Good things start to happen when you reach good credit. You can borrow at low interest rates and qualify for the top rewards credit cards. Here's our guide for borrowing when you have good credit.
Advertiser Disclosure - We do not feature every company or financial product available on the market.

Good credit is the credit level where good things start to happen. Not only are you very likely to be approved for any personal loan you apply for, but you’ll get a good rate as well!

Beyond credit, a good credit score is an advantage when applying for a job or for life insurance. Employees with good credit are considered to be more stable (and employable), while insurance companies see them as lower risk than those in the fair or poor credit risk categories.

We’re going to discuss some of the different personal loan opportunities available to you if you have good credit. And we’re even going to spend a bit of time touching on moving your good credit to the excellent credit range.

Overview of the best lending sources for people with good credit

LenderBest forAPRTerm
FionaWide range of loan amountsStarts at 2.49% APR6 to 144 months
CredibleSmall personal loansstarting at 4.99% APR (with AutoPay), See Terms*24 to 84 months
MonevoLender variety2.49% - 35.99% APR12 to 144 months
SoFiBorrower perks5.99% to 18.85% APR (with AutoPay)24 to 84 months
MarcusNo fees6.99% - 24.99% APR. Reduce your APR by 0.25% with AutoPay36-72 months
OneMainIn-person support18% to 35.99% APR24 to 60 months
Best EggTransparent application requirements5.99% to 29.99% APR36 to 60 months
Lending ClubEasy P2P loans8.05% to 35.89% APR36 to 60 months
ProsperEstablished credit lines7.95% to 35.99% APR36 to 60 months

The best lending sources for people with good credit

When you have good credit, you have a lot of loan options. That’s particularly true if your credit score is over 700. Even though that may not be considered excellent credit, it’s good enough that the majority of lenders will want to do business with you. But some lenders will be more anxious than others, while others are best avoided.

Loan aggregators

These aren’t direct lenders, but web platforms giving you access to potentially hundreds of different lenders. The big advantage is that they save you from having to shop around with individual lenders. You complete a loan summary request, and lenders will come to you with offers. You can select the one that will work best for you. Here are some of the best.

  • Fiona matches you with personalized loan offers starting as low as $1,000 and going all the way up to $250,000. Loan terms range from 6 to 144 months and APRs start at 2.49%. Once you fill out Fiona’s easy form, you’ll receive loan offers in under a minute. 
  • Credible comes with a slightly smaller loan range, from $600 to $100,000. You can see all of the lenders available on the platform without even entering any personal information. And if you find a better personal loan rate elsewhere, Credible will give you $200. So it’s definitely worth including this aggregator in your loan search. Terms apply, see Best Rate Guarantee.  
  • Monevo pulls loan offers from as many as 30 banks and lenders, without impacting your credit score. Plus, depending on the lender and your loan terms, you could take as long as 12 to 144 months to pay off a loan. This can be a helpful option for people who need to borrow a large amount and keep monthly payments affordable.

To get a sense of what loans you qualify for, check out some lenders below:

Personal loan lenders

If you have good credit, there are plenty of personal loan lenders that may approve your loan. 

  • SoFi uses a variety of factors to approve loans, including your financial history, credit score, and monthly income vs. expenses. If you have a good debt-to-income ratio, you could qualify for a better rate than you’d get with a lender that uses credit scores alone. There’s also an autopay discount on your rate. And if you ever lose your job, you can pause your payments and get help from SoFi finding your next gig. 
  • Marcus by Goldman Sachs® offers no-fee personal loans from $3,500 to 40,000 with a fixed APR rate for the life of the personal loan so it’s always the same amount you owe each month. And bonus: if you pay your loan on time and in full for 12 consecutive months, Marcus gives you a bonus that you can defer a payment where interest does not accrue during this time – and your loan is simply extended for one extra month.
    Advertiser Disclosure - We do not feature every company or financial product available on the market.
  • OneMain’s online application process is simple and easy, but the lender really stands out by offering (and requiring) an in-person element to the approval process. You must visit a branch and speak to a loan specialist before getting funded. Also, note that OneMain personal loans do require collateral.  
  • Best Egg personal loan amounts go from $2,000 to $35,000 and can be used for just about any purpose. In order to qualify for the lowest APR, Best Egg states that you’ll need a 700 credit score and an annual income of at least $100,000. It’s helpful to use these transparent requirements to get an idea of where you stand before even applying.

