Personal Loans for Those With Good Credit
In this article, we are going to outline the best personal loans for borrowers with proper credit. With ‘good credit,’ we mean a Credit Score higher than 720. There are many advantages of having a good Credit Score, one of them being able to borrow money against low APRs starting at just 6%. Another advantage of having a good Credit Score is that you can borrow or take out a personal loan up to $100,000. Sometimes even extra benefits are included for people borrowing money with good credit scores.
Even when you have a good credit score, it can be a hassle to find the right loan provider for you. That’s why we have them lined up here and tell you the pros and cons of every single one of them.
But, before we review the most popular loan providers offering personal loans for people with good credit, let’s explain how to choose a personal loan that fits your needs.
Always compare the different rates and terms offered by several various loan providers. Like almost everything, it’s smart to do your research before signing any contract. Make sure you only hire the best terms at the lowest rates. There are also many loan scams out there, so beware! Stick only with companies you trust, or we verified for you in the various articles on this website.
Of course, it’s also smart to know the exact purpose of your loan rather than just taking one out. Don’t borrow money you cannot repay or that you’re going to waste on things you don’t need. Although this might sound like common sense, it does happen a lot that people end up paying something off that already broke down or is already sold.
Check for additional features that different loan providers offer. Nowadays, some loan providers have apps available where you can see how much you need to repay when your next bill is due and other handy features.
Also, if you have a good credit score, then please don’t allow yourself to pay to much interest. Look for loan providers that offer personal loans between 6% and 18% APR. That’s like the general rule of thumb and industry standard. Like we outlined before, look for other perks as well.
Not only your bank but also other banks love to offer personal loans to people with Good Credit Scores. Below you will find the top suggested personal loan providing banks for 2020:
– American Express This well-known bank and credit card provider offers loans to Amex cardholders with a discount. Amex cardholders even get preapproved. Their APRs aren’t too high, and their terms are quite standard. They do not charge extra for a missed payment, either. However, you can only lose payments once every 12 installments. American Express has a straightforward online application process available.
– Citizens Bank This bank is a great choice to apply for a personal loan. Especially when you’re a Citizens Bank customer already. They currently offer up to 0.5% discount on a personal loan if you set up auto-payments and are an existing customer. Their rates and terms are very competitive and attractive.
– PNC Has quite some exciting offers on personal loans for existing customers as well. Not only do they get a discount, but they can also set up automatic repayments through their checking account. This is great as you can streamline your monthly payments, never missing one, which keeps your Credit Score as good as it can be and might even increase it. The current discount is about 0.25% on personal loans for existing customers.
– Wells Fargo This well-known high street bank has one of the most competitive rates in the entire personal loan industry. From our research, it is no problem borrowing high amounts, all the way up to $100,000 without any collateral. As long as you have a good Credit Score, it shouldn’t be too difficult to get a loan from them.
Apart from these banks, there are quite some other online loan providers available, all with affordable rates and decent terms. You might want to take a look at LendingClub, LightStream, SoFi, Payoff, best egg, or Discover.
If you cannot get a loan from a regular loan provider, be sure to check out the different crowdfunding opportunities. These are peer-to-peer based lending platforms where investors and lenders can get in contact with borrowers and grant them a personal loan. Sometimes fees are quite high, but at least it’s a way to get a loan and solve any liquidity problems you might have at the moment.
Also, note that when applying for at a loan provider online, you sign a temporary contract most of the time. This means the loan isn’t 100% given yet, and you have all the rights to ‘shop around’ and even apply at several different loan providers. Most loan providers offer easy-to-use online forms that you just fill out. Please note always to fill in the truth as it might hurt your good Credit Score to enter false information about you, your income or credit history. Most loan providers will contact your Credit Bureau and perform a thorough credit and financial background check.
