Best Personal Loans for Excellent Credit

A personal loan refers to borrowed money that can be used in various ways and is paid back in installments with interest throughout a certain period. In most cases, people take out personal loans to pay emergency or medical expenses, finance large purchases, consolidate debt or recover from a financial crisis.

These loans are unsecured, and no collateral is necessary. To get approved, you need to qualify based on the requirements set by the lender. One of the factors lenders usually consider is credit score. Typically, people with excellent credit scores get more options and better offers.

An excellent credit score can help you find better loan offers and get approved for a personal loan. That is because lenders use credit scores to determine borrowers’ creditworthiness and credit risk.

There are different types of credit scores, but most lenders check FICO credit scores and VantageScores. Both are three-digit scores ranging from 300–850. For your FICO score to be considered exceptional, it has to be 800 or higher. Meanwhile, an excellent VantageScore credit score is anywhere between 781 and 850.

MoneyGeek gathered information for more than 30 personal loan lenders. We also evaluated more than 35 data points across six categories, including loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency, to find the best personal loans for excellent credit.

Lenders consider various factors to determine whether or not to approve a personal loan application. Among these are credit scores, current debts, income and employment. Figuring out your goals — to cover large expenses, recover from a crisis or other needs — can help. But understanding requirements and comparing rates are also necessary. MoneyGeek breaks down the steps you can take to find the best personal loans for excellent credit.

Calculate the cost of your monthly payment, including interest, before you apply to ensure that you can deal with the cost. This is especially important if you are pre-approved by a lender.

Generally, the best personal loans for excellent credit depend on the borrower’s needs and various other credit and income factors. MoneyGeek answers some commonly asked questions to help you better understand personal loans.

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are made with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.