Best Loans for Excellent Credit

SoFi doesn’t offer the absolute lowest rates, but it’s not far off. Rather, its main selling point is its extra features. It also offers plenty of discounts for things like signing up for autopay, maintaining a SoFi checking or savings account and having your paycheck direct deposited to it, and for those who are SoFi members and take out another loan type.

In addition, unlike many lenders which advertise themselves as fee-free, SoFi really is: There aren’t even any late fees with these excellent-credit loans. If life happens and you lose your job, SoFi offers an unemployment protection plan that’ll put your loan in forbearance while its career coaches assist you with finding a new job. 

For those who prefer working with credit unions, PenFed offers one of the most widely available and useful personal loans, especially for smaller-dollar amounts. Anyone is eligible to join the credit union, and you can even check your rate first and wait to join, if you decide the rate they offer you is acceptable.

The downside is that it doesn’t offer any interest rate discounts like other lenders. Instead, you’ll get access to a full-fledged suite of bank accounts if you want to switch (although you’re not required to) and a member discount program with other companies like H&R Block, Travelers Insurance, and Xfinity Mobile.

Like SoFi, LightStream doesn’t offer quite the lowest rates, but LightStream has a trick up its sleeve. If you can show LightStream proof that you’ve been approved for a personal loan with the same terms and amounts, without any special conditions, from another lender at least two days before your loan is funded, LightStream will beat that rate by 0.10%. The downside is LightStream doesn’t allow for pre-qualification, so if you do apply with another lender, you may have more than one credit inquiry listed on your credit reports.

LightStream can get your money to you uber-quick, however, given that it can send the funds instantly via wire transfer. Other lenders advertise same-day funding too, but they often rely on slower ACH transfers (which can take a few days to show up in your account even if they are sent on the same day). 

For a big bank, U.S. Bank actually offers a pretty decent personal loan, especially if you’re already a customer. If that’s the case, you’ll be able to complete the full loan application online and receive same-day funding (on small loans). You can go to a U.S. Bank branch location to apply. If you’re not a current customer, you’ll need to visit a branch anyway, and you’ll only be able to borrow a smaller amount (up to $25,000) for a shorter period of time (up to five years).

Like many lenders U.S. bank offers a discount for automatic payments. You'll need a credit score of 800 to be eligible for the lowest rates.

Regions isn’t widely available, but if you do live within its footprint and you’re looking for something more than the standard-issue personal loan, it could be a good option. With Regions, you can use your savings account, money market account, CD, or even vehicles and trailers as collateral for a secured loan. 

In addition, since Regions is a brick-and-mortar bank, you’ll also get the option to apply in person. Joint applicants must apply in person. For unsecured loans non-customers can apply in person or by phone. Regions customers can apply online for both unsecured loans and those secured by their Regions account. Regions offers a 0.25% autopay discount.

You’ll need to be a member of Navy Federal Credit Union in order to apply for this loan, and membership is only available to current and former military members, civilian contractors, and their families. If you’re eligible, though, you can get access to many different personal loan options for a wide range of needs.

If you’re looking for a home improvement loan, for example, Navy Federal allows you to stretch your term length out to 61 to 84 months for loans above $25,000, and 85 to 180 months for loans above $30,000. You can also use your savings account or CD as collateral for a secured loan. The downside is there isn’t any pre-qualification option, so you’ll need to accept a small credit hit in order to apply even if you’re only curious about your rates. 

You probably know Discover from its credit cards, but it also offers decent personal loans too. Like many lenders, if you’re getting a debt consolidation loan you can request that Discover send the loan payoff amounts to your old creditors, thereby saving you an extra step. 

There are two things to keep in mind with a Discover debt consolidation loan, however. You can’t use it to pay off other Discover debt, like from a Discover card. If Discover sends funds directly to your creditors, you won't be able to take advantage of Discover's 30-day money-back guarantee where you can return the loan funds interest-free if you change your mind.

True to its name, Rocket Loans offers some of the fastest loans in the industry. If you’re approved and finish signing your paperwork by 1 p.m. Eastern Time on a regular business day, Rocket Loans will submit an ACH transfer that same day. 

Keep in mind that some banks have different funds availability policies, so it’s not a guarantee you’ll actually be able to use the money the same day. But it’s about as close as you can get. 

If you only need to borrow a small amount of money, First Tech FCU is one credit union that allows just about anyone to join and offers some of the smallest-dollar loan amounts available. The downside is that the term length options—while shorter than most—aren’t quite small enough to match well. 

For example, with the smallest loan options you’d be paying off a mere $500 over the course of two years—it’d be nice if a one-year term length were available. Even so, there’s no prepayment penalty, so you’re always free to pay it off early if you like.