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:
5 Steps to Get a Personal Loan With Excellent Credit
There are a couple of steps you should take to get the right loan for your needs:
1. Compare Your Options
Before you do anything else, you will want to compare your options. Good credit can give you an advantage in finding loans with better APR- as long as you take the time to look for them.
Shop around a bit with multiple lenders to compare their rates. The lowest APR will be the least expensive to pay back, making it the better choice for most people.
2. Know the Costs
You will want to consider how long it will take to repay the loan. Longer-term lengths mean you will pay more in interest since you will have to make more monthly payments.
3. Make Your Choice
Now that you have thoroughly browsed through and researched the options, you will want to make your choice. Banks, credit unions, and online lenders all have a vast amount of loan offers. You will want to be 100% sure of your choice before you reach out to them.
4. Contact the Lender
You can contact the lender and fill out a pre-qualification form. If the lender accepts you, you can apply to receive the loan. They will ask for employment and other financial information. It helps if you have your w-2 or 1099 available for this step. The lender may also need more data.
5. Receive the Loan
The lender will check your credit history and many other factors to determine if they want to lend you the money. If they do, the funds will be deposited into your account within a week or two.
From there, you can use the money as needed. Once your repayment period starts, you must make monthly payments. Auto deposit options are helpful.
How do You Receive Funds?
After making all the needed arrangements with the lender, you will receive your funds. The amount agreed upon should be placed into your bank account. Afterward, you will be responsible for paying back the principal with interest- payments are usually made monthly.
SoFi
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Loan Amount
SoFi's original concept was to have school alumni invest funds in refinancing the debt of recently graduated students. SoFi has abandoned that business model in favor of a "non-traditional underwriting approach" centered on lending to financially responsible people. To evaluate its borrowers, SoFi employs an underwriting model that considers free cash flow, professional history, and education, as well as a history of responsible bill payment.
SoFi provides numerous benefits to those who qualify for a personal loan. They also have some of the most stringent credit and cash flow requirements. Furthermore, SoFi provides professionals with numerous benefits and tools that can assist them in becoming more financially independent.
- Joint Borrowers
- Soft Pull Inquiry
- Competitive Rates
- Unemployment Protection
- No Fees
- Autopay Discount
- Slower Turnaround Times
- High Requirements
- Limited Uses
- Not Available in All States
- Higher Minimum Amount
Do SoFi personal loans offer prequalification? (soft credit check)
Yes, it is possible to prequalify for a loan to secure your rate and then comparison shop for the best deal.
To check your terms and rate, SoFi has a quick application on its website that should only take a couple of minutes to complete. SoFi will do a soft credit check that will not impact your credit score. If you decide you would like to proceed with your SoFi loan, SoFi will only then request a full credit report.
Does SoFi offer more financial products besides personal loan?
Yes, in addition to its personal loans, SoFi also offers student loans, auto loans and home loans. You can also access investment products.
However, what makes SoFi particularly attractive is its credit card that can help you to save, invest or pay down debt and its Money account, which is an interest bearing checking account.
Can I add a cosigner to SoFi personal loan?
SoFi does offer the option of co-signed loans, so it is possible to add a co-signer to your application.
If you can add someone with a higher income or better credit to your SoFi loan, you can improve your chances of being approved for a higher loan amount or accessing a lower rate.
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.
Best Egg
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Minimum Score
Loan Amount
Best Egg offers personal loans for almost any purpose. You can use the proceeds of your loan to pay for home repairs, make a large purchase, refinance your credit card debt or consolidate existing debt. Over half a million Best Egg customers have borrowed over $9.3 billion.
If you have good credit, you can expect a very low-interest rate, and loan processing is fast, taking just a few minutes to complete.
- Soft Pull Inquiry
- Competitive Rates
- Simple Application Process
- Quick Turnaround Times
- No Prepayment Penalty
- No Joint Applicants
- Origination Fee
- Large Amounts on Short Terms
- Investing Restrictions
- Not Available in All States
Can I negotiate with Best Egg?
