Best Personal Loans for Good Credit of September 2020

What Credit Score Range Do You Fall Into?

  • Excellent Credit: 800–850
  • Very Good Credit: 740–799
  • Good Credit: 670–739
  • Fair Credit: 580–669
  • Poor Credit: under 580

What Is a Good Credit Score to Get a Personal Loan?

It’s safe to assume that the higher your credit score, the more doors are open for you. That means more lenders are willing to offer you personal loans at the lowest rates and best terms. While 670 is the minimum “good” FICO credit score, lenders tend to give preference to those with at least a 690 score, and more so if you have an excellent credit score closer to the 800 range. 

Where is The Best Place to Get a Personal Loan With Good Credit?

The good news is that there are plenty of lenders that offer personal loans for borrowers with good credit. Options include banks, credit unions, brick and mortar institutions, and online lenders. Don’t assume any one type is the best: Though online lenders often have lower nominal rates, for example, their fees might make their effective rates less competitive.

What Should You Consider Before Choosing a Personal Loan?

When comparing personal loan options, it’s important to understand all the terms and conditions in order to find the one that will both cost you the least and that fits your needs. 

For example, if you’re looking for a personal loan to consolidate a few business debts and the lender doesn’t allow financing for this purpose, then you’ll need to find another source, even if the first place offers the lowest APR in town. Or if you’re interested in borrowing $3,000 and a lender has a $5,000 loan minimum, then you’ll also need to look elsewhere. (Never take on more financing than you absolutely need.)

Basically, you want to find a lender that offers the best combination of interest rates, fees, and repayment terms. Interest rates are paramount: the lower the APR, the less you’ll pay throughout the lifetime of your loans. Bear in mind that longer loans seem cheaper (lower monthly payments), but often are more expensive overall (because you pay more in interest). And other aspects may be important too. If there’s a good chance you’ll be able to pay off your debt early, a personal loan without prepayment penalties means you can do so without forking over a fee. 

How Do You Know If You Have Good Credit?

The best way to determine if you have good credit is by signing up for a free credit monitoring service. Companies such as Credit Karma, Rocket HQ, and Credit Sesame are reputable and free. Although these services may not be the exact credit scoring models lenders use, their evaluations give you a fairly good idea of where you stand since it’ll show you the types of financial behaviors that could affect your score. 

Otherwise, a few signs that you have good credit include:

  • You’ve been consistently making on-time payments
  • You don’t rack up more than 30% of your credit limit across your credit cards
  • There are no defaults or bankruptcies in your name

The Bottom Line

Having good credit means you have more options when it comes to finding the best terms and rates for a personal loan. Before going with any lender, make sure to shop around compare all available options so that you find a loan that’ll cost you the least and suits your current needs. 


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders for all borrowing needs. We collected over twenty five data points across more than fifty lenders including interest rates, fees, loan amounts and repayment terms to ensure that our content helps users make the right borrowing decision for their needs.

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