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Personal Loans For Good Credit

Written by Banks Editorial Team

Updated April 22, 2021​

2 min. read​

At some point in your life, you may require a loan, for personal advancement, education, medical bills or business. When that time comes you need to have a good credit score in order for you to easily access a variety of loans and be offered better terms than those with low credit scores. Most lenders offer loans for good credit, you can start by comparing some of them.

Types of Personal Loans For Good Credit

  • Unsecured personal loan is one option available for those with good credit score. These loans can be used for a variety of purpose and do not require you to have collateral.
  • Another available option is a Secured personal loan whereby a security for the loan is required by the lender. The benefit of this loan is that the lender might lower the interest on the loan since the collateral gives the lender some security in case of default.
  • Auto loans are also available where you can get a loan to buy a used or new car or in case you have an auto loan you can be able to refinance it with lower interest rates.
  • Other available loans are peer to peer loans which are loans that you can get from an investor through an online marketplace instead of a traditional bank.
  • With an start-up loan you may fund your new business venture.
  • Business loans may be used to expand your established business.
  • With a Debt consolidation loans you may consolidate all your open balances from medical bills to credit cards under one loan at a lower interest rate.
  • Pet care loans allow you to access funds for paying vet bills or medical supplies for all the pets in your family.
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What is Considered a Good Credit Score

First of fall, what do lenders consider as good credit? A score above 680 is considered as a good score while a score above 720 is considered as an excellent score. A good credit score is mainly attributed by having a low credit balance, paying one’s bill on time and making smart purchases. A good credit score can enable you to access larger amounts of the loan with better interest rates than lower ratings, therefore it is important to maintain a good credit score. There are a variety of personal loans for good credit being offered by financial institutions.

Loans for Good Credit Lenders

Now that you know more about your credit score and the types, find below some of the best lenders that offer loans for good credit.

  • Prosper is the best for peer to peer lending. It offers variable and fixed interest rates options with no prepayment penalties enabling you to save a lot on interest. The funds are usually disbursed within three to five days.
  • SoFi is best for no-fee personal loans. It offers variable and fixed interest rates with no late fees, origination fees or prepayment penalties. LendingClub is considered one of the biggest online lenders offering various loan products. It offers loans from $1,000 to $40,000 attracting three or five years loan terms.
  • Marcus is one of the best for debt consolidation since you are able to consolidate any type of debt from medical bills to credit cards. It does not attract loan fees.
  • Upstart is the best for paying for boot-camp or post-secondary education. You need to have a verifiable source of income or a full-time job to qualify for the personal loan.

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