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Best personal loans for excellent credit in March 2024

Mar 18, 2024

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LightStream: Best for excellent credit

4.7

Est. APR
7.99- 25.49%
* with AutoPay
Loan term
2-7 yrs*
Loan amount
$5k- $100K
Min credit score
695
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PERSONAL LOANS

Upstart: BEST FOR LOW INTEREST RATES

4.8

Est. APR
7.80- 35.99%
Loan term
3-5 yrs
Loan amount
$1k- $50K
Min credit score
Not disclosed
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PERSONAL LOANS

Achieve: BEST FOR PEOPLE WITH AN EXCELLENT CREDIT CO-SIGNER

4.7

Est. APR
8.99- 35.99%
Loan term
2-5 yrs
Loan amount
$5k- $50K
Min credit score
640
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PERSONAL LOANS

Happy Money: BEST FOR ADDITIONAL MEMBER BENEFITS

4.6

Est. APR
11.72- 17.99%
Loan term
2-5 yrs
Loan amount
$5k- $40K
Min credit score
Not disclosed
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PERSONAL LOANS

Citi® Personal Loan: BEST FOR NO FEES

4.6

Est. APR
10.49- 19.49%
Loan term
1-5 yrs
Loan amount
$2k- $30K
Min credit score
720
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PERSONAL LOANS

Upgrade: BEST FOR CO-BORROWERS

4.7

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

Best Egg: BEST FOR QUICK FUNDING

4.6

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

Prosper: BEST FOR JOINT APPLICATIONS

4.7

Est. APR
8.99- 35.99%
Loan term
2-5 yrs
Loan amount
$2k- $50K
Min credit score
560
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PERSONAL LOANS

BEST FOR TOP-RATED APP

4.7

Est. APR
9.95- 35.99%
Loan term
1-5 yrs
Loan amount
$2k- $35K
Min credit score
550

PERSONAL LOANS

PNC: BEST FOR IN-PERSON SERVICE

5.0

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

PERSONAL LOANS

TD Bank: Best for convenience

4.9

Est. APR
8.99- 23.99%
Loan term
3-5 yrs
Loan amount
$2k- $50K
Min credit score
700

We helped over 421K people get prequalified loan offers last year. Let's find the best excellent credit personal loan for you now.

How to compare excellent credit lenders

Gathert quotes from at least three lenders before applying for a personal loan so you can choose the best personal loan option for your situation. When comparing lenders, keep these factors in mind:

  1. Approval requirements. Every lender sets its own rules for approving potential borrowers. Requirements often include minimum credit scores and minimum income levels.
  2. Interest rates. The lowest advertised rate is never guaranteed, so get prequalified to see your real rates. Calculate any loan 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 offer a range of loan amounts. Some lenders specialize in larger loan amounts while others focus on smaller loan sizes.
  4. Repayment options. Personal loan lenders usually offer multiple repayment terms, typically ranging from one year to seven years. If you're borrowing a lot of money, find lenders 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. Customer service. Investigate each company's customer service options. See if the lender offers in-person services, phone support, web support, apps or tools so you can contact the lender with questions about your personal loan.

Compare personal loans for excellent credit

LENDER BEST FOR ESTIMATED APR LOAN AMOUNTS TERM LENGTHS MIN CREDIT SCORE
LightStream Flexible use of loan funds 7.49%-25.49% with Autopay $5,000-100,000 2-7 years 695
Upstart Low interest rates 7.80%-35.99% $1,000-$50,000 3-5 years No requirement
Achieve People with an excellent credit co-signer 8.99%-35.99% $5,000-$50,000 2-5 years 620
Citi No fees 10.49%-19.49% $2,000-$30,000 1-5 years 720
Happy Money Additional member benefits 11.72%-17.99% $5,000-$40,000 2-5 years 640
Avant Top rated app 9.95%-35.99% $2,000-$35,000 1-5 years 550
Upgrade Co-borrowers 8.49%-35.97% $1,000-$50,000 2-7 years 600
Best Egg Quick funding 8.99%-35.99% $2,000-$50,000 3-5 years 600
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 8.99%-35.99% $2,000-$50,000 2-5 years 560

A closer look at our top excellent credit loan lenders

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 excellent credit

LightStream
Rating: 4.2 stars out of 5
4.2

Overview: LightStream is Truist’s online lending platform. Its application process only takes a few minutes to complete and borrowers can get the funds the same day they’re approved.

