Personal Loans » Compare Loans » Best Personal Loans for Excellent Credit (2024)
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Best Personal Loans for Excellent Credit (2024)

When you have excellent credit, you have more options available. That means that you will want to do a lot of research to find the best rates.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

If you have excellent credit, your score is likely above 720. This score will give you many options, so it can be a good idea to browse for the best rates. Personal loans tend to have interest rates between 6% and 35%, although, with a high credit score, you might be able to go lower.

Depending on the type of personal loan, it is estimated that an excellent score will receive between 6% and 8% from banks and credit unions.

All banks, credit unions, and online lenders are going to offer you various loans with differing APRs. The difference in interest rates is crucial to watch out for, as it can save you thousands of dollars on your loan.

When you have excellent credit, you have more options available. That means that you will want to do a lot of research to find the best rates. 

Here are The Smart Investor select’s picks for the top personal loans for excellent credit:

Lender
APR
Min. Score
Max Amount

axos-bank-logo

Axos Bank
11.79% – 20.84%
700
$5,000 – $50,000

Sofi bank logo

SoFi
8.99% – 29.99%
680
 $5,000 – $100,000

citi bank logo

Citibank Personal Loan
10.49% – 19.49% APR
680
$2,000 – $30,000
TD_Bank logo
TD Bank
8.99% – 23.99%
N/A
$2,000 – $50,000

axos-bank-logo

Axos Bank
11.79% – 20.84%
700
$5,000 – $50,000

penfed personal loan

PenFed Credit Union
8.49% – 17.99%
650
$600 – $50,000

discover bank logo

Discover
7.99% – 24.99%
660
 $2,500 – $40,000

LightStream loan review - logo

LightStream
7.49% – 25.49% (with autopay)
660
$5,000 – $100,000

SoFi

sofi logo
sofi logo
On SoFi Secure Website

SoFi

APR

8.99% – 29.99%

Loan Term

24-84 months

Minimum Score

680

Loan Amount

$5,000 – $100,000
On SoFi Secure Website

SoFi personal loans are a popular choice for borrowers seeking competitive rates and borrower-friendly features. With loan amounts ranging from $5,000 to $100,000 and flexible repayment terms of 2 to 7 years, SoFi accommodates various financial needs. One of its standout features is the absence of fees such as origination, late payment, or prepayment penalties, providing borrowers with transparent and cost-effective lending options.

Additionally, SoFi offers borrower benefits like unemployment protection, career coaching, and financial planning services, enhancing its appeal to individuals looking for comprehensive financial support.

However, there are some drawbacks to consider. The minimum loan amount of $5,000 may be higher than what some borrowers need, limiting accessibility for those seeking smaller loans. Moreover, individuals with credit scores below 680 may face challenges in qualifying for a loan without a co-applicant, potentially excluding certain applicants.

  • Joint Borrowers
  • Soft Pull Inquiry
  • Competitive Rates
  • Unemployment Protection
  • No Fees
  • Autopay Discount
  • Slower Turnaround Times
  • High Credit Score Requirement
  • No Co-signer Option
  • Not Available in All States
  • Higher Minimum Amount

How quickly can I receive funds after approval?

SoFi offers quick funding, with many borrowers receiving funds as soon as the same day they apply, providing expedited access to needed funds.

Are co-signers or co-applicants allowed for SoFi personal loans?

SoFi allows co-applicants to apply for personal loans, enabling individuals to strengthen their application with a co-applicant's creditworthiness or income.

Can I use a SoFi personal loan for business purposes?

No, SoFi personal loans are intended for personal, family, or household needs and cannot be used for business expenses or investments.

What states is SoFi available in?

SoFi personal loans are available in 29 states as well as Washington, DC. However, eligibility may vary based on state regulations and lending criteria.

How can I contact SoFi customer service?

Borrowers can reach SoFi's customer service team by calling (855) 456-SOFI or through online chat support, available during specific hours throughout the week. Additionally, SoFi provides comprehensive FAQ sections and resources on its website to address common inquiries and concerns.

