U.S.: Best Personal Loans for Good Credit for 2023

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Lenders are eager to compete for your business if you have a strong credit score. This is because your high credit score indicates that you have previously managed your debt well. We go through a pool of top lenders to locate those with the best rates and terms for borrowers like you.

What is a good credit score?

FICO® Scores are assigned on a range of 300 to 850, with higher scores indicating better credit. There is no formal cutoff point for what constitutes outstanding, good, or terrible credit, however FICO does provide several guidelines:

800-850 Exceptional
740-799 Very Good
670-739 Good
580-669 Fair
579 or lower Poor
For the purposes of this discussion, we’ll use FICO’s definition, which states that you have good credit if you have a FICO® Score of 670 or higher. The classifications of very good and outstanding are also included together in the wide category of those with “good” credit.
If you’re not sure if you have decent credit, there are various places where you may check your own FICO® Score, or if you’re a cardholder, you may be able to acquire a free FICO® Score through certain credit card issuers. My personal favorite is myFICO, which is operated by the Fair Isaac Company, the makers of the FICO® Score. It isn’t free, but the tools and resources you receive make it well worth it. I’ve been a myFICO user since 2005 and enjoy the extensive score reports and score-predicting tools available to members.

How to choose the best personal loan for you

My best recommendation to prospective personal loan borrowers is to search around for a low-interest loan. I don’t just mean reading about the various lending companies like you are now (though that is a wonderful start). Rather, I’m referring to going through the pre-approval processes of numerous lenders to determine what loan terms you might qualify for and to assure you can get authorized for a personal loan.

Why so many lenders? Simply said, you might be surprised at the range of loan conditions available to you. Even for customers with excellent credit, it is not uncommon for the best and worst loan offers a consumer receives to be 10 percentage points difference.

Most personal loan firms, like the three I’ve mentioned above, let you verify your loan terms by filling out a simple form without damaging your credit. The lender performs a soft credit draw, which is similar to what companies do when they send you pre-approved credit card offers in the mail.

In a word, there’s no reason not to be pre-approved with several lenders, and you could save hundreds of dollars (or more).

Is a personal loan the best way to consolidate your debt?

Finally, no discussion about personal loans would be complete without asking yourself if a personal loan is truly the best option for you, particularly if you want to consolidate credit card debt or make a large purchase.

Here’s why: If you have good credit, you should be able to qualify for some very good 0% intro APR credit card deals for both purchases and debt transfers. As I write this, multiple debt transfer cards with 0% initial APR rates for 18 months or longer are available on the market.

If you are positive that you will be able to repay your merged credit card debts, or whatever purchase you intend to make with a debt consolidation loan, during the credit card’s 0% intro APR offer term, that may be the better option. Just some fuel for thought while you consider your best options.

SoFi 680 $5,000 – $100,000 Fixed: 7.99-23.43% APR (with all discounts) Low APR for borrowers with high income
Marcus 720 FICO $3,500 – $40,000 6.99% – 24.99% Low overall APR
Achieve 640 $5,000 – $50,000 7.99% – 29.99% Diverse offerings
LightStream 660 $5,000 – $100,000 5.99% – 21.49% (w/ AutoPay*) Borrowers with good credit


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