You are a lucky borrower if you have good credit. With good credit, you can expect to have access to loans with lower interest rates. Low interest rates make it easier for you to repay your personal loans. You can qualify for some of the best loans if you have a credit score that is 670 and above. The following are the 5 best personal loans for people with good credit.
SoFi, also known as Social Finance, is an online lender that started operation in 2011. It offers a high loan limit of up to $100,000 and loan repayment term from 2 – 7 years. There is no loan origination, late payment, and prepayment penalty fees. You have a better chance of getting approved for a SoFi loan if you have a higher income. It can take a few days for them to release the funds. SoFi loans are not available to people in Mississippi. Get more details on loan offers online.
2. Marcus by Goldman Sachs
Marcus by Goldman Sachs offers personal loans that are suitable for debt consolidation. Marcus offers direct payment to the creditors free of charge. They can make direct payments to the creditors for up to 10 credit and retail card debt. The repayment term can range from 36 – 72 months. There is an opportunity to defer payment once after you have made payment for 12 consecutive months. When you defer a payment, the due date can be extended by one month. No interest fee will accrue on the deferred month. Marcus has no fee whatsoever and does not accept joint applications. It can take up to 4 business days to receive the funds. With Marcus’ loan, you can take out a loan amount of $3,500 – $40,000.
LightStream is an online personal loan offered by Trust Bank. You can borrow an amount from $5,000 – $100,000 from Light Stream. The option for the repayment term is from 2 – 12 years. The fund can arrive in your account on the same day you apply. The requirement is that you get approved on a business day by 2.30 p.m. Eastern time. It does not have any pre-qualification which means you have to apply directly to see whether you can get approved for the loan.
4. Lending Club
Lending Club is a p2p platform where you can request a loan starting from $1,000. Joint applications are permitted in Lending Club. You don’t have to pay any prepayment penalty if you pay off your loan early. However, there is an origination fee from 1% – 6% if you get approved for the loan. It also charges a late fee of around $15 or 5% when you are behind payment. The loans at Lending Club have a repayment term of 36 – 60 months.
5. Wells Fargo
Wells Fargo offers high-limit loans from $3,000 – $100,000. It also has secured loans with loan amounts of up to $250,000. The fixed interest personal loans Wells Fargo offers make it easy for you to plan your budget for making a monthly payment. The repayment term can be 1 year to 60 months. If the loan you apply for is below $5,000, the repayment term will be from 1 year – 36 months. If you apply for a loan of more than $5,000, the repayment term can be extended up to 60 months.