Finding the right personal loan depends largely on your credit score. Whether you have excellent credit or bad credit, there are loan options available—but the terms, interest rates, and fees will vary.
This guide breaks down the best personal loans for different credit scores, helping you find the lowest interest rates, best repayment terms, and most reliable lenders based on your financial profile.
How Your Credit Score Affects Personal Loan Offers
Lenders use your credit score to determine eligibility, interest rates, and loan amounts. Borrowers with higher credit scores receive lower interest rates and higher loan limits, while those with lower scores may face higher costs or be required to provide collateral.
Credit Score Ranges & Loan Eligibility
| Credit Score Range | Category | Loan Approval Chances | Typical Interest Rate (APR) |
|---|---|---|---|
| 750+ | Excellent | Very High | 5% – 10% |
| 700 – 749 | Good | High | 9% – 14% |
| 650 – 699 | Fair | Moderate | 14% – 19% |
| 580 – 649 | Poor | Low | 19% – 36% |
| Below 580 | Bad | Very Low | 36%+ or denied |
If your credit score is low, lenders may charge higher interest rates or require collateral to secure the loan.
Best Personal Loans for Excellent Credit (750+ Credit Score)
Borrowers with excellent credit qualify for the lowest interest rates, high loan amounts, no origination fees, and flexible repayment terms.
Top Lenders for Excellent Credit
| Lender | Loan Amount | APR Range | Fees |
|---|---|---|---|
| LightStream | $5,000 – $100,000 | 6.99% – 25.49% | No fees |
| SoFi | $5,000 – $100,000 | 8.99% – 25.81% | No origination fee |
| Marcus by Goldman Sachs | $3,500 – $40,000 | 6.99% – 24.99% | No fees |
| Discover | $2,500 – $40,000 | 7.99% – 24.99% | No origination fee |
LightStream offers some of the best rates with no fees and high loan limits.
Best Personal Loans for Good Credit (700 – 749 Credit Score)
With good credit, borrowers still receive competitive interest rates, decent loan limits, and fewer fees.
Top Lenders for Good Credit
| Lender | Loan Amount | APR Range | Fees |
|---|---|---|---|
| Upstart | $1,000 – $50,000 | 7.99% – 35.99% | Origination fee (0% – 10%) |
| LendingClub | $1,000 – $40,000 | 8.05% – 36.00% | Origination fee (3% – 6%) |
| Best Egg | $2,000 – $50,000 | 8.99% – 35.99% | Origination fee (0.99% – 8.99%) |
| Upgrade | $1,000 – $50,000 | 8.49% – 35.99% | Origination fee (1.85% – 9.99%) |
Upstart is a great option for borrowers who may have limited credit history but strong income potential.
Best Personal Loans for Fair Credit (650 – 699 Credit Score)
Fair credit borrowers may face higher APRs and origination fees, with lower loan limits.
Top Lenders for Fair Credit
| Lender | Loan Amount | APR Range | Fees |
|---|---|---|---|
| OneMain Financial | $1,500 – $20,000 | 18.00% – 35.99% | Origination fee (1% – 10%) |
| Avant | $2,000 – $35,000 | 9.95% – 35.99% | Admin fee (4.75%) |
| Upgrade | $1,000 – $50,000 | 8.49% – 35.99% | Origination fee (1.85% – 9.99%) |
Avant is a solid choice for fair credit borrowers, offering moderate interest rates and straightforward terms.
Best Personal Loans for Bad Credit (Below 650 Credit Score)
Bad credit borrowers may need to provide collateral, face high APRs, or be limited to smaller loan amounts.
Top Lenders for Bad Credit
| Lender | Loan Amount | APR Range | Fees |
|---|---|---|---|
| OneMain Financial | $1,500 – $20,000 | 18.00% – 35.99% | Origination fee (1% – 10%) |
| LendingPoint | $2,000 – $36,500 | 9.99% – 35.99% | Origination fee (0% – 6%) |
| NetCredit | $1,000 – $10,000 | 34.00%+ | High fees |
LendingPoint is a good option for borrowers with bad credit, offering reasonable approval chances and flexible terms.
How to Get a Better Personal Loan Rate (Regardless of Credit Score)
Improve Your Credit Score Before Applying
Paying off credit card balances, making on-time payments, and disputing credit report errors can improve your score, leading to lower interest rates.
Compare Lenders & Get Prequalified
Many lenders offer prequalification with no impact on your credit score, allowing you to compare rates before applying.
Consider a Secured Loan
Using collateral such as a car, savings, or home equity can result in lower interest rates and better loan terms.
Get a Co-Signer
A co-signer with good credit can improve your chances of approval and secure lower rates.
Final Tips on Choosing the Right Personal Loan
Checking APR, fees, and total loan costs before signing is crucial. Choosing a shorter repayment term helps minimize interest costs. Reading the fine print ensures you avoid hidden fees and prepayment penalties. Selecting lenders with no prepayment penalties provides flexibility for early repayment.
Conclusion
Finding the best personal loan depends on your credit score, loan needs, and financial goals.
Borrowers with excellent credit should consider LightStream or SoFi for the best rates.
Good credit borrowers may find Upstart or LendingClub suitable.
Fair credit borrowers can benefit from Avant or Upgrade.
Bad credit borrowers may need options like LendingPoint or OneMain Financial.
By comparing lenders, improving your credit score, and understanding loan terms, you can secure the best deal possible.
Frequently Asked Questions (FAQs)
Can I get a personal loan with bad credit?
Yes, but expect higher interest rates and possibly lower loan limits.
What’s the easiest loan to get approved for?
Secured loans or loans from credit unions often have easier approval.
How much can I borrow with a personal loan?
Loan amounts range from $1,000 to $100,000, depending on creditworthiness.
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