You want to make the most of your credit history to secure the best loan possible? There are many excellent loans available for people with good credit.
You should focus on the most important factors when analyzing a lending platform. These factors include minimum credit score, loan terms, amounts and APR.
You can check Dedebt to finance a wide range of important purchases such as a new vehicle, home remodeling, consolidating existing debt or for other purposes. You might want to make the most of COVID-19’s positive side, which is that some loans have record-low interest rates.
Although it is true that you shouldn’t take out any loan without doing extensive research, there are many benefits to loans for people with good credit. These loans can be used to increase your purchasing power, improve your credit, or simply enjoy life.
Are you unsure where your credit score falls on the FICO credit scale. The table below will help you determine where you fall on the FICO credit scale.
What does it mean to have “good credit”?
You might be concerned if you have “good credit”. There are two levels above “good credit” on the FICO credit scale.
You can still get great loans even if you have good credit. The key is to find the right platform for you. We’ve compiled the best lending platforms for people with good credit.
Best Lending Platforms For Good Credit
We have analyzed various lending platforms on the basis of fees, APR, terms, and other factors.
- Marcus by Goldman SachsBest for Consolidating Debt
Ideal for high-income Borrowers
Best to Pay Off Credit Card Debt
The best way to pay off a loan early
Best for small loans
- Best Egg
Best for Big Purchases
Best loans for good credit
Are you unsure which loans you should look for? Let’s get started!
1. LightStream – The Best Overall Credit Loan
- There are no late or origination fees
- Joint application feature
- Good rates and terms
- Most competitive APRs will be beat
- No prequalification available
- A majority of loans require good credit history for several years.
If you have excellent credit, LightStream offers some of the most attractive loans. LightStream is a SunTrust Bank division, so it has a lot of experience.
- Minimum Credit Score: Good-to-Excellent Credit Profile
- APR: Lower than competitors. Rates vary
- Loan range: $5,000 to $100,000.
- Term Range: Variable
They don’t charge fees for loans and offer large borrowing amounts of $5000 to $100,000. Their term limits can be flexible and range from 2 to 12 years, depending on your needs.
LightStream also offers a rate beat program. This program is similar to an APR match program with and offers an additional promise of beating that rate up to 0.10% (within limits, of course). If you’re unable to find a comparable rate with LightStream, you can still use LightStream for a great APR.
LightStream lends itself to good credit loans for many reasons. LightStream offers a joint application option for those with poor credit histories or who need to borrow money for students.
They do require good credit and a history of credit. Although prequalification is not possible, you can use a variety of calculators and other handy tools to estimate your monthly payments and interest rates.
It’s still a fantastic service. LightStream is a great choice because of its low fees, term flexibility and APR, as well as the APR-beat program.
2. Marcus by Goldman Sachs – Best for Debt Consolidation
- Flexible payment options available
- Direct payment to creditors is a great way to consolidate debts
- Autopay Discounts
- There are no additional fees
- It might take some time for funding to arrive
- No co signing option
Marcus personal loans by Goldman Sachs are great for consolidating debt. However, their high limit makes them an excellent fit for almost any financial need. If you have excellent credit, you can get a loan of between $3500 to $40,000
- Minimum Credit Score: 660
- APR: 6.99%-19.99%
- Loan range: $3500-$40,000
- Term range: 3-6 Years
In most cases, they offer flexible repayment terms of 3 to 6 year. Marcus customers often receive funds within 3 days.
There’s still a lot to love about this place. They do not charge any additional fees or origination fees and they don’t impose prepayment penalties. This is so that you won’t be charged more to pay down your debt aggressively.
If you have to make changes to your payment options, their customer service representatives will be very understanding. If you have a tight budget, they are a great option for your debt consolidation needs or any other loan requirements.
You can also set up automatic payments with them and get a rate discount on most of their loan packages. This is a great option if you are looking to repay your loan quickly. If you choose to consolidate your debt with Marcus loans, this option will allow you to pay your creditors directly.
You don’t need to co-sign and have good credit to be eligible for most of their loan agreements. Marcus loans are a great option if your credit score is good, especially if you need to pay off multiple debts.
