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Personal Loans for Excellent Credit: Best of April 2020

Narottam MedhoraMarch 26, 2020

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Compare the best personal loans for excellent credit from online lenders. Loan amounts range from $1,000 to $100,000, and APRs start around 6%.

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

LenderBest ForEst. APRMin. Credit ScoreLearn More
Lightstream

LightStream

on LightStream's website

Excellent-credit loans with low rates

4.99 - 16.79%

660

on LightStream's website

RocketLoans

Rocket Loans

See my rates

on NerdWallet's secure website

Excellent-credit loans with low rates

7.16 - 29.99%

580

See my rates

on NerdWallet's secure website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

Excellent-credit loans with no fees

6.99 - 28.99%

660

on Goldman Sachs's website

SoFi

SoFi

on SoFi's website

Excellent-credit loans with extra features

5.99 - 18.64%

680

on SoFi's website

Lending Club

LendingClub

See my rates

on NerdWallet's secure website

Excellent-credit loans with extra features

10.68 - 35.89%

600

See my rates

on NerdWallet's secure 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

4.99 - 16.79%

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
See my rates

on NerdWallet's secure website

Rocket Loans

RocketLoans

Min. Credit Score

580

Est. APR

7.16 - 29.99%

Loan Amount

$2,000 - $45,000

See my rates

on NerdWallet's secure website


Min. Credit Score

580

Key facts

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

Pros

  • Able to fund some loans the same day as approval.

  • Soft credit check with pre-qualification.

  • Rate discount for autopay.

Cons

  • Charges origination fee.

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

  • No co-sign, joint or secured loan option.

Qualifications

  • Minimum credit score: 580; borrowers’ average is 710. Rocket Loans uses the FICO 9 credit scoring model.

  • Maximum debt-to-income ratio: 40%; borrowers’ average is 14%. This lender doesn’t include a mortgage in its debt-to-income calculation.

  • Minimum annual income: $24,000; borrowers’ average is $85,000.

  • Minimum credit history: Two years; borrowers’ average is 18 years.

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.

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Our pick for

Excellent-credit loans with no fees

Marcus and Earnest stand out for not charging origination fees and for flexible payment options.

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.

  • Rate discount with autopay.

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.

  • For debt consolidation loans, you may be required to send part of the loan directly to your creditors.

Available Term Lengths

3 to 6 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

You may be required to have some of your funds sent directly to creditors to pay off down certain types of outstanding unsecured debt. 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.

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Our picks for

Excellent-credit loans with extra features

SoFi

on SoFi's website

SoFi

Min. Credit Score

680

Est. APR

5.99 - 18.64%

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 18.64% APR (with AutoPay). SoFi rate ranges are current as of March 27, 2020 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. 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.

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Lending Club
See my rates

on NerdWallet's secure website

LendingClub

Lending Club

Min. Credit Score

600

Est. APR

10.68 - 35.89%

Loan Amount

$1,000 - $40,000

See my rates

on NerdWallet's secure 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

  • Offers direct payment to creditors with debt consolidation loans.

  • Joint loan option.

  • Soft credit check with pre-qualification.

Cons

  • Charges origination fee and late fees.

  • Does not offer mobile app to manage your loan.

Qualifications

  • Minimum credit score of 600. LendingClub uses FICO 8 credit scoring model.

  • 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 10.68% 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.

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» MORE: Personal loans for good credit

Personal loans from banks

Banks that offer personal loans tend to cater to borrowers with excellent credit. Most offer low interest rates, and 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.

Citizens Bank offers a 0.25% discount on a personal loan to existing customers and an additional 0.25% discount for setting up automatic payments.

PNC also offers its banking customers a 0.25% discount on a personal loan if they choose to make repayments through their checking account.

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.

» MORE: Top banks offering personal loans

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 March 26, 2020

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 April 2020

  • LightStream: Best for Excellent-credit loans with low rates
  • Rocket Loans: Best for Excellent-credit loans with low rates
  • Marcus by Goldman Sachs: Best for Excellent-credit loans with no fees
  • SoFi: Best for Excellent-credit loans with extra features
  • LendingClub: Best for Excellent-credit loans with extra features