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Best personal loans for excellent credit

Let your 720+ credit score work for you when you're searching for your next loan.

Having excellent credit, a credit score of 720 or higher, makes it a lot easier to find a personal loan that’s a good fit. Lenders love that you’ve paid off your bills on time. But it’s not the only factor at play in your application. Different providers might be better for different types of borrowers and needs.

7 personal loans for excellent credit

These providers offer low interest rates and competitive terms for borrowers with excellent credit. We compared over 120 providers when we made our selections for the best personal loans for excellent credit. Overall, we favored providers with the lowest rates, high loan amounts and a quick turnaround.

We also looked for those that offer perks to borrowers, like special deals or extra services. And we made sure to account for borrowers that may have excellent credit but could struggle due to lots of student loans or other types of debt.

Best forLenderAPRMax. loan amount
Comparing ratesMonevo1.99% to 35.99%$500 to $100,000Learn more
Young professionalsSoFi5.74 to 20.28%$5,000 to $100,000Learn more
Low ratesLightStreamCompetitive$5,000 to $100,000Learn more
Large expensesCredible2.49% to 35.99%$600 to $100,000Learn more
Debt consolidationDiscover5.99% to 24.99%$2,500 to $35,000Learn more
Borrowing from a bankWells Fargo5.74% to 19.99%$3,000 to $100,000Learn more
Borrowing from a credit unionPenFed Credit Union4.99% to 17.99%$600 to $25,000Learn more

Best for comparing rates: Monevo

Monevo personal loans


Finder rating 4.4 / 5
★★★★★

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on Monevo's secure site

Monevo is a connection service with partners that offer rates at a low 3.49% APR. It's won several awards and can get you a loan as soon as the next business day. But like with any connection service, you might have to field calls and emails from providers even after you've taken out a loan.

  • Available in all states

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Best for young professionals: SoFi

SoFi personal loans


Finder rating 4.3 / 5
★★★★★

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on SoFi's secure site

SoFi personal loans come with low starting rates and no fees — not even late fees. But what really sets it apart are the extra services borrowers can access, like career coaching and financial advice. But the turnaround can take as long as 30 days.

  • Not available in: Mississippi, Vermont
Fixed rates from 5.74% APR to 20.28% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 1/18/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. 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 above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. 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.

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Best for low rates: LightStream

LightStream personal loans


Finder rating 4.83 / 5
★★★★★

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on Lightstream's secure site

This online lending arm of Truist Bank specializes in low-cost loans to prime borrowers with excellent credit and healthy financial habits — like solid savings and low debts. It offers some of the lowest rates to begin with. And if you get a better offer elsewhere, it might beat it, depending on the terms and conditions of the offer.

  • Available in all states
*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36 monthly payments of $303.99.

Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

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Best for large expenses: Credible

Credible personal loans


Finder rating 4.3 / 5
★★★★★

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on Credible Labs Inc.'s secure site

Credible is an online marketplace that can connect you with financing up to $100,000 and terms as long as 84 months. Its partners offer rates starting at a relatively low 4.99% APR — which you might qualify for with your credit score. It also offers a best rate guarantee, where Credible will give you $200 if you find a better offer from another provider, as long as the offer meets certain terms.

  • Available in all states

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Best for debt consolidation: Discover

Discover personal loans


Finder rating 4 / 5
★★★★★

Discover makes debt consolidation easy by sending your loan directly to your current creditors. And if you're not happy with your loan, you can return the funds after 30 days. But its loans top off at a low $35,000 – most personal loan providers offer at least $50,000.

  • Available in all states

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Best bank: Wells Fargo

Wells Fargo personal loans


Finder rating 3.65 / 5
★★★★★

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on Wells Fargo Bank's secure site

Wells Fargo is a top bank, but its best options are reserved for current customers. You can apply with a coapplicant and receive loyalty discounts off your APR, and Wells Fargo offers loans up to $100,000. And while you can still qualify if you don't quite have excellent credit, borrowers with excellnet credit may qualify for an interest rate as low as 5.54% — provided your checking account qualifies for the 0.5% APR discount.

  • Available in all states

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Best credit union: PenFed Credit Union

PenFed Credit Union personal loans


Finder rating 3.6 / 5
★★★★★

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on PenFed Credit Union's secure site

PenFed offers its best interest rates to borrowers with excellent credit, but you don't have to be an active or former military member to qualify for an account. Anyone can — which means you'll have access to an APR that tops out at 17.99%. And unlike most credit unions, its application process is fully online.

  • Available in all states
Insured by NCUA.

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Frequently asked questions

Beyond the best lenders, here are a few common questions we've seen on personal loans for excellent credit.

What do lenders consider excellent credit?

Most lenders consider credit scores between 720 and 850 to be excellent credit.

Excellent credit generally means that you’ve regularly paid off debt on time over a long period of time and have multiple types of debt. It also typically means that you have access to large amounts of credit and low credit card balances.

What interest rate can I expect with excellent credit?

The average interest rate varied between 9.39% to 11.19% for borrowers with credit scores of 720 or higher. That’s not the absolute lowest rate that most lenders offer because having excellent credit usually isn’t enough to qualify for the best deal on its own.

In most cases, you also need to have a low debt-to-income ratio, a high monthly income compared to your expenses and healthy spending and savings habits to qualify for the best deal on a personal loan. With some lenders, factors like your industry, level of education and career can come into play.

How does my credit score affect my application?

Your credit score can affect your application by helping you qualify for lower rates, larger loan amounts and more favorable terms. Excellent credit is a reflection of your ability to meet financial obligations.

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.

Will applying affect my credit?

Yes, applying for a loan can affect your credit in several ways. At first it will lower your credit score, since lenders typically run a hard credit check that shows up on your report. It can also lower your credit score by increasing your credit utilization ratio, which is the amount of credit you’re using compared to the amount of credit available.

But ultimately it should help build your credit. The most important factor in your credit score is your record of on-time repayments. As long as you repay your loan on time, you should ultimately end up with an even higher 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.

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.

Recap: Best personal loans for excellent credit

  1. Monevo: Best for comparing rates
  2. SoFi: Best for young professionals
  3. LightStream: Best for low rates
  4. Credible: Best for large expenses
  5. Discover: Best for debt consolidation
  6. Wells Fargo: Best bank
  7. PenFed Credit Union: Best credit union

An excellent credit score 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.

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