Best of

Personal Loans for Excellent Credit: Best of January 2020

Narottam MedhoraDecember 20, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Compare the best personal loans for excellent credit from seven lenders. Loan amounts range from $1,000 to $100,000, and APRs start around 5%.

Summary of Personal Loans for Excellent Credit: Best of January 2020

LenderEst. APRMin. Credit ScoreLearn More
Lightstream

LightStream

on LightStream's website

5.49 - 17.49%

660

on LightStream's website

RocketLoans

Rocket Loans

on Rocket Loans's website

6.85 - 28.90%

640

on Rocket Loans's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

6.99 - 28.99%

660

on Goldman Sachs's website

Earnest

Earnest Personal Loan

on Earnest's website

5.99 - 17.24%

680

on Earnest's website

Lending Club

LendingClub

on LendingClub's website

6.95 - 35.89%

600

on LendingClub's website

SoFi

SoFi

on SoFi's website

5.99 - 20.01%

680

on SoFi's website

LenderEst. APRMin. Credit ScoreLearn More
Lightstream

LightStream

on LightStream's website

5.49 - 17.49%

660

on LightStream's website

RocketLoans

Rocket Loans

on Rocket Loans's website

6.85 - 28.90%

640

on Rocket Loans's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

6.99 - 28.99%

660

on Goldman Sachs's website

Earnest

Earnest Personal Loan

on Earnest's website

5.99 - 17.24%

680

on Earnest's website

Lending Club

LendingClub

on LendingClub's website

6.95 - 35.89%

600

on LendingClub's website

SoFi

SoFi

on SoFi's website

5.99 - 20.01%

680

on SoFi's website

Our picks for

Excellent-credit loans with low rates

LightStream and Rocket Loans offer low starting rates and fast funding for borrowers with excellent credit.

Lightstream

on LightStream's website

LightStream

Lightstream

Min. Credit Score

660

Est. APR

5.49 - 17.49%

Loan Amount

$5,000 - $100,000

on LightStream's website


Min. Credit Score

660

Key facts

LightStream targets strong-credit borrowers with no fees and low rates that vary based on loan purpose.

Pros

  • No fees.

  • Co-sign option.

  • Low starting rates.

Cons

  • Does not offer pre-qualification on its website.

  • Requires several years of credit history.

Qualifications

  • Minimum credit score of 660.

  • No minimum income specified.

  • Maximum debt-to-income ratio varies depending on loan purpose.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. To obtain a loan, you must complete an application on LightStream.com which, may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank.

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RocketLoans

on Rocket Loans's website

Rocket Loans

RocketLoans

Min. Credit Score

640

Est. APR

6.85 - 28.90%

Loan Amount

$2,000 - $45,000

on Rocket Loans's website


Min. Credit Score

640

Key facts

Rocket Loans funds loans as fast as the next day. Its loans have low rates for borrowers with good credit.

Pros

  • Fast funding.

  • Soft credit check with application.

  • Low starting rates.

Cons

  • Origination and late fees.

  • Does not offer direct payment to creditors for debt consolidation loans.

  • No co-sign or secured loan option.

Qualifications

  • Minimum credit score: 640, but average is 710.

  • Minimum credit history: Two years, but average is 18 years.

  • Minimum annual income: $24,000, but average is $87,000.

  • Debt-to-income ratio: 40%, but average is 14%.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 1% - 6%.

  • Late fee: $15 after 10-day grace period.

  • Unsuccessful payment fee: $15.

Disclaimer

All personal loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. Please refer to our Disclosures and Licenses page for state required disclosures, licenses, and lending restrictions. Borrower must be a U.S. citizen or permanent U.S. resident alien at least 18 years of age (in Nebraska and Alabama a borrower must be at least 19 years of age). All loan applications are subject to credit review and approval. Offered loan terms depend upon your credit profile, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice. Please refer to RocketLoans.com and our Terms of Use for additional terms and conditions.

Read Full Review

Our picks for

Excellent-credit loans with low fees

Marcus, Laurel Road and Earnest stand out for not charging origination fees that add to the cost of a personal loan. Marcus and Earnest also offer flexible payment options, and Laurel Road has a rate-beat discount.

