How can I get a loan with excellent credit?

Typically, having an excellent credit score makes it easier for you to find lenders and loan offers. But it is important to determine which option is the best for you based on your financial situation. Compare lenders, loan offers and rates to find the best personal loan for you. It would also help to conduct research about the requirements, fees and terms.

Will a personal loan hurt my credit score?

A personal loan is a commitment. You have to make sure that taking out a personal loan is the best option for you. That is because it can have an impact on your credit score. Depending on the circumstances, the effect can be good or bad. For instance, some lenders conduct a hard credit check that will be recorded on your credit report. A personal loan is also a form of debt, so make sure you can take care of the repayment.

What is the average APR for a personal loan with excellent credit?

The average APR may vary depending on different factors. But according to the <a href="https://www.federalreserve.gov/releases/g19/current/default.htm" target="_blank">Federal Reserve</a>, the national average interest rate for personal loans in the country is 9.1%. Therefore, borrowers with excellent credit should expect lower interest rates than this national average.

What’s a good interest rate for a personal loan with excellent credit?

The best way to determine whether a personal interest rate is good or not is to compare it with the average rate. Generally, if it is below the national average of 9.1%, it can be considered a good interest rate.

Best Personal Loans for Excellent Credit in June 2023

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.

WHAT WE’RE GEEKING OUT ON

Best Overall Personal Loan for Excellent Credit
Second Best for Excellent Credit
Best For Debt Consolidation
Best for Low Rates
Best for Same-Day Funding
How to Choose the Right Personal Loan for You
Calculate Your Monthly Payment Using Personal Loan Calculator
Frequently Asked Questions About Personal Loans

Best Personal Loans for Excellent Credit for 2023

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. Personal loans can be a great source of funding for those with excellent credit. Whether you're looking to consolidate debt, finance a home improvement project, or cover an emergency expense, a personal loan can help you get the funds you need. Those with excellent credit are likely to receive the best loan offers, including the lowest interest rates and the most favorable terms. In this article, we'll explore how to get the most out of your personal loan with excellent credit, and compare the best personal loan options on the market.

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. Those with excellent credit scores (800 or higher for FICO scores and 781 to 850 for VantageScores) are likely to get access to more options and better offers. MoneyGeek has gathered information from more than 30 personal loan lenders and evaluated more than 35 data points across six categories to find the best personal loans for excellent credit that may meet your needs. Read more below on our top picks for 2023.

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 Receive Funds
Discover is MoneyGeek’s pick for the best personal loans for excellent credit. It is available in all states and offers flexible repayment terms, including 36, 48, 60, 72 and 84 months. There are no origination fees or prepayment penalties. If you change your mind, you can return the loan funds within 30 days without paying interest. Additionally, Discover conducts a soft inquiry first to not affect borrowers’ credit scores.
That said, not all borrowers will find Discover to be the best option. There are employment requirements and a minimum gross income of $40,000 is necessary. The company charges a $39 late fee. If you are looking for funds to finance your secondary education, Discover is not right for you as it restricts fund usage. If you need a large amount of money, Discover’s personal loan may not be your best option because its maximum loan amount offer is $35,000.
Pros
No origination fees
No prepayment penalty
Get funds within the next day
Option to return loan funds within 30 days

Cons
Has late fees ($39)
Employment requirements
Minimum gross income requirement of $40,000
Has restrictions on fund usage
APR Range: 5.99%–24.99%
Minimum/maximum loan amount: $2,500–$35,000
Minimum credit requirements: 720
Repayment terms: 36–84 months
Time to receive funds: Next Day
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 Receive Funds
Based on MoneyGeek’s ranking of the best personal loans for excellent credit, Best Egg is the second-best lender. Borrowers can get a loan amount from $2,000–$50,000 within the next day. Results of applications are typically released within minutes. The company does a soft inquiry first, so it will not have an impact on your credit score. Additionally, you can get a 0.5% discount for auto payment.
However, for some individuals, Best Egg personal loans are not the best option. For example, the company requires a minimum gross income of $50,000. There are employment requirements as well. Loans also come with a 1%–6% origination fee. If you need a significant loan amount, you may want to consider other options because Best Egg’s maximum personal loan is $50,000.
Pros
No prepayment penalty
Get funds the next day
No debt-to-income limits
Soft credit score inquiry
0.5% auto payment discount

