Best Loans for Excellent Credit

SoFi offers the best loans for people with excellent credit scores

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38 Lenders reviewed
40 Loan features considered
9 Best of awards

If you need to borrow money and you have excellent credit, you’re in just about the best position possible. If you have excellent credit—which doesn’t have an official definition, but usually means a credit score of 800 or higher—you’ll be better able to qualify for the lowest-rate loans with the best features, and you’ll have more freedom in choosing the right lender for you. 

Since most lenders are more than happy to offer a loan to someone with excellent credit like you, it can lead to a bit of analysis paralysis. To help whittle the field down for you, here are our top recommendations for the best loans for excellent credit.

Best Loans for Excellent Credit of February 2023

If youre not seeing anything in the results that are a good fit for your needs, consider warranties from these companies:
Company APR Credit Score est. Loan Amount More Details
Best Overall SoFi
4.9
APR With Autopay Discount
7.99% - 23.43%
Recommended Minimum Credit Score
Not Disclosed
This lender does not disclose its minimum credit score requirements.
Loan Amount
$5,000 - $100,000
See Details Check Rates
Best for Long Repayment Terms U.S. Bank
4.7
APR With Autopay Discount
8.74% - 21.24%
Recommended Minimum Credit Score
660
This lender does not disclose its minimum credit score requirements.
Loan Amount
$1,000 - $50,000
See Details Check Rates
Best Credit Union PenFed Credit Union
4.7
APR Range
7.74% - 17.99%
Recommended Minimum Credit Score
650
This lender does not disclose its minimum credit score requirements.
Loan Amount
$600 - $50,000
See Details Check Rates
Best for Secured Loans Regions
4.4
APR With Autopay Discount
7.99% - 29.99%
Recommended Minimum Credit Score
Not Disclosed
This lender does not disclose its minimum credit score requirements.
Loan Amount
$2,000 - $50,000
See Details Check Rates
Best for Military Members Navy Federal Credit Union
4
APR Range
7.49% - 18.00%
Recommended Minimum Credit Score
600
This lender does not disclose its minimum credit score requirements.
Loan Amount
$250 - $50,000
See Details Check Rates
Best for Debt Consolidation Discover
4.2
APR Range
6.99% - 24.99%
Recommended Minimum Credit Score
660
This lender does not disclose its minimum credit score requirements.
Loan Amount
$2,500 - $35,000
See Details Check Rates
Best for Quick Funding Rocket Loans
4
APR With Autopay Discount
8.42% - 29.99%
Recommended Minimum Credit Score
Not Disclosed
This lender does not disclose its minimum credit score requirements.
Loan Amount
$2,000 - $45,000
See Details Check Rates
Best for Small Loan Amounts First Tech Federal Credit Union
4.1
APR Range
8.99% - 18.00%
Recommended Minimum Credit Score
600
This lender does not disclose its minimum credit score requirements.
Loan Amount
$500 - $50,000
See Details Check Rates
Best for Large Loan Amounts LightStream
4
APR Range
6.99% - 23.99%
Recommended Minimum Credit Score
660
This lender does not disclose its minimum credit score requirements.
Loan Amount
$5,000 - $100,000
See Details Check Rates
Filter (9)

Is your credit not quite excellent? Check out our picks for the best personal loans in general, or browse the best bad credit loans.

Best Overall : SoFi

Investopedia's Rating
4.9

  • APR Range: 7.99% - 23.43%
  • Time To Receive Loan: 0 days
  • Loan Amount: $5,000 - $100,000
Pros & Cons
Pros
  • No fees

  • Same-day funding

  • Offers unemployment protection

Cons
  • High minimum loan amount

  • Rates not as low as other lenders

  • Only allows co-applicants, not co-signers

Why We Chose It

SoFi doesn’t offer the absolute lowest rates, but it’s not far off. Rather, its main selling point is its extra features. It offers plenty of discounts for things like signing up for autopay, direct pay, maintaining a SoFi checking or savings account, and taking out another SoFi loan as a repeat customer after your first is paid off. 

