Best Personal Loans for Excellent Credit in 2020

Having a stellar credit score comes with many perks, including access to some of the best personal loan APRs available.

Because excellent credit gives you lots of options, it pays to shop around when searching for a personal loan. Offers and terms can vary significantly: Personal loan interest rates range from as low as 5 percent to as much as 36 percent.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

OneMain
APR from
18.00-35.99%
Term
2-5yr
Max. loan amount
$20,000
NEXT
Lending Point
APR from
15.49-34.99%
Term
2-4yr
Max. loan amount
$25,000
NEXT
Avant
APR from
9.95-35.99%
Term
2-5yr
Max. loan amount
$35,000
NEXT
Upgrade
APR from
7.99-35.97%
with AutoPay
Term
3-5yr
Max. loan amount
$35,000
NEXT
Prosper
APR from
7.95-35.99%
Term
3-5yr
Max. loan amount
$40,000
NEXT
Upstart
APR from
7.00-35.99%
Term
3-5yr
Max. loan amount
$50,000
NEXT
Marcus
APR from
6.99-19.99%
Term
3-6yr
Max. loan amount
$40,000
NEXT
PenFed

Not Rated

APR from
6.49-17.99%
Term
1-5yr
Max. loan amount
$20,000
NEXT
Payoff
APR from
5.99%
Term
2-5yr
Max. loan amount
$35,000
NEXT
SoFi
APR from
5.99%
with AutoPay
Term
2-7yr
Max. loan amount
$100,000
NEXT
LightStream
APR from
5.95%
with AutoPay
Term
2-7yr
Max. loan amount
$100,000
NEXT

Bankrate's guide to choosing the right personal loan with excellent credit

By Mia Taylor

As of Saturday, July 04, 2020

Why trust Bankrate?

At Bankrate, our mission is to empower you to make smarter financial decisions. We’ve been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.

When comparing loans for excellent credit, compare lenders offering the most competitive APRs. Additionally, check to see if lenders require a minimum income to receive the lowest APRs; while excellent credit will help you receive competitive rates, some lenders may also require a high income to get the absolute lowest rates.

Loan details presented here are current as of the publish date. Check the lenders’ websites for more current information. The lenders listed here are selected based on factors such as credit requirements, APR, loan amounts, fees and more.

Best personal loans for excellent credit in 2020

Lender
Best for
Estimated APR
Term lengths
Loan amounts
LendingClub
Financial education benefits
10.68%-35.89%
3 to 5 years
$1,000 - $40,000
Credible
Applying once and receiving multiple offers
4.99%-35.99% (with autopay)
2 to 7 years
$1,000 - $100,000
Best Egg
Quick funding
5.99%-29.99%
3 to 5 years
$2,000 - $35,000
Payoff
Additional member benefits
5.99%-24.99%
2 to 5 years
$5,000 - $35,000
PenFed
Military members
6.49%-17.99%
1 to 5 years
$600 - $20,000
LightStream
Most flexible use of loan funds
3.49%-19.99%
2 to 12 years
$5,000 - $100,000
Marcus by Goldman Sachs
No-fee loans
6.99%-19.99%
3 to 6 years
$3,500 - $40,000
TD Bank
Convenience
5.67%-18.99%
1 to 5 years
$2,000 - $50,000
Earnest
No origination fees
Starting at 4.99%
2 to 7 years
$1,000 - $100,000
SoFi
Extra features
5.99%-7.53% (with autopay)
2 to 7 years
$5,000 - $100,000
Laurel Road
No fees
8.01%-20.56% (with autopay)
3 to 5 years
$1,000 - $45,000
PNC Bank
In-person service
As low as 7.24% (with autopay)
Not specified
$1,000 - $35,000

Summary: personal loans for excellent credit in 2020

What is considered an excellent credit score?

Credit scores typically range between 300 and 850, and an excellent credit score is in the 700-plus to 850 range.

Those who have scores at the top of this spectrum will have access to the most favorable interest rates and loan terms. That’s because, 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.

“When applying for a personal loan, credit is extremely important because of the huge disparity in interest rates," says James Lambridis, CEO of DebtMD. “Many personal loan companies offer interest rates from as low as 7 percent to as high as 35 percent, so having a good or excellent credit score can result in saving thousands of dollars in interest throughout the term of the loan.”

FICO credit score ranges

Category
Credit Score
Percentage of people in this category
Excellent
800-850
21%
Very good
740-799
25%
Good
670-739
21%
Fair
580-669
17%
Very poor
300-579
16%

Source: Experian.

