Best Personal Loans for Excellent Credit in 2024
The best personal loans for excellent credit have low rates and amounts from $2,000 to $100,000. Compare multiple loan offers before you choose.
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Having excellent credit (a credit score of 720 or higher) puts you in a desirable group of least-risky borrowers. That means lenders may offer you the lowest rates and best terms on personal loans.
Rates and terms vary among lenders, so even borrowers with stellar credit should shop around and compare personal loans.
- 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.
- 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.
Why our nerds love it
For borrowers with excellent credit, Discover offers competitive rates, fast funding and special features for debt consolidation. Borrowers have multiple ways to manage their loan. Read our methodology
Best Personal Loans for Excellent Credit in 2024
Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Est. APR ▾ ▾ | Loan amount ▾ ▾ | Min. credit score ▾ ▾ | Learn more |
|---|---|---|---|---|---|
 LightStream Top 3 most visited 🏆 Visit Lender on LightStream's website Check Rate on NerdWallet | 4.5 /5Rate discount | 6.99-25.49% | $5,000-$100,000 | 660 | Top 3 most visited 🏆 Visit Lender on LightStream's website Check Rate on NerdWallet |
 SoFi Personal Loan Top 3 most visited 🏆 Visit Lender on SoFi's website Check Rate on NerdWallet | 5.0 /5Rate discount | 8.99-29.99% | $5,000-$100,000 | None | Top 3 most visited 🏆 Visit Lender on SoFi's website Check Rate on NerdWallet |
 Discover® Personal Loans Top 3 most visited 🏆 Visit Lender on Discover's website Check Rate on NerdWallet | 2024 Best Personal Loan for Excellent Credit 5.0 /5Fast funding | 7.99-24.99% | $2,500-$40,000 | 660 | Top 3 most visited 🏆 Visit Lender on Discover's website Check Rate on NerdWallet |
4.5 /5 | 7.99-17.99% | $2,000-$50,000 | 700 | Check Rate on NerdWallet | |
4.5 /5 | 11.49-20.49% | $2,000-$30,000 | 720 | Check Rate on NerdWallet | |
4.5 /5 | 7.49-23.74% | $3,000-$100,000 | None | Check Rate on NerdWallet |
Our pick for
Excellent credit and fast funding
Our pick for
Excellent credit and high loan amounts
SoFi Personal Loan
8.99-29.99%
$5,000-$100,000
None
Our pick for
Excellent credit and debt consolidation
Discover® Personal Loans
7.99-24.99%
$2,500-$40,000
660
Our pick for
Excellent credit and low rates
PenFed Credit Union Personal Loan
7.99-17.99%
$2,000-$50,000
700
Our pick for
Excellent credit and no fees
Our pick for
Excellent credit and rate discounts for existing customers
Wells Fargo Personal Loan
7.49-23.74%
$3,000-$100,000
None
» MORE: Best personal loan lenders
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 assess 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.
Banks, online lenders and credit unions offer personal loans to excellent-credit borrowers. Compare offers from multiple lenders to get the right loan for you.
» MORE: Where to get a personal loan
What are rates on excellent-credit personal loans?
As with most credit products, the rate you receive on a personal loan depends a lot on your credit score. Borrowers with excellent credit tend to get the lowest APRs 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.
The interest rate also affects your total monthly payment, 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 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. | 11.35%. |
Good | 690-719. | 14.34%. |
Fair | 630-689. | 17.64%. |
Bad | 300-629. | 22.29%. |
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from Aug. 1, 2024, through Aug. 31, 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%.
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.
Will a personal loan hurt my excellent credit score?
Most online lenders perform a soft credit inquiry when you pre-qualify, followed by a hard check during the formal application process that can knock some 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.
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 July 25, 2024
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender 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
- PenFed Credit Union Personal Loan: Best for Excellent credit and low rates
- Citibank: Best for Excellent credit and no fees
- Wells Fargo Personal Loan: Best for Excellent credit and rate discounts for existing customers
Frequently asked questions
- How can I get a 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 loan for you.
- What's a good rate for an excellent-credit loan?
Interest rates for excellent-credit loans typically start around 8%, 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 loan with an excellent 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.
