Impact on good-credit borrowers: Both SoFi’s minimum and maximum rates are on the low end for personal loans, so you’re likely to find a competitive interest rate regardless of where you fall on the good-credit spectrum.
Overview: Marcus by Goldman Sachs is an online lender that offers personal loans to consumers with good credit. Interest rates start at 6.99 percent APR for those who can qualify.
Perks: Marcus by Goldman Sachs offers a 0.25 percent discount when you enroll in autopay, and you can receive your loan funds in as few as three days once you’re approved. Another unique benefit is Marcus’ on-time-payment reward, which allows you to skip one payment if needed for every 12 months of consecutive payments.
What to watch out for: Borrowing limits top out at $40,000, relatively low compared to some lenders in these rankings.
Why Marcus by Goldman Sachs is the best for personal loans without fees: These loans come without any fees, so you won’t have to worry about origination fees or even late fees.
Impact on good-credit borrowers: If you want to keep the overall costs of your loan low, Marcus could be a good fit; good-credit borrowers may qualify for competitive rates.
LendingClub: Best for borrowing money from other investors
Overview: LendingClub is a peer-to-peer lending platform, meaning you’ll borrow money from individual investors instead of from a traditional bank. However, the borrowing process is very much the same. You can borrow up to $40,000 for any reason through LendingClub.
Perks: LendingClub may be a particularly good option if your credit score is slightly below average. You can also check your rate online and without a hard inquiry on your credit report.
What to watch out for: Interest rates are higher for good-credit personal loans when compared to some other lenders on our list, with rates starting at 7.04 percent APR. Also note that you’ll pay an origination fee on your loan that is equal to 3 percent to 6 percent of your loan amount.
Why LendingClub is the best for borrowing money from other investors: LendingClub operates differently from banks, pooling money from investors to fund loans. This gives the company far more flexibility in evaluating potential borrowers’ credit.
Impact on good-credit borrowers: LendingClub doesn’t have the lowest interest rates available, but it could be a viable option if your credit score is on the lower end of the good-credit band, since it also allows joint applications. Applying with another person who has excellent credit could help you qualify for LendingClub’s lowest rates.
LightStream: Best for borrowers who can qualify for the best rates
Overview: LightStream offers personal loans for good credit that can be used for nearly any purpose, and it makes the online application process a breeze. You can borrow up to $100,000, and APRs start at 2.49 percent for those who qualify.
Perks: LightStream offers one of the broadest ranges of loan terms out there, with repayment periods from two to 12 years. It also offers to beat the rate of a competing lender by 0.1 percentage points.
What to watch out for: LightStream’s minimum loan amount is $5,000. If you’re looking for a loan below that amount, you’ll have to find a different lender.
Why LightStream is the best for borrowers who can qualify for the best rates: LightStream not only has a low starting rate, but also promises to beat the rate of a competing lender by 0.1 percentage points .
Impact on good-credit borrowers: If you have extremely good credit, LightStream is likely the best lender out there in terms of low interest rates.