Best Egg does not categorically state that it will assist those who want to negotiate debt settlement, but that doesn’t mean it isn’t worth trying.
As with any lender, if you’re experiencing financial hardship or want to rearrange your finances to make steps towards a stronger financial future, it is a good idea to get in touch with Egg. You may be able to negotiate a settlement figure.
Does Best Egg personal loans verify income?
Yes, as part of the personal loan application process, Best Egg will need to verify your identity and income. The bank may ask you to submit supporting documentation such as payslips or bank statements or give permission to connect to your bank.
Does Best Egg personal loans offer prequalification? (soft credit check)
Best Egg does offer pre approval which has a soft credit check and no impact on your credit score. Your pre qualified status is recorded, which will streamline the application process if you decide that you would like to go ahead with the loan.
Does Best Egg offer more financial products besides personal loan?
Best Egg does have a limited product line. In addition to personal loans for a variety of reasons, the bank’s only other financial product is a credit card with no annual fee.
So, if you’re looking for a lender that also offers a wide variety of financial products, Best Egg may not be your best option.
Happy Money
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Loan Amount
As its name suggests, Happy Money (formerly Payoff) offers debt consolidation for borrowers with good credit. This is solely to repay existing debt, including credit cards.
Although Happy Moneydoes not force you to pay your credit card debt, they make this recommendation to keep your finance on track. This includes quizzes to assess your financial abilities and resources to help you reach your financial goals.
According to Happy Money, this insight empowers borrowers to continue making smart financial decisions.
- Free Credit Monitoring
- Competitive Rates
- Easy Application
- Flexible Payments
- Soft Pull Inquiry
- No Late Fees
- Soft Pull Inquiry
- Limited Use
- Origination Fee
- Pre-Approval Does Not Mean Approval
- No Joint Applicants
- Not Available in All States
Is Payoff good for debt consolidation?
Payoff only offers personal loans for credit card debt consolidation. These lending products are specifically intended for credit card debt, so if you want to consolidate other types of debt, this is not a good choice for you.
Additionally, you also need to consider that an origination fee of up to 5% could apply to your loan.
Can I get a Payoff loan with a 600 credit score?
Payoff is actually a good option if you have a 600+ credit score. This lender is quite transparent about its lending criteria.
In addition to a FICO score of 600 or more, you will also need a decent debt to income ratio, sufficient credit history, and a low credit utilization rate. However, you can find the specific borrower qualifications on the website, so you can double check you meet the criteria.
Can I add a cosigner to a Payoff personal loan?
Unfortunately, Payoff only allows sole applications, so you cannot submit a joint application or add a cosigner to your application.
However, the lender has very clear borrower criteria on its website, so you can check if you are likely to qualify without a cosigner. If you will struggle to qualify and would need a cosigner, you’ll need to consider other lenders.
Can I pay off a Payoff loan early?
Yes, Payoff has no prepayment penalties, so you can make additional payments or clear your loan balance in full before the end of your loan term with no fees.
However, if you are looking to switch to another lender, bear in mind that you may have already paid an origination fee, which should be included in your calculations.
Marcus by Goldman Sachs
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Loan Term
Minimum Score
Loan Amount
Goldman Sachs' Marcus is an online-only product suite. It provides personal loans with no fees, including late fees, prepayment fees, and application fees. The interest rates are slightly higher than the competition because you are only required to pay the principal loan amount and interest. However, for those with good credit who want to avoid annoying fees, this can be a good option.
Marcus personal loans are distinguished by the availability of prequalification. If you are unsure whether you will be eligible for a loan, you can fill out a simple, short form. This is only a soft credit check, so you avoid triggering a hard credit check and potentially jeopardizing your credit score. Prequalification allows you to research and compare Marcus loan options.
- No Fees
- Competitive Rates
- One Time Payment Deferment
- Simple Application Process
- Soft Pull Inquiry
- Multiple Loan Options
- High Requirements
- Not for Limited Credit
- Pre-Approval Does Not Mean Approval
- Limits on Loan Amount for Loan Use
- No Joint Applicants
Does Marcus personal loans verify income?
