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Best personal loans for excellent credit in September 2023

Sep 21, 2023

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PERSONAL LOANS

BEST FOR MOST FLEXIBLE USE OF LOAN FUNDS

4.7

Bankrate Score
Est. APR
7.99- 25.49%
with Autopay
Loan amount
$5k- $100K
Term: 2-7 yrs*
Min credit score
695
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PERSONAL LOANS

BEST FOR LOW INTEREST RATES

4.7

Bankrate Score
Est. APR
4.60- 35.99%
Loan amount
$1k- $50K
Term: 3-5 yrs
Min credit score
Not disclosed
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PERSONAL LOANS

BEST FOR PEOPLE WITH AN EXCELLENT CREDIT CO-SIGNER

4.6

Bankrate Score
Est. APR
7.99- 35.99%
Loan amount
$5k- $50K
Term: 2-5 yrs
Min credit score
620
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PERSONAL LOANS

BEST FOR NO FEES

4.6

Bankrate Score
Est. APR
11.49- 19.49%
Loan amount
$2k- $30K
Term: 1-5 yrs
Min credit score
720

PERSONAL LOANS

BEST LOAN FOR LIMITED CREDIT HISTORY

4.1

Bankrate Score
Est. APR
9.57- 35.99%
Loan amount
$1k- $40K
Term: 3-5 yrs
Min credit score
600
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PERSONAL LOANS

BEST FOR ADDITIONAL MEMBER BENEFITS

4.6

Bankrate Score
Est. APR
11.52- 24.81%
Loan amount
$5k- $40K
Term: 2-5 yrs
Min credit score
585
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PERSONAL LOANS

BEST FOR TOP-RATED APP

4.5

Bankrate Score
Est. APR
9.95- 35.99%
Loan amount
$2k- $35K
Term: 1-5 yrs
Min credit score
550
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PERSONAL LOANS

BEST FOR CO-BORROWERS

4.7

Bankrate Score
Est. APR
8.49- 35.99%
with AutoPay
Loan amount
$1k- $50K
Term: 2-7 yrs
Min credit score
600
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PERSONAL LOANS

BEST FOR QUICK FUNDING

4.7

Bankrate Score
Est. APR
8.99- 35.99%
Loan amount
$2k- $50K
Term: 3-5 yrs
Min credit score
600
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PERSONAL LOANS

BEST FOR SMALL LOANS

4.8

Bankrate Score
Est. APR
7.74- 17.99%
Loan amount
$600- $50K
Term: 1-5 yrs
Min credit score
700
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on Bankrate

PERSONAL LOANS

BEST FOR EXTRA FEATURES

4.7

Bankrate Score
Est. APR
8.99- 25.81%
with AutoPay
Loan amount
$5k- $100K
Term: 2-7 yrs
Min credit score
680
Read our reviewArrow Right

on Bankrate

PERSONAL LOANS

BEST FOR IN-PERSON SERVICE

5.0

Bankrate Score
Est. APR
5.99- 28.69%
with autopay
Loan amount
$1k- $35K
Term: 0.5-5 yrs
Min credit score
Not disclosed
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on Bankrate

PERSONAL LOANS

BEST FOR JOINT APPLICATIONS

4.4

Bankrate Score
Est. APR
6.99- 35.99%
Loan amount
$2k- $50K
Term: 2-5 yrs
Min credit score
640
Read our reviewArrow Right

On Bankrate

We helped over 421K people get prequalified loan offers last year. Let's find yours now.

How to get an excellent credit loan in 3 easy steps

1. Answer a few questions

Take a few minutes to answer questions about yourself and the loan that you need, and we can match you with potential lenders. This service is free and will not affect your credit score. 

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Make sure you have good credit, look into a co-signer or find a lender that works with bad credit borrowers.
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2. Compare your offers

Get prequalified and compare loan product offers based on important factors like APR, loan amount and minimum monthly payments. 

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Take your time and check with multiple lenders to ensure you get the best deal possible.
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3. Lock in your rate

Choose a lender and visit its website to complete the application process. If you’re approved, you could get funding within a few weeks.

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Compare personal loans for excellent credit in September 2023

LENDER BEST FOR ESTIMATED APR LOAN AMOUNTS TERM LENGTHS MIN CREDIT SCORE
LightStream Flexible use of loan funds 7.99%-25.49%* (with AutoPay) $5,000-100,000 2-7 years 695
Upgrade Co-borrowers 8.49%-35.99% (with autopay) $1,000-$50,000 2-7 years 600
Best Egg Quick funding 8.99%-35.99% $2,000-$50,000 3-5 years 600
Achieve People with an excellent credit co-signer 7.99%-35.99% $5,000-$50,000 2-5 years 620
Avant Top rated app 9.95%-35.99% $2,000-$35,000 1-5 years 550
Upstart Low interest rates 4.60%-35.99% $1,000-$50,000 3-5 years Not specified
SoFi Extra features 8.99%-25.81% (with autopay) $5,000-$100,000 2-7 years 680
PenFed Small loans 7.74%-17.99% $600-$50,000 1-5 years 700
TD Bank Convenience 8.99%-23.99% $2,000-$50,000 3-5 years 700
PNC Bank In-person service Varies by ZIP code $1,000-$35,000 6 months to 5 years Not specified
Prosper Joint applications 6.99%-35.99% $2,000-$50,000 2-5 years 640
LendingClub Financial education benefits 9.57%-35.99% $1,000-$40,000 3-5 years 600
Happy Money Additional member benefits 11.52%-24.81% $5,000-$40,000 2-5 years 585

A closer look at our top personal loans 

Here's a deep-dive into each lender, why is the best in each category and specifically who would benefit most from borrowing from the lender.

