BEST OF
Personal Loans for Excellent Credit: Best of March 2021
Personal loans for borrowers with excellent credit have fixed interest rates and loan amounts from $2,500 to $100,000.
Having excellent credit — a credit score of 720 or higher — puts you in a desirable group of least-risky borrowers. That means online lenders and banks may offer you the lowest rates and best terms on personal loans.
NerdWallet evaluated dozens of data points to identify the best online lenders for excellent-credit borrowers:
LightStream: Best for low rates.
Marcus by Goldman Sachs: Best for flexible payments.
Discover: Best for debt consolidation.
SoFi: Best for high loan amounts.
Payoff: Best for credit card consolidation.
Rates and terms vary among lenders, so even those with stellar credit should shop around and compare personal loans. See our selections for personal loans for excellent credit below.
Having excellent credit — a credit score of 720 or higher — puts you in a desirable group of least-risky borrowers. That means online lenders and banks may offer you the lowest rates and best terms on personal loans.
NerdWallet evaluated dozens of data points to identify the best online lenders for excellent-credit borrowers:
LightStream: Best for low rates.
Marcus by Goldman Sachs: Best for flexible payments.
Discover: Best for debt consolidation.
SoFi: Best for high loan amounts.
Payoff: Best for credit card consolidation.
Rates and terms vary among lenders, so even those with stellar credit should shop around and compare personal loans. See our selections for personal loans for excellent credit below.
Summary of Personal Loans for Excellent Credit: Best of March 2021
Lender | NerdWallet Rating | Est. APR | Min. Credit Score | Learn More |
---|---|---|---|---|
Best for Excellent credit and credit card consolidation | 5.99 - 24.99% | 640 | on Payoff's website | |
Best for Excellent credit and low rates | 4.49 - 20.49% | 660 | on LightStream's website | |
Best for Excellent credit and high loan amounts | 5.99 - 18.85% | 680 | on SoFi's website | |
Best for Excellent credit and flexible payments | 6.99 - 19.99% | 660 | on Goldman Sachs's website | |
Best for Excellent credit and debt consolidation | 6.99 - 24.99% | 660 | See my rates on NerdWallet's secure website |
Our pick for
Excellent credit and credit card consolidation
on Payoff's website
Payoff
Min. Credit Score
Est. APR
Loan Amount
on Payoff's website
Our pick for
Excellent credit and low rates
on LightStream's website
LightStream
Min. Credit Score
Est. APR
Loan Amount
on LightStream's website
Our pick for
Excellent credit and high loan amounts
on SoFi's website
SoFi

Min. Credit Score
Est. APR
Loan Amount
on SoFi's website
Our pick for
Excellent credit and flexible payments
on Goldman Sachs's website
Marcus by Goldman Sachs
Min. Credit Score
Est. APR
Loan Amount
on Goldman Sachs's website
Our pick for
Excellent credit and debt consolidation
on NerdWallet's secure website
Discover® Personal Loans
Min. Credit Score
Est. APR
Loan Amount
on NerdWallet's secure website
» MORE: Personal loans for good credit
Best excellent-credit personal loans from banks
Banks that offer personal loans tend to cater to borrowers with excellent credit, and most offer low interest rates compared with other lenders. If you have an existing account with the bank, you could also benefit from an easier application process and discounted rates. The downside is some banks require you to visit a branch to complete the loan application process.
HSBC offers higher loan amounts to some existing customers, and your first payment is due in 50 days, rather than the typical 30 days.
PNC also offers its banking customers a 0.25% discount on a personal loan if they choose to make repayments through their checking account.
TD Bank offers fast funding of personal loans primarily to customers on the East Coast. New customers must have excellent credit to qualify.
Wells Fargo allows existing customers to apply for personal loans online and offers comparatively high borrowing amounts that make it an option for funding home improvements.
What is an excellent-credit loan?
Personal loans are unsecured loans, which means you don’t have to put up any collateral such as your car or house to get the loan. Instead, lenders evaluate your ability to repay by considering factors like credit score, debt and income.
Having excellent credit can get you access to the lowest annual percentage rates and most favorable terms available to borrowers. Personal loans are offered to excellent-credit borrowers by banks, online lenders and credit unions. Compare offers from multiple lenders to get the right loan for you.
How much will an excellent-credit personal loan cost?
As with most credit products, the rate you receive on a personal loan depends a lot on your credit score. Borrowers with excellent credit will pay less interest over the life of the loan than borrowers with lower credit scores. The interest rate also affects your total monthly payment, as does the term length; a longer term means lower monthly payments, but more interest.
Use our personal loan calculator to see estimated rates, total interest costs and payments for a personal loan.
Here is what interest rates on personal loans look like, on average:
How's your credit? | Score range | Estimated APR |
---|---|---|
Excellent | 720-850 | 11.8% |
Good | 690-719 | 17.4% |
Fair | 630-689 | 23.4% |
Bad | 300-629 | 28.7% (Lowest scores unlikely to qualify.) |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace between Jan. 1, 2020, and Dec. 31, 2020. Rates are estimates only and not specific to any lender.
Will a personal loan hurt my excellent credit score?
Most online lenders perform a soft inquiry on your credit when you pre-qualify, followed by a hard check during the approval process that can knock some points off your credit score. The setback to your score should be temporary, and making on-time payments helps build credit if the lender reports your borrowing activity to one or more of the credit bureaus: Equifax, Experian and TransUnion.
A personal loan also diversifies your debt. According to FICO, credit mix contributes 10% toward the calculation of your total credit score. (However, you shouldn’t get a personal loan just to improve your credit.)
How to choose the best personal loan for excellent credit
Having excellent credit is an advantage, but it can make choosing among multiple loan offers more difficult. Factor the overall cost of the loan and monthly payments against your budget, and carefully weigh the different features offered by each lender.
Here are three considerations to keep in mind:
Compare loans. Shop multiple lenders to compare rates and terms. The loan with the lowest APR is the least expensive and usually the best choice. Use this comparison tool to check rates at multiple online lenders without affecting your credit score.
Loan features. Some lenders will send loan proceeds directly to your creditors if you’re consolidating debt, allow flexible payment schedules or offer rate discounts if you agree to automatic payments.
Perks. Take advantage of resources offered by lenders such as free credit score monitoring, financial education or hardship assistance plans.
How to pre-qualify for an excellent-credit personal loan
Pre-qualifying for an online loan can allow you to see personalized loan terms, including the loan’s interest rate. You can pre-qualify with multiple lenders on NerdWallet to compare offers and find the lowest rate.
Last updated on February 27, 2021
Methodology
NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.
To recap our selections...
NerdWallet's Personal Loans for Excellent Credit: Best of March 2021
- Payoff: Best for Excellent credit and credit card consolidation
- LightStream: Best for Excellent credit and low rates
- SoFi: Best for Excellent credit and high loan amounts
- Marcus by Goldman Sachs: Best for Excellent credit and flexible payments
- Discover® Personal Loans: Best for Excellent credit and debt consolidation
Frequently asked questions
Start by comparing loans from multiple lenders. With excellent credit, you'll likely have options, and pre-qualifying allows you to compare rates, terms and loan features to choose the best loan for you.
Interest rates for excellent-credit loans typically start around 6%, with an average APR of 13.9%. The rate you receive depends on your income and debt as well as your credit score.
There could be multiple reasons why you can't get a loan, even if you have excellent credit. Your income may be too low for the amount you want to borrow, or your debt-to-income ratio is too high. Having irregular income can impact your ability to get a personal loan, too.