Best Personal Loans for Excellent Credit
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Are you considering a personal loan? Then there’s a lot that you need to know. Personal loans can be a great way to pay off your debts and lower your interest rates over time. It can also be useful if you’re looking to make a large purchase and need a little extra financial help. Here are some companies you may want to consider for your personal loan.
In this article
Overview of the best personal loans for excellent credit
- Best for borrower perks: Discover
- Best for loans based on your financial goals: LendingClub
- Best for low interest rates: LightStream
- Best for fast approvals: Rocket Loans
- Best for peer-to-peer lending: Prosper
- Best for unemployment protection: SoFi
- Best for flexible rates: Upstart
- Best for comparing your options: Credible
Compare the best companies for personal loans
Lender | Origination fees | Amount | Rates starting at |
None | Upto $40,000 | 7.99% | |
3% to 8% | $1,000 to $40,000 | 8.98% | |
None | $5,000 to $100,000 | 6.99% | |
Up to 9% | $2,000 to $45,000 | 9.11% | |
1% - 9.99% | $2,000 to $50,000 | 8.99% | |
0% - 7% | $5,000 to $100,000 | 8.99% | |
0% - 12% | $1,000 to $50,000 | 7.8% | |
0% - 12% | $1,000 to $200,000 | 6.99% |
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Best for borrower perks: Discover
Pros & cons
Pros
- Quick approval.
- Flexible repayment terms.
- No prepayment penalty.
Cons
- No co-signer allowed.
- Late payment fees.
APR: 7.99% to 24.99%
Origination fees: None
Discover offers perks and name recognition, making it a great option for many borrowers with excellent credit scores. While you may not find the best rate using this lender, the perks might be able to make up for it.
You can inquire directly if you qualify for a Discover personal loan and check your rates without impacting your credit score. If the offer looks good, you can apply and allow Discover to make a hard credit inquiry. Discover offers same-day decisions in most cases, and you may be able to receive your money as soon as one business day after you accept Discover’s loan terms.
Discover’s perks for personal loan borrowers may be what sets this lender apart the most. You can choose from flexible repayment terms that allow you to pay off your loan by making monthly payments over 3, 4, 5, 6, or 7 years. If, after receiving your loan, you decide that you don’t need or want it, you can also return the loan funds to Discover within 30 days and pay no interest on the loan.
Before choosing Discover, you should know that you can only request a personal loan of up to $40,000 from this lender. You should also be aware that Discover’s personal loan rates range from 7.99% to 24.99% APR. This may be higher than some other offers or lenders you’ve considered. However, Discover offers fixed rates for its loans, so you’ll be able to lock in the rate that you’re offered and rely on monthly payment amounts that never change.
Visit Discover
Or read Joywallet's review of Discover.
Best for loans based on your financial goals: LendingClub
Pros & cons
Pros
- Easy online application.
- Allows co-signers.
Cons
- High APR.
- High origination fees.
APR: 8.98% to 35.99%
Origination fees: 3% to 8%
LendingClub allows you to take out a personal loan of up to $40,000 and has unique benefits. APRs for LendingClub personal loans range from 8.98% to 35.99%, making this one of the more expensive lenders as far as interest rates go.
LendingClub offers personal loans that are designed to match your financial goals. You can choose a credit card consolidation loan, balance transfer loan, debt consolidation loan, and even a home improvement loan.
Although the rates may be higher, LendingClub does offer fixed rates and fixed monthly payments. The APR you’re given will also reflect the origination fee for your personal loan, which can range between 3% to 8% of your total loan amount.
If you accept a personal loan from LendingClub, you can expect to receive your funding in as few as three days. You can pay off your loan anytime and make extra payments. This lender never charges fees or prepayment penalties, so you can work on paying off your loan as you see fit without worrying.
Visit LendingClub
Or read Joywallet's review of LendingClub.
Best for low interest rates: LightStream
Pros & cons
Pros
- Loans as high as $100,000.
- No origination fees.
- Autopay discount.
- Longer repayment terms.
Cons
- Minimum credit score of 660.
- No prequalification option.
- No co-signers allowed.
APR: 6.99% to 25.49%
Origination fees: None
LightStream is one of many online lenders that offers personal loans to borrowers with a good credit history. Depending on the amount you want to borrow, you can benefit from exceptional rates and extended payment periods if you choose this lender.
Personal loans from Lightstream can range anywhere from $5,000 to $100,000. This lender makes it easy to view and understand the various rates you may qualify for based on your loan amount and the repayment period.
Generally speaking, your APR can range from 6.99% to 25.49%. You may also be able to choose a repayment period ranging from 2 years to 20 years. LightStream’s rates are quoted using the AutoPay option, so if you choose to be billed for your payments, you may face a slightly larger (0.50%) interest rate.
LightStream offers a simple form that can be customized to view your estimated monthly payments and interest rate. All you need to do is choose the purpose for your loan, then input your desired loan amount and loan term. You can continue to change these answers to compare your options from LightStream quickly. All personal loans from LightStream come with a fixed interest rate. You’ll also benefit from no fees and no prepayment penalties.