Cons
1%–6% origination fee
Has late fees ($15)
$50,000 minimum gross income requirement
Employment requirements
APR Range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next Day
on Best Egg Website

Best For Debt Consolidation: Sofi

Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
Upgrade is one of MoneyGeek’s top picks for low-income borrowers looking for a personal loan. This lender does not have minimum income requirements, and they accept applicants with a FICO score of at least 560. They offer loans of up to $50,000, and their repayment terms are flexible at 60 months maximum.
Upgrade doesn’t charge penalties for individuals who choose to pay off their loans early. They also provide a discount if you sign up for autopay.
However, since Upgrade caters to borrowers with low and fair credit, their interest rates are relatively high. Their loans also carry an origination fee and late payment penalty. While they only conduct a soft inquiry during pre-qualification, they don’t allow co-signers. Nonetheless, this lender accepts joint applications, giving borrowers with poor credit a better chance of loan approval.
Pros
A+ BBB rating
1% discount for autopay
Doesn’t charge prepayment fee
Conducts soft credit inquiries
Joint loans available

Cons
$10 late fee
Has origination fee
Doesn’t allow co-signers
Won’t accept people with new or no credit
Restrictions on fund usage
on Upgrade Website

Best For Low Rates: LightStream

LightStream
- 4.49% to 20.49%APR Range
- 660Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Same DayTime to Receive Funds
LightStream is the online lending platform of Truist bank, which was formed after the merger of SunTrust and BB&T in 2019. It offers personal loans for many different purposes, including home renovation, debt consolidation, weddings, funerals, vacations and more.
The company offers loans ranging from $5,000 to $100,000, which can be repaid in 24 to 84 months. You typically need to have at least a 660 credit score to get approval for a loan. Once your loan is approved, LightStream disburses funds in as little as one day, a feature that makes it stand out from its competitors. The company does not charge a penalty on early loan repayment, and it does not have origination or late payment fees.
LightStream prohibits the use of loan funds for business expenses, funding post-secondary education or any illegal activity.
Pros
A+ BBB rating
0.5% autopay discount
No prepayment, late or origination fees
Offers same-day funding
Has a mobile app

Cons
Performs hard inquiry that affect credit score
Won’t allow co-signers
Does not offer smaller loans
Restrictions on fund usage
Won’t accept people with new or no credit
on LightStream Website

Best for Same-Day Funding: Ally

Ally
Ally Lending is the lending division of Ally Financial, who offers personal loans to consumers through certain service providers in the healthcare, home improvement, automotive and retail industries. Their unique business model allows service providers to offer zero-interest financing at their discretion, which can be beneficial for consumers with fair or strong credit scores.
It’s worth noting that Ally Lending’s services are not available in all 50 states.
Pros
They do not have any application fees
Their pre-qualification doesn’t impact your credit
They have no prepayment penalties
They offer interest-free loans through some providers
You can easily set up your account and manage your loans online

Cons
You can only apply through a provider and not directly from Ally Lending
Their repayment terms and credit score requirements are undisclosed
You do not get a discount for automatic payments
on Ally 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%	Learn More
Lightstream	700	$5K–$100K	4.98%–20.49%	Learn More
Truist	660	$5K–$100K	4.98%–20.49%	Learn More
American Express	660	$3.5K–$40K	4.93%–19.97%	Learn More
Rocket Loans	640	$2K–$45K	7.16%–29.99%	Learn More

How To Choose 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.

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?

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.

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.

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.

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

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

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

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

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

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.

Month	Payment	Principal	Interest	Balance

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.

Experts' Advice on Personal Loans for Those With Excellent Credit

What is the best way to compare different loans available for those with excellent credit?
What are the most common mistakes you see borrowers make when taking out a personal loan with excellent credit?
What factors should borrowers consider when calculating their monthly payments on a personal loan?
Are there any advantages or disadvantages of taking out a large personal loan with an excellent credit rating?

Nirit Rubenstein

CEO & Co-founder of Dovly

About Angelique Cruz

Angelique Cruz has been researching personal finance for three years, with expertise in macroeconomics, financial statistics and behavioral finance. After a decade-long stint as a management consultant creating professional and personal development programs, she now specializes in writing informative content around personal, auto and home loans. Angelique has a degree in psychology from the Ateneo de Manila University.

sources

Federal Reserve. "Consumer Credit." Accessed March 3, 2022.

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.