What is good credit? The definition varies slightly, depending who you ask. Experian, one of the 3 big consumer-credit agencies, defines good credit as anything between 670-739. LendingTree and Credible, 2 of the largest personal-loan marketplaces, define good as 680-719 and 700-749 respectively. 

Sources: Experian, myFICO

When a lender checks your credit, what this means is that they check your FICO score from the big credit agencies, Experian, Equifax, and TransUnion. Your FICO score is made up of 5 components:

• Payment history (35%): Scored by whether you made past credit payments on time.
• Amounts owed (30%): Scored by how much you currently owe creditors.
• Length of credit history (15%): Generally, the longer your credit history, the higher your score. 
• New credit (10%): Penalizes you for opening too many credit accounts (e.g. loans or credit cards) in a short period of time.
• Credit mix (10%): Considers your mix of credit accounts. 

Top 5 Personal Loan Companies for People with Good Credit

1. Credible

• Minimum credit score: 680
• Loan amount: $1,000 - $100,000 
• Loan term: 24 - 84 months
• APR range: 
  3.99% - 35.99%

Why go with Credible: Lets you compare rates from top lenders with one application

Credible’s powerful online search tool matches good-credit borrowers with the best rates on personal loans from 10 top lenders, including Marcus, BestEgg, Lending Club, and LightStream. Rather than request a separate quote from each lender, borrowers can simply fill out Credible’s short online form to see the best quotes from all of them. The service is free to use, and it only takes a couple of minutes to fill out the form and see your results.

Read the full Credible review

Credible Visit Credible

2. LendingTree

• Minimum credit score: 640
• Loan amount: $1,000 to $50,000
• Loan term: 3 - 180 months
• APR range: 
  3.99% - 35.99%

Why go with LendingTree: Lets you get quotes from dozens of lenders with one online form

LendingTree is an online marketplace for personal loans that lets borrowers compare the best rates from dozens of lenders. Like Credible, LendingTree lets you see and pre-qualify for multiple personal loans with just one online form. But its reach is broader, making it a more appealing option for borrowers with good credit or borrowers looking for unusually long loan terms.

Read the full LendingTree review

LendingTree Visit LendingTree

3. LendingClub

• Minimum credit score: 600
• Loan amount: Up to $40,000
• Loan term: Up to 60 months
• APR range: 
  6.95% - 35.89% *

Why go with LendingClub: Lets you compare favorable loans from a wide network of investors

One of the largest lending marketplaces in the US, LendingClub offers peer-to-peer borrowing from a large network of investors and features an easy application process that takes minutes to view a wealth of loan options. Users with a minimum credit score of 600 have access to debt consolidation loans, credit card refinancing, and home improvement loans with competitive APR rates. LendingClub offers attractive loan amounts topping out at around $40,000 with repayment terms as long as 5 years. 

Read the full LendingClub review

Visit LendingClub

4. LightStream 

• Minimum credit score: 660
• Loan amount: $5,000-$100,000
• Loan term: 24-144 months,* depending on loan purpose
• APR range:
  4.99%-16.79% w/AutoPay* 

Why go with LightStream: High loan amounts with no fees 

One major appeal of LightStream is its high loan amounts for users with good credit profiles. LightStream lends as much as $100,000 without loan fees and offers fixed-rate financing and loans for everything from preK-12 education to timeshare financing. You can get both unsecured short term loans and long-term loans with a repayment term as high as 84 months (and 12 years for Home Improvement Loans) for those that qualify, though unlike many lenders LightStream requires that its borrowers share the purpose of their loans. If your credit score is 660 or higher and you have a clear purpose for your loan, LightStream has benefits that distinguish it from its competitors and make it an attractive option for no-fee personal loans.

Read the full LightStream review

LightStream Visit LightStream 

5. Sofi

• Minimum credit score: 680
• Loan amount: $5,000 - $1,000
• Loan term: 24 - 84 months
• APR range: 
  5.99% - 18.82% (with AutoPay)

Why go with SoFi: Automated approval process with competitive rates

SoFi provides personal loans with favorable rates for borrowers with good credit through its fully digital platform. It has no fees, APRs of 5.99% - 18.82% (with AutoPay), high loan limits up to $100,000, and flexible repayment terms of 36-48 months. 

Unlike other lenders, SoFi also looks beyond credit scores and debt-to-income ratios to factors like estimated cashflow, career, and education. This means borrowers with less-than-excellent credit still have a chance of securing better-than-average rates, provided they tick all the other boxes.

Read the full SoFi review

SoFi Visit SoFi

How to Achieve Good or Excellent Credit

If your credit score is fair or poor, there are several ways to improve the situation and enjoy better rates and terms. Before doing anything else, you can check your credit report and inform the relevant credit agency if you notice any mistakes. Under federal law, everyone is entitled to see a copy of their credit report every year. To obtain a free credit report directly from the credit-reporting agencies, contact Experian, Equifax, or TransUnion. You can also get access to all 3 reports simultaneously via AnnualCreditReport.com. For free access to your combined FICO score, go to FICOScore.com.

As mentioned above, the most important component of your credit score is your payment history. Therefore, the most effective way of improving your credit history is to set up payment reminders and make sure you pay all your existing loans, credit cards, or mortgage payments on time every month. You can further improve your credit situation by paying off any debt you owe. 

Bottom Line

It’s all about credit. If you have good or excellent credit, that puts you in a good or excellent standing with lenders and encourages them to offer you the best rates. Most lenders and lending marketplaces offer personal loans with APRs of as low as 4.99%-6.99%. What they don’t always tell you right away is that these rates are reserved for a minority of borrowers with near-perfect credit. The good news is anyone can achieve good or excellent credit. It requires some effort, but the rewards—and low APRs on personal loans—are worth it.

Still can't decide? Feel free to check out more reviews and articles to discover the best personal loan lenders for you.

LightStream Disclaimer

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.