It will be a lot easier for you to borrow money if you have good credit. The minimum credit score that is considered good ranges from 690 to 720. People with good credit score are typically able to get better interest rates on loans. People who have a good credit score, which is above 720, are able to get the best interest rates. They are often able to get credit cards with a 0 percent introductory interest. Additionally, they may be able to get loans above $100,000.
You should shop around for the best interest rates. Many lenders will allow you to check the rates without having it affect your credit. This is called a soft inquiry.
Personal Loans for People With Excellent Credit
You will most likely be able to get a personal loan from a credit union, online lender or bank if you have an excellent credit score. If you check rates with a bank or credit union, then this will typically be a hard credit inquiry. However, if you check rates with an online lender, then this will likely be a soft inquiry.
LightStream, SoFi and Earnest are some of the lenders that are geared towards people with excellent credit. You can get a high loan amount with low interest rates. LightStream is a great option if you have had excellent credit for several years. It does not charge an origination fee.
SoFi is geared towards people with excellent credit and high incomes. There are no origination fees. You will typically be able to get a loan that ranges from $5,000 to $100,000. Additionally, people who become unemployed can pause payments and get career counseling.
Earnest is geared towards people who have a credit score that is above 700, are responsible with their money and have a high income. This lender allows you to adjust your due dates if necessary.
Personal Loans for People With Good Credit
Lending Club and Prosper are the largest online peer-to-peer lenders. Both lenders allow people with good credit to get a loan with a favorable interest rate. Lending Club’s starting interest rates typically range from 4.99 percent to 5.99 percent. It has lower credit score requirements than Prosper.
Prosper is another great choice for people with good credit. It also provides people with their own app for managing their personal finances.
Personal Loans for People who Want to Consolidate Debt
All online lenders offer loans to people who want to consolidate their debt. A personal loan can allow you to get out of debt faster. It can also help improve your credit score. However, it is a good idea to stop using your credit cards if you want to consolidate debt.
Personal Loans for People With Thin Credit
There are many factors that determine your credit score. The length of your credit history is one of those factors. It is possible for a person to have a good credit score even if they have not had credit long. Many new online lenders will offer loans to people who just established credit.
Upstart does not have a minimum credit history requirement. If you have a strong financial and educational history, then you can get approved for a loan from Upstart. Earnest is geared towards borrowers who have excellent credit. There is no minimum credit history requirement. However, people who qualify for a loan from Earnest typically have high incomes.