Best Personal Loans for Good Credit in 2022 Reviewed and Ranked

Below are the best personal loans for good credit for July 2022. Tested for APR, loan limit, loan term, credit score, required credit score, and much more
2:03 PM, Aug 08, 2022

If you're planning to pay off your debt with a personal loan or to make a big purchase, you'll have many options at your disposal if you have an excellent credit score.

But don’t rest on your laurels just yet.

Yes, with a good FICO credit score of 670 or better, you're more likely to have your loan application approved and qualify for a lower interest rate than customers with bad or fair credit scores.

Still, the ball remains in your court to discover the best terms and rates for a personal loan.

In this review, we compared several features to find the best personal loans for good credit. These include credit scores, debt-to-income ratio, down payment size, loan term & limits, interest rate, and much more.

Keep scrolling to learn more! 

Nice Loans for Good Credit:

  • MoneyMutual - Best Loan for Good Credit Overall
  • PersonalLoans - Take Out Short-Term Loans With Good Credit
  • FundsJoy - Quick Processing of a Personal Loan
  • Upgrade - Top-Notch Discounts on a Loan for Good Credit
  • CashUSA - Fewer Fees on Loans for Good Credit Borrowers
  • Zippyloan - Best Debt Consolidation Personal Loan
  • BadCreditLoans - Bad Credit Personal Loans With Guaranteed Approval
  • 24/7DollarLoan - Small Loan Amounts for Good Credit Borrowers
  • 24/7CreditNow - Get Loan for Good Credit for Building Credit Score 
  • LendingTree - Great APR on Good Credit Score Personal Loans

1. MoneyMutual - Best Personal Loan for Good Credit Overall

Pros:

  • Easy-to-use site
  • No hidden fees
  • A quick loan approval process
  • 60+ vendors available
  • Mid-sized and small loans available
  • Fast funds transfer

Cons:

  • Loan options depend on the lender you get

APR:

Since MoneyMutual isn't a lender, your interest rate will be determined mainly by your credit score. However, if you feel like you'll struggle with securing a loan, don't worry - the company provides several options to accommodate all kinds of customers.

Loan Terms:

MoneyMutual doesn't offer specific loan terms. Instead, it connects short-term loan providers with customers through a simplistic site and a quick approval process. However, you must have a minimum income of $800 per month.

Thus, its chief value is that it enables borrowers to access several lenders at once. This saves time and possibly money when someone needs a short-term loan quickly.

Remember, you can choose to accept or decline the loan offer. Better yet, if you decline, you can resubmit your application to find another online lender.

Loan Amount:

While there isn't concrete information on the amount of loan you can receive, some customers reportedly qualify for loans as high as $5,000.

Once you find a lender to work with, MoneyMutual will provide all the terms and conditions of your loan. This information includes dates for repayment, finance charges, personal loan rates, and more.

Best For:

MoneyMutual will serve you best if you want a short-term loan. The best part is that you'll receive your loan fast. Within 24 hours, the lender will transfer the money to your bank account.

Service overview:

  • Estimated APR: Varies
  • Loan amount: Up to $5,000
  • Minimum credit score requirement: N/A
  • Loan term: Varies
  • Best For: Short-term loans

>> Find the best personal loans for good credit at MoneyMutual >>

2. PersonalLoans - Great Short-Term Loans With Good Credit

Pros:

  • Fast loan processing
  • No minimum credit score needed
  • Flexible loans
  • Detailed website
  • Extended lender network
  • Competitive interest rates

Cons:

  • Only small loans are available

APR:

The APR ranges between 5.99% - 35.99%. However, your loan rate will depend on several factors, such as the requested loan amount and your credit score, history, and usage.

If you secure a personal loan, you'll be allowed to review the final offer before agreeing to the terms and conditions.

Loan Terms:

To qualify for a personal loan, you must:

  • Be at least 18 years old
  • Be a legal citizen or permanent resident of the US
  • Have a valid Social Security Number (SSN)
  • Disclose a legit source of income
  • Provide a valid checking account

The platform offers several payment options, including one that allows customers to pay off their debt in a year or less. Of course, you can choose the long-term repayment option if you prefer. The longest term is 72 months, while the shortest is 90 days.