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. 

If you can afford it, it’s a good idea to keep paying your loan unless you absolutely need a break. Interest still accrues during forbearance, which makes your loan balance larger when you return to paying it again.

Qualifications
  • Must be the age of majority in your state
  • Available in all states and Washington, D.C.
  • Must have some source of income or a job offer starting within 90 days
  • Must be a U.S. citizen, permanent resident, or non-permanent alien resident

Best for Long Repayment Terms : U.S. Bank

Investopedia's Rating
4.7

  • APR Range: 8.74% - 21.24%
  • Time To Receive Loan: 0 days
  • Loan Amount: $1,000 - $50,000
Pros & Cons
Pros
  • Same-day funding

  • Can apply in person

  • Good rate discounts

Cons
  • Only available in 26 states

  • Doesn’t offer many customer assistance plans

  • Steeper restrictions for non-U.S. Bank customers

Why We Chose It

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 if you’re approved, or you can go to a U.S. Bank branch location. 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).

One of the things we really appreciate about U.S. Bank’s personal loan is its discount options. Like with many lenders, you’ll get a 0.50% discount if you sign up for autopay, but it also offers a nice reward for excellent-credit applicants: a full 1% rate discount if your credit score is above 800.

Qualifications
  • 660 minimum credit score
  • Must live within the same state—or within 50 miles—of a U.S. Bank branch

Best Credit Union : PenFed Credit Union

Investopedia's Rating
4.7

  • APR Range: 7.74% - 17.99%
  • Time To Receive Loan: 1 day
  • Loan Amount: $600 - $50,000
Pros & Cons
Pros
  • Smaller loans available

  • Monthly or bi-weekly payments

  • Credit union membership open to anyone

Cons
  • No interest rate discounts

  • Same-day funding not available

  • Requires you to join credit union

Why We Chose It

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 apply first and wait to join until you know whether the rates it can offer you are worth the hassle. 

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.

Qualifications
  • 650 minimum credit score
  • Available in all states and Washington, D.C.

Best for Secured Loans : Regions

Investopedia's Rating
4.4

  • APR Range: 7.99% - 29.99%
  • Time To Receive Loan: 0 days
  • Loan Amount: $2,000 - $50,000
Pros & Cons
Pros
  • Very low rates

  • Can apply in person

  • Secured personal loan options available

Cons
  • Only available in 15 states

  • Restrictions for non-Regions customers

  • Joint applicants must call or visit a branch

Why We Chose It

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. (If you’re applying for a secured personal loan or with a joint applicant, or you’re not a current customer, you will have to visit a branch to apply for the loan.) One downside is that the autopay discount is only available for loans of $5,000 or more, and it ranges between 0.25% and 0.50% depending on your banking history with Regions. 

Qualifications
  • Available in 15 states in the South and Midwest, and in Texas

Best for Military Members : Navy Federal Credit Union

Investopedia's Rating
4.0

  • APR Range: 7.49% - 18.00%
  • Time To Receive Loan: 0 days
  • Loan Amount: $250 - $50,000
Pros and Cons
Pros
  • Same-day funding

  • Offers secured loans

  • Wide range of loan options

Cons
  • Can’t change due date

  • Pre-qualification not available

  • Membership not available for everyone

Why We Chose It

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. 

Qualifications
  • Must be a member of the credit union
  • Available in all states and Washington, D.C.

Best for Debt Consolidation : Discover

Investopedia's Rating
4.2

  • APR Range: 6.99% - 24.99%
  • Time To Receive Loan: 1 day
  • Loan Amount: $2,500 - $35,000
Pros and Cons
Pros
  • Next-day funding

  • 30-day loan guarantee

  • Can send payoff funds directly to creditors

Cons
  • No rate discounts available

  • Doesn’t allow joint applicants or co-signers

  • Can’t be used to consolidate Discover debt

Why We Chose It

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. You also can’t take advantage of its 30-day money-back guarantee where you can return the loan funds interest-free if you change your mind. If Discover sent those funds directly, there’s no way to get them back from your former creditors. 