Marcus By Goldman Sachs(r). Offer Terms and Conditions
The terms of your loan are not guaranteed. They are subject to credit verification. Additional documentation is required to obtain a loan. This includes an application that could affect your credit score. Due to many factors, the terms and availability of a loan offer as well as your creditworthiness evaluation will differ. Rates can vary depending on many factors such as creditworthiness (for instance, credit score and credit history), and length of loan. For example, rates for 36-month loans tend to be lower than rates for 72-month loans. Your loan purpose, income, and creditworthiness will all affect the maximum amount you can borrow. Your income must be sufficient to repay the loan. Marcus by Goldman Sachs, a Goldman Sachs Bank USA brand, issues all loans through the Salt Lake City Branch of Goldman Sachs Bank USA. Additional terms and conditions may apply.
3. SoFi – The Best For High-Income Borrowers With Good Credit
- On average, very good fixed and variable rates
- Flexible payment options
- There are tons of member perks that you can enjoy
- This can help you manage your finances more effectively
- Can’t refinance your loans
- Funding may take up to several business days before it arrives
SoFi, an investment company that is well-known for creating one of the most respected robo-advisors in the world, has once again proven its worth with personal loan options. You can get loans from them for amounts up to $100,000.
- Minimum Credit Score: 680
- APR: 5.99%-19.96%
- Loan range: $5000-$100,000.
- Term range: 2-7 Years
You can also borrow with terms between 2-7 years and as low as 5.99% APR. The only problem is that you will not receive your funds within a few days, as with Marcus loans.
SoFi offers many additional financial services and benefits. SoFi offers many additional financial services such as professional development, events for members, networking opportunities and community opportunities. Resume and interview assistance are also available.
SoFi is more than a loan service. SoFi can help you be a better financial steward of your portfolio or bank account.
They are a great option if you have a higher income than the average person and can take advantage of the bonuses. This lending institution can be used for almost any loan you could imagine, including student loans and mortgage loans.
Flexible payment options are also offered by these lenders, which offer both fixed and variable interest rates. In the event of an emergency or mishap, however, you cannot refinance your loan.
We recommend them if your comfortable with a long-term arrangement of debt and you want to maximize the benefits they provide. They’re a good fit for those with an average income of over $100,000 per year.
4. Payoff – The best way to pay off credit card debt
- Repayment terms and loan amounts are reasonable
- Many financial security tools available
- Check-ins and score updates are free
- Direct payment to creditors is also available for debt consolidation
- In some states, not available
- Origination fees
A loan from Payoff may be the best option for you if you are in credit card debt. Payoff offers flexible loan terms and a variety of support and tools to help you pay your bills on time.
- Minimum Credit Score:
- APR: 5.99%-24.99%
- Loan range: $5000-$35,000
- Term range: 2-5 Years
Payoff, for example, will give you free FICO score updates once in a while and a quarterly check-in from one of their dedicated “member experiences” specialists. This will give you some accountability in using your loan correctly and allow you to ask for their advice on how to reduce your debt the best way.
You’ll also get a range of cash flow analysis tools and job loss protection for the loan. It’s an excellent choice if your future employment prospects are uncertain.
If you are interested in one of their loans, they will require that your credit score be at least 640 and that you have a good debt-to-income ratio. You can get loans from $5000 to $35,000 with repayment terms of 2-5 years. They are not available in many continental states like West Virginia, Massachusetts, Mississippi and Nebraska.
They are a great option for paying off credit card debt. You can use the tools they offer to ensure that your debt repayment efforts lead to financial security. Payoff’s platform can be used to repay your credit card debt. Read our Payoff review and make an informed decision before you use it.
5. Find the Best Way to Pay Off Your Loan Early
- There are no origination or prepayment fees
- Loan terms that are favorable
- Includes a credit check tool for free
- Direct payment to creditors for debt consolidation
- In most cases, there is a $39 late charge
- There are no refinancing options
Discover makes it simple to repay your personal loan , and allows you to receive your funding promptly. Because they often make same-day loans after potential borrowers apply, you will find that same-day funding is frequently included.
- Minimum Credit Score: 660
- APR: 6.99%-24.99%
- Loan range: $2500-$35,000
- Term Range: 3-7 Years
Discover does not charge prepayment or origination fees. This makes it simple to pay off your debt quickly and reduce your overall loan amount. However, they do charge a late fees. For 3 to 7 years, you can borrow between $2500 – $35,000
If you are looking to improve your credit score, Discover offers the ability to pay creditors directly. All users can also benefit from the free Credit Scorecard tool. It includes current FICO scores as well as information about any inquiries or changes to your credit report. This is a great tool that will help you track your progress as you build your credit.
