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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: May 27, 2021

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Summary

  • Personal loans with good credit often have lower interest rates and more flexible repayment terms
  • Your rate depends on the loan purpose, the term length, and your credit score
  • You need a credit score of 690 or above to have good credit

In addition to mortgage loans and auto loans, many people take out personal loans for a variety of reasons, such as paying off high-interest credit cards. However, personal loans with good credit can come with many added perks.

Depending on what the loan is for, personal loans with good credit often have lower interest rates and more flexible repayment terms. These perks usually apply to borrowers with credit scores of 690 and above.

Keep reading below to learn what a good credit loan is, where to find the best personal loans, and how much one might cost.

Before you do, enter your ZIP code into our free comparison tool above to find affordable personal loans with good credit today.

What is a good credit loan?

As we mentioned earlier, a good credit loan is a personal loan for someone who has good credit. Good credit typically means you have a credit score of 690 or above.

Having good credit means you are more likely to be approved for a personal loan. This is important since personal loans are unsecured, which means you don’t have to put up collateral such as your car or home to be approved for the loan.

Instead, lenders will look at your credit score, income, and any outstanding debts you may have to determine if you’re responsible enough to loan to. Understanding your credit score will help you navigate finding the best personal loan.

If you have good credit, high income, and low debt, then you’ll likely be approved for the loan.

Personal loans with good credit will come with lower interest rates and more flexible repayment terms. The best personal loans come from banks and credit unions.

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Where can I find the best personal loans?

Now that you know what a good credit loan is, you’re probably wondering where you can find the best personal loans with good credit.

Rates for personal loans with good credit vary based on the purpose of the loan.

For example, although you can use personal loans for whatever you want, you may see higher interest rates if you are using the loan to pay off credit card debt as opposed to renovating your home.

You’ll also want to look at the loan term to help determine your rate. Personal loans generally have terms from two to seven years.

A shorter term means you’ll pay less interest, but a longer term means you’ll have a smaller monthly payment.

The best personal loans are offered through banks and credit unions. For example, a Discover personal loan is great for people with good credit who are looking for a sizable personal loan.

You’ll need a credit score of 660 or higher to get approved for Discover personal loans, but you can borrow up to $35,000 and choose a repayment period as long as 84 months.

If you’re wondering if there is a Capital One personal loan, the answer is no. Although Capital One used to offer personal loans, they currently do not offer a Capital One personal loan.

How much do personal loans with good credit cost?

As mentioned earlier, rates for personal loans with good credit will vary based on the purpose of the loan, the length of the loan, and your credit score.

Your credit score will be the most significant factor in determining your annual percentage rate or APR. The better your score, the lower your rate and the less interest you’ll pay over the life of the loan.

For example, check out the home improvement loan rates by company in the table below. As you can see, having a good credit score can help you really save.

Best Home Improvement Loan Rates by Company
ProviderLoan RateLoan AmountLoan TermFeesCredit Score
LightStream3.99% - 16.99%Up to $100,00024 months - 12 yearsNone680
Wells Fargo5.74% - 24.49%Up to $100,00012 - 84 monthsNone620
SoFi5.99% - 18.85%Up to $100,00024 - 84 monthsNone680
USAA7.24% - 35.99%Up to $20,00012 - 84 monthsNone600
Upstart7.86% - 35.99%Up to $50,00036 - 60 monthsUp to 8% of loan amount600
Prosper7.95% - 35.99%Up to $40,00036 - 60 monthsUp to 6% of loan amount640
Lending Club8.05% - 35.89%Up to $50,00036 - 60 monthsNo fees600
Avant9.95% - 35.99%Up to $35,00024 - 60 months4.75% of loan amount580
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Of course, the best way to lower your interest rates is to compare quotes for personal loans with good credit from multiple companies to find the most affordable deal.

Now that you know how personal loans with good credit work, get started today. Enter your ZIP code into our free comparison tool below to buy personal loans with good credit from lenders in your area.