MoneyGeek’s Picks for 2022

Best Personal Loans for Good Credit

Last Updated: 6/23/2022
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People with good credit typically find it easier to get approval for personal loans. While companies consider various factors, credit score plays a huge role. In some cases, having a good credit score may even be a requirement for securing a personal loan.

MoneyGeek ranked the best personal loans for good credit and shared some tips to help determine which company is right for you based on your needs and circumstances.

Best Personal Loans for Good Credit for 2022

Generally, having a good credit score can increase your chances of getting an approved personal loan and give you a greater range of choices regarding lenders. There are two types of credit scores lenders typically use.

Your FICO credit score helps lenders determine a person’s credit risk. According to FICO, 90% of the top lenders in the country use these scores. A good FICO score ranges from 670 to 739.

VantageScore is also used to evaluate credit risks. A good VantageScore is from 661–780. According to VantageScore, it can score about 96% of the U.S. adult population.

MoneyGeek reviewed more than 30 personal loan lenders using 35+ data points to determine the best personal loans for good credit.

MoneyGeek’s Top Pick for Good Credit: Discover


  • Discover

    • 5.99% to 24.99%APR Range
    • 720Minimum Credit Score
    • $2,500 to $35,000Loan Amount Range
    • 36 to 84 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Discover Website

Runner-Up: Best Egg


  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Best Egg Website

Other Personal Loan Options for Those With Good Credit
  • Lender
    Minimum Credit Score
    Loan Amounts
    APR Range
    Ready To Apply?
  • SoFi

    680

    $5K–$100K

    5.47%–20.28%

  • Lightstream

    700

    $5K–$100K

    4.98%–20.49%

  • Truist

    660

    $5K–$100K

    4.98%–20.49%

  • American Express

    660

    $3.5K–$40K

    4.93%–19.97%

  • Rocket Loans

    640

    $2K–$45K

    7.16%–29.99%

Choosing the Best Personal Loan if You Have Good Credit

Before applying for a personal loan, it is important to consider a variety of factors. These include your credit score, current debts, income and employment. How you would use the money you borrow will also matter. Determine whether you need the money for large purchases, debt consolidation or financing major expenses. Use MoneyGeek’s guide to help you find the best personal loans for good credit based on your needs.

1

Ask Yourself the Important Questions

When looking for personal loans for good credit, be sure to carefully evaluate if borrowing money is right for you. Then, check the qualification processes for the lenders you have chosen. Depending on the lender, you may not qualify for a loan. Consider asking the following questions:

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?
2

Do Your Research

Lenders have different requirements and conditions. It is essential to understand these before you proceed with the application process.

Find out how lenders check credit scores. While some may only do a soft check, others conduct hard credit checks that could impact your credit score. Depending on the loan term, you will have to make monthly payments for two to six years, on average. So, check the interest rates too. Comparing rates is one of the best ways to find the best personal loan for good credit.

MoneyGeek created this guide to help you through the loan application process. That said, these recommendations may not be suitable for all types of borrowers. It is still in your best interest to explore other options and compare them.

3

Wait

A personal loan is a commitment you will have to deal with for years. That is why it is important to be 100% sure that borrowing money is the best option.

Once you have done your research, think your decision over and wait for a day or two before pushing through with the application.

4

Read the Fine Print

Many borrowers often miss specific details about personal loans. While these may seem like little things, they can have a huge impact on your payment terms. They can even help you save money in the long run.

Read the loan documents carefully. Before applying for a loan, make sure you understand all relevant details, especially prepayment penalties, early payoff fees, and origination fees. Ask the lender for clarifications, if necessary.

5

Apply

If you’re sure that getting a personal loan is right for you, use the information you have gathered to choose the best lender for you. Then, proceed with the application process.

The process and requirements may vary per lender. However, standard requirements include identification, address verification and proof of income.

Options for the submission of the application may also differ. Some lenders allow online applications. While this makes it more convenient for some people, it will still help to call or visit the lender. This way, you can easily clarify any concerns you may have.

Key Takeaways

goodCredit

Ask Yourself the Important Questions: Determine if a personal loan is right for you and determine if you qualify.

find

Do Your Research: Compare lenders and rates to find the best options for your needs and circumstances.

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Wait: Reconsider your decision and wait for a day or two before applying.

financialPlanning

Read the Fine Print: Check all relevant information, including different fees and conditions.

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Apply: Submit your application form to your lender of choice via phone, online or in person.


Calculate Your Monthly Payment

Make sure you calculate your monthly payment before applying for a loan, especially if you are pre-approved by a lender. This way, you can determine whether you are financially capable of dealing with the repayment.

years
months
%



Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

FAQs About Personal Loans for Those With Good Credit

The best personal loans for good credit depend on personal needs and various other credit and income factors. MoneyGeek answers some of the frequently asked questions about personal loans to help you find the right lender and loan offer.

Methodology

We reviewed over 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

MoneyGeek also factored in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are made with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

Read More on Personal Loans

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.