When you apply for a Marcus personal loan, you may be required to verify your income in the form of bank statements or recent pay stubs.
While this may not apply to all applications, you do need to be prepared to verify your income and employment status.
Is Marcus good for debt consolidation?
Marcus does offer personal loans for up to $40,000 with competitive rates and minimal fees.
However, what makes Marcus stand apart is that there are nine repayment plans, so you can customize your loan to suit your circumstances. You can also make use of the direct payment to creditors feature, which is a free service that can be applied to credit cards and other personal loans.
Can I add a cosigner to Marcus personal loan?
Unfortunately, Marcus does not allow joint or co-signed loans. There are no options to add a co-signer to secure your loan or obtain a better rate.
This means that you will need to qualify for the loan on your own merits. So, if you have less than ideal credit circumstances, Marcus may not be the best option for you.
Marcus Terms & Conditions
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose, our evaluation of your creditworthiness, your credit history, if we have recently declined your loan application and the number of loans you already have with us. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.
Understand Personal Loans For Excellent Credit
How Do Personal Loans Work?
When it comes to personal loans, you have the choice between secured and unsecured agreements. With a secured loan, you have to offer collateral, which is taken if you can not pay the money you owe back to the lender.
However, you usually do not have to worry about that, as most personal loans are unsecured. That means you are not required to put up collateral for the loan. If you are unable to make the payments, your credit score can still be damaged or the lender can file a lawsuit against you.
Most of the time, personal loans are taken out to cover a large expenses. You can also use them to pay down your credit or consolidate other forms of debt.
Your credit score will impact the amount you receive on loans. If you have excellent credit, more options will be available to you.
What is an Excellent-Credit Loan?
Excellent credit loans are loans reserved for those who have a high FICO score. Interest rates for this type of loan will usually start at 6%, but depending on your credit history, you can go lower. The loan usually falls somewhere between $2,500 and $100,000, depending on your needs.
What is an Excellent Credit Score?
An excellent credit score can vary slightly depending on the credit scoring model the lender is looking at. In general, the following is what credit scores mean:
- 580 to 669 – Fair
- 670 to 739 – Good
- 740 to 799 – Very Good
- 800 to 850 – Excellent
The highest score is 850, according to FICO. Only about 1% of Americans have that perfect credit score. However, you can still achieve amazing interest rates without having an 850. Usually, anything in the Very Good to Excellent range is impressive to lenders.
Around 20% of the population has a credit score that is 800 or above. If you can receive loans at that level, you will be offered much better interest rates than others- saving you thousands of dollars in most circumstances.
In this chart compiled with LendingTree customer data, you can see that those with a 720+ credit score pay an average of 7.63%. At the other end of the scale, for those with a poor credit rating of less than 560, the rate shoots up to an eye-watering 113%.
Where Can I Get a Personal Loan?
There are three places when it comes to getting a personal loan. They are:
- Banks – There are likely many banks that offer personal loans in your area. Citibank personal loan is one example of many. They offer decent rates but are sometimes more difficult to be approved with.
- 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.
Loan Sources to Avoid When You Have Excellent Credit
You will want to avoid:
P2P Lenders – With excellent credit, you will not need to go the P2P route. The rates will not be as good or reliable as a bank- meaning you probably should not consider them.
Car Dealerships – Car dealerships consider financing through auto loans a main source of revenue for their business- meaning they have many reasons to charge you a higher interest rate. Get pre-approved from your bank or credit union first. Then, bring that with you to the dealer.
Compare Loans Options Smartly
Before you start comparing the rates, be sure that you know what your current credit score is. Then, you can get started with comparing the personal loan options you have.
First of all, you will need to know what to look out for. Personal loans have a fixed APR, or Annual Percentage Rate. Usually, the loan with the lowest rate is going to be the least expensive option when you need to pay it back, making it the best choice for you.