TD Bank

APR

8.99% – 23.99%

Loan Term

3 – 5 years

Minimum Score

N/A

Loan Amount

$2,000 – $50,000

TD Bank's TD Fit Loans distinguish themselves by offering borrowers the advantage of low interest rates, making them an attractive option for individuals seeking affordable financing solutions. With interest rates starting as low as 8.99%, TD Fit Loans provide borrowers with access to favorable terms, allowing them to borrow funds at competitive rates and manage their finances more effectively.

One of the key advantages of TD Fit Loans is the absence of additional fees commonly associated with personal loans. Unlike some lenders, TD Bank does not charge origination fees or penalties for early repayment, providing borrowers with greater flexibility and transparency in managing their loan obligations.

Moreover, TD Fit Loans offer borrowers the convenience of flexible loan amounts, ranging from $2,000 to $50,000, and repayment terms spanning three to five years.

  • Competitive Interest Rates
  • No Origination Fees or Prepayment Penalties
  • Fast Funding
  • Autopay Discount
  • Online Prequalification
  • Limited Loan Terms
  • No Joint or Co-Signer Option/li>
  • No Specific Credit Score Requirements
  • Only Available in 15 States

What states are TD Fit Loans available in?

TD Fit Loans are available in specific states where TD Bank operates branches, including Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.

What can I use a TD Fit Loan for?

You can use a TD Fit Loan for various purposes, including consolidating debt, making home improvements, covering unexpected expenses, or financing major purchases.

What are the eligibility requirements for a TD Fit Loan?

Eligibility requirements typically include being at least 18 years old, having a valid Social Security number, and meeting TD Bank's credit and income criteria.

How do I apply for a TD Fit Loan?

You can apply for a TD Fit Loan online, over the phone, or in person at a TD Bank branch. The application process typically involves providing personal and financial information, and approval decisions are made based on factors such as creditworthiness and income.

Will applying for a TD Fit Loan affect my credit score?

Checking your eligibility for a TD Fit Loan involves a soft credit inquiry, which does not impact your credit score. However, if you proceed with a full application, TD Bank will conduct a hard credit inquiry, which may have a minor impact on your credit score.

Citibank Personal Loan

citi logo
citi logo

Citibank Personal Loan

APR

10.49% – 19.49% APR

Loan Term

12-60 months

Minimum Score

680

Loan Amount

$2,000 – $30,000

Citibank offers personal loans to both new and existing customers, providing access to funds for various financial needs. With loan amounts ranging from $2,000 to $30,000 and flexible repayment terms of one to five years, Citibank's personal loans cater to a wide range of borrowers. One of the notable advantages of Citibank's personal loans is the absence of origination fees, late payment fees, and prepayment penalties, allowing borrowers to save on upfront costs and pay off their loans early without incurring additional charges.

Existing Citibank customers may benefit from streamlined application processes and rate discounts, while quick funding options make it suitable for individuals needing immediate access to funds.

However, Citibank's personal loans have some limitations, such as the requirement for applicants to have a Citibank deposit account and the inability to add cosigners or joint applicants. Additionally, the maximum loan amount of $30,000 may not be sufficient for those needing larger sums of money.

  • Competitive Interest Rates
  • No Origination Fee
  • Fast Funding
  • Rate Discounts
  • Flexible Repayment Terms
  • Existing Customer Requirement
  • No Prequalification Option
  • Limited Loan Amounts
  • No Co-Signer Option

What are the repayment terms available for Citibank personal loans?

Citibank offers repayment terms of one to five years, allowing borrowers to choose a term that aligns with their budget and financial goals.

How quickly can I receive funds after approval?

Funds from a Citibank personal loan may be available as soon as the same day of approval for customers with a Citibank deposit account, or within several business days for those without.

Can I apply for a Citibank personal loan if I'm not an existing customer?

Yes - but you'll need toi open an account as a new customer.

Can I make extra payments or pay off my Citibank personal loan early?

Yes, borrowers can make extra payments or pay off their Citibank personal loan early without incurring prepayment penalties, allowing them to save on interest costs and pay off their loan faster.

Can I check my loan rates without impacting my credit score?

Citibank does not offer a prequalification process for personal loans, meaning that checking loan rates requires undergoing a hard credit inquiry, which may temporarily impact the borrower's credit score.

