Let your credit score work for you when you’re searching for your next loan.
Our top pick: Credible
Quickly get personal loan offers from top online lenders.
- Minimum Loan Amount: $1,000
- Maximum Loan Amount: $100,000
- Loan Terms: 2–7 years
- One simple form
- Must have good to excellent credit
What do lenders consider excellent credit?
Most lenders view an excellent credit score as one that sits between 720 and 850. However, credit scores aren’t as clear-cut as you might think. The three main credit bureaus — Equifax, Experian and TransUnion — each use their own scoring systems. There’s also FICO (Fair Isaac Corporation), which uses a different system and is considered the industry standard by many lenders.
Even though these bureaus collect the same information to determine your credit score, there’s enough variance in their algorithms to result in different scores among them. If you’re just on the cusp of excellent credit, you may have both good and excellent credit depending on which system your lender uses. Either way, you’ll be in a good position to borrow without having to pay too much in interest.
How does my credit score affect my application?
Your credit score is a reflection of your ability to meet financial obligations, which means almost every aspect of your loan’s application — including approval — is affected by your score. The higher your credit, the better your terms will be. By having a higher score, you’re showing a high level of fiscal responsibility. And when lenders are more confident about your ability to pay back a loan, you’re seen as much less of a risk.
Many borrowers with excellent credit can expect interest rates well below 10% when they borrow, and some can even expect to get close to the Prime Rate banks use to lend money to other banks. In addition, you’re more likely to be approved for bigger loans when you need them and smaller loans may end up costing you much less in interest as well.
What personal loans are available to people with excellent credit?
Excellent credit opens the doors to just about every borrowing option out there. Lenders know you’ll be a good return on investment, so when you want to borrow, it can pay to be meticulous as you compare your options.
- Personal loans. Personal loans can be used for just about any legitimate purpose. Most lenders offer both secured and unsecured options, and you may qualify for a loan of up to $100,000.
- Auto loans. The cost of financing a new or used car is much lower when you have excellent credit. And if you’ve recently bumped yourself into this coveted category, you may also be able to refinance a previous loan at a much lower rate.
- Peer-to-peer loans. Peer-to-Peer loans offer lower rates, more flexibility, quicker turnaround and fewer fees than many traditional banks. When you have excellent credit, it’s that much easier to find the funding you need.
- Startup loans. If you have excellent credit and are looking to start a business, you’ll likely receive better rates to fund your new business venture.
- Business loans. Already have an established business? Take the opportunity to grow your business with a little extra capital. Your excellent personal credit score will play a role in the interest rate and loan terms the lender gives your business.
- Debt consolidation loans. If you have open balances in several different places, you may be able to put them all under one loan, possibly with a lower interest rate. This can be especially useful if you’ve recently entered the excellent credit bracket and want to refinance your debt.
- Pet care loans. Keep the four-legged, feathered or scaled members of your family healthy with funds to pay vet bills or buy medical supplies. Excellent credit keeps rates low so you can better afford the cost of owning an animal.
Compare excellent credit personal loans
Select your credit score range in the filter below to find the best loans for your credit score.
How do I maintain my credit score?
There are several factors that affect your credit score. Here are some tips on how you can maintain it or bump it up a bit more.
- Pay off open balances or keep them low. Keep down the ratio of how much you borrow compared to your overall credit by paying off as many open balances as you can. If you can’t pay your balances off completely, make sure they stay low. Most experts recommend that you don’t go above 30% in using your total available credit.
- Don’t close an unused account if you don’t have to. By leaving accounts open, even if there aren’t any balances and you aren’t using them often, you’re keeping your utilization ratio at a favorable level.
- Keep making regular payments. Maintain your excellent credit score by making your payments on the due date. Late payments can lower your score and negatively impact your credit.
Compare loan options for different credit scores
| Loans for fair credit (620+) | Loans for good credit (680+) |
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Bottom line
There are advantages to having an excellent credit score. It often means you’ll have lower interest rates and better terms, but to really take advantage of your hard work, you’ll want to compare all of your personal loan options. Always take the time to determine the best loan for you and if you can handle the payments. After all, you’ve already come so far. You won’t want to lose your excellent credit to a loan you could have gotten cheaper.
Frequently asked questions about excellent credit personal loans
Before you visit Laurel Road…
The most qualified applicants have a minimum credit score of 680. Laurel Road tends to be best for people with annual income above $60,000 and total debt of less than 40% their income. If you don’t think Laurel Road is best for you, explore other loan options.
Before you visit Laurel Road…
The most qualified applicants have a minimum credit score of 680. Laurel Road tends to be best for people with annual income above $60,000 and total debt of less than 40% their income. If you don’t think Laurel Road is best for you, explore other loan options.
