Best Personal Loans for Excellent Credit in January 2024

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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Best lenders for borrowers with excellent credit

Written by Amanda Push | Edited by Katie Lowery | Updated December 28, 2023

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderBest for …APR rangeLoan amountsLoan termsMinimum credit score
Achieve logoDebt consolidation8.99% - 35.99%$5,000 to $50,00024 to 60 months620
Best Egg logoQuick funding8.99% - 35.99%$2,000 to $50,00036 to 60 months600
Happy Money logoPaying off credit cards11.72% - 24.67%$5,000 to $40,000 24 to 60 months 640
LendingClub logoPeer-to-peer lending9.57% - 35.99%$1,000 to $40,000 24 to 60 months600
LightStream logoCompetitor rate matching 7.49% - 25.49% (with autopay) $5,000 to $100,000 24 to 144 monthsGood to excellent credit
Navy Federal Credit Union logoMilitary members8.99% - 18.00%$250 to $50,000Up to 180 months Not specified
PenFed logoSmall loans 7.99% - 17.99%$600 to $50,00012 to 60 months700
PNC Bank logoJoint applications8.19% - 30.00%$1,000 to $35,000 6 to 60 monthsNot specified
Rocket Loans logoEasy application process9.116% - 29.99% (with autopay) $2,000 to $45,00036 or 60 months640
SoFi logoZero required fees8.99% - 25.81% (with discounts)$5,000 to $100,00024 to 84 months 680
Wells Fargo logoHigh borrowing amounts7.49% - 23.34% (with discounts)$3,000 to $100,00012 to 84 monthsNot specified

 

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Read more about how we chose the best lenders for excellent credit.

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Personal loan lenders at a glance

Achieve

  • APR: 8.99% – 35.99%
  • Loan terms: 24 to 60 months
  • Loan amounts: $5,000 to $50,000

Overview: Whether you’re looking to pay off credit card debt with a lower interest rate or need some help covering your medical bills, Achieve offers personal loans at $5,000 to $50,000. With this lender, you may receive your funds within one to three days after you’re approved.

 

A personal loan with Achieve comes with a competitive APR starting at 8.99%, depending on your credit score, with payback terms of 24 to 60 months. Achieve personal loans also come with an origination fee of 1.99% - 6.99% of the loan amount.

 

ProsCons

  No prepayment penalties so you can repay the loan early

  May receive funds within 24 hours after approval 

  Allows for co-applicants

  Charges an origination fee of 1.99% - 6.99%

  Lack of transparency around specific eligibility criteria

  High minimum borrowing amount

How to qualify

If you want an Achieve personal loan, you’ll need to meet the lender’s borrowing requirements:

  • Minimum credit score: 620
  • Minimum loan-to-income ratio of 40%
  • 45% maximum debt-to-income ratio
  • At least two years of credit experience
  • No delinquencies on current debt
  • No bankruptcy filings in the last two years
  • Can’t live in Colorado, Connecticut, Hawaii, Kansas, Maine, North Dakota, Vermont, West Virginia, Wisconsin or Wyoming

Best Egg

  • APR: 8.99% – 35.99%
  • Loan terms: 36 to 60 months
  • Loan amounts: $2,000 to $50,000

Overview: Best Egg offers personal loans between $2,000 and $50,000. To qualify for Best Egg’s lowest APR, you’ll need a minimum credit score of 600 and an individual annual income of at least $100,000.

 

Keep in mind, however, that Best Egg does charge an origination fee (0.99% - 8.99%) that will come out of the total amount of your loan. If you’re approved for a Best Egg personal loan, it may take anywhere from one to three business days for your funds to be deposited.

 

If you’re approved for a Best Egg personal loan, it may take anywhere from one to three business days for your funds to be deposited.

 

You can use a Best Egg personal loan for a variety of purposes, including the following:

  • Debt consolidation
  • Credit card refinancing
  • Medical debt
  • Home improvement projects
  • Moving expenses
  • Vacations
  • Taxes
  • Large expenses (eg. adoption fees, weddings)

You cannot use a Best Egg loan to cover college expenses or purchase securities.

