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- Best Personal Loans for Excellent Credit in 2024
- NerdWallet’s guide to the best personal loans for excellent credit
- What is an excellent-credit loan?
- Excellent-credit personal loan rates
- Where to get excellent-credit personal loans
- Will a personal loan hurt my excellent credit score?
- How to choose the best personal loan for excellent credit
- Alternatives for excellent-credit borrowers
LightStream: Best for Excellent credit and fast funding
Est. APR
6.99-25.29%
Loan amount
$5K-$100K
Min. credit score
660
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Qualifications:
- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
- Origination fee: None.
- Late fee: None.
SoFi Personal Loan: Best for Excellent credit and high loan amounts
Est. APR
8.99-29.99%
Loan amount
$5K-$100K
Min. credit score
None
View details
Qualifications:
- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
- Origination fee: 0% to 7%.
- Late fee: None.
Discover® Personal Loans: Best for Excellent credit and debt consolidation
Est. APR
7.99-24.99%
Loan amount
$2.5K-$40K
Min. credit score
660
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Qualifications:
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
Citibank: Best for Excellent credit and no fees
Est. APR
11.49-20.49%
Loan amount
$2K-$30K
Min. credit score
720
View details
Qualifications:
- Borrowers must be at least 18 years old to apply (21 in Puerto Rico).
- Co-applicants are not permitted.
- No fees.
Wells Fargo Personal Loan: Best for Excellent credit and rate discounts for existing customers
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Qualifications:
- Must be an existing Wells Fargo customer.
- Must provide personal information, including Social Security number or individual tax identification number.
- Must provide employment and income information; documentation may be required to verify this information.
- Late fee: $39.
First Tech Credit Union Personal Loan: Best for Excellent credit and small loan amounts
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Qualifications:
- Minimum credit score: 660.
- Maximum debt-to-income ratio: 50%.
- Must be a member of First Tech Federal Credit Union.
- Must provide a Social Security number and copy of your driver's license or other state-issued ID.
- Late fee: $29
LightStream: Best for Excellent credit and fast funding
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
- Origination fee: None.
- Late fee: None.
SoFi Personal Loan: Best for Excellent credit and high loan amounts
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
- Origination fee: 0% to 7%.
- Late fee: None.
Discover® Personal Loans: Best for Excellent credit and debt consolidation
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
Citibank: Best for Excellent credit and no fees
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
- Borrowers must be at least 18 years old to apply (21 in Puerto Rico).
- Co-applicants are not permitted.
- No fees.
Wells Fargo Personal Loan: Best for Excellent credit and rate discounts for existing customers
View details
Qualifications:
- Must be an existing Wells Fargo customer.
- Must provide personal information, including Social Security number or individual tax identification number.
- Must provide employment and income information; documentation may be required to verify this information.
- Late fee: $39.
First Tech Credit Union Personal Loan: Best for Excellent credit and small loan amounts
View details
Qualifications:
- Minimum credit score: 660.
- Maximum debt-to-income ratio: 50%.
- Must be a member of First Tech Federal Credit Union.
- Must provide a Social Security number and copy of your driver's license or other state-issued ID.
- Late fee: $29
NerdWallet’s guide to the best personal loans for excellent credit
Here’s what makes our picks for the best personal loans for excellent credit stand out:
LightStream: Best excellent-credit loans for fast funding
LightStream requires its borrowers to have a credit score of 660 or higher. The lender says it can approve qualified loan applicants within five minutes and can fund personal loans the same day they are approved if documents are signed by 2:30 p.m. E.T.
SoFi: Best excellent-credit loans for high loan amounts
SoFi doesn’t have a specific credit score requirement, but the lender says its average borrower has a 745 credit score. SoFi offers personal loans up to $100,000, which can cover major home renovations or other high borrowing needs. Most lenders cap their maximum loan amounts at $50,000.
Discover: Best excellent-credit loans for debt consolidation
Discover caters to good- and excellent-credit borrowers with a minimum credit score requirement of 660. The lender says its average borrower has a 750 credit score. One of the top reasons borrowers get a Discover personal loan is for debt consolidation. The lender sends loan proceeds directly to creditors, simplifying the consolidation process.
Citibank: Best loans for excellent credit and no fees
Citibank personal loans come with no origination or late fees. While the lender does not disclose any minimum credit score requirements, it reserves its lowest rates for those with excellent credit.
Wells Fargo: Best loans for excellent credit and rate discounts for existing customers
Wells Fargo offers rate discounts of up to 0.50 percentage points to existing customers with qualified checking accounts. The lender doesn’t disclose its credit score requirements, but says its lowest rates go to those with excellent credit.
First Tech: Best excellent-credit loans for small loan amounts
First Tech Credit Union requires a minimum credit score of 660. The average borrower has a 745 credit score, according to the lender. First Tech offers personal loans as low as $500, which is convenient for minor car repairs or other small expenses. Most lenders have minimum loan amounts of at least $1,000 or $2,000.
» MORE: Best personal loan lenders
What is an excellent-credit loan?
Excellent-credit personal loans are offered to borrowers with top-tier credit scores, typically above 720. Most personal loans are unsecured, which means you don’t have to put up any collateral, such as your car or house, to get the loan.
Borrowers with strong credit scores may have access to the lowest rates and largest amounts these lenders offer. If you have excellent credit, you may get your pick of many different lenders, so compare multiple lenders to find the right loan for you.
Excellent-credit personal loan rates
As with most credit products, the annual percentage rate you receive on a personal loan depends a lot on your credit score.
