There’s a slew of reasons you may find yourself in need of a large sum of money. You may want to improve your equity by investing in a valuable home improvement, or perhaps consolidate high-interest debt, or you might even need to fund a life event such as a funeral—the list goes on.
If you have good credit, most lenders should be willing to work with you, though your credit score isn’t the only thing lenders look at before approving you. Here’s a look at Fortune’s picks for the best personal loans for good credit based on common financial situations.
| Best for | Institution | Max loan term | Min. APR | See details |
|---|---|---|---|---|
| Flexible repayment options | LightStream | 240 months | 6.24% | View offer at MoneyLion |
| Fast funding | Wells Fargo | 84 months | 6.74% | View offer at MoneyLion |
| Small loans | U.S. Bank | $50,000 | 8.74% | View offer at MoneyLion |
| Guaranteed reasonable APR | PenFed Credit Union | 60 months | 6.99% | View offer at MoneyLion |
| Preapproval | American Express | 60 months | 6.90% | View offer at MoneyLion |
| Low fees | Discover | 84 months | 7.99% | View offer at MoneyLion |
| Flexible repayment options | View offer at MoneyLion |
|---|---|
| Institution | LightStream |
| Max loan term | 240 months |
| Min. APR | 6.24% |
| Fast funding | View offer at MoneyLion |
| Institution | Wells Fargo |
| Max loan term | 84 months |
| Min. APR | 6.74% |
| Small loans | View offer at MoneyLion |
| Institution | U.S. Bank |
| Max loan term | $50,000 |
| Min. APR | 8.74% |
| Guaranteed reasonable APR | View offer at MoneyLion |
| Institution | PenFed Credit Union |
| Max loan term | 60 months |
| Min. APR | 6.99% |
| Preapproval | View offer at MoneyLion |
| Institution | American Express |
| Max loan term | 60 months |
| Min. APR | 6.90% |
| Low fees | View offer at MoneyLion |
| Institution | Discover |
| Max loan term | 84 months |
| Min. APR | 7.99% |
Lender details checked Jan. 9, 2026.
Best for flexible repayment options
LightStream
| Loan amount | $5,000-$100,000 |
| APR | 6.24%-24.89% |
| Max loan term | 240 months |
at MoneyLion
- Year Founded: 2012
- Company Headquarters: San Diego, CA
- CEO: William H. Rogers
LightStream is a popular online lender specifically for those with good credit or better. It offers up to $100,000 in funding with some of the lowest potential APR. One of LightStream’s biggest strengths is its incredibly generous term length options. Some loans qualify for a repayment period of up to 240 months. This means you may be able to borrow more money than with other lenders, as you can dramatically lower your monthly payments.
Best for fast funding
Wells Fargo
| Loan amount | $3,000-$100,000 |
| APR | 6.74%-26.49% |
| Max loan term | 84 months |
at MoneyLion
- Year Founded: 1852
- Company Headquarters: San Francisco, CA
- CEO: Charles W. Scharf
Wells Fargo is a fee-conscious bank that offers up to $100,000 in funds for current customers who have had a Wells Fargo account for at least 12 months. As an established bank, it comes with the added benefit of 4,000+ brick-and-mortar locations—something an online lender can’t offer.
Wells Fargo may be your best option in terms of receiving money quickly. It states that 97% of its customers receive their money the same day they sign for a loan.
Best for small loans
U.S. Bank
| Max loan amount | $50,000 |
| Min APR | 8.74% |
| Max loan term | 84 months |
at MoneyLion
- Year Founded: 1863
- Company Headquarters: Minneapolis, MN
- CEO: Gunjan Kedia
U.S. Bank offers up loans of up to $50,000 for current clients (max $25,000 if you don’t currently have a U.S. Bank account). Its fees are minimal, and its 2,000+ branches give you the option to service your loan in-person.