Peer-to-Peer (P2P) lenders

The loans you get from these sources will often have higher interest rates and fees than what you’ll pay at a bank or credit union. But they still have certain advantages. For example, you can get a personal loan of up to $40,000 for any purpose. In addition, the loans are completely unsecured.

They can be particularly beneficial with large medical debts. But one area of special consideration is business financing. It can be difficult to get a loan for a business of any type. But if you’re trying to launch a new business, it will be virtually impossible to get one from a bank or credit union. Since P2P personal loans are made for any and all purposes, they can be a perfect source for new business financing.

  • LendingClub Bank lets you borrow up to $40,000 with a fixed rate and monthly payments. It takes just a few minutes to apply and receive an offer. Then your loan will be posted to have investors fund it and you’ll get money in your bank account within a few days. 
  • Prosper lets you apply to borrow between $2,000 and $40,000. In order to qualify, you’ll need at least three existing credit lines on your credit report. However, there is some wiggle room on your actual credit score, with the minimum being 640. Of course, you’ll need a higher score in order to qualify for the best rates and higher loan amounts.

Other types of loans for good credit

Home equity loans

With good credit, these can be excellent loan sources. They include both actual home equity loans, and home equity lines of credit (HELOCs). You’ll generally get better interest rates than other types of loans, since they’re secured by your home. They also provide larger loan amounts than other loan sources.

Here is a great of option to look into:

  • Hometap lets you sell off a portion of your home’s future value for cash, essentially making the company a co-investor in your property. Once you’re ready to sell, Hometap will take its share of the proceeds. 

Getting a personal auto loan with good credit

If you have good credit, getting a personal auto loan is almost certain. The only time you might have trouble is if your credit history shows specific problems with a current auto loan, or if your income is insufficient to qualify for the loan.

Apart from those two issues, not only are you likely to be approved, but you’ll probably have plenty of options. Or, you can check out Fiona to help you find the best rates – so it’s really just more of a convenience for folks with good credit.

It’s important to remember that auto lending is not as uniform as other types of lending, particularly mortgages. This is because auto lending is a diverse industry. There are banks, credit unions, and subprime lenders, and each has their own criteria.

If you have good credit, you should be able to get an auto loan from your bank or credit union at a very reasonable rate. At a minimum, get a pre-approval, then make the car dealer beat it with a better offer.

Your credit score still matters with personal auto loans even if you have good credit

Even though you have good credit, your specific credit score will largely determine the interest rate you’ll pay on your auto loan.

Check out our auto loan calculator to get an idea of what kind of personal loan rate you’ll get.

Whatever your credit score is, be sure to shop around. You can often do better with credit unions than banks, and certainly than dealer financing. For example, DCU Credit Union – which lends nationally – is offering auto loans as low as 2.74% APR. The minimum credit score they’ll accept is 650, which is actually a little bit below the 670 to 739 range normally considered to be good credit.

Getting a mortgage with good credit

Most mortgage lenders will give you a loan if your credit score is at least 620, and there are a few that’ll go down to 600 or even 580. The catch is you’ll pay a higher interest rate with a credit score that low. And those are all considered to be fair credit, which is in the 580 to 669 credit score range.

If you’re in the good credit score range – 670 or higher – your likelihood of approval is much greater. And while you may not get the lowest mortgage rates available, the one you will get will be a lot better than if you were in the fair credit score range.

What’s more, if you have good credit, you’re less likely to have to get a cosigner, or to make a large down payment. Your credit will be good enough that it won’t need to be offset by a major compensating factor.

As far as which mortgage lender to use, there are no particular recommendations here. Virtually all mortgage lenders originate loans through either the FHA, VA, Fannie Mae, or Freddie Mac. That means that while there’s some flexibility between lenders, they’re all following essentially the same guidelines.

Once again, you can use our mortgage calculator, you can determine the effect of credit score ranges on your interest rate and monthly payment for a mortgage.

Credit cards for people with good credit

While personal loans may work better for some, using a credit card to pay off your debt could be a better option.