Borrowers with excellent credit tend to get the lowest rates for personal loans, meaning they will pay less interest over the life of the loan than borrowers with lower credit scores who receive higher APRs.
But your score isn’t the only factor affecting your personal loan APR: Your income, existing debts, requested repayment term and loan purpose can also affect your rate.
The interest rate affects your monthly loan payments, as does the term length — a longer loan term means lower monthly payments but more interest.
Use our personal loan calculator to see estimated rates, total interest costs and monthly payments for a personal loan.
Here is what interest rates on personal loans look like, on average:
Borrower credit rating | Score range | Estimated APR |
Excellent | 720-850. | 11.30%. |
Good | 690-719. | 14.06%. |
Fair | 630-689. | 16.85%. |
Bad | 300-629. | 20.28%. |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from Nov. 1, 2024, through Nov. 30, 2024. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 — are unlikely to qualify. Information in this table applies only to lenders with maximum APRs below 36%.
Where to get excellent-credit personal loans
Excellent-credit borrowers can get personal loans from online lenders, banks and credit unions.
Excellent-credit personal loans from online lenders
Online lenders offer a streamlined application process and, typically, fast funding. Many online lenders have mobile apps so you can manage your loan right from your phone.
» MORE: Best online loans
Excellent-credit personal loans from banks
Banks that offer personal loans tend to cater to borrowers with excellent credit, and most offer lower interest rates than 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.
Excellent-credit personal loans from credit unions
Federal credit unions cap interest rates at 18%, so excellent-credit borrowers are likely to receive low rates from these lenders. However, you typically have to be a member to get a personal loan from a credit union.
Will a personal loan hurt my excellent credit score?
Most lenders perform a soft credit inquiry when you pre-qualify, followed by a hard check during the formal application process that can knock a few points off your credit score. Making on-time payments helps build credit if the lender reports your repayment activity to the three 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.
How to choose the best personal loan for excellent credit
Having excellent credit is an advantage, but it can make choosing between multiple loan offers more difficult. Check the overall cost of the loan and monthly payments against your budget, and carefully weigh the different features offered by each lender.
Here are several considerations to keep in mind:
Cost. The loan's cost is often its most important feature. The loan with the lowest APR is the least expensive, but a loan with a slightly higher APR and longer repayment term may have lower monthly payments. Look for a loan that has affordable monthly payments without inflating interest costs too much.
Loan term. Terms on a personal loan typically range from two to seven years. Some lenders offer limited repayment term options, while others offer pre-qualified borrowers several terms to choose from. A longer term means you’ll typically have lower monthly payments but pay more in interest over the life of the loan. A shorter loan term means higher monthly payments but less interest paid overall.
Loan amount. Having excellent credit may qualify you for the largest available loan amounts, which can be up to $100,000 in some cases, but only request the amount of money you’ll need.
Funding time. Most lenders will fund a personal loan within a week of approval. If you need money fast, consider a lender that offers same- or next-day funding.
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 for setting up automatic payments.
Perks. Take advantage of resources offered by lenders such as free credit score monitoring, financial planning or hardship assistance plans.
Pre-qualify to get started
Pre-qualifying for a personal loan allows you to see personalized terms, including the loan’s interest rate and monthly payments, before committing to the loan. You can pre-qualify with multiple lenders on NerdWallet to compare offers and find the lowest rate.
Alternatives for excellent-credit borrowers
Having excellent credit means you may qualify for many credit options. Here are a few others you might consider.
Zero-interest credit card: 0% interest credit cards let you borrow at no cost as long as you pay off your balance within the card’s 0% interest introductory period — typically 15 to 21 months. This kind of card is a good choice for a small- to medium-sized expense, like an engagement ring or laptop, that you can pay off by the end of the promotional period.
Rewards credit card: Credit cards that offer rewards like travel points or cash back can be beneficial for future expenses. Pay off the card’s balance each month to avoid paying interest. You can use a rewards card to pay for travel and reap the benefits on future trips.
Personal line of credit: A personal line of credit functions like a mix between a credit card and a personal loan. It’s a good option for expenses with unpredictable timelines and costs, such as large home improvement projects.
Home equity financing: Homeowners with excellent credit and equity in their homes may qualify for a home equity loan or home equity line of credit. These financing options usually have lower rates and longer repayment terms than personal loans or personal lines of credit. The risk, however, is potentially losing your home if you fail to repay the debt. Equity is a top choice for home improvement financing because the interest is often tax-deductible.
Last updated on November 18, 2024
Frequently asked questions
- How can I get a personal loan with excellent credit?
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 personal loan for you.
- What's a good rate for an excellent-credit loan?
Interest rates for excellent-credit loans typically start around 7%, with an average APR around 11%. The rate you receive depends on your credit score as well as your income and debt.
- Why can't I get a personal loan with an excellent credit score?
There could be multiple reasons why you can't get a personal 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 may be too high. Having irregular income can impact your ability to get a personal loan, too.
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Best Personal Loans for Excellent Credit in 2024
- LightStream: Best for Excellent credit and fast funding
- SoFi Personal Loan: Best for Excellent credit and high loan amounts
- Discover® Personal Loans: Best for Excellent credit and debt consolidation
- Citibank: Best for Excellent credit and no fees
- Wells Fargo Personal Loan: Best for Excellent credit and rate discounts for existing customers
- First Tech Credit Union Personal Loan: Best for Excellent credit and small loan amounts
