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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.
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 for | Lender | APR | Max. loan amount | |
|---|---|---|---|---|
| Comparing rates | Monevo | 1.99% to 35.99% | $500 to $100,000 | Learn more |
| Young professionals | SoFi | 5.74 to 20.28% | $5,000 to $100,000 | Learn more |
| Low rates | LightStream | Competitive | $5,000 to $100,000 | Learn more |
| Large expenses | Credible | 2.49% to 35.99% | $600 to $100,000 | Learn more |
| Debt consolidation | Discover | 5.99% to 24.99% | $2,500 to $35,000 | Learn more |
| Borrowing from a bank | Wells Fargo | 5.74% to 19.99% | $3,000 to $100,000 | Learn more |
| Borrowing from a credit union | PenFed Credit Union | 4.99% to 17.99% | $600 to $25,000 | Learn more |
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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.
| Min. Credit Score | None |
|---|---|
| APR | 1.99% to 35.99% |
| Loan Amount | $500 to $100,000 |
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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.
| Min. Credit Score | 680 |
|---|---|
| APR | 5.74 to 20.28% |
| Loan Amount | $5,000 to $100,000 |
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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.
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.
| Min. Credit Score | Good to excellent credit |
|---|---|
| APR | Competitive |
| Loan Amount | $5,000 to $100,000 |
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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.
| Min. Credit Score | Fair to excellent credit |
|---|---|
| APR | 2.49% to 35.99% |
| Loan Amount | $600 to $100,000 |
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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.
| Min. Credit Score | Varies |
|---|---|
| APR | 5.99% to 24.99% |
| Loan Amount | $2,500 to $35,000 |
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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.
| Min. Credit Score | Varies |
|---|---|
| APR | 5.74% to 19.99% |
| Loan Amount | $3,000 to $100,000 |
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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.
| Min. Credit Score | 650 |
|---|---|
| APR | 4.99% to 17.99% |
| Loan Amount | $600 to $25,000 |
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Beyond the best lenders, here are a few common questions we've seen on personal loans for 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.
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.
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.
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.
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.
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.
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.
Maintain your excellent credit score by making your payments on the due date. Late payments can lower your score and negatively impact your credit.
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.
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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