The 5 best personal loans for a good credit score

Your good credit rating can reward you with a number of options when you're in the market for a personal loan.

Whether you're looking for a debt consolidation loan or need funding for an emergency expense, A good credit score can signal to lenders that you have a lower risk of defaulting.

"Good" credit can mean different things to different lenders. and there is no exact science or specific score that unlocks the best rates and conditions. But in general, good credit scores are in the high 600s to mid 700s (on a scale of 300 to 850). With a credit score in this range you may also qualify for lower interest rates and receive more competitive loan offers than with a weaker credit profile.

But just because you have a variety of options doesn't mean they're all good for you. With a good credit rating It is important to consider how competitive the interest rates are and whether the lender charges fees. Here is our opinion on the best personal loans for a good credit score to help you find the best option for your financial circumstances.

• Best for debt consolidation:Marcus from Goldman Sachs
• Best for competitive prices:LightStream
• Best for member benefits:SoFi
• Best credit union:Navy Federal Credit Union
• Best Regional Bank:Regions Bank

Best for debt consolidation:Marcus from Goldman Sachs

Why Marcus from Goldman Sachs stands out: If you want to consolidate credit card debt, Marcus from Goldman Sachs can simplify the process. If approved, Marcus will transfer your loan money directly to up to 10 credit card accounts that you wish to pay off. The lender offers loan amounts between 3 USD, 500 and 40 $, 000.

• Prequalification – If you want to know what rates and terms you may be eligible for, Marcus offers a prequalification application with a soft credit check that won't affect your credit score. Keep in mind, however, that final approval and terms may change as you proceed with your application – and submitting a formal application may result in a drop in your credit score.
• Fee-free commitment – Marcus does not charge any loan application or origination fees. And there are no prepayment fees if you want to pay off your loan early. Marcus also does not charge you late fees if you miss a payment deadline. Note, however, that if you miss a payment, you will still accrue interest on that amount.
• Defer payment – Marcus lets you defer a payment after you have made at least 12 consecutive monthly payments in full and on time. This can be useful if you have unexpected additional expenses for a month.
• Competitive rates – Marcus offers competitive interest rates, but you need a strong credit score to get the lowest interest rate and best loan terms.

Read our full review of Marcus personal loans to learn more.

Best for competitive rates:LightStream

Why a LightStream personal loan stands out:LightStream, the online lending division of Truist Bank, entices customers with competitive interest rates and its "Rate Beat" program. The lender says it will beat a competing offer by 0.1 percentage points if it meets certain conditions.

LightStream points out that you may need a good or excellent credit score to qualify for one of its loans.

• No pre-qualification – you can't preview a potential rate with LightStream. You need to apply to see what LightStream is willing to offer you.
• No small loans – If you only need to borrow a small amount of money, you need to look elsewhere. LightStream offers personal loans between 5 USD, 000 and 100 $, 000.
• Potential for same-day funding – LightStream says it may be able to fund your loan the same day you apply. but you need to meet some conditions, like applying and getting approved on a business day by 2:30 p.m. Easter time. Note, however, that the exact time you receive your money depends on your bank.

Read our full review of LightStream personal loans to learn more.

Best for member benefits:SoFi

Why SoFi personal loans stand out: Online lender SoFi can be a good choice if you value a company that offers additional benefits, such as membership events, discounts, estate planning and unemployment insurance. Add this to the competitive interest rates for people with strong credit scores.

• Fee-free commitment – SoFi also says there are no usual fees like origination, prepayment, or late fees. This can be a blessing if you don't want to feel like taking out a loan.
• Large loan amounts – SoFi is better if you need to borrow a substantial amount of money as it offers personal loan amounts between $5, 000 and $100, 000. (The available credit amounts may differ if you apply through Credit Karma.)
• App – You can apply for a personal loan directly through SoFi's mobile app. There you can also check your balance and make payments.

Read our full review of SoFi personal loans to learn more.

Best credit union:Navy Federal Credit Union

Why Navy Federal Credit Union personal loans stand out: Navy Federal won't be an option for everyone – you must have certain ties to the armed forces to qualify for membership. However, it is worth looking out for a range of credit needs, as loan amounts between $250 and $50 are offered. 000. That can be useful, whether you need to pay for a car repair or finance a house project.

• Secured loans – Navy Federal offers secured loans that give you access to lower APRs, or annual percentage rates, than unsecured personal loans. However, you must either have money in your Navy Federal savings account or use a CD as collateral for the loan.
• Possible fast financing – The credit union says it may be able to deposit your money on the same day. Keep in mind, however, that the exact timing depends on your bank.
• Low fees – Navy Federal does not charge a processing fee or early termination fee.

Read our full review of Navy personal loans to learn more.

Best Regional Bank:Regions Bank

Why Regions Bank personal loans stand out: If you live in one of the 15 states Regions Bank serves in the South, Midwest and Texas, it's a solid choice. The company offers unsecured and secured personal loans for you to consider.

• Processing fee – Regions doesn't charge an origination fee, but processing fees may apply. Regions may also charge a late fee, unlike some lenders on this list.
• Potentially fast funding – Depending on when you apply, Regions says it may be able to fund your personal loan on the same business day. But the timing ultimately depends on your bank.
• Alternative offers – If you apply for prequalification through Regions but don't prequalify for an offer, Regions says you may still be offered a personal loan from Avant. And remember, a pre-qualified offer does not mean you will be approved or that your final terms will not change.

Read our full review of Regions Bank personal loans to learn more.

What you should know about personal loans with a good credit score

Personal loans can be a good option for applications such as credit card consolidation, emergency expenses and home improvement needs.

Keep in mind, however, that not all loans are created equal – terms, including interest rate, can affect your monthly payments and costs over the life of the loan. It's a good idea to shop around.

And if your credit score improves but you're still not getting the interest rates you want, Consider adding a cosigner to your loan. Having a cosigner whose credit score is as strong or stronger than yours could help you qualify for personal loans at competitive rates.

How we selected these loans

When looking at the best loans for a good credit score, We looked at the likelihood of you being approved by personal lenders if you apply with a good credit score – generally between the high 600s and mid 700s. Depending on the credit scoring model and what the lender is looking for. We also looked at factors such as competitive interest rates, loan amounts and whether the lender offered flexible loan terms or charged certain fees.

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