Best Personal Loans for Good Credit of 2024

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Updated: November 21, 2024

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Overall, Old National Bank provides the best personal loans for good credit, earning a MoneyGeek score of 95 out of 100. LendingPoint is ideal for borrowers with good credit who are looking for quick approval, while Wells Fargo is preferable if you need to take out large loans.

According to Experian, the average credit score in the third quarter of 2023 was 715, which is considered “good credit” under the FICO® Score range. For this analysis, MoneyGeek compared lenders based on factors like interest rates, loan terms, application process, customer service and reputation to gather the best options for good credit borrowers based on their particular needs.

MoneyGeek’s personal loan scoring system looked into each lender’s performance in areas that matter most to borrowers. We assigned scores based on the presence or absence of certain desirable features in various critical categories. We filtered our analysis to exclude lenders with minimum credit score requirements between 580 and 640.

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We completed our analysis in May 2024. We considered banks, credit unions, online lenders and financial companies that partner with federally insured institutions to offer personal loans to borrowers with good credit.


    Overall Best Good Credit Loan

  • Old National Bank
    • 95MG Score
    • Up to 25%APR Range
    • UndisclosedMinimum Credit Score
    • $2,500 to $25,000Loan Amount Range
    • 12 to 72 monthsRepayment Terms

    With a MoneyGeek score of 95 out of 100, Old National Bank offers the overall best personal loans for good credit. The bank allows borrowers to take out personal loans from $2,500 to $25,000, with repayment terms from 12 to 72 months, depending on the loan's purpose. You can secure a maximum loan term of 72 months for home improvements, 60 months for debt consolidation and 48 months for any other purpose. Old National Bank also provides a 0.25% discount for setting up automatic payments with your Old National Bank checking account. You may apply online, over the phone or in person. However, note that late and documentation fees may apply for its personal loans.

    Pros

    • Offers a 0.25% autopay discount
    • Flexible repayment options
    • Mobile app available for loan management

    Cons

    • $25,000 borrowing limit
    • No option to prequalify
    • Little information on loan specifics on website
    Old National Bank
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MONEYGEEK EXPERT TIP

Explore our top picks for the best personal loans for excellent credit. The winners in the guide were excluded in our analysis here to prioritize diversity and provide you with more options for personal loans based on your specific needs and credit profile.


    Runner-Up for Best Good Credit Loan

  • Alliant Credit Union
    • 95MG Score
    • 10.99% to 13.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    Alliant Credit Union is the runner-up for the best personal loan for good credit, earning a MoneyGeek score of 95 out of 100. Although it shares a similar score with the overall best winner, this credit union slightly faltered in loan terms, flexibility, customer service and education. Alliant offers personal loans from $1,000 to $100,000 and loan terms from 12 to 60 months. There are no origination fees or prepayment penalties. It also has a 0.4% autopay discount and a loan assistance program for members facing financial hardship. However, you have to be a member of Alliant Credit Union for at least 90 days before applying for a personal loan.

    Pros

    • Loans up to $100,000
    • No origination or prepayment fees
    • Offers a debt protection benefit plan

    Cons

    • Need to be a member for at least 90 days to apply
    • No soft credit inquiries
    • Doesn't disclose qualification requirements
    Alliant Credit Union

    Best Good Credit Loan for Quick Approval

  • LendingPoint
    • 94MG Score
    • 7.99% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $2,000 to $36,500Loan Amount Range
    • 24 to 72 monthsRepayment Terms

    LendingPoint is the best good credit loan provider for quick approval, receiving a MoneyGeek score of 94 out of 100. It partners with several lenders to originate personal loans, including FinWise Bank and Coastal Community Bank, which are both members of the FDIC. LendingPoint offers personal loans from $1,000 to $36,500, with repayment terms from 24 to 72 months. While there’s no penalty for early repayment, there’s an origination fee of up to 10%. If you need quick access to cash, LendingPoint returns loan offers within seconds and may provide next-day funding, depending on your bank. To apply, you must have a minimum annual income of $35,000 and a verifiable personal banking account in your name.

    Pros

    • No prepayment penalties
    • Performs soft credit pulls
    • Next-day funding possible

    Cons

    • Maximum loan amount is $36,500
    • Charges an origination fee of up to 10%
    • Doesn’t offer joint or co-signed loans
    LendingPoint

How does MoneyGeek score lenders for quick approval?


    Best Good Credit Loan for Large Loans

  • Wells Fargo
    • 92MG Score
    • 7.49% to 23.24%APR Range
    • UndisclosedMinimum Credit Score
    • $3,000 to $100,000Loan Amount Range
    • 12 to 84 monthsRepayment Terms

    With a MoneyGeek score of 92 out of 100, Wells Fargo is the best option for good credit borrowers looking for large loans. This bank offers personal loans from $3,000 to $100,000, which can be repaid in 12 to 84 months. It doesn’t charge origination fees or prepayment penalties. It also provides autopay and customer relationship discounts if you have a qualifying Wells Fargo account. However, late fees may apply for payments after the due date. You must also have an open Wells Fargo account for at least 12 months to be eligible for this lender’s personal loans.