Qualifications
  • Credit score of 660 or higher
  • Annual income of $25,000 or more
  • Available in all states and Washington, D.C.

Best for Quick Funding : Rocket Loans

Investopedia's Rating
4.0

  • APR Range: 8.42% - 29.99%
  • Time To Receive Loan: 0 days
  • Loan Amount: $2,000 - $45,000
Pros and Cons
Pros
  • Same-day funding

  • Autopay discount available

  • Can change your payment due date

Cons
  • Charges an origination fee

  • Doesn’t accept co-signers or joint applicants

  • Unavailable in Iowa, Nevada, and West Virginia

Why We Chose It

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. 

Qualifications
  • Must be a U.S. resident at least 18 years old
  • Available in all states except Iowa, Nevada, and West Virginia

Best for Small Loan Amounts : First Tech Federal Credit Union

Investopedia's Rating
4.1

  • APR Range: 8.99% - 18.00%
  • Time To Receive Loan: 0 days
  • Loan Amount: $500 - $50,000
Pros & Cons
Pros
  • No payments for 45 days

  • Credit union membership open to all

  • Offers borrower assistance programs

Cons
  • No rate discounts available

  • Short-term loan options not available

  • Must join credit union in order to get approved

Why We Chose It

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. 

Qualifications
  • 600 minimum credit score
  • Available in all 50 states and Washington, D.C.

Best for Large Loan Amounts : LightStream

Investopedia's Rating
4.0

  • APR Range: 6.99% - 23.99%
  • Time To Receive Loan: 0 days
  • Loan Amount: $5,000 - $100,000
Pros and Cons
Pros
  • No fees

  • Same-day funding

  • Rate-beating guarantee

Cons
  • No rate discounts

  • No pre-qualification available

  • Doesn’t offer direct creditor payment

Why We Chose It

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.

If you get all of your rate shopping done within a two-week period, the credit companies will wrap all of those separate hard inquiries up into one single inquiry. This reduces the damage to your credit score.

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). 

Qualifications
  • Minimum 660 credit score
  • Available in all states and Washington, D.C.

Compare the Best Loans for Excellent Credit of February 2023

Overall Rating Best For
APR Range
Average Origination Fee
Late Fee
Time To Receive Loan
Loan Amount
Latest Repayment
Reset All
SoFi
4.9
Best Overall 7.99% - 23.43% 0.00% $0.00 0 days $5,000 - $100,000 84 months Check Rates
Hide, not for me
U.S. Bank
4.7
Best for Long Repayment Terms 8.74% - 21.24% 0.00% $29.00 0 days $1,000 - $50,000 84 months Check Rates
Hide, not for me
PenFed Credit Union
4.7
Best Credit Union 7.74% - 17.99% 0.00% $29.00 1 day $600 - $50,000 60 months Check Rates
Hide, not for me
Regions
4.4
Best for Secured Loans 7.99% - 29.99% 0.00% 5.00% - $100.00 0 days $2,000 - $50,000 60 months Check Rates
Hide, not for me
Navy Federal Credit Union
4.0
Best for Military Members 7.49% - 18.00% 0.00% $29.00 0 days $250 - $50,000 180 months Check Rates
Hide, not for me
Discover
4.2
Best for Debt Consolidation 6.99% - 24.99% 0.00% $39.00 1 day $2,500 - $35,000 84 months Check Rates
Hide, not for me
Rocket Loans
4.0
Best for Quick Funding 8.42% - 29.99% 1.00% - 7.00% $15.00 0 days $2,000 - $45,000 60 months Check Rates
Hide, not for me
First Tech Federal Credit Union
4.1
Best for Small Loan Amounts 8.99% - 18.00% 0.00% $0.00 0 days $500 - $50,000 84 months Check Rates
Hide, not for me
LightStream
4.0
Best for Large Loan Amounts 6.99% - 23.99% 0.00% $0.00 0 days $5,000 - $100,000 120 months Check Rates
Hide, not for me
*APR ranges for some companies include a discount for automatic payments or existing bank customers.

