and finances.
What credit score do I need for a $50,000 loan?
What are the advantages of personal loans for good credit?
When you have good credit, it is fairly easy to get a personal loan. Personal loans are a really good way to consolidate high-interest debts, pay for home improvements, pay for a wedding, pay for a divorce, or any other large expense in your life.
You can qualify for a low APR with good credit. APR stands for “annual percentage rate” and is the annual rate of interest that borrowers have to pay to investors.
Paying off a personal loan is like paying off any other loan. It is really helpful if you are on time with your payments and pay them in full because it will help you successfully build credit. Lenders will typically report your payment history to three credit bureaus: Equifax, Experian, and TransUnion.
Your payment history is 35% of your FICO credit score. FICO stands for Fair Isaac Corporation because they are who invented the score. Since your payment history is 35% of your score, that means you can improve 35% of your FICO score by paying back a personal loan successfully and meeting all your payment deadlines. FICO credit scores help lenders, banks, and credit unions estimate how likely you are to be able to pay back a loan. Based on this, they decide how much they are willing to let you borrow and what your interest rate will be. A higher FICO score should qualify you to borrow more money at a better interest rate.
What are the disadvantages of personal loans for good credit?
Anytime you take out a loan, there’s some risk involved and a lot of responsibility involved. If you fail to repay a personal loan, you may damage your credit score. In addition, they may have more fees and higher interest rates compared to secured loans. On the upside, personal loans usually do not require collateral. These are among just a few of the disadvantages, so let’s take a closer look.
Most lenders charge quite a few fees to process your loans. The most common fees are application fees and origination fees. You will probably be penalized if you make a late payment or can’t afford a payment. This can affect your credit score. You can also acquire a prepayment penalty.
Lenders tell credit bureaus when you have a late payment or miss a payment. If you can’t afford a payment, don’t pay on time, or default on your loan, your credit score can go from good to fair or worse. Taking out a personal loan also increases your balance. Your balance is 30% of your FICO credit score.
If lenders decide that your credit score isn’t high enough to get an unsecured loan, you may have to pledge collateral in the form of personal assets. This means things like your car, boat, house, or certificate of deposit (CD) can be taken from you. A CD is a product that banks and credit unions offer that provides premium rates if a customer leaves an untouched deposit for a pre-decided period of time.
Before taking out a personal loan you should consider if the extra debt is worth it or not.
What can I do with a personal loan with good credit?
Personal loans help you pay for a lot of life expenses.
One thing a personal loan will help with is medical bills. You may have large medical bills, depending on your insurance or lack of insurance, for things like emergency room visits, chemotherapy, testing for illnesses, and other treatments. It is a good idea to try to talk to the hospital first and see if they will lower your medical bills. You might also have the option to pay in installments, which means a little bit at a time. But if the hospital is unwilling to do either of these things, a personal loan can be a good fit.
Weddings and divorces are another thing that can be paid by personal loans. Weddings can be extremely expensive, depending on how extravagant you want your wedding to be. They may require a lot of savings ahead of time, which you may not have the patience to establish. Personal loans can also be used to finance a honeymoon. You could take one personal loan to cover your wedding and honeymoon. Divorce, on the other hand, often costs around $16,000. A personal loan is a great way to pay off divorce fees since you will already have so much else on your mind during the divorce process.
Home repairs can also be paid off with personal loans. First check if your home insurance will cover the repair, especially if it is vital. If not, you can get a personal loan. Vital home repairs include things like extreme leaks or damaged roofs. You may also want to repair your home in preparation of selling it.
Lastly, a lot of people use personal loans to consolidate debt, such as credit card debt or student loans. Consolidating debt entails combining existing debts into one loan that hopefully has a lower interest rate.
Just be careful not to keep using your credit lines irresponsibly during this process, or you might be back at square one.
How will having good credit affect getting a personal loan?
Credit scores range from 300 to 850. 300 is poor credit and 850 is exceptional credit. However, you don’t have to have a perfect credit score to be approved for a personal loan.
A personal loan is a form of credit that you can use to pay for any large purchase. They acquire interest while you pay them off. Differing from credit cards, they often let you repay equal amounts over a few months or years to pay them off. This makes them an installment loan.
First, take a look at your credit score. Each of the three main credit bureaus- Equifax, Experian, and TransUnion, may rate you differently.
Your credit score and history let lenders know if you will probably pay the loan back in time and fully.
If you have good credit, you are likely to get a good deal. This includes lower interest rates and a higher amount of money.
The minimum credit score needed to secure a loan differs from lender to lender. Keep in mind that hard inquiries into your credit may lower your credit score, so see if you can get pre-approved or ask in advance what the lowest score is that the lender will accept.
Is it easy to get a personal loan with good credit?
If you have a good credit score it should be much easier to secure a personal loan with competitive terms. Your credit score may be impacted by a number of things, including payment history, loans, debt, new credit applications, and credit age. There are many online tools you can use to check your credit score. Be careful because sometimes looking at your credit score will lower it, so only use tools that don’t affect your score.
A credit score of 700 and above is considered good, while 800 or above is considered excellent. Luckily, you don’t have to have excellent credit in order to get a personal loan.
While you should qualify for most lenders if you have good credit, you might not get the most premium deals unless you have excellent credit.
An easy way to raise your credit is to buy a credit card, use much less than the limit on it, and pay it off monthly. If you can take your credit from good to excellent before securing a personal loan, you should.
If you can’t find the rates you want while looking for personal loans, you might consider other options like peer-to-peer lending, balance transfers, cash advances, and credit cards. However, you should be able to find a fair and reasonable deal with good credit.
Taking out a personal loan is a big financial decision and should be done with trusted lenders only. Acorn Finance has trustworthy lending partners that can offer personal loans with APRs as low as 4.99%, depending on your credit score. Individuals can discover simple and competitive payment options through Acorn Finance. At Acorn Finance, you can submit one application and receive loan offers in 60 seconds or less with no impact to your credit score. Once you have claimed the best offer and finalized the loan, you can receive funds quickly.
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