Visit LightStream
Or read Joywallet's review of LightStream.
Best for fast approvals: Rocket Loans
Pros & cons
Pros
- Quick and easy application.
- Same-day approval.
- No prepayment penalty.
Cons
- Can only borrow up to $45,000.
- High origination fees.
- Late fees.
- Only two repayment options.
APR: 9.11% to 29.99%
Origination fees: Upto 9%
Rocket Loans offers personal loans from $2,000 to $45,000. It is a sister company of Rocket Mortgage and is ideal for those with an excellent credit. The loan application procedure is simple and straightforward and the application could be approved in no time. Once it is approved, you will receive the funds in one business day.
Personal loan options include debt consolidation loans, home improvement loans, moving/relocation loans, and more. No matter which one best fits your goals, there are no application fees on these personal loans. However, there is a late fee and an origination fee. You will receive the loan amount after the deduction of the origination fee.
Interest rates for these personal loans range from 9.11% to 29.99% APR. The interest rate on your loan will depend on your credit score. Rocket Loans offers loan terms ranging from 3 or 7 years, so you can choose the best option for your budget. The higher your credit score is, the more likely you’ll qualify for the lowest rates and longest loan terms. You can receive a .25% APR reduction by enrolling in AutoPay.
Visit Rocket Loans
Or read Joywallet's review of Rocket Loans.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Best for peer-to-peer lending: Prosper
Pros & cons
Pros
- Wide loan products to choose from.
- Instant approval and fund disbursement.
Cons
- Credit score of over 600 required.
- No rate discounts.
- Not available in all states.
APR: 8.99% to 35.99%
Origination fees: 1% and 9.99%
As a peer-to-peer lending marketplace, Prosper does things a bit differently. You can apply for a personal loan between $2,000 and $50,000 as a borrower. Prosper’s investors can be individuals or institutions that invest in the offered loans. Prosper handles all of the loan servicing for the borrowers and investors.
Prosper's loans are offered at fixed rates that range from 8.99% to 35.99% and fixed terms of 2 to 5 years. Although you can apply for a loan up to $50,000, your eligibility will depend on your creditworthiness and other information you supply in your application. The higher your credit score is, the more likely it is that you’ll be eligible for the lowest interest rates offered by Prosper.
Personal loans from Prosper can be used to pay for several situations. Some examples on the Prosper website include debt consolidation, home improvement, medical/dental, and big purchases. No matter what you want to borrow money for, you can enter information to check your interest rate without affecting your credit score. After accepting a personal loan offer, borrowers can receive their money in as little as three days.
Proposer does have some fees associated with its personal loans. Origination fees for these loans vary between 1% and 9.99%. Prosper does charge late fees if a monthly payment is 15 days late, and the collected late fee is passed on to the investors. You can also be charged a $15 failed payment fee if a check is returned or an automated withdrawal or bank draft fails. Prosper retains these failed payment fees, which are not passed onto the investor. The good news is that Prosper does not charge any prepayment penalties, so you can pay off your loan in larger amounts or pay it off early if you’d like to.
Visit Prosper
Or read Joywallet's review of Prosper.
Best for unemployment protection: SoFi
Pros & cons
Pros
- Instant prequalification.
- Same day funding.
- Allows co-signers.
Cons
- High APR.
- Origination fees.
APR: 8.99% to 29.49%
Origination fees: 0% - 7%
SoFi offers personal loans that start with an easy application and end with protections you are unlikely to find from most other lenders. To start your personal loan application process, all you need to do is take 2 minutes to supply some information to find your prequalification rate. Then you can complete your online application and receive your funds quickly.
You can request a personal loan from SoFi for amounts that range from $5,000 to $100,000. The loan can be used for a few things, including credit card consolidation, home improvements, and relocation assistance. Every loan is offered at fixed rates that range from 8.99% to 29.49% APR. These rates include the 0.25% AutoPay interest rate reduction. SoFi’s loan repayment terms can range from 2 to 7 years.
The interest rates are already competitive, but SoFi’s fee-free policy can help you save even more. There are no origination fees, late fees, or prepayment fees associated with SoFi personal loans. However, it’s important to understand that even though you may not be charged a late fee, that doesn’t mean you shouldn’t worry about making your payments on time. If you make a late payment, miss a payment, or pay less than the minimum payment amount, you will accrue more interest on your loan. You can also face defaulting on your loan and damage to your credit score if you don’t make consistent on-time payments.
SoFi’s unemployment protection policy. can also offer a sense of comfort. If you lose your job through no fault of your own and your loan is in good standing, you can request unemployment protection from SoFi. If approved, SoFi will suspend your monthly loan payments and provide job placement assistance during the forbearance period. These benefits are offered in 3-month increments and cannot exceed 12 months over the life of your loan. Interest will still accrue over this period and be added to your principal balance at the end of the forbearance period.
Visit SoFi
Or read Joywallet's review of SoFi.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Best for flexible rates: Upstart
Pros & cons
Pros
- Easy to use.
- High approval odds.