Axos Bank

APR

11.79% – 20.84%

Loan Term

36-72 months

Minimum Score

700

Loan Amount

$5,000 – $50,000

Axos Bank offers a diverse range of financial products, including personal loans tailored to meet various borrowing needs. With competitive APRs ranging from 7.99% to 15.19%, Axos personal loans provide flexibility and accessibility to borrowers seeking funding for a variety of purposes.

Borrowers can request loan amounts ranging from $5,000 to $50,000, with funding typically disbursed within one to three business days upon approval. While Axos Bank does not charge prepayment penalties, borrowers should be aware of potential origination fees, ranging from 1% to 2% of the loan amount, as well as late fees and insufficient funds fees.

Axos Bank operates in all 50 states and Washington, D.C., offering its personal loan products to a broad customer base. While the bank does not allow co-signers or co-applicants for personal loans, it provides refinancing options after six months for borrowers seeking to improve their loan terms.

  • Competitive Interest Rates
  • Get prequalified within minutes
  • Fast Funding
  • No Prepayment Penalties
  • Available in All States
  • High Credit Score Requirement
  • Origination Fee
  • High Minimum Amount
  • No Co-Signer Option

What are the eligibility requirements for an Axos personal loan?

To qualify for a personal loan from Axos Bank, applicants typically need a minimum credit score of 700, stable income, and a low debt-to-income ratio. Additionally, borrowers must be U.S. citizens or permanent residents and at least 18 years old.

What documents do I need to apply for an Axos personal loan?

Applicants will need to provide personal identification, proof of income, such as pay stubs or tax returns, and details about their employment and financial history.

How do I apply for an Axos personal loan?

The application process can be completed entirely online through the Axos Bank website, providing convenience and accessibility to borrowers.

Are co-signers or co-applicants allowed for Axos personal loans?

No, Axos Bank does not allow co-signers or co-applicants for personal loans.

Are there any fees associated with an Axos personal loan?

While Axos Bank does not charge prepayment penalties, borrowers should be aware of potential origination fees, ranging from 1% to 2% of the loan amount, as well as late fees and insufficient funds fees.

PenFed Loan Review

penfed personal loan
penfed personal loan
On Credible Website

PenFed credit union

APR

8.49% – 17.99%

Loan Term

12 – 60 months

Minimum Score

650

Loan Amount

$600 – $50,000
On Credible Website

PenFed Personal Loans offer a versatile financing solution for individuals seeking to address various financial needs. With loan amounts ranging from $600 to $50,000, borrowers have flexibility to fund projects, consolidate debt, cover unexpected expenses, or finance personal events. The application process is streamlined, with quick funding typically within one to two business days, providing borrowers with prompt access to funds.

One of the key advantages of PenFed Personal Loans is the absence of origination or prepayment fees, making them a cost-effective option for borrowers. Additionally, PenFed allows co-borrowers on applications, which can improve approval chances or secure better terms.

However, PenFed Personal Loans has a relatively high minimum credit score requirement of 650, which may exclude individuals with lower credit scores from accessing these loans. Additionally, borrowers must become members to finalize their loans.

  • Small Loan Sizes
  • No Origination Fee
  • Mobile App
  • Joint Loans
  • Quick Funding
  • Financial Hardship Programs
  • Membership Required
  • High Minimum Credit Score
  • No Direct Payments to Creditors
  • No Refinancing Option

How quickly can I receive funds after approval?

Funds are typically disbursed within one to two business days, depending on the chosen disbursement method.

Is membership required to apply for a PenFed personal loan?

While membership is not required to apply, borrowers must become members to finalize their loans, which involves opening a savings account with a minimum deposit of $5.

Are there any restrictions on how I can use the loan proceeds?

PenFed personal loans can be used for various purposes, such as debt consolidation, home improvement, and medical expenses, but cannot be used for refinancing student loans or funding secondary education.

Are there any penalties for paying off the loan early?

No, PenFed does not charge prepayment penalties, so borrowers can pay off their loans early without incurring additional fees.

Can I apply for a personal loan if I'm not a U.S. citizen?

PenFed personal loans are available to U.S. citizens and permanent residents with a valid Social Security number or individual taxpayer identification number.

