Best Personal Loans for Excellent Credit of April 2024

If you have excellent credit — a FICO score of 800 or above — you’ll often have your pick of the bunch when shopping for a personal loan, assuming you’re well-qualified across the board. But which lenders offer the lowest APRs? To find out, we compared lenders according to their interest rates, fees, loan amounts, customer service, and more.

Compare personal loan rates for excellent credit of April 2024

Best personal loans for excellent credit

As a borrower with excellent credit, you’ll likely qualify for annual percentage rates (APRs) on the low end of each lender's range. These are the most competitive APRs we found for excellent credit borrowers.

SoFi PL: Best overall

Upgrade: Best for fair credit

Discover: Best for no origination fees (and low rates)

Lightstream: Best home improvement loans and low rates

Methodology

Credible evaluated the best personal loan rates for excellent credit based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Credible’s team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

How to compare lenders

With so many lenders offering personal loans, how do you find the best one for you? Here are the main factors to consider when comparing quotes:

• Loan amount: Lenders vary in the loan amounts they offer. For example, Discover offers loans ranging from $2,500 to $40,000, while SoFi offers loan amounts from $5,000 up to $100,000. Look for lenders with ranges that suit your needs.
• Terms: The term refers to the amount of time you’re given to repay the loan. Most lenders offer between one to seven years, and some even more in certain cases. Longer terms result in lower monthly payments and higher overall costs, due to interest, while shorter terms tend to result in higher payments and lower overall costs. Find terms that suit your budget and preferences.
• Annual percentage rates (APRs): A loan’s APR tells you the percentage of the loan amount you’ll pay in interest and upfront fees. Consider the lowest APRs and note any available rate discounts for factors like automated payments.
• Fees: Fees will vary between lenders. Some charge origination fees between 1% and 12%, which will reduce the loan amount you receive. Take note of late fees and returned payment fees, as well.
• Monthly payment amount and total cost: Compare the monthly payment amounts and overall costs to see which loans are the most affordable, both on a monthly and long-term basis.
• Funding times: If you need a loan fast, funding times will be important. Check how long the lender takes to deliver the funds to your bank account. You can often receive your money as soon as the same or next business day.
• Lender reviews: Lenders vary in the levels of customer service and satisfaction they provide. Read reviews from past borrowers and take note of any repetitive complaints. Trustpilot and the Better Business Bureau are common sites to check for reviews.

By reviewing quotes according to these factors, you can determine which lender offers the best overall value for your situation.

Learn More: APR vs. Interest Rate on Personal Loan

What is an excellent-credit loan?

An excellent-credit loan can refer to a personal loan that a lender offers to borrowers with excellent credit. These loans tend to come with low or no fees, low APRs, and a high credit minimum. Many lenders offer competitive loans that are suitable for borrowers with excellent credit, even if they don’t specialize in them.

Personal loan interest rates for excellent credit

The interest rates on personal loans vary from one lender to the next. However, if you have excellent credit, and are otherwise well-qualified, the chances are good that you’ll qualify for the rates on the lower end of a lender’s APR range. 

According to Credible data, applicants with credit scores above 780 saw an average APR of 13.52% on three-year personal loans in December 2023. If you have excellent credit (a FICO score above 800), you may be approved for an even lower rate.

How much will an excellent-credit personal loan cost?

Your cost will depend on the following factors:

• Loan amount: The amount you borrow. Most lenders offer $1,000 up to $200,000.
• Repayment term: How long you have to repay the loan. Expect terms between one and seven years.
• APR: The annual cost of the loan, including the interest rate and upfront fees the lender charges.

For example, LightStream’s current APRs range from 7.49% to 25.49% (at the time of this writing). If you apply for a $10,000, four-year loan and LightStream offers you a 7.49% interest rate, the loan would cost you an estimated $242 per month and $1,604 in interest.

On the other hand, if you qualified for a 25.49% APR on the same loan, you’d have a monthly payment of $334 and an overall interest cost of $6,047. In this case, having excellent credit could save you up to $4,443.

Check Out: Personal Loan Calculator: Estimate Your Payments On a Loan

How to apply for a personal loan for excellent credit

The application process for personal loans tends to be the same no matter your credit score. Here are the typical steps you can expect.

Prequalify

Most lenders have online quote systems that let you quickly check if you prequalify. You’ll need to answer a few questions and allow a soft credit check, which won’t impact your score. If you prequalify, the lender will show you an estimate of the loan amount, term, and APR you may be able to get.

Prequalification is not a loan offer or guarantee; it’s an estimation. You won’t know your actual loan eligibility, rates, and terms until you complete a full application and allow a hard credit inquiry, which will impact your score temporarily.

Learn More: How To Get Approved for a Personal Loan

Shop around and compare quotes

Collect quotes from different lenders and compare them according to your needs, such as APR, loan amount, repayment term, and time to fund. This can help you narrow down the best fit.

Complete the full application

You can usually find the option to move forward by logging into the lender’s website and viewing your prequalification notice. The next step is to fill out the full application, which often requires you to answer more questions and provide proof of your income, employment, identity, and residence. Once you submit your application, the lender will perform a hard credit inquiry. If you’re approved, you’ll typically receive an official loan offer in one business day or up to one week, depending on the lender.

Review and sign the loan contract

Review the loan offer carefully. Read through the contract and note the term, fees, interest charges, and other implications. If all looks good, sign the contract and send it to the lender. Once that’s complete, the funds will be sent to your account according to the lender’s funding times. Many lenders can fund as soon as the same or next business day, with some taking up to a week.

Personal loans for excellent credit FAQ

What interest rate can I get with excellent credit?

The interest rate on a loan depends on a variety of factors, including your income, debt-to-income ratio, credit score, and credit history. Excellent credit will help you get rates on the lower end of a lender’s APR range, but your final rate will depend on various factors.

How can I qualify for a personal loan for excellent credit?

If you’re looking to get a personal loan from a lender that focuses on serving borrowers with excellent credit, you’ll often need a credit score of at least 740, sometimes higher. Further, many will require a significant positive credit history, a proven ability to save, a stable income source, and a debt-to-income ratio less than 35%.

Where can I get a personal loan for excellent credit?

A big benefit of having excellent credit is you can often get a personal loan from just about any lender. Lenders such as LightStream and SoFi cater to higher-credit borrowers. As a result, they offer higher maximum loan amounts and lower starting APRs than many other lenders.

Related Articles:

• What Is Debt-To-Income Ratio?
• Best Personal Loans for Good Credit
• Best Personal Loans for Fair Credit
• Best Bad Credit Loans
• Best Low-Interest Personal Loans
• Best Emergency Loans
• Best Unsecured Personal Loans