An area that the bank shines is its willingness to extend small loans. Commonly, lenders require that you borrow a minimum of $2,000 to $5,000. U.S. Bank’s minimum loan amount is just $1,000. This is great for those who need just a bit of money for a quick project or minor emergency.
Best guaranteed reasonable APR
PenFed Credit Union
| Loan amount | $600-$50,000 |
| APR | 6.99%-17.99% |
| Max loan term | 60 months |
at MoneyLion
- Year Founded: 1935
- Company Headquarters: McLean, VA
- CEO: James Schenck
Pentagon Federal Credit Union (PenFed) is not as ubiquitous as other lenders, such as Wells Fargo and U.S. Bank. Its maximum loan term is also comparatively short at just 60 months. But it does one thing exceptionally well: APR. Many banks may charge in the mid- to upper-20% range—but PenFed caps its APR at 17.99%.
Beset for preapproval
American Express
| Loan amount | $3,500-$50,000 |
| APR | 6.90%-19.99% |
| Max loan term | 60 months |
at MoneyLion
- Year Founded: 1850
- Company Headquarters: New York City, NY
- CEO: Stephen Squeri
American Express extends up to $50,000 with up to a 60-month loan term. These loans are only available to eligible American Express cardholders. Sounds like a lot of restrictions—so what makes these loans so good?
American Express routinely checks your profile and sends you account notifications when you are preapproved for a loan. It tells you the specific amount you qualify for, as well as a menu of loan terms. Simply accept the offer, and you’ll be approved. All to say, American Express virtually guarantees approval (unless something has changed since you were notified of your preapproval).
Best for low fees
Discover Bank
| Max Loan amount | $40,000 |
| Min. APR | 7.99% |
| Max loan term | 84 months |
at MoneyLion
- Year Founded: 1985
- Company Headquarters: Riverwoods, IL
- CEO: Jason Hanson
- #185 on the 2025 Fortune 500 list
- #141 on Fortune’s 2025 America’s Most Innovative Companies list
- #16 on Fortune’s 2024 Best Large Workplaces in Financial Services and Insurance
- #97 on Fortune’s 2024 Best Large Workplaces for Millennials list
- #40 on Fortune’s 2024 Financial Sector Leaders list.
- #56 on Fortune’s 2024 Best Companies to Work For list.
Discover is lauded for its no-fee approach to banking, from credit cards to checking accounts to personal loans. You won’t have to worry about origination fees, paperwork fees, or early payment fees. It’s a very customer-friendly loan.
Discover extends up to $40,000 with terms lasting up to 84 months.
What is a personal loan for good credit?
A personal loan for good credit is simply an installment loan for those with “good” credit.
When you apply for a loan, the financial institution will examine your profile to assess how risky a borrower you are. One of the metrics it uses is your credit score. It provides details such as how faithful you are with on-time payments, the amount of available revolving credit you’re currently using, the average age of your open accounts, and the frequency at which you apply for new loans.
Your credit score blends these elements of your credit into a unique score.
While multiple entities generate a credit score for banks to view, the one that’s probably the most often relied upon is your FICO Score. FICO defines a “good” credit score as one falling between 670 and 739. If this describes your credit score, you should have a wide selection of financial institutions willing to do business with you.
In short, if you have “good” credit, your credit score will not be the factor that disqualifies you from a loan with most banks; but just because you’ve got a good credit score doesn’t mean you’re guaranteed to be approved for a loan. Lenders also look at things like your debt-to-income ratio, employment history, previous account delinquencies and bankruptcies, etc.
Pros and cons of personal loans for good credit
Pros
- Consistent monthly payments
- Receive funds as quickly as the same day
- Potentially lower APR than other options to borrow money (like credit cards)
Cons
- Possible ancillary costs (origination fees, prepayment fees, etc.)
- The best rates and terms may require excellent credit
- Credit score will temporarily drop after submitting your application
Is a personal loan for good credit a good idea?