Discover

discover_logo
discover_logo
On Credible Website

Discover

APR

7.99% – 24.99%

Loan Term

36 to 84 months

Minimum Score

660

Loan Amount

$2,500 – $40,000
On Credible Website

With Discover Personal Loans, borrowers can access loan amounts ranging from $2,500 to $40,000, making it suitable for a wide range of financial needs. These loans come with fixed-rate options and terms ranging from 36 to 84 months, providing flexibility to tailor repayment schedules according to individual budgets and preferences.

One notable feature of Discover Personal Loans is the absence of origination fees, application fees, or prepayment penalties. Additionally, Discover offers quick funding, with approved borrowers often receiving funds as soon as the next business day after accepting loan terms.

Some drawbacks of Discover Personal Loans include the minimum credit score requirement of 660, which may limit eligibility for individuals with lower credit scores. Additionally, co-signers are not accepted, and Discover does not provide rate discounts for enrolling in automatic payments.

  • Soft Pull Inquiry
  • No Origination Fee
  • Direct Payment to Creditors
  • Competitive Interest Rates
  • Available in All States
  • No Rate Discounts
  • $39 Late Fee
  • No Joint Borrowers
  • No Co-Signer Option

How quickly can I receive funds after approval of my Discover Personal Loan application?

In many cases, approved borrowers may receive funds as soon as the next business day after accepting loan terms, providing quick access to needed funds for various expenses.

Are co-signers or joint loans available for Discover Personal Loans?

No, Discover Personal Loans are only available to individuals, so co-signers or joint loans are not options.

What happens if I miss a payment on my Discover Personal Loan?

If you miss a payment, Discover may charge a late fee of $39. Additionally, missing payments can have negative consequences on your credit score and overall financial health.

Can I pay off my Discover Personal Loan early?

Yes, borrowers can pay off a Discover Personal Loan early without facing any prepayment penalties, providing flexibility for borrowers to become debt-free sooner.

How can I contact Discover's customer service for assistance with my Personal Loan?

You can reach Discover's customer service by calling their loan specialists at 866-248-1255. Additionally, you can contact Discover’s Customer Advocacy Group at 302-328-3300.

LightStream

lightstream
lightstream
On LightStream Secure Website

LightStream

APR

7.49% – 25.49% (with autopay)

Loan Term

Flexible

Minimum Score

660

Loan Amount

$5,000 – $100,000
On LightStream Secure Website

LightStream, a division of Truist Bank, is an online lender renowned for its competitive personal loan offerings. The lender offers a wide range of loan amounts, from $5,000 to $100,000, accommodating various financial needs and purposes. LightStream's flexible repayment terms, ranging from two to 12 years, provide borrowers with the option to tailor their loan payments to fit their budget and financial goals.

One of LightStream's standout features is its low-interest rates, making it an appealing option for borrowers seeking affordable financing. Additionally, LightStream does not charge any fees, including origination, prepayment, or late fees, further enhancing its cost-effectiveness.

Some drawbacks of LightStream include its stringent eligibility requirements, which may exclude individuals with fair or poor credit histories. Additionally, the lack of a pre-qualification option means applicants must undergo a hard credit check to determine loan terms, potentially affecting their credit scores. Moreover, LightStream's minimum loan amount of $5,000 may be too high for borrowers seeking smaller loans.

  • No Fees
  • Flexible Term Options
  • Competitive Rates
  • Rate Beat Program
  • Joint Applicants
  • High Maximum Amount
  • High Credit Score Requirement
  • No Soft Pull
  • High Minimum Loan Amount
  • No Option for Co-signers

How do I apply for a loan with LightStream?

To apply for a loan with LightStream, simply visit their website and complete the online application. You'll need to provide personal information, including your name, address, Social Security number, and details about your income and employment. Once submitted, LightStream will review your application and may offer approval as soon as the same day.

What are the eligibility requirements for a LightStream loan?

To qualify for a LightStream loan, applicants typically need to have good to excellent credit scores, a stable income, and a strong credit history. LightStream prefers borrowers with several years of credit history and a diverse mix of credit accounts.

How quickly can I receive funding after approval?

If your loan application is approved, you may receive funding as soon as the same day, provided all necessary steps are completed before the cutoff time. 

Can I use a LightStream loan for any purpose?

Yes, LightStream loans can be used for virtually any purpose, including debt consolidation, home improvements, major purchases, medical expenses, and more. However, there are some restrictions on the use of funds, such as refinancing existing LightStream loans or funding illegal activities.