Many balance transfer credit cards offer 0% interest for anywhere between 12-18 months. That gives you a year or more to pay off your debt with ZERO interest. So if you decide to make a big purchase – whatever it is – balance credit cards buy you time and therefore money. Also, if you have debt that you know you can pay off in that amount of time, going with a balance transfer card over a personal loan is usually a better choice.

Here is one of my favorite balance transfer cards to check out:

Chase Freedom Flex℠

In A Nutshell

The Chase Freedom FlexSM offers an enticing $200 sign-up bonus after spending $500 in the first three months.  Plus cash back rewards on travel, dining, drugstore and every day purchases with rewards that never expire. All for no annual fee!

Read review
Apply Now On the Secure Website

In A Nutshell

The Chase Freedom FlexSM offers an enticing $200 sign-up bonus after spending $500 in the first three months.  Plus cash back rewards on travel, dining, drugstore and every day purchases with rewards that never expire. All for no annual fee!

Read review
Credit Score Requirements: Credit Score requirements are based on Money Under 30’s own research of approval rates; meeting the minimum score will give you the best chance to be approved for the credit card of your choice. If you don’t know your credit score, use our free credit score estimator tool to get a better idea of which cards you’ll qualify for. *Money Under 30 uses a FICO 8 score, which is one of many different types of credit scores. *A creditor may use a different score when deciding whether to approve you for credit. ?
  • Good/
  • Excellent
Poor 500-599
Fair 600-699
Good 700-749
Excellent 750-850

What We Like:

  • Awesome $200 cash back bonus after spending $500 on purchases in the first 3 months from account opening.

  • Earn 5% cash back on travel booked through Chase Ultimate Rewards® and on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter, plus earn 1% on all other purchases.

  • 0% Intro APR on purchases and balance transfers for 15 months from account opening on purchases, then a variable APR of 17.24% – 25.99%.

  • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
  • 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more
  • 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1% cash back on all other purchases.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 17.24% - 25.99%.
  • No annual fee - You won't have to pay an annual fee for all the great features that come with your Freedom FlexSM card
  • Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
Intro APR Purchases
0% Intro APR on Purchases for 15 months
Intro Term Purchases
15 months
Intro APR Balance Transfers
0% Intro APR on Balance Transfers for 15 months
Intro Term Balance Transfers
15 months
Regular APR
17.24% - 25.99% Variable
Annual Fee
$0

Apply Now >>

The Chase Freedom Flex℠ offers an introductory APR of 0% Intro APR on Purchases for 15 months and a 0% Intro APR on Balance Transfers for 15 months. After the intro rate, the APR range is 17.24% - 25.99% Variable with a $0 annual fee.

With the Chase Freedom Flex℠ you’ll also have a lot of cash back earning opportunities: 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate, 5% cash back on travel booked through Chase Ultimate Rewards®, and 3% back on drugstore and dining purchases.  Plus 1% unlimited cash back on all other purchases.

Finally, an enticing bonus to new cardholders: you can earn a $200 bonus after spending $500 on purchases in the first 3 months from account opening.

Read our full review of the Chase Freedom Flex℠.

What exactly is good credit?

Good credit is often in the eyes of the beholder – or in this case, the lender. There are different definitions of good credit based on various loan types. The credit score range may be different depending on whether you’re applying for a credit card, an auto loan, or a mortgage.

According to Experian – one of the three major credit bureaus (Equifax and TransUnion are the other two) – good credit is considered to be credit scores between 670 and 739. People in the good credit range are 21.5% of the population.

Once again, not all lenders use that standard. With some lenders, a credit score below 700 is viewed as more in the fair range. Still, others may consider 700 or 720 as the beginning of excellent credit. At those score ranges, you’ll begin to experience preferential interest rates and pricing on most loan types you apply for.

If you don’t know your credit score, check out our credit score estimator tool.

Let’s look at what kinds of loans are available for you if you have good credit.

Common document requirements for a loan application when you have good credit

Below is a list of documentation commonly required for loans of all types. Exactly which items you’ll be required to furnish will depend on the lender and the kind of loan you’re applying for.