 

ProsCons

  Borrowers can prequalify for a loan

  Flexible when it comes to how borrowers can use loans

  Can receive funds in one to three days (half of borrowers receive it in one)

  Does not offer joint applications

  Personal loans above $35,000 require a special offer code

  Charges an origination fee of 0.99% - 8.99%

How to qualify

To qualify for a Best Egg personal loan, you’ll need to meet these requirements:

  • Minimum credit score: 600
  • Must be a U.S. citizen or permanent resident living in the U.S.
  • Must not live in Iowa, Vermont, West Virginia, District of Columbia or any U.S. territories

Happy Money

  • APR: 11.72% – 24.67%
  • Loan terms: 24 to 60 months
  • Loan amounts: $5,000 to $40,000

Overview: Even people who have high credit scores can find themselves with credit card debt. Happy Money is an online lender that offers personal loans specifically (and only) to help borrowers pay off credit card debt.

 

You can borrow between $5,000 to $40,000 with a minimum APR of 11.72%. Unfortunately, this lender sometimes charges an origination fee (1.50% - 6.25%).

 

You might have an excellent credit rating that beats Happy Money’s minimum requirement of
640, but it still requires a debt-to-income ratio of 50% or less. You need a good credit history of at least three years and no current delinquencies.

 

ProsCons

  No late payment or application fees

  Can be a more affordable alternative to credit card debt

  Transparent around eligibility criteria

  Charges an origination fee of 1.50% - 6.25%

  Narrow limitations on how loans can be used

  Funding can take three to six days

How to qualify

Happy Money provides clear eligibility requirements as to how you can qualify for a loan:

  • Minimum credit score: 640
  • Zero current delinquencies on your credit profile
  • Must be U.S. citizen or permanent resident
  • Can’t live in Massachusetts or Nevada

LendingClub

  • APR: 9.57% – 35.99%
  • Loan terms: 24 to 60 months
  • Loan amounts: $1,000 to $40,000

Overview: LendingClub is an online marketplace where consumers can borrow anywhere from $1,000 to $40,000. This lender also allows you to apply with a co-borrower — a feature not all lenders offer. Another unique perk is that LendingClub also allows you to use your personal loan funds for business costs, something that many other lenders prohibit.

 

When taking out a personal loan with LendingClub, keep in mind that it may take several days for your loan to be deposited into your account. This lender also charges an origination fee of 3.00% - 8.00%, whereas many other lenders skip this type of fee.

 

ProsCons

  Joint applications available

  Borrowing amounts are as low as $1,000

  Can use personal loan for business purposes

  APR can be steep

  Charges an origination fee of 3.00% - 8.00%

  Can take several days for loan to be funded

How to qualify

LendingClub doesn’t offer many specifics when it comes to getting a personal loan, but you will have to meet the following criteria:

  • Minimum credit score: 600
  • Be a U.S. citizen or permanent resident
  • Be at least 18 years old
  • Have a verifiable bank account

LightStream

  • APR: 7.49% – 25.49% (with autopay)
  • Loan terms: 24 to 144 months
  • Loan amounts: $5,000 to $100,000

Overview: LightStream provides unsecured personal loans between $5,000 and $100,000 for consumers with excellent credit. However, this lender does not offer prequalification services — meaning, to see your rates you’ll have to submit to a hard credit pull which will impact your credit score.

 

Low interest rates are great for those who have excellent credit scores, but keep in mind that the interest rate quote it gives you is for its autopay program. If you don’t use it, you’ll have to add 0.50 percentage point to your quoted rate.

 

Besides your stellar credit score, you must also have a healthy credit history with major credit cards and some sort of other debt, such as a mortgage or car payment. You also need a bit of savings, too, whether you keep it in stocks or bonds or a savings account.

 

ProsCons

  Does not charge any fees

  Autopay discount of 0.50 percentage points

  Offers a Rate Beat program

  No prequalification available 

  High minimum borrowing amount of $5,000

  Bad-credit borrowers won’t qualify

How to qualify

If you have a robust credit history and an excellent credit score, you may qualify for a LightStream loan. Here is the criteria you’ll need to meet:

  • Good to excellent credit
  • At least five years of credit experience
  • Owned assets such as retirement and savings accounts
  • Good debt-to-income ratio
  • Good payment history with no past delinquencies

Navy Federal Credit Union

  • APR: 8.99% – 18.00%
  • Loan terms: Up to 180 months
  • Loan amounts: $250 to $50,000

Overview: Like PenFed Credit Union (see below), Navy Federal Credit Union offers a wide range of loan amounts to choose from, their lowest being just $250. However, you’ll need to become a member of the credit union in order to receive your loan.