Are there any penalties for paying off my loan early?

No, LightStream does not charge any prepayment penalties, allowing borrowers to pay off their loans early without incurring additional fees. 

How to Get a Personal Loan With Excellent Credit

Having excellent credit can significantly increase your chances of getting approved for a personal loan and securing favorable terms. Here are the steps to follow when seeking a personal loan with excellent credit:

  1. Prepare Documentation: Even if you have excellent credit, lenders may require various documents to process your loan application, such as proof of income, employment verification, and identification. Gather all necessary paperwork in advance to streamline the application process and demonstrate your creditworthiness.
  2. Research Lenders: With excellent credit, you'll likely qualify for loans from a variety of lenders, including banks, credit unions, online lenders, and peer-to-peer lending platforms. Research different lenders to find the ones offering the most competitive interest rates and terms.
  3. Compare Loan Offers: Don't settle for the first loan offer you receive. Instead, shop around and compare offers from multiple lenders. Look at factors such as interest rates, loan terms, fees, and repayment options to find the loan that best suits your needs.
  4. Negotiate Terms: With excellent credit, you're in a strong position to negotiate loan terms with lenders. Don't hesitate to ask for lower interest rates or better terms, especially if you have a long-standing relationship with the lender or if you've received better offers elsewhere.
  5. Avoid Applying for Multiple Loans Simultaneously: While it's essential to compare loan offers, submitting multiple loan applications within a short period can negatively impact your credit score. Instead, focus on targeted applications to lenders offering the most favorable terms based on your research.
  6. Choose the best offer: Select the loan offer that best meets your needs and preferences. Consider factors such as the interest rate, loan amount, repayment term, and any additional features offered by the lender.
  7. Complete the loan agreement: After accepting a loan offer, review and sign the loan agreement. Make sure you understand all terms and conditions before proceeding. Some lenders may require additional documentation or verification before finalizing the loan.

By following these steps and leveraging your excellent credit, you can increase your chances of securing a personal loan with favorable terms and conditions.

Compare Loans Options Smartly

When comparing loan options, individuals with excellent credit have the advantage of accessing the most competitive rates and terms. Here's how to smartly compare loan options when you have excellent credit:

Focus on the interest rates offered by different lenders. With excellent credit, you're likely eligible for lower interest rates, so prioritize lenders offering the most favorable rates. 

Even small differences in interest rates can result in significant savings over the life of the loan.

Pay attention to any fees and charges associated with the loan, such as origination fees, prepayment penalties, and late fees. While some lenders may offer low-interest rates, they may offset this by charging higher fees. 

Compare the total cost of each loan, including both interest and fees, to get an accurate picture of the overall expense.

Consider the loan terms offered by different lenders, including the repayment period and any flexibility in repayment schedules. While longer loan terms may result in lower monthly payments, they often lead to higher overall interest costs. 

Choose a loan term that aligns with your financial goals and ability to repay the loan comfortably.

Evaluate the repayment options available with each loan. Some lenders may offer features such as autopay discounts, bi-weekly payments, or the ability to skip a payment in case of financial hardship. 

Look for lenders that offer flexible repayment options that suit your preferences and financial situation.

Research the reputation of each lender for customer service and support. Read reviews and testimonials from other borrowers to gauge the lender's responsiveness, reliability, and willingness to address customer concerns. 

A lender with excellent customer service can provide peace of mind throughout the loan process.

Determine the maximum loan amount offered by each lender and ensure it meets your financing needs. While lenders may advertise competitive rates for smaller loan amounts, they may have higher rates or stricter requirements for larger loans. 

Choose a lender that can accommodate the loan amount you require without compromising on terms or rates.

Lastly, assess the overall reputation and stability of each lender. Choose established lenders with a track record of financial stability and reliability to minimize the risk of encountering issues during the loan term.

Avoid lenders with a history of predatory practices or regulatory violations, even if they offer seemingly attractive loan terms.

J.D. Power Research: What Can We Learn?

The J.D. Power scores show how happy customers are with each personal loan company.

The rankings not only show how well lenders meet customer needs but also how good they are at handling loans, being clear with communication, and making sure loans fit what borrowers want.

These top lenders are likely to have lots of loyal customers who think highly of them, which helps them compete well in the personal loan market.

