Personal Loans for Good Credit

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Checking offers will not impact your credit score*

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Funding up to $100,000 and APRs as low as 3.99%*

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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.

Quick. Simple. Secure.

How To Apply For Personal Loans for Good Credit

1 Pre-qualify

Fill out easy online form to check for pre-qualified offers with no impact to your credit score

2 Select offer

Compare terms and payment options to select offer that’s best for you

3 Finish application

Complete application process on your selected lender’s website*

4 Receive funding

After loan approval, your funds should arrive within 1-2 business days*

“The process couldn’t have been any easier. I filled out a short form that took me less than 2 minutes and within seconds I got multiple offers from lenders.”

 

- Mike T. (TN)

“It was important to me that I could review my offers without any impact to my credit score, before deciding on the best loan option.”

 

- Carol R (FL)

“I like the easy online and 100% paperless experience of Acorn Finance. I received my money two days after completing my application.”

 

- Bob S (WI)

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FREQUENTLY ASKED QUESTIONS

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.

Read more - FAQ

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?

This depends on your credit score and how much money you want to borrow. In general, people have the most luck at USAA or Wells Fargo. They tend to be more lenient on loan terms and credit scores. However, their interest rates might be higher. Check and see if there are better options before choosing a bank that is known for being easy. If you have good credit, it really shouldn’t be that hard to get a personal loan.

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?

Most personal loan hard pulls will drop your credit score by about 5 points. This is per loan application that does hard pulls. So, always make sure you pre qualify before submitting a loan application.

Will my credit score increase if I pay off a personal loan?

Not necessarily. Paying off a loan should drop your credit utilization, as long as you have not taken on new debt at the same time. This is a large portion of your credit score. Closing an account or paying off a personal loan at one time can actually cause your score to drop or stay the same. If you make payments on time every month until the personal loan is completely paid off, you shouldn’t see your score drop.

Should I get a personal loan to pay off credit cards?

Personal loans may be a good option for paying off credit cards if you are carrying a large amount of debt on high-interest cards. People often take out personal loans to cover the amount of credit cards. Then, instead of making several credit card payments, you can just pay the personal loan payment each month.

What credit score do I need for a $10000 loan?

For a $10,000 loan, you will probably need a credit score of 620 or higher. Good credit scores are needed to take out large amounts of personal loans. Some lenders may offer loans for lower credit scores though.

What credit score do I need for a $15000 loan?

For $15,000 loans, you will likely need a credit score of at least 640, but some lenders may require 690. It depends on the lender. If you have a low income-to-debt ratio you might be able to get a personal loan with a lower credit score.

What credit score do I need for a $20000 loan?

Similar to the $15,000 loan, you will likely need a score of around 640. This shows lenders who can be trusted to make payments on time and won’t struggle with more debt. Some lenders may also check your income and a few other factors to see if you qualify 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?

A credit score of 650 or higher can increase your chance of approval when applying for a $50,000 loan. If you do not have excellent credit, it may make more financial sense to use a secured loan to borrow $50,000. $50,000 is a decent amount of money for a lender to loan out with no collateral. With a secured loan, the borrower provides collateral so then lenders risk can be reduced. As a result, lenders may be able to offer more favorable terms for borrowers with less than perfect credit.

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.

Closing Thoughts
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 3.99%, 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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