Congratulations, you’ve got great credit! You’ve worked hard to get there, and it’s time to enjoy the advantages you’ve earned. If you’re looking for personal loans for excellent credit, you can start the process with confidence that you’ll qualify for the best interest rates.
What to Expect
Very good to excellent credit means two things in your search for a personal loan.
- Easy approval. Lenders will roll out the red carpet and compete for the privilege of lending to you.
- Low interest rates. You’ll get the lowest rates available.
How much lower are interest rates for borrowers with excellent credit? Let’s take a look.
That chart shows us two things.
- Interest rates on personal loans are falling.
- Borrowers with credit scores of 760 and above are getting the best rates.
If you’re one of those borrowers, that’s good news!
Best Personal Loans for Excellent Credit
If you’re looking for a personal loan with excellent credit you’ll have lots of options. You’ll still want to choose the best one! Choosing the best options is probably part of why you have such good credit in the first place.
There are three keys to getting the best deal on a personal loan (or any loan).
- Look in more than one place. Borrowers who solicit multiple offers get better deals.
- Compare offers and read the fine print.
- Clarify your goals and pick the deal that best fits your personal needs.
Remember that the best deal for one person is not always the best deal for another!
Here are some places to start looking.
Your Own Bank or Credit Union
When we talk about loans we tend to focus on large online lenders with a national presence. These lenders often do offer very advantageous terms and rates.
It’s still always worth looking close to home. You can do that by asking your own bank or credit union for a quote. They know you, they know your finances, and you can often talk directly to decision-makers. You’ll get better and more personal service than you would from an online loan factory.
It may not be the best quote you get, but it’s worth considering.
Good to excellent credit will get you the best rates from the most selective online lenders. If you prefer to deal directly with a lender, try these options:
Prequalify for a Personal Loan
Check your personal loan rates by answering a few questions. It only takes two minutes and has no impact on your credit score.
SoFi is a popular student lender that has expanded to handle other loan types. They handle personal loans up to $100,000 with APRs down to 7.99%*.
Lightstream makes loans from $5000 to $100,000. They have a broad range of loan products with fast approval and fund release. The lowest APR is 7.99%*.
Happy Money loans are designed for consolidating credit card debt and can only be used for that purpose. Loans are up to $40,000 and the lowest APR is 8.99%*.
All of these lenders will be happy to deal with borrowers who have very good to excellent credit. Apply to several and see what deals come your way!
Remember to make your applications within a 15-day window to avoid registering multiple hard inquiries. You don’t want to dent that score!
|Loan amounts||APR||Term length|
|SoFi||$5,000-$100,000||from 7.99% to 23.43%||from 24 to 84 months|
|LightStream||$5,000-$100,000||from 7.99% to 23.99%||from 24 to 144 months|
|Happy Money (formerly Payoff)||$5,000-$40,000||from 8.99% to 29.99%||from 24 to 60 months|
Loan Matching Services
Many borrowers choose to work through loan matching services. These are not lenders, but brokers who pass your details on to their own network of lenders. It’s a way to get multiple quotes from a single application, which makes comparison shopping easy.
Some matching services, especially those serving borrowers with poor credit, have bad reputations. With excellent credit, you’ll be dealing with the top-tier companies, and you shouldn’t have those issues. It still pays to run some searches on any company you’re considering using.
Here are some top loan matching services for borrowers with excellent credit.
Bankrate can help you match with lenders whose rates are no greater than 35.99% APR* with terms from 6 months to 84 months.
LendingTree is one of the largest and best-known loan matching services. They represent lenders making loans up to $50,000 with rates as low as 3.99%*.
LendingClub lenders handle loans up to $40,000. the lowest advertised APR is 8.05%*.
The lowest APRs from these lenders are reserved for the borrowers with the very best credit. If your credit is excellent it makes sense to work with services with the lowest advertised rates. Lenders may also consider other factors, like your income, employment history, and debt-to-income ratio.
|Loan amounts||APR||Term length|
|Bankrate||Varies by lender||7.99%–35.99%||6 to 84 months|
|Credible||$1,000–$50,000||5.40%–35.99%||12 to 84 months|
|LendingTree||$1,000–$50,000||3.99%–35.99%||Varies by lender|
|LendingClub||up to $40,000||8.05%– 36.00%||36 to 60 months|
What to Do Next
Personal loans for excellent credit are easy to get. You’ll be approved with no problems, and you’ll be offered excellent terms. If you’re at the lower end of this range, you may not get the very best terms, but you’ll still be well above those with lower scores.
Of course, you’ll want to keep that score where it is. That means making every payment on that personal loan on time! Keep an eye on your credit report, watch for errors and signs of identity theft, and enjoy the privileges you’ve earned!
How We Chose The Best Personal Loans of 2023
Here are the factors that we looked at when choosing the best personal loans for 2023.
- APR range. Your APR offer will depend on your credit score and overall creditworthiness, but in general, we prefer lenders that offer a low APR range and have a consistent reputation for low APR offers.
- Prequalification. We prefer lenders that offer prequalification with only a soft credit check.
- Fees. Low fees and transparent fee structures are better. Origination fees and prepayment penalties are negative factors.
- Loan Terms. A wider range of loan terms gives you more control over your monthly payment and your repayment schedule.
- Loan amounts. A wide range of loan amounts offers more flexibility.
- Processing time. Most borrowers prefer short processing times. Many lenders now offer next-day or even same-day funding.
Not all of these factors matter to all borrowers, so you’ll want to focus on the ones that are important to you!