LightStream: Best for flexible use of loan funds

Overview: A division of Truist Bank, LightStream is an online lender that offers personal loans of up to $100,000, with repayment terms of up to seven years. LightStream loans feature competitive rates, no fees, autopay discount and a rate-beat program, making them relatively low cost, especially for creditworthy borrowers.

Upgrade: Best for co-borrowers

Overview: Besides credit cards, checking and savings accounts, Upgrade offers personal loans that can help you foot the bill on both small and midsize expenses. Upgrade is characterized by its quick funding and easy online application process.

Best Egg: Best for quick funding

Overview: Founded in 2014, Best Egg has funded over 1.1 million loans and boasts an impressive 95 percent customer satisfaction rate. The lender offers both secured and unsecured personal loans, which can be used for a variety of purposes, including financing big events, consolidating debt or paying for a big move.

Achieve: Best for people with an excellent credit co-signer

Overview: Formerly known as FreedomPlus, Achieve is an online lender that’s been in business for over a decade. Achieve’s personal loans feature four repayment options, same-day decisions and flexible amounts of up to $50,000.

Avant: Best for top rated app

Overview: Avant was founded in 2012 with the goal of helping middle-income consumers have a positive lending experience. Since then, the company has funded loans for over two million borrowers and it's one of the lenders that offers personal loans for most credit profiles.

Upstart: Best for low interest rates

Overview: Upstart is a peer-to-peer lender that matches borrowers with investors that can lend them the funds they need. The lender sets itself apart from others because it uses an alternative scoring system that takes into account factors such as the borrower’s educational background and job history for approval instead of just their credit score.

SoFi: Best for extra features

Overview: SoFi is best known for its student loan products. However, the lender’s personal loans are among the best in the industry. SoFi’s personal loans feature autopay discounts, no mandatory fees and flexible loan amounts of up to $100,000.

PenFed: Best for small loans

Overview: PenFed is America’s second-largest federal credit union with over $35 billion in assets. The credit union offers an array of financial products and services, including personal loans of up to $50,000.

TD Bank: Best for convenience

Overview: One of the nation’s 10 largest banks, TD Bank services over 9 million customers. The bank, headquartered in Cherry Hill, New Jersey, offers personal loans with minimal fees and repayment terms of up to five years.

PNC Bank: Best for in-person service

Overview: PNC Bank has been in business for over 170 years. The bank has a large presence nationwide and offers personal loans of up to $35,000, in addition to personal lines of credit and other financial products.

Prosper: Best for joint loans

Overview: Founded in 2005, Prosper was the first peer-to-peer lender in the personal loan space. Since its inception, the lender has provided over $23 billion in funding to over 1.4 million customers nationwide.

LendingClub: Best for financial education benefits 

Overview: LendingClub is an online loan marketplace, servicing over 4.7 million customers nationwide. The company’s loans feature a quick and easy application process that only takes a few minutes to complete and borrowers can apply for up to $40,000 in funding.

Happy Money: Best for additional member benefits 

Overview: Formerly known as Payoff, Happy Money has funded over $5 billion in loans since its inception. The lender specializes in debt consolidation loans to help consumers get out of debt in under five years.

How we choose our best lenders

To select the best personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories:

  • Checkmark
    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. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 
  • Checkmark
    Availability
    Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.
  • Checkmark
    Customer experience
    This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Checkmark
    Transparency
    For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.
Clock Wait
47
years in business
Credit Card Search
30+
lenders reviewed
Loan
20
loan features weighed
Rates
665
data points collected

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.

How to choose the best lender

It's always best to get quotes from a few lenders before applying for a personal loan so you can determine which has the best overall offerings for your situation. When comparing lenders, keep an eye on the following factors:
  1. Approval requirements. Every lender has its own threshold for approving potential borrowers. Requirements often include things such as a minimum credit score and minimum income level.
  2. Interest rates. The lowest advertised rate is never guaranteed, so try to get prequalified so you can see your real rates. Calculate any fees into the overall cost of the loan to get a better idea of which loan will be most affordable.
  3. Loan amounts. Lenders generally have a range of loan amounts they offer. Some lenders may offer larger loan amounts but not smaller loans.
  4. Repayment options. A good personal loan lender usually offers multiple repayment terms. If you're borrowing a lot of money, you may want to look for a lender with long repayment terms to decrease your monthly payment. If you have a smaller loan, a shorter repayment term will cut back on the amount of interest you pay overall.
  5. Unique features. Look for lenders with any unique perks (or restrictions). Be sure to check that any lender you're considering will allow you to use your loan for the purpose you're intending.
  6. Customer service. It's also wise to investigate a company's customer service options. See if the lender offers in-person services, phone support, web support, apps or tools to make sure you can contact the lender in a way that works for you.
 

What is considered an excellent credit score?

Credit scores typically range between 300 and 850, and an excellent score is in the 800 to 850 range.

From a lender’s point of view, higher credit scores represent a strong credit history, which gives creditors more confidence that you’ll repay your 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. In fact, some of the lenders profiled offer rates below 7 percent.

Estimated APR by FICO credit score ranges

CATEGORY CREDIT SCORE PERCENTAGE OF PEOPLE IN THIS CATEGORY ESTIMATED APR
Excellent 800-850 21% 10.30%-12.50%
Very good 740-799 25% 10.30%-12.50%
Good 670-739 21% 13.50%-15.50%
Fair 580-669 17% 17.80%-19.90%
Very poor 300-579 16% 28.50%-32.00%
Source: ExperianBankrate

FAQs about excellent credit personal loans