How to choose the best excellent-credit personal loan

Before making a final decision, consider all the variables involved with each lender. Consider fees, interest rates, available discounts and terms. Not all lenders have long repayment terms and some don’t offer high-dollar loan amounts. Compare a few lenders, ideally using prequalification, before choosing the one that best fits your needs. Some of the top considerations for choosing the best lender, include:

  • Fees and rates: A good lender will be upfront about fees and work with you to calculate overall interest savings.
  • Discounts: Some lenders offer discounted rates if you have a certain level of retirement savings, or when there’s a co-signer who has sufficient income.
  • Terms: Carefully review loan terms from lender to lender, as they will impact your monthly payment. Most personal loans have terms of 36 to 60 months, though some offer 24-month terms.
  • Communication and customer service: Some lenders provide only online access, with no human interaction. You may benefit from having one-on-one discussions with loan consultants to identify the best loan terms and rates

Details: personal loan rates for excellent credit in 2020

LendingClub: Best for financial education benefits

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.

Perks: LendingClub’s online application process takes mere minutes. The lender offers competitive interest rates for borrowers with the best credit scores, as well as a variety of financial education support via blogs and reports about financial literacy.

What to watch out for: LendingClub offers a limited selection of loan terms. Borrowers can choose between 36- or 60-month repayment timelines. Other lenders offer two, three, four and five-year terms. In addition, LendingClub charges an origination fee of 2 to 6 percent.

Lender LendingClub
Bankrate Rating 4.5 / 5.0
Min. Credit Score 600
Est. APR 10.68% - 35.89%
Loan Amount $1,000 - $40,000
Term Lengths 3 to 5 years
Min. Annual Income Not specified
Fees Origination fee of 2% to 6%, late fee of 5% or $15

Read Bankrate's expert LendingClub Review

Credible: Best for applying once and receiving multiple offers

Overview: As an online marketplace, Credible helps you get personalized loan quotes from multiple lenders. You can use the loans to consolidate credit card debt or pay for home improvements, moving, weddings, vacations and other major expenses. The lenders that work with Credible look for applicants with a good credit history, but minimums will vary by lender.

Perks: There are no hidden fees when borrowing through Credible, and approved loans can be funded by the next business day. You can get prequalified quotes without impacting your credit score.

What to watch out for: Credible is not a direct lender. It is a marketplace that shares your application with a variety of lenders. Before accepting a loan through the Credible platform, you’ll want to research the lender that’s providing the funds.

Lender Credible
Min. Credit Score Not specified
Est. APR 4.99% - 35.99% (with autopay)
Loan Amount $1,000 - $100,000
Term Lengths 2 to 7 years
Min. Annual Income Not specified
Fees Origination fee of 0% to 8%

Best Egg: Best for quick funding

Overview: Best Egg personal loans are aimed at high-income earners. Best Egg has a minimum credit score requirement of 640, but a minimum 700 FICO score and a minimum individual annual income of $100,000 is 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.

Perks: Best Egg’s application process takes just a few minutes, and borrowers can receive funds in as little as one day. Because Best Egg is a company with no brick-and-mortar presence, underwriting costs tend to be minimal.

What to watch out for: Best Egg charges an origination fee between 0.99 and 5.99 percent.

Lender Best Egg
Bankrate Rating 4.7 / 5.0
Min. Credit Score 640
Est. APR 5.99% - 29.99%
Loan Amount $2,000 - $35,000
Term Lengths 3 to 5 years
Min. Annual Income Not specified
Fees Origination fee of 0.99% to 5.99%, late fee of $15, returned payment fee of $15

Read Bankrate's expert Best Egg Review

Payoff: Best for additional member benefits

Overview: Payoff loans are available for just one purpose - taking control of credit card debt by rolling multiple payments into one monthly payment.

Perks: There are no late fees with Payoff loans, which are designed to help borrowers increase their credit score. Payoff also 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.

What to watch out for: In addition to the limited use for a Payoff loan, the company charges an origination fee of 0 to 5 percent.

Lender Payoff
Bankrate Rating 4.6 / 5.0
Min. Credit Score 640
Est. APR 5.99% - 24.99%
Loan Amount $5,000 - $35,000
Term Lengths 2 to 5 years
Min. Annual Income Not specified
Fees Origination fee of 0% to 5%

Read Bankrate's expert Payoff Review

PenFed: Best for military members

Overview: PenFed primarily serves military members and their immediate family. However, it has expanded its loans 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.