Now, you are going to want to follow these steps to make your comparisons and determine which personal loan is going to benefit you the most.
- Get quotes from at least three lenders, more if you can.
- Make sure they offer soft credit inquiries.
- Make sure you are comparing the same factors. (APR to APR, term to term, principal to principal, etc.)
- Determine the total costs and monthly payments for each. Know how they would fit into your budget.
- Look over the fine print and small details.
- Sign the best option!
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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 
Customers said that their repayment terms and the reputation of the lender were the most significant factors leading to their selection. Some other aspects they thought were important were the application process.
Customers wanted to be quick. They wanted to be approved ASAP so that they could use the funds from the loan. It helped when lenders had online options available, so consumers could access their accounts from any device.
Odds are that you also care about these factors. Before choosing a lender, it can help to see what options they have available and what other customers had to say about their services online.
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.
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- Can You Allow This Payment?
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 Really Need It?
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 people get loans for weddings, 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.
- Apply In Person or Online?
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.
- APR
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 are a number of reasons for taking out a loan, but this can also influence the average loan amount. In this chart with LendingTree customer data, you can see that credit card refinancing has the highest average loan amount followed by debt consolidation.
There is a large difference between rates- even a few percentage points lower can mean the loan costs a few thousand dollars less.
- Term
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.
- Fees
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. 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.
Personal loans can fall anywhere between $1,000 and $100,000. When you have a higher credit score, you can receive an amount on the higher end. If you have an outstanding score, you could possibly receive $100,000 in a loan. Although, you could also go as low as you needed to, so you do not put yourself into more debt than needed.
Typically, if you need a loan that is more than $50,000, you will need to have Very Good to Excellent credit. If you need a lot more than that, lenders will only consider excellent credit scores.
How Fast Can I Get It?
The amount of time it takes to get approved will depend on the lender you are going with. Having an Excellent credit score will speed things up, but at the end of the day, it is going to be most dependent on your lender.
Online Lenders
Online lenders tend to be a lot faster than alternatives. The application time usually only takes about 15 minutes to complete. After that, approval averages between three and seven days. Once you are approved, you can expect the amount to appear in your account after 24 hours to a few business days.
Banks and Credit Unions
These brick and mortar options tend to take a bit longer to process. The application time can range between 15 minutes to an hour. The approval process is a bit more complicated, so it can take anywhere between 24 hours to several days. Having a good FICO score can help the process move along a bit faster.
You can receive funding after being approved the same day in rare cases. It is more likely that it takes several days for the institution to send you the funds.
How Does My Credit Score Affect My Loan Chances?
Your credit score will greatly impact your loan chances. If you have an Excellent credit score, you will be eligible for lower interest rates and can take out more money. Additionally, the lenders will see you as less of a risk- allowing you to successfully make it through the application process.
If you want to have better odds of being approved, you will also want to ensure that you have a long credit history. When lenders see that you have kept a high credit score for a long period, they are more inclined to trust you.
Overall, a better credit score is going to give you more options in personal loans. You will be able to find better APRs, take out higher amounts in the loan, and have a much stronger chance of being approved by the lender.
How to Check Your Lender Rate on TrustPilot and Why Your BBB Rating is Important
If you are not sure what your lender rate is, you will want to visit TrustPilot online. All you need to do is select the banks category and search for your lender.
From there, you can find the lender’s BBB rating. These ratings indicate how the Better Business Bureau finds the business in question’s performance and if they are trustworthy. It is important to know when considering lenders, as this information could save you a lot of trouble.
If you find a lender with an F rating- you will not want to go with them. Only consider highly rated banks, credit unions, and online lenders for personal loans. You do not want to run into issues with them later.
Overall, we recommend that you consider finding a BBB rating for a lender as part of your general research. It is something that you will not want to skip out on.
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.
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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.
Marcus Terms & Conditions
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose, our evaluation of your creditworthiness, your credit history, if we have recently declined your loan application and the number of loans you already have with us. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.
