Best Personal Loans for Excellent Credit for 2024

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Updated: April 23, 2024

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First Tech is the best personal loan lender for borrowers with excellent credit, earning a MoneyGeek score of 97 out of 100 thanks to its competitive rates and outstanding service and reputation. Truist is the best option for debt consolidation loans, while Fifth Third Bank and Axos Bank are the top choices for low-interest rates and same-day funding, respectively.

The average credit score in the U.S. is 715, based on Experian data from 2023. An excellent credit score opens up a wide range of options for personal loans. MoneyGeek evaluated lenders based on factors like interest rates, loan terms, application process, customer service and reputation to find the best options for your specific needs.

We employed a points-based system across key categories essential to borrowers to calculate a composite score. We assigned weightings as follows:

  • Interest Rates and Fees (40%): We evaluated the competitiveness of the rates offered by each lender compared to industry averages and examined the presence or absence of high fees such as origination fees, prepayment penalties or late fees.

  • Loan Terms and Flexibility (30%): We reviewed the range of loan amounts offered, the flexibility in repayment periods and the freedom to utilize the loan for various purposes.

  • Customer Service and Education (15%): We analyzed the quality and accessibility of customer support, online calculators, account management tools and financial education resources provided by each lender.

  • Application Process and Approval (10%): We scrutinized each lender's application process for its simplicity, accessibility and user-friendliness, as well as the lender's efficiency in processing applications and disbursing funds.

  • Reputation and Transparency (5%): We assessed each lender's reputation based on reviews, ratings and recognition by industry organizations. Additionally, we verified whether the lender clarified and disclosed all loan terms, fees and conditions and whether it adhered to state and federal lending laws and regulations.

For different categories, we adjusted the weightings accordingly to find the most suitable personal loan options for borrowers with excellent credit.


    Excellent Credit Loan Best Overall

  • First Tech
    • 97MG Score
    • 9.29% to 14.09%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms

    First Tech Federal Credit Union stands out as the best overall personal loan lender for borrowers with excellent credit, boasting a MoneyGeek score of 97 out of 100. It offers loan amounts ranging from $500 to $50,000, with flexible repayment terms between 24 and 84 months. It doesn’t charge application fees, origination fees or prepayment penalties. Additionally, it allows borrowers to defer their first payment for up to 45 days from the funding date of the loan. Applying for a loan can be done online or over the phone, ensuring a hassle-free experience for borrowers.

    Pros

    • No application, origination or prepayment fees
    • Minimum loan amount of $500
    • Conducts soft credit inquiries
    • Insured by the National Credit Union Administration (NCUA)

    Cons

    • Need to be a member to apply
    • Low borrowing limit at $50,000
    • Little information on loan application requirements
    First Tech

    Excellent Credit Loan Runner-Up

  • PenFed
    • 96MG Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed Credit Union is the runner-up for the best personal loans for people with excellent credit, earning a MoneyGeek score of 95 out of 100. It’s federally insured by the National Credit Union Administration (NCUA), making it a reliable and trustworthy lender. PenFed provides loan amounts up to $50,000 and repayment terms of up to 60 months, offering flexibility to borrowers. Although it doesn’t impose origination fees or prepayment penalties, it charges a minimum monthly payment of $50 for all its loans.

    Pros

    • No origination or prepayment fees
    • Low starting APR at 7.99%
    • Insured by the National Credit Union Administration (NCUA)

    Cons

    • Maximum loan amount is $50,000
    • $50 minimum monthly loan payment
    PenFed
UNDERSTANDING CREDIT UNION MEMBERSHIP REQUIREMENTS

"Credit unions are member-owned nonprofit organizations that service their member community. Credit unions typically have stricter membership requirements compared to traditional banks.

However, meeting these requirements can be worthwhile if you're seeking an affordable personal loan option. To become a credit union member, you generally need to meet certain eligibility criteria based on the credit union's field of membership. Common ways to qualify include employment, geographic location, organizational affiliation and family relationship." — Alvin Yam, CFP®


    Best Excellent Credit Loan for Debt Consolidation

  • Truist
    • 96MG Score
    • 8.74% to 17.39%APR Range
    • UndisclosedMinimum Credit Score
    • Starting from $3,500Loan Amount Range
    • 24 to 60 months Repayment Terms

    Truist is our top choice for excellent credit borrowers seeking personal loans for debt consolidation, earning a MoneyGeek score of 96 out of 100. It offers loan amounts starting from $3,500 and repayment terms ranging from 24 to 60 months. With competitive APRs ranging between 8.74% and 17.39% and no origination fees, Truist ensures a cost-effective solution for consolidating debts. However, it doesn’t allow borrowers to prequalify for its loans, and limited information is available on its website regarding loan specifics.

    Pros

    • Loans can be used for debt consolidation
    • Offers competitive rates
    • Doesn’t charge origination fees

    Cons

    • No soft credit checks
    • Limited information on website
    Truist

How does MoneyGeek score lenders for debt consolidation?


    Best Excellent Credit Loan for Low Rates

  • Fifth Third Bank
    • 95MG Score
    • 8.99% to 21.74%APR Range
    • UndisclosedMinimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    With a MoneyGeek score of 95 out of 100, Fifth Third Bank is our pick for the best personal loan for low-interest rates. It offers a competitive starting APR of 8.99% and a 0.25% autopay discount. With loan amounts ranging from $2,000 to $50,000 and repayment terms spanning from 12 to 60 months, borrowers also have flexibility in meeting their financial needs. While Fifth Third Bank doesn’t impose prepayment penalties, it charges late fees, and prospective borrowers who apply online should also be aware that they can only borrow up to $25,000.

