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Best personal loans for excellent credit

If you have exceptional credit, you can qualify for the lowest rates

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Written by Lee Huffman
Edited by Jana Lynch
Best Egg and FreedomPlus
partial image of a calculator over a personal loan application form and an excellent credit score report under the form

If you need a personal loan and have excellent credit, you can qualify for the best rates and terms from lenders. The best personal loans for excellent credit typically offer the lowest interest rates and most favorable terms — without any unnecessary fees.


Key insights

  • An excellent credit score is generally considered to be a FICO score of at least 800 or a VantageScore over 780.
  • Borrowers with high credit scores can qualify for the lowest possible rates offered by lenders.
  • Compare annual percentage rates (APRs) among lenders to determine which has the lowest borrowing cost.

Our picks for best personal loans for excellent credit

To make our choices for the best personal loans for excellent credit, we collected 806 data points (26 individual data points for 31 lenders), including customer reviews and overall ratings from ConsumerAffairs readers, for popular lenders. We used these data points to evaluate factors that have the most impact on borrowers, including time to funding, annual percentage rate (APR), loan minimums and repayment terms, before making our final selections.

Some of the lenders on this list prefer borrowers to have a credit score of 700 or higher, although some might work with those with scores in the 600s.

Our picks may be Authorized Partners who compensate us. This does not affect our recommendations or evaluations but may impact the order in which the companies appear.

Best Egg AUTHORIZED PARTNER
  • $50,000 max loan amount
  • 36- or 60-month repayment term
  • 640 minimum credit score
  • User star rating: 4.8

Best Egg is an online lender that partners with several banks to provide personal loans and credit cards to borrowers. You can apply for a personal loan to pay for a variety of expenses, including debt consolidation, home improvement, moving, a vacation and more. Loans are available from $2,000 to $50,000, with rates from 8.99% to 35.99% over three- or five-year terms at the time of publishing, and many borrowers receive their funding within 24 hours.

You need a minimum credit score of 640 to qualify for a loan from Best Egg, but to get the best rates and terms, it should be 700 or higher.

Note that in 2021, a proposed class-action lawsuit was filed against Best Egg for charging small loan borrowers in Pennsylvania excessive interest rates and fees. As of this writing, the outcome is pending.

  • Loans up to $50,000
  • Half of applicants receive funds the next day
  • Fixed-rate loans starting at 7.99%
  • Interest rates up to 35.99%
  • Origination fees up to 8.99%
  • Income of $100,000 and a 700 FICO score required for the lowest APR

What do reviewers say?

Reviewers on ConsumerAffairs have a favorable opinion of Best Egg. Positive reviews mention how helpful and friendly Best Egg's customer service is during the application and after it sends funds. The negative reviews indicate trouble paying off the loan or dissatisfaction when their application was denied.

According to Diane of Florida, a reviewer on our site, “The process was straight to the point, and it was one of the easiest I've done applying for anything. Once you click that you are interested, Best Egg walks you through the steps, and you just put your information in your application.”


FreedomPlus AUTHORIZED PARTNER
  • $50,000 max loan amount
  • 24- or 60-month repayment term
  • 670 minimum credit score
  • User star rating: 4.1

With FreedomPlus, borrowers can apply for a personal loan from $5,000 to $50,000 with a repayment period of 24 to 60 months. Loans are made by Cross River Bank. Personal loans have rates ranging from 7.99% to 29.99% at the time of publishing, with an origination fee of 0% to 4.99%. FreedomPlus does not charge a prepayment penalty, which means borrowers can pay their loans off at any time.

You need a minimum credit score of 670 to qualify for a loan, and most borrowers can receive their funds in 24 to 72 hours.

  • Same-day credit decision
  • Quick and easy online application
  • Fixed-rate loans with no prepayment penalties
  • Not available in all states
  • Loan origination fees up to 4.99%
  • High minimum loan amount ($5,000)

What do reviewers say?

FreedomPlus receives mostly positive reviews on our site, with many mentioning that the company has a quick and easy application process. Customers also enjoyed working with the company’s officers to get loans funded. Borrowers with negative reviews complained about working with FreedomPlus after having difficulty making payments on time.