  • Your most recent pay stub and W-2(s) to document your income.
  • Evidence of Social Security or pension income (award letter or 1099).
  • Contact information for your employer (the lender will verify your employment directly).
  • Copies of completed income tax returns for the past two years, if you’re self-employed or work on commission.
  • Make, model, and value of your car; VIN number if you’re applying for an auto loan.
  • If you’re paying or receiving child support or alimony, list the amount you’re paying or receiving.
  • Bank or brokerage statements, or even retirement account statements.
  • Written explanations for late payments or other credit problems that may show up on your credit report.

How to move from good credit to excellent credit

Excellent credit is considered a credit score of 740 or better. Now you don’t need a credit score this high to get through in life. But it’s still a goal worth pursuing, and here’s why:

An excellent credit score can get you the very best financing deals available. Small differences in interest rates can add up to thousands of dollars over the life of the loan.

A single 30-day late payment can drop your credit score by 50 points. It happens in the real world, sometimes by mistake. If your credit score is well north of 740, a 50-point drop will bring it down to the good credit level. If you’re at 700, a similar drop will bring you down to 650, which is fair credit.

Strategies to improve your credit

It can be difficult to improve on an already good credit score. It’s likely you’ve been making your payments on time, and for a very long time. There’s no way to improve on that, but here are a few strategies to enable you to go from good to excellent credit:

Monitor your credit on a regular basis, and be on alert for errors

You can monitor your credit through multiple different services. If you find any errors on your credit report, correct them with the creditors immediately.

Hint: if you have a credit monitoring service, they’ll alert you when they find any errors and will start the correction process for you.

Open a variety of accounts

One of the factors that determine your credit score is the type of debts and accounts you have. It looks better to have multiple accounts that you make timely payments for each month. So if you pay a credit card bill, a mortgage, and your student loan each month, your credit score will definitely thank you.

Pay down debt

Your credit utilization affects your credit score as well. So if your credit card constantly has a high balance, you’ll never get to an excellent credit score. So I suggest that you work on paying down your debt with two proven methods: the snowball payoff method or the avalanche payoff method.

With the snowball method, you’ll pay off your debts from smallest balance to largest balance. But with the avalanche method, you’ll pay off your balances from their highest interest rate to the lowest interest rate.

FAQs about personal loans for good credit

You’ll find rates below 10% APR if your credit is in the good range. You can also sometimes get even lower rates by setting up autopay.
If you have good credit, it’s easier than ever to shop around for a loan. Look for sites (like Credible and Fiona) that shop multiple quotes to get a feel for the rates being offered.
You may see your credit score drop slightly after closing on a new loan. But lenders also give you the opportunity to pay your loan on time each month and boost your score again.
Having a good credit score helps you qualify for the best loan terms, especially interest rate. But it’s not the only factor a lender uses to make a loan offer. They also look at your debt-to-income ratio, which compares your monthly income to how much debt you already have to pay each month. Your new loan amount will be based on how much more debt the lender thinks you can manage.
Most banks and online lenders offering personal loans will encourage good credit borrowers to qualify. Check out our lender recommendations as a starting point for your loan search.

Summary

To move your credit from good to excellent, slow and steady wins the race. You’ll want to avoid doing anything dramatic, while at the same time gradually paying down your debts.

And if you can move from good to excellent credit, you’ll find yourself sitting atop the credit food chain. It’s a nice place to be.

Read more:

Marcus By Goldman Sachs® Offer Terms and Conditions - Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.

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About the author

Total Articles: 151
Since 2009, Kevin Mercadante has been sharing his journey from a washed-up mortgage loan officer emerging from the Financial Meltdown as a contract/self-employed “slash worker” – accountant/blogger/freelance web content writer – on Out of Your Rut.com. He offers career strategies, from dealing with under-employment to transitioning into self-employment, and provides “Alt-retirement strategies” for the vast majority who won’t retire to the beach as millionaires. He also frequently discusses the big-picture trends that are putting the squeeze on the bottom 90%, offering work-arounds and expense cutting tips to help readers carve out more money to save in their budgets – a.k.a., breaking the “savings barrier” and transitioning from debtor to saver. He’s a regular contributor/staff writer for as many as a dozen financial blogs and websites, including Money Under 30, Investor Junkie and The Dough Roller.