Best Personal Loans for Excellent Credit

Borrowers with excellent credit may qualify for the best personal loan rates

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If you've got excellent credit, you’ve got plenty of loan options at your disposal. Though other factors can influence whether a lender will actually approve you, a stellar credit score and history at least proves to them that you’re someone who handles debt responsibly and pays bills on time. As a result, you’re seen as a less risky borrower—which means you’re more likely to qualify for the best terms and rates.

Best Personal Loans for Excellent Credit of January 2022

Best Overall and Lowest Rate : LightStream


LightStream, the online lending arm of Truist bank, offers some of the lowest fixed rates around: as low as 2.49% and no higher than 19.99%—with automatic payments (it's 0.5% higher without). Minimum rates and your repayment duration do vary, depending on the purpose of the loan—LightStream is big on categorizing loans, offering financing for everything from autos to weddings. There are also no fees and borrowers may take out up to a maximum of $100,000. 

  • Extremely low APRs (with autopay)

  • Wide range of loans

  • Guarantees to better competitors' rate (restrictions apply)

  • Hard inquiries only (which can dampen credit score temporarily)

  • Longer credit history required, usually several years

  • Inability to change due date once repayments start

Other important information:

  • Minimum/maximum amount you can borrow: $5,000 to $100,000
  • APR range: 2.49%–19.99% with autopay
  • Fees: None (Florida residents pay Documentary Stamp Tax of .35%)
  • Minimum credit requirement: Not Listed
  • Other qualification requirements: LightStream looks for borrowers with a decent credit mix, few delinquencies, a decent debt-to-income ratio, and several years of credit history
  • Repayment terms: 36 to 84 months
  • Restrictions: LightStream won’t count income from the cannabis industry. Plus, you can’t refinance an existing LightStream loan and use the funds for educational or business expenses
  • Time to receive funds: Could be as soon as the same business day

Read the full review: LightStream Personal Review

Best for Debt Consolidation : Payoff


Payoff advertises as a lender to help borrowers consolidate high-interest credit card debt. Their competitive rates, starting at 5.99% offers those looking for breathing room finally get some. Though the minimum requirements are a 600 credit score, it’s safe to assume the best rates will go to the most creditworthy individuals. Applicants can take out a loan starting from $5,000.

  • No late payment fees or prepayment penalties

  • Soft credit inquiry: You can check your rates without affecting your credit

  • Offers transparency on loan approval requirements

  • High minimum loan amount

  • Charges an origination fee, up to 5%

  • No joint applications

Other important information:

  • Minimum/maximum amount you can borrow: $5,000 to $40,000
  • APR range: 5.99%–24.99%
  • Fees: 0%-5% origination fee
  • Minimum credit requirement: 600
  • Other qualification requirements: Applicants must not have any current delinquencies. Length of credit history and debt-to-income ratio are also taken into account.
  • Repayment terms: 2 to 5 years
  • Restrictions: Massachusetts and Nevada residents ineligible
  • Time to receive funds: Within 3 to 6 business days after approval

Read the full review: Payoff Personal Loans

Best Customer Experience : SoFi



In addition to some of the lowest rates around and a high maximum loan limit, online lender SoFi offers benefits for its members, as it calls clients—and you become a member once you take out a loan. These benefits include no origination, prepayment, or late fees, plus access to credentialed financial advisors and personalized money advice.

  • No fees or late or prepayment penalties

  • Exclusive member benefits

  • Highly competitive APRs

  • Slower funding times

  • Higher minimum loan amount

  • High income a factor in getting best rates

Other important information:

  • Minimum/maximum amount you can borrow: $5,000 to $100,000
  • APR range: 5.74%–20.28% (with autopay)
  • Fees: No prepayment penalties, late and origination fees
  • Minimum credit requirement: Not Listed
  • Other qualification requirements: Need to be a U.S. citizen or permanent resident and the age of majority in your state. Applicants will also need to have a regular income source (such as full-time employment).
  • Repayment terms: 2 to 7 years
  • Restrictions: Personal loans aren’t available for Mississippi residents.
  • Time to receive funds: As soon as a few days after approval

Read the full review: SoFi Personal Loans

Best Minimum Loan Amount : Discover Personal Loans



Discover Bank is the online banking arm of the credit card company, famed for its cashback rewards and 100% U.S.-based customer service. One of Discover's strong points is that its loans come in relatively small amounts, excellent if the minimums set by other lenders exceed the amount of financing you really need. Yet its interest rates are competitive (many lenders reserve the better rates for larger loans).