Allison of Ohio, a reviewer on ConsumerAffairs, said about the company: “The process was quick and painless. I would highly recommend my loan expert I worked with. He was efficient and explained everything well. The entire process went so fast and there was really minimal items I had to do. My loan officer was very personable too. I would highly recommend this company to a friend.”


Discover Personal Loans
  • $35,000 max loan amount
  • 36- to 84-month repayment terms
  • Minimum credit score not disclosed
  • User star rating: N/A*
Learn More
discover personal loans logo

*Not enough user reviews.

Discover is a banking and payment services company that offers bank accounts, credit cards, student loans, mortgages and personal loans. It has funded over $93 billion in loans. Borrowers can get personal loans from $2,500 to $35,000 as soon as the following business day. Rates range from 5.99% to 24.99% at the time of publishing.

Repayment terms from Discover are 36, 48, 60, 72 or 84 months. No minimum credit score is disclosed.

  • Loans from $2,500 to $35,000
  • No origination fees
  • Same-day decision in most cases
  • Can’t add a co-signer or apply jointly
  • 30-day money-back guarantee

What do reviewers say?

Reviews for Discover cover all of its banking and lending products, so not all reviews are based on experiences with its personal loans. Customers compliment Discover for its friendly and courteous employees and for having low loan rates. Many negative reviews are from customers who have had problems with their credit card transactions.

Kaylee of California said about their experience with Discover: “I have been that pain in the **, calls-all-the-time, nitpicking, obsessing customer, and Discover has gone well above and beyond every single time to resolve my issue(s)! All representatives are incredibly knowledgeable, well-spoken and go out of their way. … These employees work together across the board, communicate with each other well and take really good notes (so I’m not repeating myself).”

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    How to get a loan for excellent credit

    The process for getting a personal loan varies slightly with each lender; however, the basic parts are very similar. Before you get started, check your credit score to ensure that it's in the range for the best loan terms. Credit scores fluctuate regularly based on your credit usage and other behaviors.

    Applying for a personal loan requires providing basic personal financial information, such as:

    • Name
    • Contact information, including address, phone and email
    • Personal information, such as your Social Security number and date of birth
    • Housing information, like whether you rent or own, your monthly payment and the number of years at that address
    • Employment information, including your current employer, income and work history
    • Loan amount you're requesting

    Compare the best personal loan lenders for excellent credit to determine which one best suits your needs. Visit its website and apply online, over the phone or at a branch. In many cases, lenders provide same-day approval decisions.

    Interest rates vary based on the term of the loan, how much you're borrowing and your credit history. The lenders above offer personal loans starting with rates as low as 5.99% and loan amounts up to $50,000. In general, if you select a shorter loan term, you'll receive a lower interest rate. However, watch out for fees lenders charge. While some lenders may offer lower interest rates, their high fees could make them a poor choice. The best way to compare lenders’ total borrowing costs is to compare their APRs, which include interest rates and fees.

    FAQ

    What is considered an excellent credit score?

    According to Experian, consumers with the best credit scores have a FICO score of 800 or higher or a VantageScore greater than 780. People with excellent credit scores typically have a longer credit history, make all of their payments on time and keep their utilization ratio low.

    How much can I borrow with excellent credit?

    While credit scores are an important factor in approving a credit application, how much you can borrow is generally determined by your income levels, how much other debt you have and how long the repayment term is. By increasing your income, reducing your debt payments or extending your loan term, you may qualify for a larger loan.

    Will getting a personal loan hurt my excellent credit score?

    When you get a personal loan, your credit score drops because of the hard credit inquiry the lender performs. However, this decrease is temporary, and your credit score can increase over time as you make on-time payments. A personal loan can also increase your credit mix, which can have a positive effect on your score, and if you use it to pay off revolving credit, it can lower your credit utilization ratio, which may improve your score.

    Bottom line

    If you have excellent credit and need to borrow money, you can generally qualify for the best interest rates and terms. However, you should still compare the best personal loans for excellent credit because not all lenders are equal. Find a lender that offers loans large enough to meet your needs with the most favorable terms to keep your borrowing costs low.

    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Experian, "What Is a Good Credit Score?" Accessed Sept. 20, 2022.
    2. Experian, “How Does a Personal Loan Affect Your Credit Score?” Accessed Oct. 10, 2022.
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