- Quick approval.
Cons
- Higher minimum loan amounts in some states.
- No co-signers allowed.
- Origination fees.
APR: 7.8% and 35.99%
Origination fees: 0% and 12%
While Upstart does not necessarily tailor their loans to those with excellent credit scores, it is a solid choice for anyone looking for a personal loan. Upstart considers itself a leading artificial intelligence (AI) lending platform to improve access to affordable credit while reducing risks and costs for its bank partners.
Upstart’s personal loan amounts start at just $1,000 and can go up to $50,000. All its personal loans are offered at interest rates between 7.8% and 35.99%. You can also choose between a 3-year or 5-year repayment term for your loan.
Like many online lenders, Upstart allows you to check your rate without affecting your credit score. You can receive your pre-approval in just 5 minutes and be ready to accept your personal loan. Most applications receive funding within one business day after accepting their personal loan terms.
Upstart does not charge a prepayment penalty, but there are other fees to be aware of. Upstart’s origination fee ranges between 0% and 12% of your loan amount. There are also late payment fees, which can be either $15 or 5% of the monthly past-due amount, whichever is greater. If you try to make a payment, but your bank transfer fails, or the check is returned, you can be charged a $15 fee.
Visit Upstart
Or read Joywallet's review of Upstart.
Best for comparing your options: Credible
Pros & cons
Pros
- Lending marketplace.
- Free to use.
- Receive multiple offers in minutes.
- Soft credit check.
Cons
- Online only.
- Not a lender, and only helps with comparison.
APR: 6.99% to 35.99%
Origination fees: 0% to 12%
Another platform for comparing loans and rates in one place is Credible. You can use Credible to find personal loans for anywhere between $1,000 and $200,000 at rates ranging from APR annual percentage rate (APR) (with autopay) (See Terms.) You can use Credible’s easy online form to get your prequalification rate and compare lenders without affecting your credit score. All you need to do is answer a few questions, including the amount you want to borrow and what you want it for.
Credible is free to use and has no hidden fees. You can expect to receive your prequalification rate from Credible in just a couple of minutes after finishing its online form. You don’t need to move forward with any personal loan options that Credible shows you. You can simply use the website to look at your options with no obligation. Credible offers a personal loan best rate guarantee. If you find a better rate somewhere else within eight days of receiving your pre-qualified rates from Credible, you may be eligible for a $200 gift card. To receive this gift card, there are some other stipulations as well.
It’s important to understand that while getting your pre-qualified rates won’t affect your credit score, you may see an impact on your credit score if you choose an offer through Credible. When you check your prequalification rates, Credible will use a soft credit inquiry, which is why there’s no impact on your credit score. If you proceed with one of the loan offers that Credible shows to you, you’ll need to authorize a hard credit inquiry, which can impact your credit score by a few points.
Visit Credible
Or read Joywallet's review of Credible.
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- 100% free of fees
- $0 origination fees
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- $0 prepayment penalties
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Why should you use personal loans?
Personal loans are a great and sometimes necessary way to pay for your lifestyle. Think about it this way — if you need to use the money you don’t have yet, you can either take out a personal loan or a line of credit. Each option can come with its own set of benefits. Some of the perks of personal loans include:
- Personal loans can offer fixed interest rates, making fitting monthly payments into your budget easier.
- Generally speaking, you can probably get a larger amount from a personal loan.
- Personal loans can be used to pay off credit card debt that you’ve already accumulated. Some lenders can even pay your credit card company directly.
- Personal loans give you clearer boundaries. You can continue borrowing money with a credit card until you hit your credit limit. Then when you pay it off, you can borrow money again. Personal loans give you a set amount of money now to use for what you need. This can take away the temptation of spending money you don’t have.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
FAQs
Why does it matter that I have excellent credit?
Several factors go into a lender approving somebody for a personal loan. Your credit score and credit history are a big factor, and, of course, a credit check will be conducted. Your FICO score will matter as loan companies will have a minimum credit score to approve you and your better credit score means lower interest rates. To be considered with excellent credit means your credit score is 800 or more. This excellent score means you pay your bills on time and have a low debt-to-income ratio.
My credit union offers personal loans, too. Should I use them?
If you’re a member of a credit union, you may have been offered pre-approval for a personal loan from them in the past. In some cases, credit unions can offer very competitive rates, which is why many people choose to use them for loans. However, it’s important to also consider the additional benefits that may come from using other lenders. Only you can decide which lender can offer the best personal loan and loan terms for your needs.
The bottom line
Personal loans can be useful options if you’re looking to pay off debt, pay for expensive medical bills, or even make a large purchase. The trick to getting the right personal loan is to do your research.
Before you take out a personal loan, consider how much money you need and your budget. When comparing lenders, be sure you’re only borrowing what you need to keep your payments as low as possible. Then, you can compare your loan options to see which lenders offer repayment plans that will fit into your budget throughout your loan repayment term.
The good news is that excellent credit will most likely give you your pick of lenders. With all the great options, you’re bound to find a good lender that can offer you a competitive interest rate and flexible repayment term.
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Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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