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Best personal loans for excellent credit in June 2022

As of June 27, 2022
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Bankrate selected the top personal loan lenders for excellent credit by evaluating based on the interest rates, terms and fees each lender offers. In addition to lender details, Bankrate considers how to choose a personal loan, average rates by credit score and frequently asked questions. 
 
Anyone with a credit score from 800 to 850 (the highest FICO score available) shows they have a great mix of payment history, credit history and amounts owed. A score of 800 or higher qualifies someone as having excellent credit.
 
An excellent credit score comes with many perks, including access to some of the best personal loan APRs available. If someone with an excellent credit score wants to get a personal loan for a large expense, that person will likely find much better rates than someone with a lower score.
 
Even with applicants who have excellent credit scores, offers and terms can still vary significantly. Personal loan interest rates range from as low as 3 percent to as much as 36 percent, and loan amounts can be anywhere from $1,000 to $100,000. The variations show that even someone with a high credit score should shop around to find the best loan rates and terms for them.
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4.6

Bankrate Score
APR from

5.73%*

with AutoPay
Loan Amount

$5k- $100k*

Term: 2-7 yr*
Min. Credit

Not disclosed

Apply on partner site

4.8

Bankrate Score
APR from

6.55- 35.97%

with AutoPay
Loan Amount

$1k- $50k

Term: 3-5 yr
Min. Credit

Not disclosed

Check rate with Bankrate

4.7

Bankrate Score
APR from

5.99%

3 or 5 year term
Loan Amount

$2k- $50k

Term: 3-5 yr
Min. Credit

660

Check rate with Bankrate

4.6

Bankrate Score
APR from

6.99- 22.23%

with AutoPay
Loan Amount

$5k- $100k

Term: 2-7 yr
Min. Credit

Not disclosed

Check rate with Bankrate

4.6

Bankrate Score
APR from

5.99%

Loan Amount

$5k- $40k

Term: 2-5 yr
Min. Credit

Not disclosed

Check rate with Bankrate

4.5

Bankrate Score
APR from

6.34- 35.89%

Loan Amount

$1k- $40k

Term: 3-5 yr
Min. Credit

Not disclosed

Check rate with Bankrate

4.8

Bankrate Score
APR from

6.99- 19.99%

Loan Amount

$3.5k- $40k

Term: 3-6 yr
Min. Credit

660

Check rate with Bankrate

4.6

Bankrate Score
APR from

7.95- 35.99%

Loan Amount

$2k- $40k

Term: 3-5 yr
Min. Credit

560

Check rate with Bankrate

4.5

Bankrate Score
APR from

9.95- 35.99%

Loan Amount

$2k- $35k

Term: 2-5 yr
Min. Credit

550

Check rate with Bankrate
APR from

7.99- 35.99%

Loan Amount

$1k- $35k

Term: 1-3 yr
Min. Credit

None

Check rate with Bankrate

Compare personal loans for excellent credit in June 2022

LENDER BEST FOR ESTIMATED APR LOAN AMOUNTS TERM LENGTHS
LendingClub Financial education benefits 6.34%-35.89% $1,000–$40,000 2 to 5 years
Best Egg Quick funding 5.99%-35.99% $2,000–$50,000 3 to 5 years
Payoff Additional member benefits 5.99%-24.99% $5,000–$40,000 2 to 5 years
PenFed Military members 5.49%-17.99% $600–$35,000 1 to 5 years
LightStream Flexible use of loan funds 5.73%-19.99% $5,000–$100,000 2 to 7 years
Marcus by Goldman Sachs No-fee loans 6.99%-19.99% (with autopay) $3,500–$40,000 3 to 6 years
TD Bank Convenience 6.99%-18.99% $2,000–$50,000 3 to 5 years
Earnest A range of loan amounts Starting at 2.49% $1,000–$250,000 6 months to 12 years
SoFi Extra features 6.99%-22.28% (with autopay) $5,000–$100,000 2 to 7 years
Laurel Road No fees 7.00%-25.00% (with autopay) $5,000–$45,000 3 to 5 years
PNC Bank In-person service Starting at 5.99% (with autopay) $1,000–$35,000 6 months to 5 years

What is an excellent-credit loan?