  • Variety of loan terms offered, up to 84 months

  • Direct payment of creditors on debt consolidation loans

  • Soft credit inquiry to check your rates

  • Lower maximum loan amount (only $35,000)

  • Late payment fee of $39

Other important information:

  • Minimum/maximum amount you can borrow: $2,500 to $35,000
  • APR range: 5.99%–24.99%
  • Fees: $39 late fee but no origination fees or prepayment penalties
  • Minimum credit requirement: Not Listed
  • Other qualification requirements: Applicants need to be a U.S. citizen or permanent resident, at least 18 years old, and have a $25,000 minimum household income
  • Repayment terms: 36, 48, 60, 72 or 84 months
  • Restrictions: You can only borrow up to $35,000 which is lower than most.
  • Time to receive funds: As early as the next business day

Read the full review: Discover Personal Loans

Best for Transparency : Marcus by Goldman Sachs


Marcus by Goldman Sachs, the online commercial banking arm of the venerable investment bank, offers a comprehensive FAQ section that may be able to address all your questions before applying for a loan. The lender also offers remarkable transparency in the form of the fees it charges (which are none, by the way) along with various rewards borrowers may receive, such as for on-time payment.

  • Borrowers have the ability to defer one payment after making 12 consecutive monthly payments on time in and in full

  • No fees, including late and origination fees or prepayment penalties

  • Direct payment of creditors on debt consolidation loans

  • No joint applications

  • Rates generally slightly higher than competitors'

  • Lower maximum loan amount (only $40,000)

Other important information:

  • Minimum/maximum amount you can borrow: $3,500 to $40,000
  • APR range: 6.99%–19.99%
  • Fees: No late, origination, or prepayment fees
  • Minimum credit requirement: Not Listed 
  • Other qualification requirements: Applicants need to be the age of majority in their state with a Social Security or Individual Tax I.D. Number, plus a valid U.S. Bank account.
  • Repayment terms: 36 to 72 months
  • Restrictions: Applicants can’t apply with a co-borrower
  • Time to receive funds: As few as 1 to 4 business days after approval 

Read the full review: Marcus Personal Loans

Best for In-Person Service : Wells Fargo

Wells Fargo

Wells Fargo

Wells Fargo offers in-person service for those who are interested in a lender with brick and mortar locations. The bank has more than 4,900 locations to service your loan—new customers need to do so in person. Their credit requirements aren’t as strict as other lenders and rates start 5.74%.

  • Receive loan proceeds as soon as the same or next business day

  • Minimal fees

  • Rate discount available for qualifying customers

  • Best rates not given to small loans

Other important information:

  • Maximum/minimum amount you can borrow: $3,000 to $100,000
  • APR range: 5.74%–19.99% (relationship discount needed to get lowest rates)
  • Minimum recommended credit score: Not Listed
  • Fees: Late and returned payment fees apply
  • Other qualification requirements: Need a qualifying Wells Fargo bank account in addition to opting into autopay to receive a rate discount
  • Repayment terms: 12 to 84 months
  • Time to receive funds: As soon as the same or next business day

Read the full review: Wells Fargo Personal Loans

Best Credit Union : Alliant Credit Union



Alliant Credit Union offers loans up to five years, best for those who are interested in short-term loans. It also offers a hardship program, also called their Debt Protection program. If you were to sign up for this optional program, you can suspend your monthly payments without being charged extra interest or penalties if some unexpected or emergency event would prevent you from paying your bills.

  • Most applicants will receive funds the same day

  • No origination fees and prepayment penalties

  • Low minimum loan amount

  • Rates are higher the longer the loan term

  • Need to be a member to receive a personal loan

  • Loan terms short compared to other lenders

Other important information:

  • Maximum/minimum amount you can borrow: $1,000 to $50,000
  • APR range: 6.24%–10.24% with autopay discount
  • Fees: No prepayment penalty or origination fee
  • Minimum recommended credit score: Not Listed
  • Other qualification requirements: Applicants need to become a member of the credit union by making a donation to Foster care to Success (a minimum of $5) or through other means of qualification
  • Repayment terms: 12 to 60 months
  • Time to receive funds: As soon as the same day
  • Restrictions: The Debt Protection program incurs a monthly fee

Best Wedding Loan : American Express

American Express

American Express

Known for its travel rewards credit cards, American Express is delving into the world of personal loans. The loan amounts offered make sense for those who are planning a wedding—an amount that’s not too high but not a few hundred dollars either. Though American Express is offering competitive rates, the downside is that you need to be an existing cardholder and have an offer to qualify.

  • No application or origination fees

  • Check rates with a soft inquiry

  • Need to be an existing American Express cardholder

  • Charges late fees

Other important information:

  • Maximum/minimum amount you can borrow: $3,500 to $25,000
  • APR range: Not Listed
  • Fees: $39 late fee
  • Minimum recommended credit score: Not Listed
  • Other qualification requirements: Applicants need to be a qualifying American Express cardholder
  • Repayment terms: Not Listed
  • Time to receive funds: Three to five business days

Read the full review: American Express Personal Loans

Once you've decided which lender is right for you, it's crucial to know exactly what kind of monthly payment, loan term, and interest rate you can afford. A personal loan calculator would be useful for this endeavor.

