Best Loans for Excellent Credit of 2023

The Bottom Line

Depending on what you’re looking to borrow money for and who you prefer to work with, you’ll have plenty of loan options if you have an excellent credit score. Our top choice for lenders offering loans for excellent credit is SoFi, for its fee-free, discount-loaded loans that come with a high maximum borrowing amount. Credit unions like Patelco often have lower rates, while some online lenders like LightStream are even more competitive. For larger loans, you could also go with Wells Fargo or Truist.

Guide to Choosing the Best Loan for Excellent Credit

Should You Get a 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 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 what features are most important 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.

What Is an Excellent Credit Score?

Personal credit score ranges are typically 300 to 850. 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 FICO, the average credit score in the United States in 2023 was 716, which is considered good credit. FICO score ranges are defined like this:

• 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 of having a higher credit score include borrowing higher loan amounts and getting longer repayment terms.

Comparing 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. This allows borrowers to be more selective and shop around for the best rates and terms. Some of the most important factors to consider when shopping for a loan are:

• APR range and fees: You’ll usually get the best rates if you have excellent credit. 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 small personal loans (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.

APR the Biggest Worry for Borrowers

In Investopedia’s 2023 Personal Loan Borrower Survey, 78% of borrowers said APR is their chief cost concern, with 10% citing origination fees.

Where to Get a Personal Loan With Excellent Credit

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

If you have stellar credit, it’s in your best interest to shop around and let the lenders compete for your business. Start by taking advantage of lenders that offer pre-qualification so you can see rate offers without a hard credit check.

How to Qualify For and 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 does. 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, here’s what the personal loan application process looks like:

1. Pre-qualify if the option is available. If the lender offers a pre-qualification option, you can review the loan offers without any impact to your credit score.
2. Start the application online (or by phone or in person). Once you have an offer you wish to accept, you’ll need to provide the lender with details about your income, your Social Security or tax identification number, why you need the loan, and how much you need to borrow.?
3. Submit documentation. Lenders will typically want to see proof of income and/or employment, so be prepared to submit either pay stubs, bank statements, or tax returns.?
4. Wait for approval and receive your funds. If approved, look over the loan details and sign the agreement if you're satisfied with it. From there, you’ll receive your funding and can set up an online account to manage your loan.

Pros & Cons of a Personal Loan for Excellent Credit

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.