Perks: There are no origination fees when obtaining a personal loan through PenFed, and interest rates can be competitive.

What to watch out for: There are a couple of limitations to keep in mind with PenFed. To access PenFed loans, you’ll need to join this credit union, which requires an additional application. PenFed loans are also limited to a maximum of $20,000 and the bank doesn’t allow you to see if you prequalify for a loan.

Lender PenFed
Min. Credit Score Not specified
Est. APR 6.49% - 17.99%
Loan Amount $600 - $20,000
Term Lengths 1 to 5 years
Min. Annual Income Not specified
Fees Late fee of $29, returned payment fee of $30

LightStream: Best for most flexible use of loan

Overview: LightStream personal loans cater to applicants who have a strong credit history. Loans are designed to cover a range of needs, including areas many other personal loans do not cover, such as adoptions, IVF financing and horse loans.

Perks: For those who have a solid credit history, LightStream loans offer competitive, fixed rates. The application process is nearly paperless; borrowers can apply and sign loan agreements online. Loan proceeds are available rapidly, sometimes on the same day as approval.

What to watch out for: Unlike many lenders, LightStream does not offer loan preapprovals. You must submit a full application to be considered for a loan. You will also need several years of credit history and a track record with a variety of accounts to get approved.

Lender LightStream
Bankrate Rating 4.6 / 5.0
Min. Credit Score 660
Est. APR 3.49% - 19.99% (with autopay)
Loan Amount $5,000 - $100,000
Term Lengths 2 to 12 years
Min. Annual Income Not specified
Fees None

Read Bankrate's expert LightStream Review

Marcus by Goldman Sachs: Best for no-fee loans

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.

Perks: Marcus does not charge origination fees, application fees or late fees. The company offers a rewards perk after you make a year of on-time payments.

What to watch out for: Marcus does not allow co-signers.

Lender Marcus by Goldman Sachs
Bankrate Rating 4.7 / 5.0
Min. Credit Score Not specified
Est. APR 6.99% - 19.99%
Loan Amount $3,500 - $40,000
Term Lengths 3 to 6 years
Min. Annual Income Not specified
Fees None

Read Bankrate's expert Marcus by Goldman Sachs Review

TD Bank: Best for convenience

Overview: TD Bank offers loans for a variety of uses, including vacations, home renovations and debt consolidation. The lender offers three types of personal loans, and eligibility requirements vary depending on the type — but TD Bank does say that its TD Express Loan has a minimum credit score requirement of 700.

Perks: 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 1,300 locations in the region. Loan funds from TD Bank will be available in as little as 48 hours, and you’ll pay no origination or application fees.

What to watch out for: Depending on the type of loan you apply for, TD Bank may charge origination fees or late fees.

Lender TD Bank
Bankrate Rating 4.2 / 5.0
Min. Credit Score 700 for TD Express Loan
Est. APR 5.67% - 18.99%
Loan Amount $2,000 - $50,000
Term Lengths 1 to 5 years
Min. Annual Income Not specified
Fees Late fee of 5% of $10 for unsecured loans, origination fee of $50 for secured loan

Read Bankrate's expert TD Bank Review

Earnest: Best for no origination fees

Overview: Perhaps best known for offering student loan refinancing, Earnest also offers low-interest personal loans in partnership with Fiona.

Perks: Earnest offers very low-cost, zero-fee loan options. This includes no origination fees, prepayment fees or hidden fees. It partners with personal loan search engine Fiona to search loan offers from multiple providers.

What to watch out for: Because Earnest uses a loan marketplace to match you with a lender, your terms and fees will vary.

Lender Earnest
Min. Credit Score Varies by lender
Est. APR Starting at 4.99%
Loan Amount $1,000 - $100,000
Term Lengths 2 to 7 years
Min. Annual Income Not specified
Fees Varies by lender

SoFi: Best for extra features

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.

Perks: SoFi loans do not charge any fees — no origination fee, prepayment fees or late fees. The lender also offers unemployment protection offered by the lender, temporarily pausing payments and offering job-search assistance if you lose your job.

What to watch out for: SoFi’s loans and perks are reserved for those with the best credit scores. Additionally, SoFi says it takes a few days to receive your funds, while some lenders may deposit funds as soon as the next business day.

