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Best Personal Loans for Good Credit

Dena Standley | April 23, 2024

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: 2024's best personal loans for good credit are evaluated based on loan access, amount, rates, customer experience, and use. SoFi loans cater to good-excellent credit, offering $5,000-$100,000, with APRs 8.99%-25.81%. US Bank provides up to $50,000 with 8.24%-24.99% APRs. Both prioritize good credit, with specific terms and limitations.

A credit score between 690 and 739 is considered “good”, while any score above 740 is typically thought to be excellent. Consumers with good to excellent credit earn better loan terms than those with bad or fair credit. With good credit, you can access lower interest rates, having proven your financial reliability.

However, competitive interest rates are not the only factor when shopping for personal loans. Some affordable lenders may be unavailable in your area, while others may be accessible but have unfavorable spending restrictions.

Fortunately, there are numerous lenders to compare. In this article, we analyze two of the best personal loans for good credit in 2024 to help you determine what to look for in a product. We also include a list of other worthy lenders that may work for you.

Defaulted on your personal loan payments? Respond to debt collectors with SoloSuit.

What are the best personal loans for good credit in 2024?

We picked the best personal loans for people with good credit based on the following factors:

  • How accessible is the loan?
  • How much can you borrow?
  • What are the interest rates?
  • What is the customer experience?
  • Why do you need the money?

Carefully examining each personal loan and whether it suits you will help you make the best decision. Without further ado, let’s take a look at some of the best personal loans for good credit in 2024.

SoFi Personal Loans

SoFi personal loans target consumers with good to excellent credit.

Before applying for a SoFi loan, you can check your expected rates on its website. The soft inquiry will not affect your credit score, but you will need to provide some personal information.

Here are some important factors to know about the SoFi personal loans:

  • Loan limits: You can borrow between $5,000 to $100,000. The large loan can prove helpful for huge expenses. You may also use the loan to consolidate other high-interest debts.
  • Interest rates: APRs range between 8.99% and 25.81%. This rate includes a 0.25% discount for enlisting on autopay and a 0.25% discount for direct deposit.
  • Customer experience: Many consumers are pleased with the ability to apply online and live support access. Also, SoFi has a program to modify payments if you lose your job temporarily.
  • Availability of funds: Loans get same-day approval, and funds are available on the following business day. The lender also offers direct credit card payments if that is your reason for taking out the loan.
  • Accessibility: SoFi is available to US citizens and permanent and non-permanent residents. Applicants also need proof of employment.
  • Loan Terms: 24 - 84 months.

Evaluate the cons of SoFi personal loans

Consider the following cons before applying:

  • SoFi limits the use of borrowed funds. For example, you cannot use the money to pay for college or buy real estate.
  • It is available only to consumers with credit scores above 680.
  • SoFi does not accept cosigners.

Our review shows that SoFi is a good personal loan for consumers who want a large loan with low-interest rates, optional fees, and quick access to funds. And it favors good credit.

Note: Creditworthiness determines how much you can borrow. The maximum of $100,000 is only available to some applicants.

US Bank personal loans

US bank personal loans may be suitable for borrowers who want $50,000 or less and do not want to restrict their use of funds.

  • Loans amounts: You may borrow between $1,000 - $50,000. Non-customers can only borrow up to $25,000.
  • Interest Rates: 8.24% - 24.99%. The 0.50% autopay discounts contribute to these low rates.
  • Availability of funds: It is possible to receive funds within one business day.
  • Accessibility: US Bank branches are available in only 26 states.
  • Loan Term: 12 - 84 months. Non-customers have a maximum 60-month loan term.
  • Customer experience: Online loan application is a welcome feature. US Bank does not charge an origination fee or exert prepayment penalties. Also, there are no restrictions on how you use the cash.

Consider the cons of US Bank personal loans

Consider the following cons:

  • You pay $25 in late payment fees.
  • Non-customers get limited funding and shorter loan terms.
  • You cannot use a cosigner.
  • There are branches in half the states.

US Bank personal loans are best for consumers with good credit who are facing an emergency bill, whether they are existing customers or not. They offer low-interest rates and valuable discounts.

Other personal loan options for those with good credit

We have considered two of the best personal loans for those with good to excellent credit. Following the same evaluation pattern with the following list can help you find other options for a personal loan.

  • Lending Club
  • Discover
  • LightStream
  • Best Egg
  • Happy Money

As you do, keep the following pointers in mind.

  • Getting quotes from multiple lenders is wise, but be careful of hard pulls on your credit. Too many can cause your score to dip.
  • Do not get repayment terms longer than necessary, which may mean paying more in interest.
  • Look for hidden fees and penalties.
  • Understand the terms and conditions to avoid violating them.

Consumers with bad or fair credit who do not qualify for these loans have other options. The terms and interest rates may be less favorable, but you can still get money for an emergency or to complete an expensive undertaking. In the meantime, take steps to build your credit.

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