Est. APR
7.99%–25.49%
Loan amount
$5k– $100k
Min credit score
695

Upstart: Best for low interest rates

Upstart
Rating: 4.8 stars out of 5
4.8

Overview: Upstart loans have revolutionized the personal loan market by approving loans based on more than just the borrower’s credit score and income. It looks at factors like job history and educational background to make a decision, making its loan products accessible to many credit profiles.

Est. APR
7.80%–35.99%
Loan amount
$1k– $50k
Min credit score
Not specified

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

Achieve
Rating: 4.7 stars out of 5
4.7

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 and same-day decisions.

Est. APR
8.99%–35.99%
Loan amount
$5k– $50k
Min credit score
640

Citi: Best for no fees

Citi® Personal Loan
Rating: 4.6 stars out of 5
4.6

Overview: CitiBank offers a personal loan with a maximum borrowing amount of $30,000 and multiple repayment terms. Once approved, borrowers with direct deposit can access their funds within 2 business days.

Est. APR
10.49%–19.49%
Loan amount
$2k– $30k
Min credit score
720

Happy Money: Best for additional member benefits

Happy Money
Rating: 4.6 stars out of 5
4.6

Overview: Happy Money loans are specifically designed to help borrowers get rid of credit card debt in as little as two years.

Est. APR
11.72%–17.99%
Loan amount
$5k– $40k
Min credit score
Not specified

Avant: Best for top-rated app

Avant
Rating: 4.7 stars out of 5
4.7

Overview: Avant offers personal loans to fund small to midsize expenses. Loan amounts are capped at $35,000 and borrowers can get the funds as soon as the next business day after approval, with same-day decisions.

Est. APR
9.95%–35.99%
Loan amount
$2k– $35k
Min credit score
550

Upgrade: Best for co-borrowers

Upgrade
Rating: 4.7 stars out of 5
4.7

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.

Est. APR
8.49%–35.99%
Loan amount
$1k– $50k
Min credit score
600

Best Egg: Best for quick funding

Best Egg
Rating: 4.6 stars out of 5
4.6

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.

Est. APR
8.99%–35.99%
Loan amount
$2k– $50k
Min credit score
600

TD Bank: Best for convenience

TD Bank
Rating: 4.9 stars out of 5
4.9

Overview: One of the largest banks in the U.S., TD Bank serves over 10 million customers across the Northeast, Mid-Atlantic, Metro D.C., Florida and the Carolinas.

Est. APR
8.99%–23.99%
Loan amount
$2k– $50k
Min credit score
700

PNC Bank: Best for in-person service

PNC
Rating: 5 stars out of 5
5

Overview: For those looking for in-person service, PNC has nearly 2,700 locations. Borrowers who already have a relationship with PNC are eligible for an autopay percentage rate discount. PNC Bank also allows borrowers to submit joint applications.

Est. APR
5.99%–28.69%
Loan amount
$1k– $35k
Min credit score
Not specified

Prosper: Best for joint applications

Prosper
Rating: 4.7 stars out of 5
4.7

Overview: Founded in 2005, Prosper operates as a peer-to-peer lender and is accessible to borrowers across the credit spectrum. Since its inception in 2005, it has funded over $21 billion in loans to over 1 million borrowers.

Est. APR
8.99%–35.99%
Loan amount
$2k– $50k
Min credit score
560

How we choose our best excellent credit loan 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 flexibility to change payment due dates.
  • Checkmark
    Availability
    In this category, we evaluate minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time.
  • Checkmark
    Customer experience
    This category covers customer service hours, and whether online applications, online account access or mobile apps are available.
  • Checkmark
    Transparency
    For this factor, we consider how well information like credit requirements, rates, fees and prequalification offers is presented to the borrower on the lender’s website.
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 personal loan?

An excellent credit loan is a personal loan that's geared toward the most creditworthy borrowers. This means that only those with FICO scores over (at least) 800 will qualify. Borrowers may also have to meet stringent financial requirements to qualify. 