That said, you must have a minimum of $3,000 per month for bank loans and $2,000 for personal installments and peer-to-peer loans.

Loan Amount:

PersonalLoans.com offers flexible loans where you can request as little as $1,000 up to a maximum of $35,000.

Best For:

PersonalLoans is known for offering flexible short-term loans. If you feel you won't be able to pay off your debt, you should contact your lender immediately. Their support team may be able to offer you a later date.

Service Overview:

  • Estimated APR: 5.99% - 35.99%
  • Personal loan amount: $1,000 - $35,000
  • Minimum credit score requirement: N/A
  • Loan term: 90 days - 72 months
  • Best For: Short-term loans

>> For short-term loans with flexible repayment, try PersonalLoans >>

3. FundsJoy - Quickest Processing of Personal Loans for Good Credit

Pros:

  • Multiple lenders
  • Simple application process (five minutes)
  • Access to up to $5,000 in personal loans
  • User-friendly site
  • No hidden fees

Cons:

  • Lenders are not readily available compared to competitors

APR:

With FundsJoy, you can secure personal loans with an Annual Percentage Rate (APR) ranging between 5.99% and 450%.

Loan Terms:

To borrow funds through FundsJoy, you should meet these conditions:

  • Be 18 years or older
  • Be a legal resident of the US
  • Have a reliable source of income

The loan repayment terms vary depending on the type of loan that you want to take out. However, most loans have a repayment plan of 6 to 18 months. This will give you sufficient time to repay the loan without worrying about making big monthly payments.

Loan Amount:

FundsJoy offers loans between $100 and $5,000. This makes it a perfect option for customers needing a small or big loan (for an expensive purchase).

Best For:

FundsJoy is best used for emergencies. It lets you fill in a form in less than 5 minutes and receive funds within 24 hours.

Service Overview:

  • Estimated APR: 5.99% - 450%%
  • Loan amount: $100 - $5,000
  • Minimum credit score requirement: N/A
  • Loan term: Six to 18 months
  • Best For: Emergencies (24 hours loan processing period)

>> Get a personal loan in the shortest time possible with FundsJoy >>

4. Upgrade - Best Discounts on a Loan for Good Credit

Pros:

  • A wide selection of repayment options
  • No prepayment fees
  • Low fixed rates
  • Affordable monthly payments
  • Rate discounts for checking account customer

Cons:

  • Late fee charges

APR:

Upgrade personal loans come with annual percentage rates between 5.94% and 35.97%. These rates are fixed and thus don't increase with time.

A customer's APR varies depending on the credit score, loan term, credit usage history, and other factors. To secure the best available rates, customers must accept automatic payments.

Loan Terms:

To secure a loan from Upgrade, you must:

  • Be a US citizen
  • Be at least 18 years old
  • Provide a legit source of income

To qualify for an Upgrade personal loan, you must have a credit score of 560 or above. Also, you should have at least two accounts on your credit history.

Finally, your debt-to-income ratio should be less than or equal to 75%, including the mortgage and computing in your new loan.

The loan term ranges between 24 and 84 months. Note that you'll be charged up to $10 for late payments.

Loan Amount:

Upgrade specializes in personal loans ranging from $1,000 to $50,000. These loans are usually disbursed in less than one business day, hence are a great fit for those who need money quickly.

Best For:

The platform offers top-rated discounts — it may reduce your personal loan interest rate by up to 20% if you're active in its Rewards Checking account. For example, a 30% APR can be reduced up to 24%.

Service overview:

  • Estimated APR: 5.94% to 35.97%
  • Loan amount: $1,000 to $50,000
  • Minimum credit score requirement: 560
  • Loan term: 24 to 84 months
  • Best For: Discounts

>> Head over to Upgrade to receive the best discounts on personal loans >>

5. CashUSA - Fewer Fees on Loans for Good Credit Borrowers

Pros:

  • Up to 72 months repayment period
  • Accessible 24/7
  • All types of credit considered
  • Get a loan decision in minutes
  • No fees

Cons:

  • Modest loan amounts

APR:

CashUSA interest rates vary between 5.99% and 35.99%, depending on the online loan lenders. You'll only see the APR you qualify for after you submit an application and get offers.

