Best Personal Loans for Excellent Credit

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 bit of extra financial help to do so. Here are some of the companies that you may want to consider for your personal loan.

Overview of the best personal loans for excellent credit

LenderBest for
BankrateComparing loan options
DiscoverBorrower perks
LendingClubLoans based on financial goals
LightstreamLow rates
MarcusOn-time payment rewards
ProsperPeer-to-peer lending
SoFiUnemployment protection
UpstartFlexible rates for a range of credit scores
CredibleComparing loan options

The best companies for personal loans

Bankrate

Bankrate is a website that allows you to compare loans and rates to find the best option based on your situation and your needs, with rates as low as 3%. While rates can climb to as high as 36%, that won’t be an issue for anyone with excellent credit.
Bankrate has personal loans, as well as auto loans, student loans, and home equity loans. Answer a few questions to get pre-qualified, without impacting your credit score. Loans are available from $1,000 to $40,000. The site’s Personal Loan Calculator – one of 200 financial calculators on its site – can show you how much you can expect your monthly payments to be based on the loan amount, term, and interest rate, so you can see how a loan may play into your budget.
Bankrate is free to use, earning its compensation from the lending companies. While the order that a lender may appear may be a result of the compensation it receives, the recommendations and reviews it gives per lender are not influenced by earnings and a truthful representation on that lender, meaning you can true advice for free.
You won’t need to provide a Social Security Number or have a hard credit check to obtain quote comparisons. Instead, based on the answers you provide, it can give you a close estimate for what you can expect, and then you can go through the actual credit check and process with the chosen lender, rather than having to go through multiple lenders to compare quotes.

Discover

Discover offers both perks and name recognition, making it a great option for many borrowers that have 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 to see if you qualify for a Discover personal loan and check your rates without impacting your credit score. If the offer looks good to you, you can apply and allow Discover to do a hard credit inquiry. Discover offers same-day decisions in most cases, and you may be able to receive your money as soon as 1 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 be aware that you can only request a personal loan of up to $35,000 from this lender. You should also be aware that Discover’s personal loan rates range from 6.99% to 24.99% APR. This may be higher than some other offers or lenders that you’ve considered. However, Discover offers fixed rates for its personal loans, so you’ll be able to lock in the rate that you’re offered and rely on monthly payment amounts that never change.

Lending Club

LendingClub allows you to take out a personal loan of up to $40,000 and comes with unique benefits as well. APRs for LendingClub personal loans range from 10.68 to 35.89%, 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 that you’re given will also reflect the origination fee for your personal loan, which can range anywhere between 2% to 6% of your total loan amount.
If you accept a personal loan from LendingClub, you can expect to receive your funding in as few as 3 days. You can pay off your loan at any time and make extra payments along the way. This lender never charges fees or prepayment penalties, so you can work on paying off your loan as you see fit without worrying.

Lightstream

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 that you may qualify for, based on your loan amount and the repayment period.
Generally speaking, your APR can range anywhere from 2.49% to 19.99%. You may also be able to choose a repayment period that ranges anywhere from 2 years to 12 years. Lightstream’s rates are quoted using the AutoPay option, so if you choose to be billed for your payments, you may find yourself facing 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 quickly compare your options from Lightstream. All personal loans from Lightstream come with a fixed interest rate. You’ll also benefit from no fees and no prepayment penalties.

Marcus

Marcus by Goldman Sachs offers personal loans from $3,500 to $40,000. Every personal loan from Marcus is personalized based on your circumstances, and you’ll be able to choose the option that works best for you.
Personal loan options from Marcus include debt consolidation loans, home improvement loans, moving/relocation loans, vacation loans, and wedding loans. No matter which one best fits your goals, there are no fees on these personal loans. This includes no sign-up fee and no late fees. If you miss a payment or don’t make your minimum payment on time, you’ll simply accumulate more interest.
Interest rates for these personal loans range from 6.99% to 19.99% APR. Each personal loan comes with fixed-rate payments so you know exactly how much you’ll need to pay each month. Marcus offers loan terms that range from 3 to 6 years, so you can choose the option that works best for your budget. The higher your credit score is, the more likely it is that you’ll qualify for the lowest rates and longest loan terms.
In addition to having no fees, Marcus offers some additional ways to save. You can receive a .25% APR reduction by enrolling in AutoPay. If you build up a history of making on-time loan payments, you can even extend your loan term. By making on-time payments for 12 months in a row, you can request to defer one payment. If you request to defer payment through this offer, you will not accrue any interest for that month. Your loan term will simply be extended by an additional month beyond your original loan term.

Prosper

As a peer-to-peer lending marketplace, Prosper does things a bit differently. As a borrower, you can apply for a personal loan that is anywhere between $2,000 and $40,000. Prosper’s investors can be individuals or institutions that invest in the loans that are offered. Prosper handles all of the loan servicing on behalf of the borrowers and investors.
Proposer’s personal loans are offered at fixed rates that range from 7.95% to 35.99% and fixed terms of 3 to 5 years. Although you can apply for a loan that is up to $40,000, your eligibility will depend on your creditworthiness and other information that 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 a number of situations. Some of the examples offered 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 3 days.
Proposer does have some fees associated with its personal loans. Origination fees for these loans vary between 2.41% and 5%. 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 does retain these failed payment fees, and they 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.

SoFi

SoFi offers personal loans that start with an easy application and end with protections that 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 5.99% to 20.25% 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, no late fees, and no 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/or 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.

Upstart

While Upstart does not necessarily tailor their loans to those with excellent credit scores, it is a solid choice for anyone that is 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 of its personal loans are offered at interest rates between 8.41% 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 on your way to accepting your personal loan. Most applications receive their funding within 1 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 original fee ranges between 0% and 8% 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.

Credible

Another platform for comparing loans and rates in one place is Credible. You can use Credible to find personal loans for anywhere between $600 and $100,000, at rates starting at 4.99% annual percentage rate (APR). 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 to borrow 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 of the personal loan options that Credible shows you, either. 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 8 days after receiving your pre-qualified rates from Credible, you may be eligible for a $200 gift card from Credible. 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.

Summary of the best personal loans for excellent credit

LenderRates starting at
Bankrate3%
Discover6.99%
Lending Club10.68%
Lightstream2.49%
Marcus6.99%
Prosper7.95%
SoFi5.99%
Upstart8.41%
Credible4.99%

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.

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 money that you don’t physically 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 it easier to fit monthly payments into your budget.
  • 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. With a credit card, you can continue to borrow money up 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 so you can use it for what you need it for. This can take away the temptation of continuing to spend money that you don’t have.

The bottom line

Personal loans can be a useful option if you’re looking to pay off debt, pay for expensive medical bills, or even just make a large purchase. The trick to getting the right personal loan is to do your research.
Fortunately, most lenders allow you to check your rate before you apply for a loan. This is a no-commitment way to compare your options without having hard inquiries on your credit report. Some websites even offer the ability to compare several lenders all in one place.
Before you take out a personal loan, it’s important to consider how much money you need and what your budget is moving forward. When you compare lenders, be sure that 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 by having excellent credit, you’ll most likely have your pick of lenders. With all of the great options out there, you’re bound to find a good lender that can offer you a competitive interest rate and flexible repayment term.

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