 

While you won’t have to pay an origination fee when you take out a Navy Federal personal loan, this lender does not offer soft credit inquiries, so checking your rates may cause your credit score to dip slightly.

 

ProsCons

  No origination fee

  Flexible loan amount options

  Same day funding available

  Must be Navy Credit Union member

  Must have military tie to be eligible

  No prequalification services

How to qualify

Navy Federal Credit Union only offers loans to those with military connections, including the following:

  • Active duty or retired members of the armed forces
  • Active duty members of the armed forces
  • Delayed Entry Program
  • DoD Officer Candidate/ROTC
  • DoD Reservists
  • Veterans, retirees and annuitants
  • Household or family member of any of the above

PenFed Credit Union

  • APR: 7.99% – 17.99%
  • Loan terms: 12 to 60 months
  • Loan amounts: $600 to $50,000

Overview: With loans ranging from $600 to $50,000, PenFed Credit Union offers one of the lowest minimum personal loan amounts on this list. Paired with its quick funding timeline of one to two business days and low rates, this lender may be an attractive option for some consumers.

 

While you won’t have to worry about any origination fees with a PenFed personal loan, this lender does charge a late fee of $29 if you’re more than five days late on your payment. You don’t have to become a PenFed member in order to apply for a loan, but if you choose to proceed with the personal loan, you will have to become a member of the credit union.

 

ProsCons

  Does not charge an origination fee

  Low minimum loan amount

  Can receive funds in one to two business days

  Charges late fee of $29

  Vague eligibility requirements

  Must become PenFed member in order to receive loan

How to qualify

Aside from a 700 credit score, you must become a PenFed Credit Union member to receive your personal loan. Members must open a PenFed savings account with a $5 deposit.

PNC Bank

  • APR: 8.19% – 30.00%
  • Loan terms: 6 to 60 months
  • Loan amounts: $1,000 to $35,000

Overview: With a low to medium loan amount range of $1,000 to $35,000 and the option to apply with a co-borrower, PNC Bank may be a competitive option for borrowers with excellent credit scores. This lender also has among one of the most flexible loan terms on this list, ranging from 6 to 60 months.

 

However, PNC Bank is vague about some of its eligibility requirements as well as how long it may take for borrowers to receive their loan funds, while other lenders are more transparent. The availability and terms of PNC Bank personal loans are also limited on where you live.

 

ProsCons

  Flexible loan terms

  0.25 discount points for borrowers who have a PNC checking account

  No origination fee

  Vague regarding eligibility requirements

  Terms may vary depending on where you live

  Unclear on funding timeline

How to qualify

PNC Bank does not provide much information when it comes to qualifying for a personal loan. The lender will likely consider factors such as your credit score, payment history and debt-to-income ratio during the application process.

Rocket Loans

  • APR: 9.116% – 29.99%
  • Loan terms: 36 or 60 months
  • Loan amounts: $2,000 to $45,000

Overview: Rocket Loans offers personal loans ranging from $2,000 to $45,000 with terms of 36 or 60 months. The company is part of Quicken Loans and is the sister company to Rocket Mortgage. The APR with Rocket Loans depends on your credit score, monthly income and debt-to-income ratio, among other things, but it starts at 9.116%.

 

Keep in mind that if you take out a Rocket Loans personal loan, you’ll have to pay an origination fee that will come out of the total amount of the funds you receive. Rocket Loans also charges a $15 per occurrence late fee and a $15 Automated Clearing House (ACH) return or returned check fee per occasion.