A personal loan for good credit can be a good idea depending on your situation. Ask yourself the following questions to determine whether you should in fact apply for a loan:
- How close are you to achieving excellent credit? Those with an “excellent” credit score (typically 800 and above) are eligible for the best loan rates. If you’re flirting with the “excellent” credit score range, it may be worth delaying your application until you enter that range.
- Are you requesting the funds for a discretionary purchase? The rule of thumb is to not open a personal loan just to buy something you can’t currently afford. Wait until you’ve actually saved the cash before you make recreational buys like a big screen TV or a fancy vacation. Personal loans are best for things like emergency costs, expensive repairs, etc.
- Do you think you’ll need additional loans within the next few years? If you’re opening a loan for a big project, such as a home renovation, a personal loan may not be your best option. Many banks also offer a personal line of credit (PLOC) that works similarly to a credit card. You can use this loan to make a large purchase, pay down your balance, and re-use the same loan for a future purchase. It’s great for projects that are paid for in phases.
- Do you have a more important loan request in the near future? You may not want to pay off personal loan debt before getting a mortgage . There are absolute benefits (lower your debt-to-income ratio, reduce monthly bills, and so on), but paying off a loan will result in a closed account which can slightly lower your credit score.
- Can you afford another monthly payment? A personal loan is a commitment that can last many years. If you’re consolidating debt to lower your monthly payments and escape high APR, your budget may actually benefit—but if you’re adding to your current debt situation by purchasing a new item, think carefully.
How to find the right personal loan for good credit
Again, the funds you receive from a personal loan can be used for just about anything. Whether you’re installing a pool, consolidating debt, or paying for a wedding, you’ll apply for effectively the same loan.
The differences are in the term length, interest rate, ancillary fees, etc. To find the best loan for your situation, consider the following,
Borrowing power
The amount you can borrow depends on two things:
- Lender-specific loan caps: One bank may offer loans up to $100,000, while others may offer a maximum of $30,000. Find a lender that extends the amount you need.
- Your creditworthiness: Just because a bank advertises a healthy loan amount doesn’t mean you’ll qualify for it. Shop around to find a financial institution willing to lend what you’re asking for.
Repayment term
One of the most important details of your loan is the amount of time you have to pay the money back. The longer the loan term, the lower your minimum monthly payment. Just note that you’ll ultimately pay more interest the longer it takes you to repay your loan.
Interest rate
Depending on the lender, you may be offered a wide range of interest rates—from sub-10% to 25% or more. This number is important, as it dictates the out-of-pocket you’re paying for the privilege of borrowing money. It also affects the size of your monthly payment.
Hypothetically, let’s say you took out a loan for $40,000 with a term of 60 months. Assuming you make only minimum payments, here are estimates of what your monthly installment would be with varying interest rates:
- 9.50%: $840.07 per month ($10,404.47 in total interest)
- 10.50%: $859 per month ($11,585.36 in total interest)
- 11.50%: $879.70 per month ($12,782.26 in total interest)
As you can see, one or two percentage points can potentially be the difference of thousands more interest paid over the term of your personal loan.
Fees
Interest payments are a certainty—but some lenders also charge additional personal loan costs. Origination fees, administrative fees, even prepayment fees can increase your overall cost of borrowing.
Search for a bank that doesn’t charge these arbitrary fees.
Funding time
Several lenders advertise extremely fast funding—even same-day, in some cases. If you need the money as soon as possible, choose a loan that famously deposits into your account quickly. You may otherwise have to wait a few days.
How to qualify for a personal loan for good credit
You may have a good credit score—but credit is just one ingredient that lenders look at when sizing you up as a fit for its products.
- Income: Banks want to see a steady income stream to know that you can reliably repay what you owe.
- Employment history: In addition to a steady income, you’ll benefit from a history of consistent employment. For example, if you’ve only been at your current employer for a few weeks, you may have a tougher time getting approved. It could benefit you to wait until you’ve got a few months behind you.
