Best Personal Loans for Good Credit in 2024

Alliant Credit Union offers the best personal loans for good credit, with a MoneyGeek score of 95 out of 100. It has competitive interest rates, a credible and transparent process and quick approval.

Updated: December 13, 2024

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Alliant Credit Union provides the best personal loans for good credit, earning a MoneyGeek score of 95 out of 100. Discover is ideal for good credit borrowers seeking quick approval, while KeyBank is great for those needing large loans.

According to Experian, the average credit score was 715 in the third quarter of 2023, considered “good credit” under the FICO® Score range. MoneyGeek analyzed lenders by interest rates, loan terms, application process, customer service and reputation to identify the best options for borrowers with good credit.

Key Takeaways

Alliant Credit Union offers the best personal loans for good credit, with a MoneyGeek score of 95 out of 100, followed by Laurel Road, scoring 94 out of 100.

Based on Experian data, the average credit score in the third quarter of 2023 was 715, which is considered “good credit” under the FICO Score range. Having good credit means you're more likely to get approved for a personal loan with favorable terms.

Before applying for a personal loan, review interest rates, loan terms, additional fees and features like autopay discounts to ensure it suits your needs.

Overall Best Good Credit Loan

Alliant Credit Union

MoneyGeek Score:

95/ of 100

Minimum Credit ScoreUndisclosed

APR RangeFrom 10.49%

Loan Amount Range$1,000 to $100,000

Repayment Terms12 to 60 months

Time to Receive FundsSame Day

PROS

Borrow up to $100,000
No origination or prepayment fees
Has an autopay discount

CONS

Requires membership for at least 90 days
No soft credit inquiries
Doesn't disclose qualification requirements

MONEYGEEK EXPERT TIP

Explore our top picks for the best personal loans for excellent credit. In our analysis here, we excluded the winners in the guide to prioritize diversity and provide more options for personal loans based on your needs and credit profile.

Calculate Your Monthly Payments

Understanding how much your monthly payments will be can help you manage your finances and avoid missing payments, which can negatively impact your credit score. Use our personal loan calculator to estimate your monthly payment by entering your loan amount, interest rate and repayment terms.

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Updated: Dec 23, 2024

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Runner-Up for Best Good Credit Loan

Laurel Road

MoneyGeek Score:

94/ of 100

Minimum Credit ScoreUndisclosed

APR Range8.99% to 24.25%

Loan Amount Range$5,000 to $45,000

Repayment Terms36 to 60 months

Time to Receive Funds7 Business Days

PROS

Has 0.25% autopay discount
No origination or prepayment fees
Can change payment due date

CONS

High minimum loan amount
5% or $28 late fee
$20 non-sufficient funds fee

Best Good Credit Loan for Quick Approval

Discover

MoneyGeek Score:

96/ of 100

Minimum Credit Score660

APR Range7.99% to 24.99%

Loan Amount Range$2,500 to $40,000

Repayment Terms36 to 84 months

Time to Receive FundsNext Day

PROS

No origination fees
No prepayment penalties
Next-day funding

CONS

$40,000 borrowing limit
$39 late fee
Imposes fund restrictions

Best Good Credit Loan for Large Loans

Keybank

MoneyGeek Score:

92/ of 100

Minimum Credit ScoreUndisclosed

APR Range10% to 22.50%

Loan Amount Range$2,000 to $100,000

Repayment Terms12 to 84 months

Time to Receive FundsSame Day

PROS

Borrow up to $100,000
No origination fees
Offers rate discounts for automatic payments and customer relationships

CONS

$2,000 minimum loan amount
Doesn't disclose minimum credit score requirements
No option to prequalify

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, it's between 661 and 780.

According to Experian, the average credit score in the third quarter of 2023 was 715, which places it well within the good credit range for FICO. Different factors usually affect credit scores, including:

Payment history: This records 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're using. Keeping this ratio below 30% is generally beneficial for your score.
Credit history length: 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 mortgages, 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 terms.

How to Compare Good Credit Loans

You can usually choose from many personal loan options if you have good credit. To simplify your decision, focus on these key factors:

Borrowing amount

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

Fixed vs. variable interest rates

Fixed rates stay the same for the loan term, while variable rates can change. Choose based on your risk tolerance and financial goals. With good credit, you’re likely eligible for lower interest rates, so focus on finding the most competitive options.

Loan amounts

Check if lenders can provide the amount you need. Good credit often qualifies you for higher loan limits, but borrow only what aligns with your financial needs to avoid overborrowing.

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.

Additional fees

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

Special features

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

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.

Common Mistakes to Avoid

Navigating personal loans can be tricky, even with good credit. To make the most of your loan and avoid mistakes, watch out for the following common errors:

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 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. Borrow only what's necessary to meet your goals.

Missing payments

Failure to make timely payments can negatively impact your credit score and result in penalties. Set up reminders or automatic 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 better for your situation.

Rushing the process

Without proper research and consideration, rushing through the personal loan process can lead to unfavorable terms. Take your time to assess all aspects of the loan thoroughly.

Failing to ask questions

Not asking questions or clarifying doubts can leave you unaware of important loan details. Be proactive with your lender to ensure you fully understand the terms and conditions.

FAQ: Personal Loans for Good Credit

What interest rates can I expect with good credit for personal loans?

As of August 2024, the average interest rate for a 24-month personal loan was 12.33%, based on Federal Reserve data. If you have good credit, you may secure a lower rate than the national average, as lenders consider you a lower risk.

How much can I borrow with a personal loan if I have good credit?

Loan amounts vary widely, but good credit may qualify you for higher amounts, depending on the lender’s policies and your financial situation.

How quickly can I get approved for a personal loan with good credit?

Approval times can vary, but having good credit might speed up the approval and funding process, often within a few days.

What impact does taking out a personal loan have on my credit score?

Initially, the hard inquiry and increase in debt might lower your score slightly, but consistent on-time payments can positively influence your credit over time.

How can I use a personal loan to improve my credit score further?

Consistent, on-time payments on a personal loan can positively impact your credit score by demonstrating creditworthiness.

Is there a benefit to paying off my personal loan early?

Paying off a personal loan early can save you on interest costs. However, you should check if there are any prepayment penalties.

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 key categories. We filtered our analysis to exclude lenders with minimum credit score requirements between 580 and 640.

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

33Lenders Analyzed

About Zachary Romeo, CBCA

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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sources

Experian. "What Is the Average Credit Score in the US?." Accessed December 13, 2024.
Federal Reserve. "Consumer Credit." Accessed December 13, 2024.

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.