Loan Terms:

To qualify for personal loan funds at CashUSA, you're required to meet the following requirements:

  • Be a permanent resident of the US
  • Be at least 18 years old
  • Provide home and work numbers as well as a valid email address
  • Have a monthly income of $1,000 or more
  • Have a checking account

The loan repayment period ranges between 90 days and 72 months.

Loan Amount:

Through its portfolio of personal loan lenders, the platform offers loan funds between $500 and $10,000. The maximum amount you can borrow depends on your creditworthiness.

Best For:

With fewer or no fees on most personal loans, CashUSA is a perfect fit for borrowers who want to avoid extra costs.

Service Overview:

  • Estimated APR: 5.99% - 35.99%
  • Loan amount: $500 - $10,000.
  • Minimum credit score requirement: N/A
  • Loan term: 90 days - 72 months.
  • Best For: Few fees

>> For fee-free loans, try CashUSA >>

6. Zippyloan - Easy Debt Consolidation Personal Loans

Pros:

  • Loan amounts as low as $100
  • Simple application process within five minutes
  • Financing in less than 24 hours
  • Zero hidden costs or setup fees
  • No minimum credit score required

Cons:

  • Not available in Oregon, New York, Washington, and West Virginia.

APR:

Like MoneyMutual, Zippyloan isn't a lender but a marketplace that connects borrowers to lenders. Hence you won't find general interest rates posted on their site. Although rates vary between 5.99% and 35.99%, the lender ultimately determines the exact rate.

Loan Terms:

Zippyloan offers a straightforward application process. All you need to apply is:

  • Be 18 years old or above
  • Have a verifiable source of income
  • Have a bank account under your name
  • Have proof of residence in the USA

The platform offers flexible repayment plans based on customers' needs, ranging from 6 to 72 months. However, if you're looking for a short-term loan (payday loans), you can pay your balance as soon as your next payday.

Loan Amount:

Zippyloan offers loans of up to $15,000. Rates vary depending on how lenders will evaluate your application.

Best For:

We found Zippyloan to offer reasonable terms for debt consolidation. It offers loans of up to $3,000 for debt consolidation that you can repay in weekly, fortnightly, and monthly installments.

Service Overview:

  • Estimated APR: 5.99% - 35.99%
  • Loan amount: Up to $15,000.
  • Minimum credit score requirement: N/A
  • Loan term: Six to 72 months.
  • Best For: Debt consolidation loans

>> Get reliable debt consolidation personal loans at Zippy Loan >>

7. BadCreditLoans - Bad Credit Personal Loans With Guaranteed Approval

Pros:

  • Informative site
  • Competitive interest rates
  • No application fees
  • No collateral needed
  • Responsive customer service

Cons:

  • You can't borrow more than $1,000 if you have a credit score below 500

APR:

The platform offers loans with APRs ranging between 5.99% and 35.99%.

Loan Terms:

BadCreditLoans partners with a network of lenders who define payment terms. In general, these lenders expect loans to be paid off within 3 to 36 months.

Most lenders charge an origination fee of 1% or above, plus separate closing fees. Also, you're likely to get penalized if you skip or make late payments.

Loan Amount:

Personal loans range between $500 and $10,000. If you have a credit score below 500, you can only borrow a maximum of $1,000.

Best For:

BadCreditLoans is known for easily approving personal loans to many customers with a credit score below 500. If you belong to this category, seriously consider requesting a loan through it.

Service Overview:

  • Estimated APR: 5.99% - 35.99%
  • Loan amount: $500 - $10,000
  • Minimum credit score requirement: N/A
  • Loan term: Three to 36 months
  • Best For: Low credit score borrowers

>> Get easy loans with a credit score below 500 on BadCreditLoans >>

8. 24/7DollarLoan - Best Small Loan Amounts for Good Credit Borrowers

Pros:

  • $0 prepayment fees
  • Funding available within 24 hours
  • Local community support
  • Top-tier customer education and support
  • No early payment penalties

Cons:

  • Most borrowers offered between $100 and $1,000
  • Charges origination and late fees

APR:

24/7DollarLoan offers loans with an APR between 196.96% and 388.93%.