Final Verdict

The best loans for excellent credit all have a few things in common: low rates, flexible loan amounts and term lengths, and plenty of extra perks and features to keep you happy. After all, most lenders clamor to offer loans to people with excellent credit because it’s a safe business bet. People with excellent credit loans are less likely to default on their obligations.

Depending on what you’re looking to borrow money for and who you prefer to work with, you’ll have plenty of options. Credit unions like PenFed and First Tech FCU often offer lower rates, but some online lenders like LightStream are equally competitive. And if your income can support it, you may be able to borrow a large sum of cash from lenders like SoFi.

Guide to Choosing the Best Personal Loans for Good Credit

Do You Need a Personal Loan for Excellent Credit? 

Even people with excellent credit may face a situation where a personal loan can be helpful. For example, you may need funding to make home improvements, consolidate variable-rate credit card debt into a lower fixed-rate payment, or pay for unexpected medical bills. The good news is that those with excellent credit can qualify for funding from more lenders and may receive the lowest possible interest rates on their loans. 

You’ll be able to qualify for a personal loan with many lenders if you have excellent credit, as long as you also meet their other borrowing requirements. Since you can likely qualify with most lenders, you’ll need to decide the most important features to you when searching for a loan. For example, you may need to consider the speed of funding, the size of the loan you can get, and available repayment terms.

How to Compare Personal Loan Lenders for Excellent Credit

People with excellent credit and income sufficient to repay their debt should be able to qualify for a personal loan with most lenders. So, some of the most important factors to consider are:

  • APR range and fees: You’ll usually get the best rates if you have excellent credit. So, one of the biggest factors to consider is the rate you can get and if you’ll be required to pay any fees. Remember that the APR includes fees, so compare APRs instead of interest rates when shopping around.
  • Funding speed: Some lenders can get you approved and funded as quickly as the day you apply. Others may take a few days to get you approved and funded. Choose a lender that can get you your money as fast as you need it.
  • Repayment terms: One of the ways to get the smallest possible payment (besides getting a low-interest rate) is to choose a longer repayment term. However, you’ll end up paying more interest over the life of the loan than with a shorter term. You’ll need to decide if you want to pay less interest or have a smaller payment before you apply for a loan.
  • Loan size: The amount of money you need to borrow is likely one of the biggest factors to consider. If you only need to borrow a few hundred dollars, make sure the lender offers loans that small (loans of at least $2,500 are common). Also, many lenders only offer personal loans up to $50,000—options above this amount are more limited.

How to Apply for a Personal Loan With Excellent Credit

Applying for a personal loan if you have excellent credit is basically the same process as it is for anyone else. The main difference is you might not need to provide the lender with as much documentation as a borrower with a lower credit score. For example, some lenders might not require that you provide information like tax returns or pay stubs since your excellent credit score shows you have a history of repaying your loans on schedule. 

Regardless of your credit score, you’ll usually start the personal loan application process by submitting an application online. You’ll need to provide the lender with basic information like details about your income, your Social Security or tax identification number, why you need the loan, and how much you need to borrow. 

If the lender offers a pre-qualification option, you’ll review the loan offers, accept the offer you like, and create an account online to manage your loan. Then, you may be asked to provide some other documentation, like proof of income. Once this is done, you’ll receive your funding and manage your account online through a portal or a mobile app.

What Is Considered an Excellent Credit Score?

Personal credit score ranges are typically 300 to 850, with higher scores considered better. In the simplest terms, your credit score indicates how risky it is for a company to lend you money or provide other services (e.g., rent you an apartment).

Higher credit scores indicate that you’ve effectively managed your credit and paid your loans on time, so you are considered lower risk. Excellent credit is typically a FICO credit score of 800 to 850. 

