Personal Loans for Good Credit | Green Day Online
What’s a good credit loan?
Good credit scores can lead to lower annual percentage rates and better terms for personal loans. Unsecured loans don’t require collateral such as your car or savings. Instead, lenders assess applicants’ ability to repay the loan by considering factors such as credit, income, and debt.
You can obtain a personal loan with good credit from online lenders, credit unions, and banks.
How do I choose a personal loans?
These are the factors to consider when you choose an online lender.
Compare rates between lenders:
If your credit score isn’t perfect, it pays to shop around for the lowest rates and most affordable fees. You can pre-qualify for online lenders to see rates without having to affect your credit.
The benefit of personal loans is that you can use them however you want, such as to pay off high interest credit cards or to make home improvements. Rates may differ depending on the loan purpose.
Personal loan terms generally range from 2 to 7 years. However, some lenders may offer more extended periods for home improvements or other purposes. A shorter time means that you will pay less interest, while a longer term can make your monthly payments more affordable and may be easier to afford.
The loan features.
Many lenders offer mobile apps that allow you to track your loan. This is useful if you want to keep a close eye on your finances. Some offer flexible payment plans or the ability to delay a payment in cases of hardship. Some lenders will send your loan proceeds directly to your creditors if you are consolidating debt. This is a significant step in your effort to pay down debt.
Your lender may offer other benefits such as free credit monitoring, financial education resources, and career counseling.
What rates are available for good-credit loans?
Your credit score will affect the APR that you get on a personal loan. Your credit score will determine how low your rate is and how much interest you pay over the term of your loan. According to Green Day Online’s lender survey, the average APR for borrowers with excellent credit is 17.4%.
Your total monthly payment and term length will also be affected by the interest rate. To estimate your monthly payment based on your credit score, use our personal loans calculator.
Banks offer good-credit loans.
If you have excellent to good credit, traditional banks may be an option. Many banks offer interest rates comparable to online lenders. If you already have an account with the bank, you may also be eligible for a simplified application process and reduced rates.
- American Express is a great choice to consolidate credit card debt. You can pay up to four cards directly with it, and there are no fees or rates.
- PNC gives its customers a 0.25 percent discount on personal loans if they repay through a checking account.
- TD Bank provides loans to customers primarily from the East Coast, with competitive rates, fast approvals, and funding times.
- Wells Fargo lets existing customers apply online for personal loans and has a relatively high borrowing limit that makes it a viable option for home improvement funding.
Next steps: Apply for a personal loan
You can pre-qualify for a personal loan to see what rate, payment, and term you might be eligible for before committing to a loan.
You can prequalify on Green Day Online to compare offers from multiple lenders who partner with us. Your credit score will not be affected by pre-qualifying.
Green Day Online reviews personal loans from over 30 lenders and rates them. We collect more than 45 data points and compare each lender to others who offer similar personal loans by interviewing company representatives.
Green Day Online editors and writers conduct an annual fact check and update and make any updates throughout the year.
Our star ratings award lenders that provide consumer-friendly features points. These include flexible payment options, quick funding times, customer service, reporting to credit bureaus, financial education, transparent rates and terms, low interest rates with no fees, and easy pre-qualification.
We also take into account regulatory actions taken by agencies such as the Consumer Financial Protection Bureau. These factors are weighted based on how they affect consumers’ experience and which are most important.
This method applies to lenders who have a maximum interest rate of 36%. That is the maximum rate that most financial experts and consumer advocates consider affordable. Green Day Online is not compensated for its star ratings. Our editorial guidelines.
Questions frequently asked
What is considered a good credit score to get a personal loan?
The FICO credit score ranges from 690 to 719, which is between good and excellent credit. Personal loans require a good credit rating Lenders and reasons for borrowing can affect the rates. People with excellent credit are eligible for the best personal loans rates and terms.
How can I get a personal loan for good credit?
Lenders prefer borrowers with excellent credit scores (FICO scores over 689). On loan applications, lenders will also look at your debt-to-income ratio. You’re ready to Apply for a Personal Loan Compare multiple lenders to ensure you get the best terms and rates.