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Our top choice for personal loan borrowers with excellent credit is SoFi. While some lenders may offer better rates or longer repayment terms, SoFi offers the best overall combination of loan features and customer experience.?
If you need to borrow money and have excellent credit, you’re in an excellent position. With excellent credit—which is generally considered 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. We’ve selected several well-qualified lenders from among the 70 we track and evaluate.
Best Loans for Excellent Credit of 2023
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- Best Overall: SoFi
- Best for Long Repayment Terms: LightStream
- Best for Debt Consolidation: Discover
- Best Big Bank: U.S. Bank
- Best for Secured Loans: Regions
- Best for Military: Navy Federal Credit Union
- Best for American Express Cardholders: American Express
- Best for Large Loan Amounts: Wells Fargo
- Best Credit Union: Patelco Credit Union
Compare Personal Loan Rates with Our Partners at Fiona.com
Best Overall : SoFi
- APR Range: 8.99% - 25.81%
- Loan Amount: $5,000 - $100,000
- Loan Terms: 24 months - 84 months
SoFi doesn’t offer the absolute lowest rates on our list, 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
- Being a member and taking out another loan type
In addition, SoFi really is fee-free, unlike many lenders that advertise themselves as such. There aren’t even any late fees with these excellent-credit loans. On top of that, if you happen to lose your job, SoFi offers an unemployment protection plan that’ll put your loan in forbearance while its career coaches assist you in your job search.?
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.
Offers unemployment protection
High minimum loan amount
Rates not as low as other lenders
Only allows co-applicants, not co-signers
- Must be 18 years or older
- Must live in an eligible state
- Must be a U.S. citizen, permanent resident, or non-permanent alien resident
- Must meet income, credit, and financial history requirements
Best for Long Repayment Terms : LightStream
- APR Range: 7.49% - 25.49%
- Loan Amount: $5,000 - $100,000
- Loan Terms: 24 months - 144 months
LightStream offers one of the lowest starting APRs on our list (if you set up autopay), and funding is usually done the same day. It also has a “Rate Beat” program, in which it will offer a rate 0.10 percentage points lower if you are approved by another lender for a lower qualifying rate. And if you’re looking to extend repayment, especially for a large home improvement loan, LightStream, you can stretch it out to 144 months.?
The downside is that LightStream doesn’t allow for pre-qualification, so you’ll have to do a full application (and hard credit check) to see your rates and if you’re approved. Also, depending on what you’re using the loan for, the APR could be slightly higher.
If you get all of your rate shopping done within a certain time frame, your separate hard inquiries can be considered one inquiry. This reduces the damage to your credit score.
Flexible repayment terms
No pre-qualification available
Doesn’t offer direct creditor payment
Rates vary depending on loan reason
- Only lends to people with good to excellent credit
- Loans available in all states and Washington, D.C.
- Must have a good debt-to-income ratio
- Income cannot be from a marijuana-related industry
Best for Debt Consolidation : Discover
- APR Range: 7.99% - 24.99%
- Loan Amount: $2,500 - $40,000
- Loan Terms: 36 months - 84 months
A Discover personal loan is a good choice if you’re looking to consolidate debt. Discover will pay your creditors directly, which is convenient for you and a slight reduction in risk for Discover. The loan funds quickly, with a next-day deposit if everything goes smoothly. Interest rates are competitive and there are no origination fees, which helps with the goal of reducing interest costs as you simplify debt repayment. And if you need any assistance, it should be forthcoming: Discover was ranked as the third-best personal loan option for customer service in 2023 by J.D. Power.
Unfortunately, you can only apply as a solo applicant—no co-signers or co-borrowers allowed. Another negative is the $39 late payment fee, but you can avoid that with timely payments or by setting up autopay.
Excellent customer satisfaction ratings
Long repayment terms
Only accepts individual applications
Can’t use collateral for a secured loan
Can’t consolidate debt from a Discover credit card
- You must be at least the age of majority in your state and a U.S. citizen, eligible permanent resident, or non-permanent resident immigrant.
- You must have a minimum credit score of 660 and an annual household income of $25,000.
- You can’t use a Discover debt consolidation loan to consolidate debt from a mortgage, auto loan, or a Discover credit card.
- Available in all 50 states and Washington, D.C.
Best Big Bank : U.S. Bank
- APR Range: 8.24% - 24.99%
- Loan Amount: $1,000 - $50,000
- Loan Terms: 12 months - 84 months
U.S. Bank offers a decent personal loan for a big bank, especially if you're already a customer. You can complete the full loan application online and receive same-day funding (on small loans). You can also go to a U.S. Bank branch location to apply. If you're not a current customer, you'll be limited to a smaller amount (up to $25,000) and a shorter term (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.
Same-day funding for U.S. Bank customers on small loans
Long repayment terms
Higher limits for banking customers
Only available in 27 states
Steeper restrictions for non-U.S. Bank customers
- Minimum credit score of at least 660
- Age, citizenship, credit, and income requirements will apply
Best for Secured Loans : Regions
- APR Range: 9.24% - 29.99%
- Loan Amount: $2,000 - $50,000
- Loan Terms: 36 months - 60 months
Most of the lenders on our list offer unsecured personal loans, but Regions also offers secured loans. When you get a secured loan through Regions, you use a Regions deposit account as collateral. You can borrow anywhere from $250 to 100% of your deposit account balance.
Regions has plenty of benefits, including no origination fee, which stands out from most lenders. Additionally, because Regions secured loans are backed by collateral, they typically have lower interest rates. Your rate is based on your loan amount, loan term, and the collateral securing your loan, but could be as low as 4%.
Regions loans are also only available in 15 states, so this lender may or may not be an option, depending on where you live.?
