Best personal loans for excellent credit
If you have exceptional credit, you can qualify for the lowest rates
Partner Disclosures
*Trustpilot TrustScore as of June 2024. Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, N.A., Member FDIC, Equal Housing Lender. The Best Egg Credit Card is issued exclusively by First Bank & Trust, Member FDIC, Brookings SD pursuant to a license by Visa International. Visa is a registered trademark, and the Visa logo design is a trademark of Visa International Incorporated. “Best Egg” is a trademark of Best Egg Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, N.A. and/or First Bank & Trust and Marlette Marketing, LLC, a subsidiary of Best Egg, Inc. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500; Ohio, $5,001; and Georgia, $3,001. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 6.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%– 9.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5?year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3?year $5,000 loan with 6.99% APR has 36 scheduled monthly payments of $152.83. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL– Operations Manager, Email: crt resolutions@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855- 282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/
Partner Disclosures
Personal loans available through Achieve.com (NMLS #138464) or Achieve Personal Loans (NMLS ID #227977) are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, or Pathward®, N.A., Equal Housing Lenders. Loan applications are subject to credit review, underwriting criteria and approval. Loans are not available in all states and available loan terms/fees may vary by state. Loan amounts range from $5,000 to $50,000. APRs range from 8.99 to 35.99% and include applicable origination fees that vary from 1.99% to 6.99%. The origination fee is deducted from the loan proceeds. Repayment periods range from 24 to 60 months. Example loan: four-year $20,000 loan with an origination fee of 6.99%, a rate of 15.49%, and corresponding APR of 19.54%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 8.99% APR loan, a borrower will need excellent credit, a loan amount less than $12,000.00, and a term of 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to pay off qualifying existing debt directly; or showing proof of sufficient retirement savings, could also help you qualify for lower rates. Funding time periods are estimates and can vary for each loan request. Same day decisions assume a completed application with all required supporting documentation submitted early enough on a day that our offices are open. Achieve Personal Loans loan consultants' hours are Monday-Friday 6am-8pm AZ time, and Saturday-Sunday 7am-4pm AZ time.
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 is an online loan servicer 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 700 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.
What we like
- Loans up to $50,000
- Half of applicants receive funds the next day
- Fixed-rate loans starting at 7.99%
What to consider
- 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.”
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.
What we like
- Same-day credit decision
- Quick and easy online application
- Fixed-rate loans with no prepayment penalties
What to consider
- 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.”
- $50,000 max loan amount
- 36- to 180-month repayment terms
- 700 minimum credit score
- User star rating: 1.3
- $35,000 max loan amount
- 36- to 84-month repayment terms
- Minimum credit score not disclosed
- User star rating: N/A*
*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.
What we like
- Loans from $2,500 to $35,000
- No origination fees
- Same-day decision in most cases
What to consider
- 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).”
» MORE: Best personal loan companies
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.
Article sources
- Experian, " What Is a Good Credit Score? " Accessed Sept. 20, 2022.
- Experian, “ How Does a Personal Loan Affect Your Credit Score? ” Accessed Oct. 10, 2022.