An excellent-credit loan is a personal loan made for people with credit scores above 800. Because excellent is the strongest credit tier, personal loan lenders are much more likely to approve applications from these borrowers. If you have excellent credit, you're also likely to receive the best interest rates, highest loan limits and most competitive terms.

What is considered an excellent credit score?

Credit scores typically range between 300 and 850, and an excellent credit score is in the 800 to 850 range.
 
From a lender’s point of view, higher credit scores represent a history of better credit decisions. This makes creditors more confident that you’ll repay debts. A good credit score often reflects many years of on-time payments, a good ratio of debts to income and a good mix of credit accounts — like credit cards, car loans and mortgages.

Average personal loan rates for excellent credit

The average personal loan rate for excellent credit is 10.3 percent to 12.5 percent APR. However, with some lenders, your rate could be much lower. The minimum APRs for the lenders profiled on this page range from 2.49 percent to 8.05 percent, and those rates are attainable if you have stellar credit.
 
Estimated APR by FICO credit score ranges
CATEGORY CREDIT SCORE PERCENTAGE OF PEOPLE IN THIS CATEGORY ESTIMATED APR
Excellent 800–850 21% 10.3%–12.5%
Very good 740–799 25% 10.3%–12.5%
Good 670–739 21% 13.5%–15.5%
Fair 580–669 17% 17.8%–19.9%
Very poor 300–579 16% 28.5%–32%
Source: ExperianBankrate

Details: Best personal loan rates for excellent credit in June 2022

Best for financial education benefits

Min. credit score:
Not disclosed
Fixed APR From:
6.34% –35.89%
Loan amount:
$1,000–$40,000
Term lengths:
3 to 5 years
Min. annual income:
$0
Overview: One of the most well-known peer-to-peer platforms, LendingClub specializes in connecting borrowers with investors. It offers personal loans to refinance credit card debt, pay for home improvements, consolidate debt and more. While the minimum credit score is 600, most borrowers have a score that is closer to 700.
Why LendingClub is best for financial education benefits: LendingClub’s website offers a financial resources center with a variety of blogs, reports and tools. 

Best for quick funding

Min. credit score:
660
Fixed APR From:
5.99%
Loan amount:
$2,000–$50,000
Term lengths:
3 to 5 years
Min. annual income:
$0
Overview: Best Egg personal loans are aimed at high-income earners. Best Egg has a minimum credit score requirement of 600 but a minimum 700 FICO score and a minimum individual annual income of $100,000 are required to qualify for Best Egg’s lowest APR. In addition to debt consolidation and credit card refinancing, you can use Best Egg loans to fund special occasions, adoptions, home improvements and vacations.
Why Best Egg is best for quick funding: Best Egg offers same day approval and funding on the next business day after approval. 

Best for additional member benefits

Min. credit score:
Not disclosed
Fixed APR From:
5.99%
Loan amount:
$5,000–$40,000
Term lengths:
2 to 5 years
Min. annual income:
$30,000
Overview: Payoff loans are available for just one purpose: taking control of credit card debt by rolling multiple payments into one monthly payment. 
Why Payoff is best for additional member benefits: Payoff offers a number of unique member benefits, including free monthly FICO score updates designed to allow you to see your credit score progress and empowerment assessments to help you understand your relationship with money.

Best for military members

Min. credit score:
Not disclosed
Fixed APR From:
5.49% –17.99%
Loan amount:
$500–$50,000
Term lengths:
1 to 5 years
Min. annual income:
$0
Overview: PenFed primarily serves military members and their immediate family. However, it has expanded its loan eligibility, claiming that anyone can now qualify for membership. You can use loans from PenFed to cover home renovations, debt consolidation, travel and even auto repairs.
Why PenFed is best for military members: While you do not have to be a military member to join the PenFed credit union, active military members are eligible for special perks such as a capped interest rate of 6 percent and no late fees.