If you can qualify, you may be awarded rate discounts, the option to change your payment due date, and flexibility if you experience unemployment or a natural disaster. According to the lender, it doesn’t impose any restrictions on personal loan use and will pay off your creditors directly if requested.?
Offers secured and unsecured loans
Option to change payment due date
Low interest rates
Late fee as high as $100
Branches in only 15 states
Secured loan amount limited to deposit account balance
- Must have a Regions deposit account
- Must live in a state where Regions does business
- Must provide contact information, Social Security number, date of birth, employer details, home address, and income documentation
Best for Military : Navy Federal Credit Union
- APR Range: 8.99% - 18.00%
- Loan Amount: $250 - $50,000
- Loan Terms: 6 months - 180 months
Navy Federal Credit Union members are eligible to apply for a personal loan, but you must be a current or former military member, a civilian contractor, or a relative of someone in those groups.?
Loans are available for a range of uses, and you can stretch out the term length for larger loan amounts. Funding is fast, too, and there’s no origination fee.
The downside is there isn’t any pre-qualification option, so you’ll need to accept a small credit hit to apply, even if you’re only curious about your rates.
Offers secured loans
Wide range of loan options
Must join the credit union to receive the loan
Membership not available for everyone
- Must be a member of the credit union
- Available in all states and Washington, D.C.
- Must meet age, credit score, income, and residency requirements
Best for American Express Cardholders : American Express
- APR Range: 4.98% - 18.97%
- Loan Amount: $3,500 - $40,000
- Loan Terms: 12 months - 60 months
If you’re an American Express credit card holder, you may have already received a pre-approved loan offer recently. And if you happen to be looking for a personal loan, it’s a good option to consider. You won’t find an APR much lower than this (if at all), and the only way you can apply is through this pre-approved offer. If American Express doesn’t send you an offer, there’s no way for you to get this loan.??
You can use these loan funds for a wide range of purposes, including paying off other debt—with one big exception: You can’t use an Amex personal loan to pay off any Amex credit card debt.
Quick loan decision
Among the lowest possible rates
Actual APR won’t be any higher than the one in your offer
Can’t change payment due date
Can’t use funds to pay off Amex credit cards
Only open to Amex cardholders with loan offers
- Must have received a pre-qualified offer
- Must be a current American Express cardholder
- Available to residents of all states and Washington, D.C.
Best for Large Loan Amounts : Wells Fargo
- APR Range: 8.49% - 24.49%
- Loan Amount: $3,000 - $100,000
- Loan Terms: 12 months - 84 months
Wells Fargo personal loans are for existing Wells Fargo customers, with loans up to $100,000. The competitive APR (if you have strong credit) and lack of origination fees make this loan worth exploring.
We also like that Wells Fargo offers loan discounts for checking account holders up to 0.5% (depending on the account type). And, pre-qualification is available so you can check your rate without a hard credit pull.?
Wells Fargo has had some legal troubles involving poor consumer practices, however, hence its current F rating by the Better Business Bureau.?
Relationship discount for checking account holders
No origination fee
Rate discounts for auto payment and checking account relationships
Must have an open Wells Fargo account for at least 12 months to apply
Recent regulatory action
- Be a Wells Fargo account holder for at least 12 months
- Provide your contact information, Social Security number, and employment and income information
Best Credit Union : Patelco Credit Union
- APR Range: 8.95% - 17.90%
- Loan Amount: $300 - $100,000
- Loan Terms: 6 months - 84 months
Patelco Credit Union offers a number of personal loan products and a high borrowing limit to its members. Though it’s only located in California, anyone can become a member. You just have to join the Financial Fitness Association, which Patelco pays for the first year.
As a credit union, Patelco is able to offer a very competitive APR, which is lower than many other lenders, and there is no origination fee. Also appealing is Patelco’s LevelUp program, which offers a 0.5% interest rate discount for making 12 on-time payments in a row (up to three times).
High maximum loan amount
Rate discount program for on-time payments
No origination fees
Must become a member of Patelco
Branches only in California
- To join Patelco, you must meet Patelco’s membership criteria.
- You must have a 640 minimum credit score (or apply with a joint applicant).
- You must have a Social Security number.
Compare the Best Loans for Excellent Credit of 2023*APR ranges for some companies include a discount for automatic payments or existing bank customers.
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:
- 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.
- 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.?
- 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.?
- 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
Borrow as much as $50,000 to $100,000 at a time
Fixed interest rates that are usually lower than credit cards (which have variable rates)
No collateral required
Amounts are generally less than you might get with a collateral-secured loan (such as a home equity loan)
Rates may be higher than on a collateralized loan
Shorter repayment terms than some other types of loan products
Some loans have origination fees
Frequently Asked Questions
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 apply for a loan formally, 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 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 much or for 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
- Other unexpected or emergency expenses
Will I Qualify Automatically for a Loan If I Have Excellent Credit?
Excellent credit usually puts you in a great position to qualify for a personal loan; however, it’s just one aspect of your application. Lenders also need to verify that you have ample income and are currently employed so that you can afford the loan repayment.
What Are the Average Interest Rates on Loans for Excellent Credit?
People with excellent credit scores will typically qualify for the lower end of a lender’s personal loan APR range. The most competitive starting rates are currently around 6.99% to 8.99%.
Can I Negotiate the Terms of My Loan If I Have Excellent Credit?
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. Therefore, if you are a credit superstar, it puts you in a good position to negotiate certain loan terms. While lenders may not budge on APR, they might be willing to work with you on dropping or lowering an origination fee (if applicable), or offering term flexibility.?
If you have an existing relationship with a lender, such as your bank or credit union, that might also give you some leverage to negotiate terms.
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.