Editor's choice: SoFi personal loans
- Low starting APR at 5.99%
- No fees
- Unemployment protection available
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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, or 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.
6 best loans for borrowers with 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 for low rates: LightStream
- Best for debt consolidation: Discover
- Best for peer-to-peer loans: Prosper
Best for comparing rates: Monevo personal loans
None
Min. Credit Score
Min. Credit Score
3.49%
Starting APR
Starting APR
$100,000
Max Loan Amount
Max Loan Amount
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.
- APRs start at low 3.49%
- Loans up to $100,000
- Next-day turnaround in some cases
- Might receive from providers
- Terms start at a short three months
| Loan Amount | $500 – $100,000 |
|---|---|
| APR | 3.49% to 35.99% |
| Interest Rate Type | Fixed |
| Min term | 3 months |
| Max term | 144 months |
| Turnaround Time | Varies by lender |
Best for young professionals: SoFi personal loans
680
Min. Credit Score
Min. Credit Score
5.99%
Starting APR
Starting APR
$100,000
Max Loan Amount
Max Loan Amount
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.
- Rates start at low 5.99%
- No fees, including late fees
- Borrow up to $100,000
- You must borrow at least $5,000
- Potential 30-day turnaround
| Loan Amount | $5,000 – $100,000 |
|---|---|
| APR | 5.99% to 19.63% |
| Interest Rate Type | Fixed |
| Min. Credit Score | 680 |
| Min term | 24 months |
| Max term | 84 months |
| Turnaround Time | Up to 30 days |
Disclaimer
Fixed rates from 5.99% APR to 19.63% APR (with AutoPay). SoFi rate ranges are current as of July 30, 2021 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.
Fixed rates from 5.99% APR to 19.63% APR (with AutoPay). SoFi rate ranges are current as of July 30, 2021 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.
Best for large expenses: Credible personal loans
580
Min. Credit Score
Min. Credit Score
2.49%
Starting APR
Starting APR
$100,000
Max Loan Amount
Max Loan Amount
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.
- Loans up to $100,000
- Terms as long as 84 months
- Best rate guarantee
- Might receive marketing materials from partners
- May come with origination fee
| Loan Amount | $1,000 – $100,000 |
|---|---|
| Interest Rate Type | Fixed |
| Min. Credit Score | 580 |
| Min term | 24 months |
| Max term | 84 months |
| Turnaround Time | As soon as 1 business day |
Best for low rates: LightStream personal loans
Good to excellent credit
Min. Credit Score
Min. Credit Score
Competitive
Starting APR
Starting APR
$100,000
Max Loan Amount
Max Loan Amount
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 by 0.1%, depending on the terms and conditions of the offer.
- Rate beat program
- High autopay discount of 0.5%
- Borrow up to $100,000
- Loans start at a high $5,000
- Can’t check rates without hard credit pull
- No customer service phone number
| Loan Amount | $5,000 – $100,000 |
|---|---|
| APR | Competitive |
| Interest Rate Type | Fixed |
| Turnaround Time | Varies |
Disclaimer
*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.
*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.
Best for debt consolidation: Discover personal loans
Varies
Min. Credit Score
Min. Credit Score
6.99%
Starting APR
Starting APR
$35,000
Max Loan Amount
Max Loan Amount
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.
- Sends funds directly to your lender
- 30-day guarantee
- No origination fee
- Low $35,000 maximum
- No discount for autopay
- Charges late fees without grace period
| Loan Amount | $2,500 – $35,000 |
|---|---|
| APR | 6.99% to 24.99% |
| Interest Rate Type | Fixed |
| Min term | 36 months |
| Max term | 84 months |
Best for Peer-to-peer loans: Prosper personal loans
640
Min. Credit Score
Min. Credit Score
7.95%
Starting APR
Starting APR
$40,000
Max Loan Amount
Max Loan Amount
Prosper offers some of the lowest rates available — for a peer-to-peer lender, that is. If you’re set on getting a loan funded by an investor, it could be your best option. It also has a relatively high debt-to-income ratio (DTI) cutoff of 50%, making it a good choice for people with a lot of debt in their name. But it’s generally more expensive than a direct provider.
- Low rates and fees for a P2P lender
- Accepts DTI as high as 50%
- Can take as long as five business days
- Loans capped at $40,000
- Expensive compared to direct lenders
| Loan Amount | $2,000 – $40,000 |
|---|---|
| APR | 7.95% to 35.99% |
| Interest Rate Type | Fixed |
| Min. Credit Score | 640 |
| Min term | 36 months |
| Max term | 60 months |
| Turnaround Time | Up to five business days |
Summary of best personal loans for excellent credit
LightStream | Varies | Low rates | Low starting rates and a program to beat eligible rate offers by 0.1%. | |
SoFi | 5.99% to 22.56% | Young professionals | No fees — ever — and access to programs to support your financial wellbeing. | |
Discover | 6.99% to 24.99% | Debt consolidation | Sends funds directly to creditors and a 30-day return policy. | |
Credible | 4.99% to 35.99% | Large expenses | Partners with lenders offering loans up to $100,000 with terms as long as 84 months. | |
Monevo | 3.49% to 35.99% | Comparing rates | Partners with lenders offering rates as low as 3.49% APR. | |
Prosper | 7.95% to 35.99% | Peer-to-peer loans | Low APRS compared to other peer-to-peer lenders and accepts borrowers with a DTI as high as 50%. |
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 rates can I expect with excellent credit?
The average rate for borrowers with excellent is 7.63% APR, according to LendingTree consumer data from the last quarter of 2019. That’s not the absolute lowest rate that most lenders offer because having excellent credit isn’t enough to qualify for the best deal on its own.
In most cases, you also need to have few other debts, 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 even more. 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.
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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.
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