American Express got the highest score, 775, showing customers are very satisfied. Best Egg came next with 772 points, and Discover and SoFi tied for third with 769 points. This shows they're all good at giving borrowers what they need.

Lender
JD Power Score 2023 (1,000 point scale)
TrustPilot Score 2023 (5 point scale)
American Express
775
1.3
Best Egg
772
4.6
Discover
769
1.8
SoFi
769
4.6
Wells Fargo
756
1.7
Oportun
744
4.8
LightStream
740
1.7
Citi
732
1.2
LendingClub
731
4.7
Prosper
725
4.7
Security Finance
721
N/A
U.S. Bank
717
1.3
Upgrade
716
4.4
LendingPoint
714
4.8
Upstart
711
4.9
Avant
710
4.6
OneMain Financial
698
4.8
Opploans
642
4.5

Where Can I Get a Personal Loan?

There are three places when it comes to getting a personal loan. They are:

  • Banks – Many banks likely offer personal loans in your area. Citibank personal loan is one example of many. They offer decent rates but are sometimes more difficult to get approved.
  • Credit unions – These institutions offer personal loans with lower interest rates than banks and other lenders, on average.
  • Online lenders – When you go with this option, you can stay home- making them more convenient. You can also more easily compare your loan options this way.

Each can offer you something a little different when it comes to personal loans.

Why Seeking Out Soft Inquiries?

You will want to go with unnecessary hard inquiries, as they can damage your credit score. Soft inquiries do not hurt your credit, plus, they allow you to see if you qualify for the loan before filing out the lender’s application.

You want to choose soft credit checks whenever you can- hard checks are concerning lenders when they see that you have had multiple of them recently. Multiple hard inquiries let them know that you might have many other loans you need to pay back as well, making them less likely to pay on their loan.

Still, some credit scoring systems do account for the possibility that you are rate shopping for the best loan. In those cases, your credit score will take less of a hit. You will want to make sure your credit score is prepared before you start taking out loans.

How Much You Can Really Afford?

It is also important that you determine the payments on each of your loan options. That way, you can be certain that the bill is going to fit in with your monthly budget. When you take the time to research this beforehand, you will be able to choose the best loan option for your finances.

Overall, when you want to compare the best rates, you will need to do a lot of research- you should not just choose the first offer that comes your way, unless you already know that it is the best one.

How To Leverage Excellent Credit For Better Loan Conditions?

Leveraging excellent credit to secure better loan conditions involves understanding your creditworthiness and negotiating with lenders to obtain the most favorable terms. Here's how you can do it:

  • Highlight Your Creditworthiness: When applying for a loan, emphasize your excellent credit history. Provide lenders with copies of your credit report or credit score to demonstrate your creditworthiness. This can strengthen your negotiating position and increase your chances of securing better terms.

  • Negotiate Interest Rates: With excellent credit, you're in a strong position to negotiate lower interest rates and apply for personal loans with low interest. Use your creditworthiness as leverage when discussing rates with lenders. Highlight your track record of responsible borrowing and timely payments to justify your request for lower rates.

  • Request Lower Fees: In addition to negotiating interest rates, ask lenders to waive or reduce fees associated with the loan, such as origination fees or application fees. With excellent credit, lenders may be more willing to accommodate your request to secure your business.

  • Shop Around: Don't settle for the first loan offer you receive. Shop around and compare offers from multiple lenders to ensure you're getting the best possible terms. Use your excellent credit as leverage to negotiate with different lenders and secure the most favorable conditions.

  • Be Prepared to Walk Away: Finally, don't be afraid to walk away if you're unable to negotiate the terms you want. With excellent credit, you have plenty of options available, so don't feel pressured to accept a loan offer that doesn't meet your needs. Keep searching until you find a lender willing to offer the terms you desire.

Things to Consider Before Applying 

If you already have an excellent credit score, there are a few things you will want to consider before you apply for a personal loan.

Can you make the monthly payments on time? You will need to be certain- if you can not make the payments, your excellent credit score is going to be ruined. Even one missed payment can drop your credit score by 100 points.

Imagine what would happen if you missed more than that.

Do you need to take out a loan or can you start a new savings account? Emergency expenses aside, you will not want to go into debt for short-term purchases.