While this will vary depending on the lender, most require that applicants have a strong, established credit history, a steady income (some even have minimum income limits), a clean credit report and a low debt-to-income (DTI) ratio. 

Excellent credit loans aren't easy to qualify for, seeing as they're the most competitive on the market. When compared to other loans, they offer the lowest minimum APRs, lower origination fees and flexible repayment options. 

Pros and cons of excellent credit personal loans

Just like with every other type of loan, there are advantages and disadvantages even if you have excellent credit. Here's what to be aware of before signing on the dotted line.

Green circle with a checkmark inside

Pros

  • Lower interest rates than credit cards.
  • No need to put up an asset, as most are unsecured.
  • Interest and repayment terms are fixed, so your monthly payment stays the same.
  • Can boost your credit score with on-time payments.
  • They add to your credit mix.
  • Flexibility to use the funds in a variety of ways.
Red circle with an X inside

Cons

  • Origination fees can add to the cost of borrowing.
  • Paying late or missing payments can damage your credit.
  • Interest can’t be avoided, unlike with a zero-percent interest card.
  • Potentially increases your debt-to-income ratio.
  • You can’t borrow as you go — funds are disbursed in a lump sum.

What are the best uses for an excellent credit personal loan?


Nationally recognized student financial aid expert

If you have excellent credit, you are more likely to qualify for a personal loan, but you will also pay a lower interest rate, saving you money. Although you can use a personal loan for many things, such as paying for a wedding, cosmetic surgery, traveling and going on a vacation, the best uses are the ones that yield a positive return on your investment, as opposed to pure consumption. These include paying for your education, home improvement and business startup expenses. Using a personal loan for debt consolidation can also help you save money by reducing the average interest rate on your debt.

Senior Loans Writer

With some excellent credit rates hovering around the 6 percent range, an excellent credit personal loan can be a strategic tool to fill temporary cash needs. It can fund the completion of an over budget home improvement much more quickly and at a lower rate than current home equity loans. If you need a quick funding source to make a large purchase you had intended to pay for with a delayed commission or bonus, an excellent credit loan may fill the gap. These loans also come in handy if you’re buying and renovating property and need quick, cheap cash to complete the improvements.

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

Bankrate breaking news insight about excellent credit personal loans 

As mortgage rates continue to rise, excellent credit borrowers may be eligible for personal loan rates as low as home equity loans. If you don’t want to tie up your home’s equity with a loan, consider a personal loan instead. You’ll get the benefit of a fixed rate and receive money in a lump sum just like a home equity loan, without attaching any extra debt to your home.

Alternatives to personal loans for excellent credit users

Home equity loans or home equity lines of credit (HELOCs)

Both home equity loans and HELOCs allow you to tap into your equity to get the funds you need. The main difference between these two is that with a home equity loan, you get a fixed amount, disbursed in a lump sum. HELOCs, on the other hand, work like credit cards, where you can withdraw, pay off and reuse the credit line as you see fit. These loans are best suited if you need a larger amount.

Both of these options can offer lower interest rates than personal loans as they are backed by your property. On the downside, you could risk foreclosure if you default on the loan, and the approval and funding process can take significantly longer than with a personal loan.

Zero-percent credit card

If you have excellent credit, you’ll probably have no issue qualifying for a credit card with a 0 percent introductory rate. With these cards, you avoid paying interest altogether if you pay off your balance before the 0 percent offer ends — typically between 12 to 15 months, depending on the issuer.

401(k) loan

If you have a 401(k) account, you could borrow up to $50,000 or 50 percent of your vested balance with a 401(k) loan. Benefits of a 401(k) loan include no credit check and getting the funds relatively quickly,here are also some cons to them. For one, you could face a tax penalty from the IRS if you fail to pay it off on time, as it will count as an early distribution. You may also have less time to pay it off if you leave your employer.

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Alternatives to personal loans

If a personal loan isn't the best fit for your situation, there are alternative funding options to consider. Credit cards are popular alternatives for borrowers across the credit spectrum, home equity loans are ideal for individuals who have established equity in their home and a peer-to-peer (p2p) loan is best for those who have good credit and want a smaller loan. Look into each product's details and consider the potential long-term financial impact before making a final decision. 

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Frequently asked questions about excellent credit personal loans