    Pros

    • Low starting APR at 8.99%
    • Offers 0.25% autopay discount
    • No prepayment penalty
    • Option to select your first payment date

    Cons

    • Charges late fees
    • Borrowing limit for online applications is $25,000
    • Only available to existing Fifth Third customers
    Fifth Third Bank

How does MoneyGeek score lenders for low-interest rates?


    Best Excellent Credit Loan for Same-Day Funding

  • Axos
    • 95MG Score
    • 11.79% to 20.84%APR Range
    • 700Minimum Credit Score
    • $7,000 to $50,000Loan Amount Range
    • 36 to 72 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Axos Bank is the best lender for same-day personal loans, receiving a MoneyGeek score of 95 out of 100. It offers loan amounts ranging from $7,000 to $50,000, with repayment terms between 36 and 72 months. It also provides a speedy prequalification process that takes minutes, and funds are available on the same day of loan approval. While borrowers can benefit from the lack of prepayment penalties or hidden fees, they should be aware of a 1–2% origination fee deducted from the funded amount.

    Pros

    • Offers same-day funding
    • No prepayment penalty
    • Does soft credit inquiries

    Cons

    • High minimum loan amount
    • Charges 1–2% origination fee
    Axos

How does MoneyGeek score lenders for same-day funding?

What Is an Excellent Credit Score?

Excellent credit scores typically fall between 800 to 850 for FICO® Scores and 781 to 850 for VantageScore. A credit score serves as a numerical representation of an individual's credit risk, providing lenders with insight into their likelihood of repaying debts. Factors such as payment history, credit utilization, length of credit history, types of credit used and new credit inquiries are often considered when calculating credit scores.

Benefits and Drawbacks of Excellent Credit Personal Loans

Before applying for a personal loan as a borrower with excellent credit, weighing the benefits against the drawbacks is helpful.

Benefits
Drawbacks

Lower interest rates than credit cards

Origination fees may still apply

Flexible repayment terms tailored to excellent credit borrowers

Late or missing payments can hurt credit scores

Access to larger loan amounts

Risk of accumulating debt if not managed responsibly

Flexibility in fund usage

How to Compare Personal Loans for Excellent Credit

While getting a personal loan becomes more accessible by having excellent credit, navigating the options available can still pose a challenge. Consider the following factors when comparing loans for consumers with excellent credit to streamline your decision-making process:

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    Interest Rates

    Compare interest rates offered by multiple lenders to ensure you secure the most competitive rate for your excellent credit history. Lower interest rates can result in significant savings over the life of the loan.

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    Repayment Terms

    Evaluate the repayment options available, including the loan's length and any flexibility options. Look for terms that suit your particular financial goals and ability to repay the loan comfortably.

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    Loan Amounts

    Consider the range of loan amounts each lender offers to ensure they meet your borrowing needs. Lenders that offer a wide range of loan amounts provide more flexibility for borrowers with excellent credit.

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    Fees

    Even with excellent credit, you may still encounter fees for personal loans, such as origination fees or prepayment penalties. Opt for lenders that offer transparent fee structures and minimal fees to maximize your savings.

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    Additional Features

    Look for any additional features or benefits the lender offers, such as autopay discounts, loan customization options or loan assistance programs for specific circumstances. These can enhance the overall borrowing experience and provide added value for borrowers with excellent credit.

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    Customer Service

    Assess the quality of each lender's customer service, including accessibility, responsiveness and support. Choose lenders that prioritize customer satisfaction and offer excellent support throughout the loan process.

UNDERSTANDING INTEREST RATES AND COMPARING INTEREST RATES WITH APR

"When comparing personal loans, it's wise to look beyond the stated interest rate. The interest rate is the percentage of the loan amount the lender charges for borrowing money, expressed as a yearly percentage.

The annual percentage rate (APR) represents the total amount of interest you will pay on a loan account over one year, including all extra fees (such as origination and processing). APR is a more accurate reflection of the true out-of-pocket costs to a borrower." — Alvin Yam, CFP®

FAQ About Personal Loans for Excellent Credit

We addressed some commonly asked questions about personal loans for borrowers with excellent credit to provide valuable insights and help you make well-informed decisions.

What is the best personal loan for excellent credit?
Which personal loan lender is the best for low-interest rates?
Why does excellent credit matter when applying for a personal loan?
Can I get a personal loan with a 0% interest rate if I have excellent credit?
How much can I borrow with excellent credit?
Will I automatically qualify for a personal loan if I have excellent credit?
Can I negotiate my loan terms because of my excellent credit?
How fast can I get approved for a personal loan with excellent credit?
Can having excellent credit reduce the importance of my income in the loan application?
Should I only consider traditional banks for personal loans if I have excellent credit?

Experts' Advice on Personal Loans for Those With Excellent Credit

  1. What is the best way to compare different loans available for those with excellent credit?
  2. What are the most common mistakes you see borrowers make when taking out a personal loan with excellent credit?
  3. What factors should borrowers consider when calculating their monthly payments on a personal loan?
  4. Are there any advantages or disadvantages of taking out a large personal loan with an excellent credit rating?
Gregory Germain
Gregory GermainProfessor at Syracuse University College of Law
Vladimir Kotomin, PhD
Vladimir Kotomin, PhDAssociate Professor of Finance, Illinois State University
Ross Loehr
Ross LoehrCertified Financial Planner® at Raisonné & HammerPrice Corporation
Nirit Rubenstein
Nirit RubensteinCEO & Co-founder of Dovly
Steven Gattuso
Steven GattusoAssistant Professor of Economics & Finance at Canisius College

sources
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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

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