Compare Best Personal Loans for Excellent Credit–January 2022

Lender APR Range Minimum Loan Amount Maximum Loan Amount Terms Recommended Credit Score
Best Overall and Lowest Rate
2.49%–19.99% with autopay $5,000 $100,000 36–84 months Not Listed
Best for Debt Consolidation
5.99%-24.99% $5,000 $40,000 2–5 years 600+
Best Customer Experience
5.74%–20.28% with autopay $5,000 $100,000 2–7 years Not Listed
Discover Personal Loans
Best Minimum Loan Amount 
5.99%–24.99% $2,500 $35,000 36–84 months Not Listed
Marcus by Goldman Sachs
Best for Transparency
6.99%–19.99% $3,500 $40,000 36–72 months Not Listed
Wells Fargo
Best for In-Person Service
5.74%–24.49% with relationship discount $3,000 $100,000 12–84 months Not Listed
Alliant Credit Union
Best Credit Union
6.24%–10.24% with autopay $1,000 $50,000 12–60 months Not Listed
American Express
Best Wedding Loan
Not Listed $3,500 $25,000 Not Listed Not Listed
Loan amounts, APR, and repayment period may vary by loan purpose or type.


What Is Considered an Excellent Credit Score?

When we're talking credit, we're mainly talking credit score—a statistical measure, not unlike an academic grade, that summarizes your creditworthiness in three digits. The credit scores most lenders use range between 300-850—which sounds a lot wider than it is, in terms of lender approval. Most credit scores fall between 600 and 750, according to Experian, one of the "Big Three" credit reporting bureaus. A score of 740 and above is considered “very good” and scores of 800 and above are considered “excellent.”

Credit Score Ranges:

  • Excellent Credit: 800 - 850
  • Very Good Credit: 740 - 799
  • Good Credit: 670 - 739
  • Fair Credit: 580 - 669
  • Very Poor Credit: under 580

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 longer repayment terms.

What Are Average Personal Loan Rates For Excellent Credit?

According to Federal Reserve, the average rate for 24-month personal loans is 9.39% as of August 2021. Of course, it depends on the lender and what factors when determining the borrower's rate, which includes your financial history and credit score. 

Most likely, the higher your income and credit score, the more likely you’ll be approved for the lowest rates. There may also be other factors such as your debt to income ratio (DTI), which shows the percentage of debt you’re paying in comparison to your gross monthly income. Lenders look at this number to determine whether you can handle taking on more debt.

What Should You Consider Before Choosing a Personal Loan?

Some factors to look for include:

  • APR: Generally speaking, the lower, the better. The annual percentage rate (APR) is different than the interest rate because it’ll include any fees rolled into your loan.
  • Fees: Look at any origination fees, plus late fees or any prepayment penalties in case you want to pay off your loan early.
  • Repayment terms: Understanding how long you have to pay off your loan can show you how much interest you’ll pay throughout the lifetime of the loan.

In addition, consider factors such as restrictions on how the loan must be used, minimum payment amounts, and how soon you’ll receive funds. 


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

Will Taking Out a Personal Loan Hurt Your Credit Score?

There are two types of credit checks: a soft pull (or soft inquiry) and a hard pull (hard inquiry). A soft pull is like a preview: Lenders allow you to see what you qualify for with them (approximately), based on the basic financial data you give them, and it doesn’t affect your credit score. When you submit a full application, that’s when the lender will do a hard pull, which will show up on your credit report and possibly affect your credit score—especially if there are several of them.

Keep in mind that if you have excellent credit, it may not affect your score that much or for that long. Plus, if you apply for multiple personal loans within a short time frame, the credit bureaus may view them as one inquiry, especially if they're for the same purpose (home improvement, auto, etc.). They’re aware that borrowers like to compare offers before making a decision, and so won't ding you unduly for due diligence.

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 offer fairly competitive rates–especially if they're online. 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.

The Bottom Line

Getting a personal loan with excellent credit means you’ll be able to get loans with the best rates and terms. But you should still shop around: After all, as the ideal applicant, you deserve the ideal lender. When comparing offers, it's not only the APR that matters; consider repayment terms, how much you want to borrow, how soon you'll receive funds, and any restrictions on loan proceeds before signing on the dotted line. And if you do submit applications to multiple lenders, make sure to do so within a short period of time so that your credit score won't be affected as much—and your excellent status stays secure.

How We Chose the Best Personal Loans for Excellent Credit

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders for all borrowing needs. We collected over twenty-five data points across more than fifty lenders including interest rates, fees, loan amounts, and repayment terms to ensure that our content helps users make the right borrowing decision for their needs.

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. Federal Reserve. "Consumer Credit - G.19." Accessed Nov. 10, 2021.