We love that they have a variety of flexible payment options that can be adjusted as needed. You can prepay with no fees and start small, then increase your monthly payments as your finances stabilize.
You can’t refinance the loan completely and you need to have a credit score of at least 660. They are a good choice if your goal is to improve your credit score and pay down your debts as soon as possible.
6. Upgrade – Best for low-Amount Good credit loans
- Can usually get you your funds quickly
- The loan amount can be as low as $1000
- Does job loss protection exist?
- Cosigning Options
- Are origination and late fees allowed?
- For debt consolidation, there is no direct repayment to creditors
Upgrade is flexible because they accept many incomes and credit scores. However, their lowest APR is 7.99%. This is slightly higher than the average lending institution we have looked at.
- Minimum Credit Score:
- APR: 7.99% – 35.97%
- Loan range: $1000-$35,000
- Term range: 3-5 Years
They can still get loans as low as $1000 and up to $50,000. They are a good choice if you need cash quickly. The terms you can borrow are between 3 and 5 years. They’ll help your loan get a lower APR by using your cashflow as a value metric, instead of your credit score.
Cosigners are allowed for Upgrade depending on the credit score requirements between the parties. Students might be able take advantage of these services. Unfortunately, they do not charge late fees or an origination fee.
They also offer hardship plans to help you in the case of your job loss. You may be eligible for a temporary decrease in your monthly payment, or for loan modification during the remaining term.
Additionally, Upgrade is a valuable option because they usually get you your funds within one day of your application being approved. They are a great choice for those who need cash quickly and with flexible terms.
7. Best Egg – Best for Big Purchases
- Most loans are available within a few hours.
- A soft credit check can prequalify you
- You can change your payment date
- No prepayment penalties
- Are there late and origination fees?
- Qualifications with higher than average income
Best Egg offers an APR between 5.99% to 29.99% for those with good credit. You can borrow between $2000 to $35,000, but borrowers with excellent credit may be able to borrow upto $50,000. You will typically repay the loan within 3 to 5 years. In some cases, you may get your funds in a matter of days.
- Minimum Credit Score:
- APR: 5.99% – 29.99%
- Loan range: $2000-$35,000
- Term range: 3-5 Years
You will need to have a minimum credit score (640) and a high income (100,000). You may be eligible if you meet the requirements.
Additional benefits include the ability to modify your payment date, depending on what is most convenient for you. If you wish to pay your loans off quickly and efficiently, there are no prepayment penalties.
However, there are fees such as an origination fee, which can range from 1% to 5.99%. If payments aren’t processed due to a digital glitch, they charge late fees or return fees.
They are a great choice if you have good credit and a high-income. If you are looking for a loan to finance a large purchase such as a house remodel or a car, we recommend them. We also recommend them if your credit history is good and you feel confident that the loan will be paid off sooner than the term limit.
A Guide to Buying a Loan for Good Credit
What is a “Good Credit Loan” specifically?
A good credit loan, as the name implies, is a personal loan that’s usually reserved for people with excellent credit. Credit repair companies can help you improve your credit score if you have trouble maintaining good credit.
Most personal loans are unsecured. These loans are not secured and don’t require collateral such as a house or car to support the debt. Lenders will consider other factors when determining your interest rate and other aspects of the loan. This includes your credit history, income levels and amount of debt at the time you apply for it. This gives lenders an idea of your ability to repay the loan.
Credit scores of at least 670 are required for good credit loans. This is very different from bad credit loans, which can be approved in certain cases but have credit scores that are low or no .
It’s much easier to obtain a personal loan with a favorable interest rate if you have good credit. This means lower interest rates, better terms and more options.
A wider range of financial institutions, such as banks and credit unions, can often provide personal loans for people with good credit. People with poor credit will have fewer options and may be offered loans with less favorable terms.
What rates can you expect for a good credit loan?
Good credit loans generally have lower rates or annual percentage rates (APRs). This means you will pay less interest over the life of your loan.
Each institution will have a different APR. However, most institutions will offer a good rate between 6% to 18%.
What type of loan can you get with a credit score of 700?
A credit score of 700 or more is considered to be good. Although it is not excellent, it should allow you to obtain favorable loans with low interest rates.
A credit monitoring service can be a great option for those with good credit. High-quality credit monitoring services can protect you against identity theft and cyber attacks as well as other family members.
How to Choose a Personal Loan with Good Credit
Consider the following points when searching for a personal loan with good credit.