    Pros

    • $100,000 maximum loan amount
    • No origination or prepayment fees
    • Has autopay and customer relationship discounts

    Cons

    • Exclusive to existing Wells Fargo customers
    • High minimum loan amount
    • Late fees apply
    Wells Fargo

How does MoneyGeek score lenders for large loans?

What Is Good Credit?

Credit scores typically range from 300 to 850. According to the FICO® scoring model, a “good” credit score ranges from 670 to 739. For VantageScore, a good score falls between 661 and 780. Your credit score is usually affected by different factors, including:

  • Payment History: This is a record of your on-time and missed payments. Consistently paying bills on time can positively influence your score.

  • Credit Usage: Your credit utilization ratio measures how much of your available credit you are using. Keeping this ratio below 30% is generally beneficial for your score.

  • Length of Credit History: This factor considers the age of your oldest credit account, newest account and the average age of all your accounts. Longer credit histories tend to have a positive effect.

  • Credit Mix: Having a mix of account types, such as credit cards, installment loans and mortgage loans, can be beneficial.

  • New Credit: A hard inquiry is made each time you apply for credit, which can lower your score temporarily. Frequent inquiries can suggest financial instability.

Having a good credit score means you're more likely to be approved for a personal loan and secure favorable terms. Lenders view applicants with good credit as lower risk, often resulting in more attractive loan offers, including lower interest rates, higher loan amounts and more flexible repayment periods.

How to Compare Good Credit Loans

If you have good credit, you typically have the advantage of choice when shopping around for personal loans. However, with numerous options available, selecting the best one for your needs and situation can be challenging. To streamline this decision-making process, consider several key factors:

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    Your Needs

    Calculate how much money you truly need to achieve your financial goals. Avoid overborrowing, even if you qualify for a higher loan amount.

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    Your Budget

    Choose a repayment term that allows for manageable monthly payments without straining your finances.

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    Fixed vs. Variable Interest Rates

    Fixed rates remain consistent throughout the loan term, while variable rates can fluctuate. Choose the option that best aligns with your risk tolerance and financial planning. With a good credit score, you're in a strong position to negotiate for lower interest rates. Look for the most competitive rates, as your good credit typically qualifies you for the lower end of the rate spectrum.

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    Loan Amounts

    Check that lenders are willing to offer the amount of money you need since your good credit may allow you access to higher loan limits. Ensure the amount aligns with your financial needs without overborrowing.

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    Repayment Terms

    Check the available repayment terms, which vary widely from lender to lender. Choose a term that offers manageable monthly payments and aligns with your financial planning.

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    Additional Fees

    Your good credit status may give you the leverage to potentially waive personal loan fees or negotiate lower costs. Compare lenders to determine where you can minimize fees like origination fees or prepayment penalties.

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    Special Features

    Some lenders offer special features like flexible payment dates, hardship options or automatic payment discounts. Depending on your personal circumstances, these features can provide added convenience and benefits.

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    Customer Service

    Consider the lender’s reputation for customer service. Good customer support can be invaluable, especially if you encounter issues or have questions during the loan term.

Remember to always compare rates from several lenders to find the most competitive offer.

Common Mistakes to Avoid

Navigating the landscape of personal loans can be complex, even for those with good credit. To ensure you get the most out of your loan and avoid potential pitfalls, be aware of the following common mistakes:

  • Not shopping around: Failing to compare offers from multiple lenders can mean missing out on better rates and more favorable terms. Always explore various lenders to find the best deal.

  • Skipping the fine print: Not reading the fine print can lead to unexpected fees and terms that are not in your favor. Ensure you understand the details of your loan agreement to avoid surprises later on.

  • Borrowing excessively: Taking out more money than you need can lead to unnecessary debt and higher interest costs. Only borrow what is necessary to meet your goals.

  • Missing payments: Failing to make payments on time can negatively impact your credit score and result in penalties. Set up reminders or automate payments to stay on track.

  • Not exploring alternatives: Overlooking other financing options, such as credit lines or secured loans, can mean missing out on better financial products that could be more suitable for your situation.

  • Rushing the process: Rushing through the loan process without proper research and consideration can lead to unfavorable terms. Take your time to thoroughly assess all aspects of the loan.

  • Avoiding questions: Not asking questions or clarifying doubts can leave you in the dark about key aspects of your loan. Engage actively with your lender to ensure you fully understand the terms and conditions.

FAQ About Personal Loans for Good Credit

We compiled a list of frequently asked questions about personal loans for good credit to help you find the right lender and loan offer.

What interest rates can I expect with good credit for personal loans?
How much can I borrow with a personal loan if I have good credit?
How quickly can I get approved for a personal loan with good credit?
What impact does taking out a personal loan have on my credit score?
How can I use a personal loan to improve my credit score further?
Is there a benefit to paying off my personal loan early?
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About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

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