MoneyGeek’s Picks for 2022

Best Personal Loans for Excellent Credit

Last Updated: 6/23/2022
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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.

Best Personal Loans for Excellent Credit for 2022

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.

MoneyGeek’s Top Pick for Excellent Credit: Discover


  • Discover

    • 5.99% to 24.99%APR Range
    • 720Minimum Credit Score
    • $2,500 to $35,000Loan Amount Range
    • 36 to 84 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Discover Website

Runner-Up: Best Egg


  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Best Egg Website

Other Personal Loan Options for Those With Excellent Credit
  • Lender
    Minimum Credit Score
    Loan Amounts
    APR Range
    Ready To Apply?
  • Sofi

    680

    $5K–$100K

    5.47%–20.28%

  • Lightstream

    700

    $5K–$100K

    4.98%–20.49%

  • Truist

    660

    $5K–$100K

    4.98%–20.49%

  • American Express

    660

    $3.5K–$40K

    4.93%–19.97%

  • Rocket Loans

    640

    $2K–$45K

    7.16%–29.99%

Where to Start: Choosing the Best Loan if You Have 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.

1

Ask Yourself the Important Questions

There are many available personal loans for excellent credit. The best option for you will depend on your needs and circumstances. Check lenders’ qualification processes and see if you meet the requirements. Asking the right questions can also help with your search. Consider the following:

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?
2

Do Your Research

Learning more about the lenders and loan offers is a must. Compare rates from different lenders before applying for a loan. Remember that a personal loan is a commitment. You will have to make monthly payments for two to six years, on average. Additionally, you should also check how the personal loan can affect your credit history.

For instance, some lenders may conduct a soft credit check first. However, there are those that conduct hard credit inquiries, which affect your credit report.

MoneyGeek created this guide to provide the necessary information you can use to get through the loan application process. However, this info may not lead everyone to their ideal personal loan. It is recommended to explore all available options to find the best personal loans for excellent credit.

3

Wait

Take a day or two to reconsider your decision. A personal loan is a commitment. You have to make sure that getting one is the best option for you.

If you are absolutely sure that borrowing money is the right decision, review the information you have gathered. Then, choose the lender you think is best.

4

Read the Fine Print

Overlooking certain details about a personal loan can lead to more serious issues. While some pieces of information may seem like little things, they can have a significant effect on your repayment terms. In some cases, they can even help you save money in the long run.

Look into fees, such as prepayment penalties, early payoff fees and origination fees. Check for auto-payment discounts. Make sure you read the fine print. If there are details you find confusing, clarify them with the lender.

5

Apply

Once you are 100% sure about your choice, the next step is to proceed with the application. Review the requirements. The process may vary per lender, but most lenders ask for identification, address verification and proof of income.

Determine what type of submissions the lender accepts. Some lenders allow borrowers to apply online. While that may seem like a more convenient option, there is no harm in calling or visiting the lender if available. In doing so, you can better understand the loan offers and clarify your concerns.

Key Takeaways

excellentCredit

Ask Yourself the Important Questions: Check your options and see if taking out a personal loan is the right choice.

find

Do Your Research: Compare rates, lenders and loan offers to find the best personal loans for excellent credit.

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Wait: Rethink your decisions for a day or two before finalizing your loan.

financialPlanning

Read the Fine Print: Make sure you understand all information and details, especially fees and conditions.

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Apply: Submit a completed application form, along with the requirements, online, via phone or in person.


Calculate Your Monthly Payment

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.

years
months
%



Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

FAQs About Personal Loans for Those With Excellent Credit

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.

Methodology

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.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’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, credit card issuer, hotel, airline, or other entity.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.