Loan Terms:

To qualify for a loan from 24/7DollarLoan, you must meet the following conditions:

  • Have a credit score of between 300 and 700
  • Be at least 18 years old
  • Be a resident of the US

The platform doesn't reveal the minimum annual income eligibility requirement. The Military Lending Act (32 C.F.R. § 232) doesn't allow lenders to charge members more than 36% APR.

Since DollarLoan personal loans fall outside the MLA limits, the platform can't issue loans to these applicants. The platform doesn't mention the average loan terms.

Loan Amount:

24/7DollarLoan is a marketplace that connects borrowers to personal and short-term loans. Since it can't offer direct loans, it doesn't determine possible loan amounts.

However, customers who qualify for loans receive between $200 and $5,000. Better still, if you have a less-than-perfect credit score, you can still qualify for loans through its partners.

Best For:

24/7DollarLoan is a perfect destination for customers who want small loans. As mentioned earlier, most borrowers receive between $100 and $100.

Service Overview:

  • Estimated APR: 196.96% and 388.93%.
  • Loan amount: Between $200 and $5,000
  • Minimum credit score requirement: 300 - 700
  • Loan term: N/A
  • Best For: Small loans

>> For small loans, get in touch with 24/7DollarLoan >>

9. 24/7CreditNow - Get a Loan for Building Credit Score

Pros:

  • Potential lower rates
  • Good customer support
  • Flexible terms and loan amounts
  • No up-front money or fees required

Cons:

  • High APR on some loans
  • Minimum income of $800 per month

APR:

24/7CreditNow loans come with an interest rate of between 5.99% and 35.99%. The platform offers access to 80+ lenders, making it easy to find an affordable loan package.

Loan Terms:

Lenders offer loans that can be repaid between 1 and 6 years. On that note, we were impressed that 24/7CreditNow accommodates all types of borrowers — self-employed and retired customers are encouraged to apply. To qualify for these loans, you must:

  • Be a US citizen
  • Have a valid income of at least $295.00 per week
  • Be 18 years old or above

Loan terms can be anywhere between 12 and 72 months. Only lenders that can assist you in securing a loan based on your application will get in touch with you. This is typically done within hours after submitting your application.

Loan Amount:

You can receive loans ranging between $100 and $35,000. If it is your first time, we recommend using the loan calculator on the 24/7CreditNow site to estimate different variables such as the APR, amount, and length of your loan.

Best For:

24/7CreditNow recognizes that securing a personal loan is an excellent way for borrowers, especially first-time borrowers, to build credit history and prepare for borrowing in the future.

Service Overview:

  • Estimated APR: 5.99% - 35.99%
  • Loan amount: $100 - $35,000
  • Minimum credit score requirement: N/A
  • Loan term: 12 - 72 months.
  • Best For: Building credit score

>> Build your credit score easily with 24/7CreditNow >>

10. LendingTree - Best APR on Good Credit Score Personal Loans

Pros:

  • User-friendly application
  • Large selection of high-rated lenders
  • Competitive APR beginning at 3.49%
  • Provides educational resources to customers

Cons:

  • Unwanted spam messages from potential lenders
  • Some lenders charge origination fees

APR:

LendingTree provides loans with APRs ranging between 3.49% and 35%. However, your interest rate will vary depending on your lender and credit score.

The site offers a loan calculator to help you work out your personal loan eligibility details based on your debt-to-income ratio.

Loan Terms:

To qualify for a loan from LendingTree, you must:

  • Have a credit score of at least 585
  • Have a checking bank account in your name
  • Be at least 18 years old
  • Be a US citizen

The platform offers loans with terms of up to 60 months. Better still, it doesn't charge prepayment or late fees (if you miss the monthly installments).

Loan Amount:

As far as limits are concerned, you can get a personal loan from $1,000 to $50,000. Some lenders guarantee same-day funding, but it may take up to 7 days to reflect in your account.