 

ProsCons

  Same day funding available

  Application process is easy and straightforward

  Offers autopay discount

  Charges an origination fee

  Doesn’t offer many details into eligibility requirements

  Charges a $15 per occurrence late fee

How to qualify

Rocket Loans requires that you not only be at least 18 years old, but that you also meet the following requirements:

  • Minimum credit score: 640
  • Must be a U.S. citizen
  • Minimum annual income of $24,000
  • Must not live in Iowa, Nevada or West Virginia

SoFi

  • APR: 8.99% – 25.81%
  • Loan terms: 24 to 84 months
  • Loan amounts: $5,000 to $100,000

Overview: SoFi is an online lender that offers many perks to borrowers that meet their minimum credit score requirement of 680 (among other criteria). Similar to LightStream, SoFi has one of the most flexible loan amounts consumers can borrow.

 

Another perk to like about SoFi is its lack of required fees — borrowers don’t have to pay origination, prepayment or even late fees. However, you may consider accepting a small origination fee of up to 6% in exchange for a lower APR. Plus, if you sign up for autopay, you can receive a 0.25% rate discount.

 

ProsCons

  Borrowers don’t have to pay any required fees

  High six-figure borrowing limit

  0.25% discount when you sign up for autopay

  Unavailable to residents in Mississippi

  High minimum loan of $5,000

  Credit score of at least 680 required

How to qualify

SoFi lists clear eligibility requirements, including the following:

  • Minimum credit score: 680
  • Must be employed or have an employment offer to start within 90 days (if unemployed, you must verify your income from other sources)
  • Must not be a resident of Mississippi
  • Must be a U.S. citizen, permanent resident or non-permanent resident (including Deferred Action for Childhood Arrivals (DACA) program recipients and asylum-seekers) with a current immigration status

Wells Fargo Bank

  • APR: 7.49% – 23.34%
  • Loan terms: 12 to 84 months
  • Loan amounts: $3,000 to $100,000

Overview: As one of the largest banking institutions in the U.S., Wells Fargo is among the few lenders on this list with physical locations. It offers a wide range of loan amounts to choose from ($3,000 to $100,000) and some borrowers with excellent credit may be able to borrow up to six figures.

 

Borrowers who go through Wells Fargo can skip out on paying an origination fee and receive a 0.25% discount if you have a Wells Fargo checking account and sign up for autopay. On the other hand, borrowers should keep in mind that you won’t be able to prequalify and the minimum loan amount is high.

 

ProsCons

  No origination fee

  Can receive loans the same or next business day

  0.25% relationship discount

  No option to prequalify

  May charge late or returned payment fees

  High minimum loan amount

How to qualify

Wells Fargo doesn’t offer many specifics when it comes to consumers qualifying for a personal loan. It does state, however, that it only offers personal loans to current Wells Fargo customers.

What is an excellent-credit loan?

FICO credit scores typically range from 300 to 850 — the higher end being considered a “good” to “excellent” score. Specifically, “excellent” credit scores are typically considered to be 760 and above.

Lenders view your credit score as an indicator of your creditworthiness and how risky it would be to offer you a personal loan. Thus, the lower your credit score, the more likely you’ll have to pay a higher annual percentage rate (APR) to help offset the lender’s risk.

Typically, if you have an excellent credit score, it’s an indicator to lenders that you have a history of paying your bills on time and that you likely have a low debt-to-income ratio.

On the other hand, those with excellent credit scores tend to be rewarded with lower interest rates and access to higher loan amounts (as long as they have the income to repay it).

What are average personal loan interest rates?

The APR you receive on a personal loan largely depends on how high or low your credit score is.

Those with excellent credit scores and a solid credit history tend to be offered lower APRs. Those with bad credit scores, however, may have a harder time qualifying for a personal loan in the first place, and if they do, they may be subject to higher interest rates.

If your credit score could use some work, there are bad credit loan options, and you can check out our list of ways you can work to improve your credit score. Meanwhile, here are the average rates you may receive for a personal loan depending on your credit score:

Credit score rangeAverage APRAverage loan amount
720+14.80%$18,963
680-71923.48%$14,567
660-67932.06%$10,895
640-65945.00%$8,270
620-63958.69%$6,377
580-61989.33%$4,366
560-579127.20%$3,027
Less than 560165.66%$2,530

Source: LendingTree user data on closed personal loans for the third quarter of 2023.

How do you choose a personal loan if you have excellent credit?

If you have an excellent credit score, you’ll likely qualify for a personal loan with most major lenders. This can make choosing the right loan challenging.