First, compare the APRs of every personal loan with good credit. While the range of 6% to 18% will be sufficient for most cases, there are some institutions that might offer better deals depending on your credit history and other factors.
With the exception of loans that exceed your monthly payment limit, you will almost always prefer a lower APR. If you can afford a lower monthly payment, it may be worth choosing a higher APR.
Is APR your most important factor?Check out our review of the best personal loans with low interest rates.
Determine the purpose of the loan
The overall purpose of the loan will determine the interest rate and other features. Some loans are designed to pay off high-interest credit card debt. These loans may also allow you to make higher than agreed monthly payments, which will make it easier to pay off your credit card debts.
Some might be used for more common things like purchasing a car. These loans might offer attractive interest rates and be available to young people with good credit, but not much credit history.
What features does the loan have?
Consider any extra features that a loan may offer. Some lenders offer loans that can be tracked via a mobile app. Some lenders offer flexible payment plans or allow you to defer payments in the event of financial hardship.
Are You Pre-Qualified to Apply?
A lender who prequalifies you may be worth it. A lender will prequalify you to ensure that you can repay the loan on time. This is without having to do extensive credit checks or look into your finances.
This is advantageous because you will know the cost of the loan before you sign the dotted line. It allows you to plan ahead. This is also advantageous because it doesn’t usually require a “hard credit” check, which could affect your credit score.
Are there any additional benefits?
Consider any other benefits that a loan may offer, such as financial education resources and free credit score monitoring.
What is the cost of a personal loan for good credit?
The total cost of a personal loan includes both the APR (which is the interest rate you will pay over the loan’s life) and the monthly payments you must make. You will also need to calculate the loan’s total term.
So in short, combine:
- The term limit of the loan, or how many payments are required to repay it.
- Your interest rate (i.e., the APR), is determined by your interest. Any additional money you pay above the loan amount.
- Each month, the payment amount
You can reduce your overall cost by paying off loans quickly. You will pay less interest if you pay more than the monthly amount.
Longer terms are often associated with lower monthly payments, but more interest. It is also true that short-term loans at low interest rates often come with higher monthly payments.
What is the Monthly Cost of a 100k Loan?
Let’s demonstrate these principles with a little bit of example math.
Imagine that you have a $100,000 loan and you intend to repay it in ten years. This hypothetical good credit loan has an APR of 14%.
You start with $100,000, which you will need to repay: this is the initial amount of the loan.
Consider adding 14% to your annual payment. This adds up to $186,319.72 when the loan is fully paid off after a decade.
This also means that you will pay $1552.66 per month.
Are you satisfied with the deal? It’s up to the borrower to decide. It all depends on your financial situation, the purpose of the $100,000, and whether the loan agreement allows for aggressive repayments of excess funds.
Why get a personal loan?
A personal loan can be sought for many reasons, especially if the applicant has good credit.
People with a lot of debt may use debt consolidation strategies. They can combine all their debts into one personal loan, and then repay the loan over time.
This strategy has the advantage that multiple debt lines can be consolidated into one monthly installment, rather than having to manage several bills. While this method is legitimately more cost-effective than using a debt consolidation lender, it will be costly.
Others might be interested in personal loans with good credit to cover unexpected and emergency expenses. You might need to pay hospital bills or repair your car after an accident. This could be more than your savings can handle. A personal loan can help you stay afloat while allowing you to manage the debt more efficiently.
You might also be interested in home remodeling. Remodeling or remaking your home can be costly. A personal loan with good credit is a way to save money while still enjoying your new porch or interior without going bankrupt.
Do you think it is smart to get a loan to pay off debt?
People who take out personal loans to pay off debt (such as the debt consolidation loans mentioned above) have limited options. Some people with a lot of debt are not able to pay their bills on time or have poor money management skills. They may end up needing to borrow more money to pay off their debts. This can lead to financial insecurity.
A personal loan is a smart way to pay off your debt , provided that you adhere to the loan’s repayment agreement. This is obviously easier for certain loans than for others. Personal loans can help you pay off debt if you are able to relieve the immediate burden of repayment and set up a better payment plan or timeframe.
The best loan for you with good credit will depend on your individual needs, repayment schedule and monthly budget. There are many loans available to suit different income levels and requirements. Consider carefully each loan and use the information we have provided to help you choose the right loan for you.
Are you familiar with these loans? Let’s talk and let us know what you think.
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