Best For:

With an APR that starts at 3.49%, LendingTree offers some of the best rates on personal loans.

Service Overview:

  • Estimated APR: 3.49% - 35%
  • Loan amount: $1,000 - $50,000.
  • Minimum credit score requirement: 585
  • Loan term: Up to 60 months
  • Best For: Low-interest rates

>> Take out personal loans with low-interest rates at LendingTree >>

How We Chose Our Top Picks for Getting a Good Credit Loan

Loan Amount

Depending on the needs of borrowers, we recommend platforms that accommodate people from all backgrounds. Whether you need just $100 for paying electricity bills or as high as $30,000 to pay for a mortgage, these companies will have you catered for.

Loan Repayment Period

Defaulting your monthly installments could result in a bad mark on your credit history, discouraging lenders from giving you loans in the future. So while looking for a company that's likely to process your loan quickly, we have also gauged the repayment capacity of customers and the loan tenure that works best for them.

Credit Score

While an excellent credit score can increase your chances of having a loan approved quickly, it can also impact loan terms such as EMIs and interest rates.

Interest Rates

Many lenders sometimes approach customers with outstanding and relatively low-interest loans. As attractive as these offers may be, you may end up paying higher amounts due to other unreasonable terms.

Thus, we comprehensively study and compare loan-interest rates before recommending personal loan lenders.

Origination Fees

Some lenders charge customers origination fees. This is a fixed amount that's paid once the loan application is sent or once it has been verified. We recommend lenders with no or small origination fees.

Other Charges

Besides the charges mentioned above, we also double-check loan terms for other charges such as loan processing fees and administrative charges.

Current Liabilities

We take into consideration any liabilities or existing debts that you may have. There are instances where a borrower has credit card bills that need to be cleared or an ongoing loan that should be repaid.

Thus, we consider these obligations, which help to calculate the average debt-to-income ratio of potential borrowers. This should help you estimate whether you'll have sufficient funds to repay your loans or not.

Best Personal Loans for Good Credit - FAQs

What Is an APR?

The annual percentage rate (APR) is the annual interest earned by the sum paid to investors or charged to borrowers. It's expressed as a percentage representing the yearly cost of funds over the income earned from an investment or loan term.

This includes fees or extra costs associated with the transaction. However, it doesn't take compounding into account. Thus the APR is a bottom-line number that helps you compare lenders, investment products, or credit cards.

What Is the Difference Between an Unsecured Loan and a Secured Loan?

Secured personal loans are backed by collateral. Popular types include car and mortgage loans, where the collateral is your car or home. Collateral can be any financial asset that you own.

If you don't repay your loan on time, the lender can take your collateral as payment. The repossession remains on your credit report for up to 7 years.

On the other hand, unsecured personal loans don't require collateral. In most cases, they come with additional fees.

Personal loans and student loans are types of unsecured loans.

Since collateral is not needed, lenders mostly consider a specific customer's credit score and history of paying debts. For that reason, unsecured personal loans usually have higher interest rates than secured loans.

>> Find the best personal loans for good credit at MoneyMutual >>

How Much Money Can You Borrow With a Personal Loan?

You can secure personal loans ranging between $100 and $50,000. However, some lending institutions offer personal loans as high as $100,000.

The amount that you can borrow depends on several factors, including your:

  • Income
  • Credit score
  • Current debts

Most lending companies offer loans to applicants with a credit score of 680 or above, but you can still secure a loan from some lenders if you have a bad credit history.

What Can I Use a Personal Loan For?

You can use a personal loan to do just about everything. Generally, the only time you'll be required to clarify the use for your personal loan is if you're considering debt consolidation.

In such a case, your debt-to-income ratio may be double-checked to see what it'll look like after you pay off your debts (such as credit card balances) with your personal loan.

Apart from debt consolidation, a good credit personal loan can be used in whichever way you want, and borrowers are not required to specify anything. Below are some examples of how you can use your personal loan:

  • Weddings
  • Vacations
  • Funerals
  • Moving expenses
  • Medical expenses
  • Legal fees
  • Home repairs
  • Buying goods such as jewelry, smartphones, exercise equipment, etc
  • Helping loved ones who need financial assistance

How To Choose Personal Loans for Good Credit for Me?

