Best Personal Loans for Excellent Credit |


Best Personal Loans for Excellent Credit


Personal loans come from a bank, online lender, or credit union that you pay back at a fixed rate in installments. This usually spans between 2-7 years, and they are best used for large personal expenses (ex. medical bills, home improvement, weddings, or exceptionally expensive purchases, such as a car or boat) or debt consolidation (lumping several debt payments into one).

They are meant to advance towards financial milestones, not add to debt.To qualify, lenders will look at your credit score, credit report, and DIT (debt-to-income ratio). Borrowers with excellent credit—defined as having a FICO score of at least 690—earn the lowest interest rates, receive the largest amounts, and have the most options when it comes to loan selection.

Important Things to Consider When Picking a Loan

Because you have so many options with excellent credit, you have to do some research to pick the best loan service for your intended purpose. Important things to consider would be:

  • Interest rates (how high and fixed/variable)
  • Repayment options (time period, minimum/maximum amounts)
  • Fees (including prepayment, late, and origination)
  • What you are using the loan for
  • Timeliness (how long is the application process and when do you receive your money after you’ve been approved)

Even with excellent credit, your personal loan can still be denied—do not take it as a given. Sometimes, the lender may be backlogged or have insufficient funds to issue out a loan. This will unfortunately result in denial.

Because of COVID, many banks and lenders have offered new products and lower interest rates, though you need to meet extra criteria to qualify.Some may even offer deferred payments or waived fees.

This Year’s Top Personal Loans for Excellent Credit

There are countless loan companies to choose from, and sometimes it can be difficult to find the one that is right for you. The process is tedious, but do not rush through it—you may end up paying much more than you need to.

A couple of this year’s top personal loans for excellent credit are:

  • SoFi
    • Digital lender that offers many products, including personal, home, student, and insurance loans from $5,000 to $100,000
    • Beyond the loan itself, it offers protection programs (ex. if you lose your job and can’t pay), referral bonuses (if a friend signs up), personalized financial planning, and more
    • To top it all off, the loans are fee-free and there is no minimum annual income
    • Their fixed-rate loans range from 5.99% to 20.69% APR
  • Lightstream
    • Offers loans up to $100,000 for almost anything (including medical bills and education loans)
    • Has generous repayment terms rivaling SoFi at 2-7 years, which means lower monthly payments
    • Does not have fees or prepayment penalties
    • Offers discounted interest rate when you sign up for autopay (your credit card has a set minimum amount it pays each month automatically)
      • With the autopay discount, their APR is slightly lower than SoFi at between 5.99% and 19.99%


When applying for a personal loan with excellent credit, you should put yourself through a rigorous process to assure you make the right decision. Comprehensive research into different loan companies and types of personal loans is the most important. Remember that with excellent credit comes excellent selections—the world is your oyster!