- Debt-to-income ratio (DTI): Your DTI is the amount of income you currently use to pay monthly debts. To give yourself the best shot at approval, your DTI should be less than 36%.
If you don’t yet have good credit, focus on paying your current loans and lines of credit on-time and keeping your credit utilization low (experts recommend that you stay below 30%). Also avoid applying for multiple loans in a short period of time, as each hard credit inquiry will temporarily ding your credit score.
Alternatives to personal loans for good credit
If you have good credit, a personal loan isn’t your only financial tool to finance a large expense. The below alternatives may better suit your situation:
- Low-APR credit card: Credit cards aren’t typically a good option for purchases you can’t pay off within a couple of months due to high interest rates. That said, some credit cards offer extended interest-free windows upon account opening, sometimes for a year or even close to two. If you can repay the money within a year or two, a 0% intro APR credit card may be superior to a personal loan.
- Home equity loan: A home equity loan is similar to a personal loan in that it delivers to you a lump sum of money upon account opening and immediately enrolls you in monthly installments. Depending on the amount of equity you’ve built in your home, your maximum loan amount may be in the hundreds of thousands of dollars. Just note that your home is used as collateral—so if you default on your loan, the bank may take your property.
- Line of credit: A line of credit is similar to a credit card—but often with more palatable APR. A line of credit allows you to borrow money, repay the balance, and borrow the same money again—all while only paying interest on the portion of your credit limit that you use. Banks typically offer both personal lines of credit and home equity lines of credit (HELOCs).
You may also opt to borrow money from family members or friends to fund your expense. You can save on interest and skirt formal loan applications.
Our methodology
Fortune compared top financial institutions offering personal loans to those with good credit. We’ve selected the best options for a handful of common financial goals and situations, ranking each lender according to the following attributes:
- Minimum loan amount (17%): Many financial institutions set a minimum amount you can borrow. We favored personal loans with lower minimum loan requirements.
- Maximum loan amount (18%): Your bank or credit union sets limits for how much you can borrow. We favored banks with higher maximum loan amounts.
- Minimum APR (13%): This is the lowest advertised rate by the lender. The APR you qualify for will depend on your unique financial profile.
- Maximum APR (17%): This is the highest advertised rate by the lender. The APR you qualify for will depend on your unique financial profile.
- Maximum loan term (20%): This is the longest repayment timeline the lender offers. We prioritized lenders that offer longer repayment terms.
- Origination or administrative fees (10%): Any financial institutions that charged for things like loan origination or account setup fees were docked points.
- Customer support (5%): Top picks offer customers various ways to get in contact: chat support, phone, and/or email.
This methodology is the same we use to rank our best personal loans outright—but the selection varies slightly, as these loans are focused toward those with a credit score between 670 and 739 (considered a “good” credit score by FICO).
Frequently asked questions
What credit score is considered “good” for a personal loan?
A “good” credit score typically means a FICO Score ranging from 670 to 739. Any higher than that is considered very good or excellent credit.
Why was my personal loan denied even though I have good credit?
Even with good credit, your personal loan may have been denied due to other variables. Your DTI, income, and employment history also factor into your creditworthiness.
Is pre-qualification the same as approval?
Pre-qualification is not the same as approval. When you pre-qualify for a personal loan, the lender performs a soft credit inquiry on your credit to check a few details. It then tells you if, based on the information you’ve entered (income, employment, etc.) whether you seem like a good fit. When you formally apply, the lender will verify all the information you’ve provided and then make an actual determination.
Is a fixed or variable interest rate better for personal loans?
Personal loans come with fixed interest rates. This guarantees that your interest will stay the same over the lifetime of your loan—regardless of market activity. Variable interest rates are more common among personal lines of credit, credit cards, HELOCs, etc.
What is the difference between a secured and unsecured personal loan?
A secured personal loan requires some sort of collateral. From a vehicle to jewelry to property, you are giving the bank something of value to guarantee that they can retrieve their money in case you default on your loan. An unsecured loan does not require such collateral.