The Best Personal Loans For Excellent Credit

Personal loans have quickly become the fastest growing debt category in the U.S. And considering the fact that they can be used to cover the cost of a variety of expenses — weddings, vacations, home repairs and even emergencies — it’s not a surprising development.

Personal loans also typically carry lower interest rates compared to credit cards, though you’re more likely to be approved for some of the lowest interest rates if you have a higher credit score. Plus, you may receive other more favorable terms, like a longer repayment period and a bigger loan.

If your credit score falls into the “excellent” range (800 and above), it’s likely you’ll be able to take advantage of the best personal loans if you decide you need one. Below, Select rounded up some options to consider.

When reviewing personal loans for consumers with excellent credit, we looked at key factors like interest rates, fees, loan amounts and term lengths offered, plus other features including how your funds are distributed, autopay discounts, customer service and how fast you can get your funds (read more about our methodology below).

When searching for a personal loan, it can be helpful to compare several different offers to find the best interest rate and payment terms for your needs. With this comparison tool, you’ll just need to answer a handful of questions in order for Even Financial to determine the top offers for you. The service is free, secure and does not affect your credit score.

Who’s this for? LightStream offers low-interest loans with flexible terms for people with good credit or higher, but if you have excellent credit, you’ll be able to take advantage of some of the lowest interest rates (which range from 2.49{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 19.99{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} APR when you also sign up for autopay).

LightStream is known for providing loans for nearly every purpose except for higher education and small business. You can get a LightStream personal loan to buy a new car, remodel the bathroom, consolidate debt, cover medical expenses or pay for a wedding, according to the company’s website. Interest rate ranges depend on the type of loan you’re taking out. Auto loans, for example, start at 2.49{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and debt consolidation loans currently begin at 5.95{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

You can generally receive your funds on the same day, if you apply on a banking business day, your application is approved and you electronically sign your loan agreement and verify your direct deposit banking account information by 2:30 p.m. ET.

LightStream does not charge any origination fees, administration fees or early payoff fees, and repayment terms range from 24 to 144 months.

Who’s this for? Payoff offers a quick, easy application process for qualified borrowers looking to consolidate their credit card debt and pay it down over time at a much lower interest rate. Eligible borrowers can typically get rates between 5.99{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 24.99{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} APR, but those with an excellent credit score may be more likely to be approved for an interest rate that’s on the lower end of this range.

Payoff’s mission is to help consumers get out of credit card debt once and for all, which is why its loans are geared specifically toward debt consolidation. You can’t use a Payoff loan for home renovations, major purchases, education, etc.

There’s one drawback to Payoff loans: There’s an origination fee that ranges from 0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} based on your credit score and application. The higher your score, the lower your origination fee and interest rates are likely to be.

Payoff doesn’t charge late payment fees, or early payoff penalties if you decide to pay off your debt faster than you initially intended.

Borrowers can take out loan amounts between $5,000 and $40,000, and the loan terms range from 24 to 60 months.

Who’s this for? SoFi Personal Loans are fee-free — you’ll only pay interest in addition to repaying the principal amount. Applicants can borrow as little as $5,000 and as much as $100,000, which makes SoFi personal loans a great option for those who need more money to cover bigger expenses.

The interest rates on these loans can range from 5.99{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 18.85{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} when you sign up for autopay, and the lender will give you a 0.25{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} interest rate reduction for doing so.

There’s also some more flexibility when it comes to choosing the type of interest rate you receive. Loan applicants can chose between variable and fixed APR. Fixed APRs give you one rate that you pay for the entirety of your loan, and variable inerest rates fluctuate, but SoFi caps them at 14.95{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

After your loan is approved, you can expect to receive the funds in your bank account within a few days. Applicants can chose from a term lengths from between 24 to 84 months.

Who’s this for? A Marcus by Goldman Sachs Personal Loan is a good choice if you’re looking for a no-fee personal loan to finance debt consolidation.

Some lenders may only send funds directly to your creditors or may only deposit funds directly into your account, but Marcus by Goldman Sachs provides a little more flexibility. When you’re approved for a Marcus debt consolidation loan, the company will ask you if you’d like to use direct payments to send money to up to 10 creditors, which helps ensure that funds are used to directly wipe out your debt. To choose this option, you will need to provide your creditors’ account numbers and addresses, as well as the amount(s) you’d like paid. Marcus then deposits anything that’s left over into your connected bank account. Using the direct payment option comes at no extra cost to you.

Marcus also offers personal loans for home improvement, weddings, vacations or moving costs. Applicants can qualify to borrow up to $40,000. 

Marcus offers APRs as low as 6.99{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and as high as 19.99{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on its personal loans when you sign up for autopay. Term lengths vary from 36 to 72 months.

Who’s this for? PenFed is a federal credit union that offers membership to the general public and provides a number of personal loan options for debt consolidation, home improvement, medical expenses, auto financing and more.

While most lenders have a $1,000 minimum for loans, you can get a $600 loan from PenFed with terms ranging from one to five years. You don’t need to be a member to apply, but you will need to sign up for a PenFed membership and keep $5 in a qualifying savings account to receive your funds.

While PenFed loans are a good option for smaller amounts, one drawback is that funds come in the form of a paper check. If there is a PenFed location near you, you can pick up your check directly from the bank. However, if you don’t live close to a branch, you have to pay for expedited shipping to get your check the next day.

APRs for personal loans range from 5.99{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 17.99{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. Not all applicants will qualify for the lowest rate, but you’re more likely to receive it if you have excellent credit.

To determine which personal loans are the best, Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that come with no origination or signup fees, fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.