For example, while many get wedding loans, it is usually not the best idea. However, home remodeling or other house improvement projects are good cases for loans– you are improving the worth of your living space.

Do you want to apply in person or online? It will depend on if you want to talk with a representative from a bank or if you want to read about the loan yourself. Additionally, there are many benefits to staying home, as online lenders are faster when it comes to payments.

Overall, you can receive a personal loan for just about anything. You will want to be sure that this is an expense you can pay back once the repayment period begins.

How Much Will a Personal Loan Cost?

A personal loan can be taken out for anywhere between $1,000 and $100,000. However, there are certain factors that determine the total cost of the loan.

First of all, the APR includes the interest rate. The higher it is, the more you are going to pay. Since you have excellent credit, you should be able to find a low rate.

There is a large difference between rates- even a few percentage points lower can mean the loan costs a few thousand dollars less.

Next, the amount of time you pay on the loan will impact the cost. The more payments you have to make, the more you are going to have to pay back in interest. Shorter terms generally mean your monthly bill is larger, but you pay less in the long term.

Online calculators can help you determine the amount that you owe each month.

Finally, some fees might raise the cost. Some lenders require you to pay a percentage back quickly, while others charge an annual fee.

It will all vary between lenders, so you will want to ensure that you know what the potential fees and penalties are with your loan.

How Big of a Personal Loan Can I Get With an Excellent Score?

When you have excellent credit, you should be able to get a larger loan, usually up to the maximum amount of your lender which can be as high as $100,000.

However, the bank or credit union will also consider your other debts and the amount of income you make each month. They want to be certain your income is high enough to make the amount back.

The lender will be the one to determine how much of a personal loan you can get. Some are able to supply you with more funds than others. When considering which bank, credit union, or online lender to go with, you will also want to see how much they can offer.

What are the Expected Fees for an Excellent Credit Loan?

A person with excellent credit can expect to find the same fees as others with different credit scores. There are a few you will want to be aware of.

  • Origination Fee – Some lenders will charge you a fee on the loan, usually up to 8%, upfront. This fee is for processing your loan application and disbursing the funds to your account.
  • Late Payment Fees – If you pay your loan late, you will likely experience a late payment penalty fee. You can be charged additional interest too- making it a costly mistake.
  • Prepayment Penalty – A prepayment fee applies if you pay off the loan earlier than your term. It is not always a part of personal loans, but still good to watch out for.

How We Picked the Best Loans For Excellent Credit

To determine the top personal loan providers for those with excellent credit, our team meticulously gathered data from over 30 lenders, including major banks, credit unions, online lending platforms, and specialized financial institutions.

In crafting our ratings, we didn't just crunch numbers; we also took into consideration what matters most to individuals like you when seeking a personal loan. We identified key features and qualities deemed most significant by borrowers. These were then grouped into four primary categories:

Our team of data and research experts conducted this analysis independently, collecting and scrutinizing data to generate our star ratings. Our rating system comprises four main areas, each carrying a specific weight:

  • Affordability (40%): We gauge how expensive each company’s loans are to pay back, taking into account both interest rates and fees. The highest-scoring lenders will have low minimum and maximum annual percentage rates (APRs) and low or no origination fees.
  • Loan features (30%): This category measures the breadth of loan terms available to prospective customers. The most points go to lenders with a wide range of loan lengths, small minimum loans, large maximum loans, and fast funding.
  • Customer experience (20%): We review each company’s application, prequalification and customer service policies and procedures to create this category score. The best companies will have simple online applications and multiple ways for customers to get their problems solved.
  • Company reputation (10%): Our team analyzes each company’s Better Business Bureau file, customer reviews and any outstanding regulatory actions. The most points will go to companies with an A+ rating with the BBB, a track record of addressing customer complaints and no active regulatory orders.

Within each major category, we also consider various characteristics such as available loan amounts, repayment terms, APR ranges, and applicable fees. Additionally, we assess minimum credit score requirements, the acceptance of co-signers or joint applications, and the geographical availability of each lender.

Finally, we evaluate each provider's customer support tools, borrower perks, and features aimed at simplifying the borrowing process, such as prequalification options and mobile apps.

SoFi Terms & Conditions

Fixed rates from 8.99% APR to 23.43% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 03/06/23 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.