Lender SoFi
Bankrate Rating 4.7 / 5.0
Min. Credit Score 680
Est. APR 5.99% - 17.53% (with autopay)
Loan Amount $5,000 - $100,000
Term Lengths 2 to 7 years
Min. Annual Income Not specified
Fees None

Read Bankrate's expert SoFi Review

Laurel Road: Best for no fees

Overview: Laurel Road, part of KeyBank, looks for the most creditworthy borrowers. Though Laurel Road started out offering student loans, it has since expanded into personal loans.

Perks: Laurel Road offers quick access to funds, with the money disbursed directly to your bank account. Signing up for autopay will earn you a 0.25 percent interest rate discount and there are no application or origination fees.

What to watch out for: Laurel Road loans max out at $45,000, so if you need more, it may not be the best lender. It also offers only three repayment terms: three, four and five years.

Lender Laurel Road
Min. Credit Score Not specified
Est. APR 8.01% - 22.56% (with autopay)
Loan Amount $5,000 - $45,000
Term Lengths 3 to 5 years
Min. Annual Income Not specified
Fees Late fee of $28 or 5%

PNC Bank: Best for in-person service

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 consolidating debt, making a large purchase and more.

Perks: There are no prepayment penalties, application fees or origination fees. Unlike many online lenders, PNC Bank offers both secured and unsecured loans, so you may be able to qualify for better terms by offering collateral.

What to watch out for: Those who don’t have a checking account with PNC will pay slightly higher rates. Additionally, rates, terms and available products vary based on location; details presented here are based on the 10019 ZIP code.

Lender PNC Bank
Bankrate Rating 4.5 / 5.0
Min. Credit Score Not specified
Est. APR As low as 7.24% (with autopay)
Loan Amount $1,000 - $35,000
Term Lengths Not specified
Min. Annual Income Not specified
Fees None

Read Bankrate's expert PNC Bank Review

Frequently asked questions about excellent credit personal loans

How does my credit score affect my loan chances?

Since most personal loans are unsecured, your credit score is the most important part of your application. The better your credit score, the more likely you are to get approved for a personal loan at the lowest interest rate offered.

That also means the lower your credit score, the less likely you are to qualify for a personal loan. And if you do qualify, you won’t get the lowest interest rate available. The best personal loans for excellent credit will give you the lowest interest rate, fewest fees and repayment terms that are best for your budget. If you don’t have excellent credit, there are still personal loans available, but they might not have all these features.

Will a personal loan hurt my credit score?

Having a personal loan won’t hurt your credit score, but applying for one will temporarily cause a dip. That’s because applying for a personal loan causes a hard credit check — when you give a lender approval to check your credit score. Hard credit checks tend to cause a small drop, but it’s not for long, and these checks don’t have a huge impact on your overall score. The weight of hard credit checks also goes down with time.

If you keep up on-time payments every month and pay off your loan, your credit score could see a jump.

How much will a personal loan cost?

Personal loan costs vary by lender. For excellent credit, there are some lenders that don’t charge any fees. You’re only responsible for paying back the principal (or the amount you borrowed) plus interest. The lower your interest charges, the less you’ll pay back over the life of the loan.

How do I prequalify for a personal loan?

Many lenders let you check to see if you’re prequalified for their loans through their websites. If you’re eligible, you’ll typically move on to complete a full application. Prequalification checks usually include verifying who you are and where you live, what you need a loan for and how much you need to borrow.

Lenders are not only looking at your credit score, but your credit history as well. The longer your credit history, the better you look to lenders. It’s a good idea to have many different types of credit, low credit utilization and a solid on-time payment history. The better your credit, the more likely you are to prequalify for a personal loan.

Where can I get a personal loan?

When it comes to shopping for personal loans, the better your credit score, the more options you have. Generally speaking, there are three main options when it comes to applying for a personal loan:

  1. Online lenders: Since all of the loan application process can be done online, this could be a convenient way to apply and receive funds quickly. Online lenders also make it easy to compare rates, APRs and fees.
  2. Banks: Some banks, like USAA and CitiBank, offer personal loans. Applying with a bank could get you a lower rate if you have an existing checking or savings account with the bank. This could also be a good option if you prefer in-person customer service.
  3. Credit Unions: A local credit union may offer more affordable rates and fees than banks and online lenders, especially if you're already a member. However, it's important to be aware that some credit unions may not offer prequalification, so applying could cause a temporary dip in your credit score.

Additional personal loan resources