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Personal Loans for Excellent Credit: Best for June 2019

June 3, 2019
Loans, Personal Loans
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.

Remember that feeling when you got VIP passes to see your favorite singer or team? Having excellent credit is like that, too. A credit score of 720 or higher puts you in a desirable group of least-risky borrowers and gives you access to the lowest interest rates and best terms offered by online lenders and banks.

Rates and terms vary among lenders, so even those with stellar credit should shop around and compare personal loans. See our selections for personal loans for excellent credit below.

Excellent credit loans with low rates: Barclays, LightStream, Rocket Loans

BarclaysLightStream and Rocket Loans offer low starting rates for borrowers with excellent credit. LightStream also allows you to co-sign a loan with someone who has lesser credit, while Rocket Loans offers same-day funding for loans up to $25,000.

4.5 NerdWallet rating

• APR: 5.74% - 20.99%.

• Loan amount: $5,000 - $35,000.

• Loan terms: 3 to 5 years.

• Minimum credit score: Typically above 700.

• Time to funding: A few business days.

• Fees: None.

Read our review.

Check Rate Click to pre-qualify on NerdWallet.
5.0 NerdWallet rating

• APR: 3.99% - 16.99% (with autopay).

• Loan amount: $5,000 - $100,000.

• Loan terms: 2 to 7 years.

• Minimum credit score: 660.

• Time to funding: As soon as the same day.

• Fees: None.

Read our review.

Check Rate Click to pre-qualify on NerdWallet.

 

4.0 NerdWallet rating

• APR: 5.98% - 29.99%.

• Loan amount: $2,000 to $45,000.

• Loan terms: 3 or 5 years.

• Minimum credit score: 640.

• Time to funding: Typically 24 hours.

• Fees: Origination fee of 1% - 6% of loan amount; fees for late payment, unsuccessful payment and personal check use.

Read our review.

Check Rate Click to pre-qualify on NerdWallet.

Excellent credit loans with low fees: Earnest, Laurel Road, Marcus

Earnest, Laurel Road and Marcus 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.

4.5 NerdWallet rating

• APR: 6.99% - 18.24%.

• Loan amount: $5,000 - $75,000.

• Loan terms: 3 to 5 years.

• Minimum credit score: 680.

• Time to funding: Up to a week.

• Fees: No origination fees, late fees or prepayment fees.

Read our review.

Check Rate Click to pre-qualify on NerdWallet.
5.0 NerdWallet rating

• APR: 8.01% - 16.30% (with autopay).

• Loan amount: $1,000 - $45,000.

• Loan terms: 3 to 5 years.

• Minimum credit score: 700.

• Time to funding: 5 business days.

• Fees: No origination fee; late fee is the lesser of 5% of payment or $28.

Read our review.

Check Rate Click to pre-qualify on NerdWallet.

 

5.0 NerdWallet rating

• APR: 5.99% - 28.99%.

• Loan amount: $3,500 - $40,000.

• Loan terms: 3 to 6 years.

• Minimum credit score: 660.

• Time to funding: Usually 2 days.

• Fees: None.

Read our review.

Check rate Click to pre-qualify on NerdWallet.

Excellent credit loans with extra features: LendingClub, SoFi

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.

4.0 NerdWallet rating

• APR: 6.95% - 35.89%.

• Loan amount: $1,000 - $40,000.

• Loan terms: 3 or 5 years.

• Minimum credit score: 600; borrowers average 699.

• Time to funding: In as few as 3 days.

• Fees: Origination fee of 1% - 6% of loan amount; fees for late payment, unsuccessful payment and personal check use.

Read our review.

Check Rate Click to pre-qualify on NerdWallet.
5.0 NerdWallet rating

• APR: 5.74% - 16.24% (with autopay).

• Loan amount: $5,000 - $100,000.

• Loan terms: 2 to 7 years.

• Minimum credit score: 680.

• Time to funding: Typically about 3 days.

• Fees: No origination fees, late fees or overdraft fees.

Read our review.

Check Rate Click to pre-qualify on NerdWallet.

Excellent credit loans: Compare your options

LenderTypical APR rangeMinimum credit scoreGet started
Barclays
4.5 NerdWallet rating
5.74% - 20.99%Typically above 700
at Barclays
Earnest
4.5 NerdWallet rating
6.99% - 18.24%680
at Earnest
Laurel Road
5.0 NerdWallet rating
8.01% - 16.30% (with autopay)700
at Laurel Road
LendingClub
4.0 NerdWallet rating
6.95% - 35.89%600
at LendingClub
LightStream
5.0 NerdWallet rating
3.99% - 16.99% (with autopay)660
at LightStream
Marcus
5.0 NerdWallet rating
5.99% - 28.99%660
at Marcus
Rocket Loans
4.0 NerdWallet rating
5.98% - 29.99%640
at Rocket Loans
SoFi
5.0 NerdWallet rating
5.74% - 16.24% (with autopay)680
at SoFi
Click “Check Rate” to pre-qualify on NerdWallet and receive personalized rates from multiple lenders.

» MORE: Personal loans for good credit

How much will it cost?

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.

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

Summary: Best personal loans for excellent credit

Excellent credit loans with lowest rates: BarclaysLightStream, Rocket Loans

Excellent credit loans with low fees: Earnest, Laurel RoadMarcus

Excellent credit loans with extra features: LendingClubSoFi 

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