Here are a few of the factors you’ll want to consider before choosing a lender:

  • Rates: As a consumer with excellent credit, you may be eligible for some of the lowest interest rates lenders have to offer. To save money, it may be wise to compare rates from various lenders to see which company is willing to provide you with the lowest rates.
  • Terms: Before taking out a loan, you may want to consider how long you want to spend repaying it. Keep in mind, the shorter the loan term, the lower the APR tends to be and the less you may have to pay over the lifetime of the loan. On the other hand, with long-term loans, the higher the APR and the more you may have to pay. Likewise, a longer term can mean lower monthly payments.
  • Amounts: As a consumer with a high credit score, you may be eligible for higher loan amounts. If you’re looking for a larger loan, be sure you have the income to pay it off.
  • Fees: Several common fees you may come across while shopping around for lenders include origination and late fees. However, there are several no-fee lenders out there that are worth considering.
  • Perks: Some lenders offer perks such as the ability to change your due date or even skip a payment if you consistently make on-time payments. Others may provide unemployment support if you find yourself unexpectedly without a job.
  • Prequalification services: The ability to use a soft credit pull to check your rates with lenders offers you the opportunity to see what you may qualify for without harming your credit score. Some lenders, like LightStream, however, do not allow for that so you’ll have to submit to a hard credit pull if you want to see your rates.
  • Customer service: Before agreeing to a personal loan, be sure to check what kind of customer service hours they hold and what types of platforms they offer when it comes to contacting them. Some lenders offer a convenient chat feature on their website while others can only be contacted by phone. Also, be sure to check lenders’ reviews in order to see what other customers are saying about the lender.

How do you apply for a personal loan with excellent credit?

Getting a personal loan is typically a straightforward process, but there are a few ways you can prepare ahead of time to smooth the path ahead.

Check your credit report: Know your credit score ahead of time so you know what to expect since this will determine your eligibility and what kind of rates you’ll be offered. You can check your credit report for free at AnnualCreditReport.com.
Estimate how much you need: When planning to borrow a personal loan, be sure to estimate how much you’ll need ahead of time. You can use our personal loan calculator to do this. This way, you can avoid taking out more money than you require. For instance, if you plan to take out a personal loan for a home improvement project, be sure to sit down and strategize what kind of expenses you’ll need covered.
Budget for your loan: Being unable to repay and defaulting on a loan can deal heavy damage to your credit score. Your creditors may send your account to collections and may eventually file a lawsuit against you to get their money back. Because of this, you should budget and prepare ahead of time to make sure you can afford to repay a personal loan.
Gather necessary documents: When going through the personal loan application process, lenders typically require that borrowers verify the information they provide. Specifically, you may have to provide a government-issued I.D. and documents to verify your address and income. This can include your lease/mortgage agreement, as well pay stubs and W-2 forms.
Shop around for lenders: When you’re ready to find a lender to meet your financial needs, it may be wise to compare at least three financial institutions. This way, you can weigh the pros and cons of multiple options and find the rates, terms and perks that may work best for you. By filling out a single form with LendingTree, you might receive up to five loan offers from our network of lenders.

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How we chose the best personal loans for excellent credit

We reviewed 28 lenders that offer personal loans to determine the overall best 11 lenders. To make our list, lenders must offer competitive annual percentage rates (APRs). From there, we prioritize lenders based on the following factors:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

Frequently asked questions

While initially applying for a personal loan may not impact your credit score (this is known as prequalification, or a soft credit inquiry), if you choose to move forward with a personal loan, you will have to go through a hard credit pull. Hard credit inquiries will temporarily have a mild negative impact on your credit score.

How you’re allowed to use a personal loan varies from lender to lender. Typically, lenders allow borrowers to use personal loans toward debt consolidation, credit card refinancing, medical bills and home improvement projects. Lenders commonly prohibit consumers from using their personal loan funds toward post-secondary education or business expenses.

Personal loans vary widely in size. They can run as high as $100,000 — like with lenders such as SoFi and Wells Fargo — or low as a few hundred dollars — like with institutions such as Navy Federal Credit Union and PenFed Credit Union. To get a large loan, lenders typically have stricter requirements that you’ll need to meet, such as credit history, income and credit score.