Marcus by Goldman Sachs

on Goldman Sachs's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

Min. Credit Score

660

Est. APR

6.99 - 28.99%

Loan Amount

$3,500 - $40,000

on Goldman Sachs's website


Min. Credit Score

660

Key facts

Marcus loans stand out for low rates, no fees, and flexible loan terms and payment options.

Pros

  • No fees.

  • Flexible payment options.

  • Directly pays creditors for debt consolidation loans.

Cons

  • Requires good credit.

  • No co-sign option.

Qualifications

  • At least 18 years old (19 in Alabama; 21 in Mississippi and Puerto Rico).

  • Valid U.S. bank account, Social Security number or tax ID.

  • 660+ credit score.

Available Term Lengths

3 to 6 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36-month loans are generally lower than rates for 72-month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Read Full Review
Earnest

on Earnest's website

Earnest Personal Loan

Earnest

Min. Credit Score

680

Est. APR

5.99 - 17.24%

Loan Amount

$5,000 - $75,000

on Earnest's website


Min. Credit Score

680

Key facts

Earnest is a good option if you're new to credit and responsible with money. Offers low rates and no fees.

Pros

  • No fees.

  • Flexible payments.

Cons

  • No co-sign or secured loan options.

  • Requires permission to scan checking account.

Qualifications

  • Minimum credit score: 680.

  • Proof of consistent income.

  • No open collections accounts.

  • Live in the District of Columbia or a state other than Alabama, Delaware, Kentucky, Nevada or Rhode Island.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest offers personal loans with fixed interest rates between 6.99% APR and 18.24% APR for three, four, or five year terms. Earnest rate ranges are current as of 07/03/2019 and are subject to change based on market conditions and borrower eligibility. The information provided on this page is updated as of 07/03/19. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of- service, e-mail us at [email protected], or call 888-601-2801 for more information on our personal loan product.

Read Full Review

Our picks for

Excellent-credit loans with extra features

LendingClub and Sofi are options if you’re looking for extra benefits beyond low rates or no fees. LendingClub offers financial education resources, while SoFi hosts networking events for its members.

Lending Club

on LendingClub's website

LendingClub

Lending Club

Min. Credit Score

600

Est. APR

6.95 - 35.89%

Loan Amount

$1,000 - $40,000

on LendingClub's website


Min. Credit Score

600

Key facts

LendingClub is a pioneer of peer-to-peer lending and a good option if you want to consolidate your debt.

Pros

  • May offer direct payment to creditors with debt consolidation loans.

  • Joint loan option.

Cons

  • Charges origination fee.

  • Charges late fee.

Qualifications

  • Minimum credit score of 600.

  • Minimum credit history of three years.

  • Debt-to-income ratio of less than 40% for single applications, 35% combined for joint applicants.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 1% - 6%.

  • Late fee: Greater of $15 or 5% of payment after 15-day grace period.

Disclaimer

*All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 6.95% to 35.89%. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long-term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: 595 Market St suite 200 San Francisco Ca 94105. **Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between Jan. 1, 2018, and July 20, 2018. The time it will take to fund your loan may vary.

Read Full Review
SoFi

on SoFi's website

SoFi

Min. Credit Score

680

Est. APR

5.99 - 20.01%

Loan Amount

$5,000 - $100,000

on SoFi's website


Min. Credit Score

680

Key facts

SoFi is a strong option for consumers with good to excellent credit, offering low rates, no fees and flexible payments.

Pros

  • Low fixed and variable rates.

  • Flexible payment options.

  • Offers member perks.

Cons

  • Does not offer direct payment to creditors with debt consolidation loans.

  • Does not offer refinance options.

Qualifications

  • Minimum credit score: 680, but typically 700 or higher.

  • Minimum annual income: None; borrowers' average is over $100,000.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 13, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 4.93% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Read Full Review

» MORE: Personal loans for good credit

How much will it 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.

Will a personal loan hurt my 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.

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.)

» MORE: How personal loans affect credit scores

How to choose the best personal loan

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.

  1. Compare loans: Shop multiple lenders to compare rates and terms. The loan with the lowest annual percentage rate is the least expensive, and usually the best choice. NerdWallet’s comparison tool lets you check rates at multiple online lenders without affecting your credit score.
  2. 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.
  3. 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 a personal loan

Pre-qualifying for an online loan can get you access to potential 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.

» MORE: 4 steps to pre-qualify for a personal loan

Last updated on December 20, 2019

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 January 2020