You should consider the following factors when choosing a personal loan:

  • APR: This is the annual interest rate you will be charged on your loan.
  • Charges: These fees include processing fees, cheque bounce charges, late payment fees, a bank's service tax, and loan cancellation charges.
  • Repayment flexibility: Most personal loans come with partial and full pre-payment charges.
  • EMI: Before requesting a loan, ensure you're capable of making regular payments to clear the loan on time to avoid penalties.
  • Examine other possibilities: Personal loans are not always the best way to manage an emergency. You can also approach family and friends to see if they can give you money. This way, you'll avoid paying extra fees.

What Are Rates on Good-Credit Loans?

A good rate is below the national average for good credit borrowers, which is 10.3% to 12.5%.

However, the rate you'll be given will depend on many factors, and some lenders usually add extra charges that make a loan more expensive. You can minimize extra costs with a good credit score of 670 or above.

What Is a Good Credit Score for a Loan?

Lending institutions consider several things when offering personal loans. Thus, no specific threshold guarantees that your credit scores will make a lender approve your loan.

Generally, borrowers with a VantageScore 3.0 or 4.0 of 661 or above or FICO® Score 8 or 9 of at least 670 are considered to have excellent credit, meaning they can qualify for a loan easily.

How Do I Get a Low Income Personal Loan?

Your income is one of the many factors that will be considered if you apply for a personal loan. Additionally, your debt-to-income ratio (DTI), credit score, history with the lender, and monthly debt and housing payments can impact your eligibility for loan offers.

If you can improve in all these areas, you'll increase the chances of having your loan request approved despite having a low income.

How Much Will a Personal Loan With Good Credit Cost?

Instead of a flat charge, expect to be charged a percentage of your total loan amount, which may range between 3.49% and 35% with most lenders.

For example, let's assume you'll apply for a $10,000 loan. If the rate is 10%, you'll be charged $1,000 annually.

>> Find the best personal loans for good credit at MoneyMutual >>

What Documents Do I Need To Apply for a Personal Loan?

For most lending institutions, you'll be asked to provide the following documents:

  • Proof of identity: Driving license/ Passport / PAN Card / Voters ID (any one)
  • Bank statements for the last 3 months (where your income is usually credited)
  • Two passport-size photographs
  • Proof of residence: Utility bill (not more than 3 months old) / Leave and License Agreement / Passport
  • Salary slips for the previous 3 months

What Are Other Types of Loans Available Out There?

Below are other types of loans that you can find:

  • Auto loans: When you purchase a car, an auto loan will enable you to borrow the car's price minus any down payment.
  • Student loan: Student loans are used to pay for college or graduate school. You can get them from both private and federal government lenders.
  • Mortgage loans: These cover the price of a new home minus any down payment. The property is the collateral. Thus, it can be repossessed if you miss your payments.
  • Home equity loans: A home equity loan will let you borrow a percentage of your home equity for any purpose.
  • Credit-builder loans: A credit builder loan is designed to help those with no credit history or poor credit improve their credit history. Thus it may not require a credit check, otherwise know as no credit check loans.
  • Debt consolidation loan: A debt consolidation loan is designed to pay off high-interest loans like credit cards.
  • Payday loans: These are short-term loans that charge up to 400% interest rates and must be repaid in full on your next payday. For that reason, we recommend avoiding them at all costs.

Best Personal Loans for Good Credit - A Final Word

MoneyMutual is our choice for the best personal loan for good credit. It offers competitive rates as well as a high maximum loan amount, just to mention a few benefits. Plus, customers with excellent credit are likely to get the best personal loan rates with it.

>> Find the best personal loans for good credit at MoneyMutual >>

However, if you don't have a good credit score, you can give a different lending institution an honest try. While all recommended lenders offer top-rated loans for good credit, they're not exactly similar, and you can find some no credit check lenders, too.

For that reason, it'll help if you select the best one for your needs based on our list.

Good luck!

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