BEST OF

Personal Loans for Excellent Credit: Best of May 2022

Personal loans for borrowers with excellent credit have fixed interest rates and loan amounts from $2,500 to $100,000.

Apr 11, 2022

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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 online lenders and banks may offer you the lowest rates and best terms on personal loans.

Rates and terms vary among lenders, so even those with stellar credit should shop around and compare personal loans. NerdWallet evaluated dozens of data points to identify the best online lenders for excellent-credit borrowers. Here are our picks:

  • LightStream: Best for low rates.

  • Marcus by Goldman Sachs: Best for flexible payments.

  • Discover: Best for debt consolidation.

  • SoFi: Best for high loan amounts.

  • Figure: Best for fast funding.

Personal Loans for Excellent Credit: Best

Our pick for

Excellent credit and high loan amounts

SoFi
Get rate

on SoFi's website

SoFi

5.0

NerdWallet rating 
SoFi

Est. APR

6.99-22.28%

Loan amount

$5,000-$100,000

Min. credit score

680
Get rate

on SoFi's website


Min. credit score

680

Key facts

SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.

Pros

  • No fees.

  • Offers co-sign loan options.

  • Offers 0.25 percentage point rate discount for setting up autopay.

  • Offers unemployment protection.

  • Provides mobile app to manage your loan.

Cons

  • No secured or joint loan option.

  • High minimum loan amount.

Qualifications

  • Must legally be an adult in your state.

  • Must be a U.S. citizen, permanent resident or visa holder.

  • Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Fixed rates from 6.99% APR to 22.28% APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 5/12/22 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. Lowest rates reserved for the most creditworthy borrowers. 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, 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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Our pick for

Excellent credit and low rates

Lightstream
Get rate

on LightStream's website

LightStream

5.0

NerdWallet rating 
Lightstream

Est. APR

4.99-19.99%

Loan amount

$5,000-$100,000

Min. credit score

660
Get rate

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.

  • Competitive rates among online lenders.

  • Offers 0.5 percentage point rate discount for setting up autopay.

  • Special features including rate beat program and satisfaction guarantee.

Cons

  • No option to pre-qualify on its website.

  • Requires several years of credit history.

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

Qualifications

  • Minimum credit score: 660.

  • Several years of credit history.

  • Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.

  • Strong payment history with few or no delinquencies.

  • Investments, retirement savings or other evidence of an ability to save money.

  • Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Rates quoted are with AutoPay. 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. AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. 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 $25,000 loan at 4.98% APR with a term of 20 years would result in 240 monthly payments of $164.71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

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Our pick for

Excellent credit and flexible payments

Marcus by Goldman Sachs
Get rate

on Goldman Sachs's website

Marcus by Goldman Sachs

5.0

NerdWallet rating 
Marcus by Goldman Sachs

Est. APR

6.99-19.99%

Loan amount

$3,500-$40,000

Min. credit score

660
Get rate

on Goldman Sachs's website


Min. credit score

660

Key facts

With zero fees and customizable repayment terms, Marcus offers one of the best personal loans for borrowers with good credit.

Pros

  • No fees.

  • Wide variety of repayment term options.

  • Offers 0.25 percentage point rate discount for setting up autopay.

  • Offers direct payment to creditors for debt consolidation loans.


Cons

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

Qualifications

  • Minimum credit score: 660 FICO.

  • May need to provide proof of income, including recent pay stubs or bank statements.

  • May need to provide Social Security number, Individual Tax ID number or a photo ID.

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. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. 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. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.

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Our pick for

Excellent credit and fast funding

Figure Personal Loan
See my rates

on NerdWallet's secure website

Figure Personal Loan

4.5

NerdWallet rating 
Figure Personal Loan

Est. APR

5.75-31.44%

Loan amount

$5,000-$50,000

Min. credit score

680
See my rates

on NerdWallet's secure website


Min. credit score

680

Key facts

Figure loans are an option for good-credit borrowers seeking a fast and fully online loan experience.

Pros

  • Soft credit-check with pre-qualification.

  • Offers 0.25 percentage point rate discount for setting up autopay.

  • Reports payments to all three credit bureaus.

  • Offers mobile app to manage loan.

Cons

  • May charge origination fee.

  • No option to choose or change your payment date.

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

  • Borrowers can only choose from two repayment terms.

Qualifications

  • Minimum credit score: 680; borrower average is 710.

  • Maximum debt-to-income ratio: 60% excluding housing expenses; borrower average is 39% including a Figure loan.

  • Minimum monthly cash flow (income minus expenses) of $1,000 after signing the loan agreement.

  • Must have a valid government-issued U.S. ID.

  • Must be at least 18 years old.

  • Must be a U.S. citizen or permanent resident.

  • Must be employed.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 0% - 3%.

Read Full Review

Our pick for

Excellent credit and debt consolidation

Discover
Get rate

on Discover's website

Discover® Personal Loans

5.0

NerdWallet rating 
Discover

Est. APR

5.99-24.99%

Loan amount

$2,500-$35,000

Min. credit score

720
Get rate

on Discover's website


Min. credit score

720

Key facts

Discover personal loans can be a smart way to consolidate or refinance debt for borrowers with excellent credit.

Pros

  • No origination fee.

  • Offers direct payment to creditors with debt consolidation loans.

  • Offers mobile app to manage loan.

  • Able to fund loans within one business day.

  • Wide variety of repayment term options.

Cons

  • Charges late fee.

  • No co-signed, joint or secured loan options.

  • No rate discount for autopay.

Qualifications

  • Minimum credit score: 720; borrower average is 750.


  • Must be a U.S. citizen or permanent resident.

  • Must be at least 18 years old.

  • Must have a minimum household income of $40,000.

Available Term Lengths

3 to 7 years

Fees

  • Origination fee: None.

  • Late fee: $39.

Disclaimer

This is not a commitment to lend from Discover Personal Loans. Your approval for a loan is determined once you apply and is based on your application information and credit history. Your APR will be between 5.99%-24.99% based upon creditworthiness at time of application for loan terms of 36-84 months. For example, if you get approved for a $15,000 loan at 6.99% APR for a term of 72 months, you’ll pay just $256 per month. Our lowest rates are available to consumers with the best credit. Many factors are used to determine your rate, such as your credit history, application information and the term you select. Not all applications will be approved.

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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.

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 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.

10.5%.

Good

690-719.

15.5%.

Fair

630-689.

20.8%.

Bad

300-629.

26.1%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from Oct. 27, 2021, to April 27, 2022. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 FICO — are unlikely to qualify. Information in this table applies only to lenders with APRs below 36%.

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.

TD Bank offers fast funding of personal loans primarily to customers on the East Coast.

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.

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:

  1. 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.

  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.

Next step: Pre-qualify for an excellent-credit personal loan

Pre-qualifying for an online 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.

Last updated on April 11, 2022

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. 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. 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.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

To recap our selections...

NerdWallet's Personal Loans for Excellent Credit: Best of May 2022

Frequently asked questions