Best for most flexible use of loan funds

Min. credit score:
Not disclosed
Fixed APR From:
5.73%
Loan amount:
$5,000–$100,000
Term lengths:
2 to 7 years
Min. annual income:
$50,000
Overview: LightStream personal loans cater to applicants who have a strong credit history. It offers loan terms from 2 to 7 years for most loans and up to 12 for home improvement projects. LightStream also allows borrowers to choose when they receive the loan money. 
Why LightStream is best for most flexible use of loan funds: Loans are designed to cover a range of needs, with the lender advertising many uses that other lenders don't, such as adoptions, IVF financing and horse loans.

Best for debt consolidation

Min. credit score:
660
Fixed APR From:
6.99% –19.99%
Loan amount:
$3,500–$40,000
Term lengths:
3 to 6 years
Min. annual income:
$35,000
Overview: Marcus loans are for borrowers with good to excellent credit. You can use the loans to fund major purchases or pay off credit card debt.
Why Marcus by Goldman Sachs is best for debt consolidation: Marcus offers loans up to $40,000 and provides direct payments to creditors when borrowers take out a loan for debt consolidation. The lender’s lack of fees and relatively low APRs make it a good option for consolidating your debt.

Best for convenience

Min. credit score:
Not disclosed
Fixed APR From:
6.99% –18.99%
Loan amount:
$2,000–$50,000
Term lengths:
3 to 5 years
Min. annual income:
$0
Overview: TD Bank offers loans for a variety of uses, including vacations, home renovations and debt consolidation.
Why TD Bank is best for convenience: If you’re located on the East Coast and prefer a brick-and-mortar lender, TD Bank may be a good choice, as it has more than 1,200 locations in the region. TD Bank also offers 24/7 customer support, as well as a fully online experience for those who prefer that.

Best for extra features

SoFi

SoFi

4.6
See offers Arrow Right

Check rate with Bankrate

Min. credit score:
Not disclosed
Fixed APR From:
6.99% –22.23%
Loan amount:
$5,000–$100,000
Term lengths:
2 to 7 years
Min. annual income:
$30,000
Overview: Perhaps most known as a student loan refinancing company, SoFi also offers personal loans and other financial products. Rates on SoFi loans are among the lowest on the market, which the digital lender attributes to its lack of overhead.
Why SoFi is best for extra features: SoFi offers several member benefits, including unemployment protection. The lender will temporarily pause your payments during unemployment and offer job-search assistance.

Best for in-person service

PNC

PNC

4.5
See offers Arrow Right

Check rate with Bankrate

Min. credit score:
Not disclosed
Fixed APR From:
5.99%
Loan amount:
$1,000–$35,000
Term lengths:
0 to 0 years
Min. annual income:
$0
Overview: PNC is a traditional brick-and-mortar bank that is holding its own with online lenders. The rates and fees are competitive, and loans are available for things such as consolidating debt and making a large purchase.
Why PNC Bank is best for in-person service: PNC has roughly 2,300 branches on the East Coast and in the Midwest, making it a great option for those who prefer in-person service.

FAQs about personal loans

Methodology

To select the top personal loan lenders for excellent credit, Bankrate considered factors that help consumers decide whether a lender is a good fit for them, such as credit requirements and minimum APRs. We sought lenders with low fees and a range of loan amounts for borrowers with varying budgets and credit profiles. We also looked for conveniences like online applications and fast funding.
 
 In addition, the lenders featured here were evaluated for notable features like customer discounts and flexible repayment options.
 
Of the lenders reviewed, 11 made Bankrate’s list of best personal loans for excellent credit. Each lender has a Bankrate rating, which consists of three categories. These categories include:
 
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.