According to research by Experian, the average FICO score in the United States in 2021 was 714, which is considered good credit. FICO score ranges are typically defined as follows:

  • Excellent credit (or exceptional credit): 800 to 850
  • Very good credit: 740 to 799 
  • Good credit: 670 to 739
  • Fair credit: 580 to 669
  • Poor credit: 300 to 579

Understanding where you stand in terms of your credit score is important. It can mean the difference between a loan with an interest rate in the double digits (if you have a less-than-good score, under 660 or so) or one just a few percentage points above prime (if you are in the excellent-score category). Other benefits to having a higher credit score include the ability to borrow higher loan amounts and get longer repayment terms.

Will Getting a Personal Loan Hurt My Credit Score?

Many lenders let you pre-qualify for a loan by performing a soft credit check, which won't impact your credit score. If you decide to formally apply for a loan, the lender will complete a hard pull on your credit. A hard pull can cause your credit score to drop slightly. If you're approved, the personal loan will also show up on your credit report, which could also impact your credit score.

If you have excellent credit, the hard inquiry and the personal loan may not affect your score very much or for very long. Plus, if you apply for multiple personal loans within a short time frame, the credit bureaus may view them as one inquiry. Credit bureaus are aware that borrowers like to compare offers before making a decision and won't necessarily ding you for due diligence.

What Can I Use My Personal Loan For?

Generally, you can use a personal loan to fund almost any personal expense. However, you usually can’t use a personal loan to pay for college or cover business expenses. Some of the most common uses for personal loans are:

  • Debt consolidation
  • Home improvement or repairs
  • Medical procedures
  • Weddings or special vacations
  • Funerals
  • Other unexpected or emergency expenses

Nineteen percent of American couples surveyed in the Weddings & Money 2021: A Brides and Investopedia study said they planned to take out a personal loan to pay for their wedding.

What Are the Pros and Cons of a Personal Loan for Excellent Credit?

Before taking out a personal loan, consider the pros and cons.
Pros

  • Higher loan amounts than credit cards: With a personal loan, you’ll usually be able to borrow more money than you can with a credit card. For example, some lenders will allow you to borrow as much as $50,000 to $100,000 at a time. 
  • Lower interest rates than credit cards: Personal loans carry fixed interest rates, which are usually lower than the variable interest rates you’ll pay on a credit card. 
  • No collateral and quick funding: Most personal loans aren’t secured by collateral. This means the funding speed is usually much faster than a comparable secured loan since the lender doesn’t have to take time to evaluate your collateral or get an appraisal.

Cons

  • Smaller loan amounts than on secured debt: Although you can borrow more money with a personal loan than you can with a credit card, it’s often less than what you might be able to get with a collateral-secured loan. For example, with a home equity loan, you might be able to borrow up to 80% or more of your home’s value (less any other debt you owe on the home).
  • Higher interest rates than on secured debt: Personal loans are riskier to lenders because they are not secured by collateral. Lenders compensate for this risk by charging higher interest rates on unsecured debt, including personal loans.
  • Shorter repayment terms than on secured debt: You’ll usually need to repay your personal loan in two to seven years. This is much shorter than the 15- to 30-year repayment terms commonly offered on mortgages and home equity loans.

Where Can I Get a Personal Loan?

As someone with excellent credit, you’ll be able to find a personal loan in many places. Many borrowers tend to think the only places are through banks and credit unions, but many alternative lenders, especially online ones, offer fairly competitive rates. In fact, such lenders have some of the lowest rates since they’re not subject to the overhead costs that brick-and-mortar institutions are.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected hundreds of data points across more than 40 lenders, including interest rates, fees, loan amounts, and repayment terms, to ensure that our reviews help users make informed decisions for their borrowing needs.

Woman Leaning On Man Using Laptop to search personal loans for excellent credit

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Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Experian. "What Is the Average Credit Score in the U.S.?"

  2. Equifax. "What Is a Good Credit Score?"

  3. Experian. "What Are the Different Credit Scoring Ranges?"