Best Personal Loans for Excellent Credit in June 2024

Checking rates won't affect your credit score

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Written by Lauren Nicholson | Edited by Jessica Sain-Baird | Updated June 3, 2024

Personal loan lenders at a glance

Achieve: Best for debt consolidation

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8.99% - 35.99%

24 to 60 months

$5,000 to $50,000

620

Pros

  • No fees for repaying loan early
  • May receive same-day approval
  • Allows for co-applicants

Cons

  • Charges an origination fee of 1.99% - 6.99%
  • Lack of transparency around specific eligibility criteria
  • High minimum borrowing amount

What to know

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Whether you’re looking to pay off some credit card debt with a lower interest rate or need help covering medical bills, Achieve offers personal loans at $5,000 to $50,000. You may get approved on the same day you apply for an Achieve loan.

A personal loan with Achieve comes with a competitive APR starting at 8.99%, depending on your credit score, with payback terms of 24 to 60 months. Achieve personal loans also come with an origination fee of 1.99% - 6.99% of the loan amount.

Read our full Achieve personal loan review.

How to qualify

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You’ll need a credit score of at least 620 to get a loan with Achieve. You may also need to provide:

  • Proof of income
  • Social Security number
  • Employment status
  • Proof of identity

Best Egg: Best for quick funding

(2,548)
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(2,548)
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8.99% - 35.99%

36 to 60 months

$2,000 to $50,000

600

Pros

  • Borrowers can prequalify for a loan
  • Flexible when it comes to how borrowers can use loans
  • Fast funding

Cons

  • Does not allow joint applications
  • Charges an origination fee of 0.99% - 8.99%
  • Loan amounts vary by state

What to know

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Best Egg offers personal loans between $2,000 and $50,000. To qualify for Best Egg’s lowest APR, you’ll need an individual annual income of at least $100,000. Once you apply, you’ll receive funds in one to three business days (half of borrowers receive their money in one).

Keep in mind, however, that Best Egg does charge an origination fee (0.99% - 8.99%) that will come out of the total amount of your loan.

Read our Best Egg personal loan review.

Eligibility requirements

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To qualify for a Best Egg personal loan, you’ll need to meet these requirements:

  • Minimum credit score: 600
  • Be a U.S. citizen or permanent resident living in the U.S.
  • Must not live in Iowa, Vermont, West Virginia, District of Columbia or any U.S. territories
  • Have a valid email and physical address (not including PO Boxes)
  • Be of legal age to get a loan in your state
  • Have a checking account

Happy Money: Best for paying off credit cards

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11.72% - 17.99%

24 to 60 months

$5,000 to $40,000

640

Pros

  • No late payment or application fees
  • Affordable alternative to credit card debt
  • Clear eligibility criteria

Cons

  • Charges an origination fee of 1.50% - 5.50%
  • Limited to paying off credit card debt
  • Funding can take three to six business days

What to know

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Even people with high credit scores can find themselves in unexpected credit card debt. Happy Money is an online lender that offers personal loans specifically (and only) to help borrowers pay off credit card debt.

You can borrow between $5,000 to $40,000 with a minimum APR of 11.72%. Unfortunately, this lender charges an origination fee (1.50% - 5.50%), which will be taken out of your loan proceeds.

Read our full Happy Money personal loan review.

Eligibility requirements

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Happy Money provides clear eligibility requirements:

  • Minimum credit score: 640
  • Zero current delinquencies on your credit profile
  • Must be 18 years or older
  • Must have a valid Social Security number
  • Must have a checking account
  • Can’t live in Massachusetts or Nevada

LendingClub: Best for joint loans

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(6,945)
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8.98% - 35.99%

24 to 60 months

$1,000 to $40,000

600

Pros

  • Joint applications available
  • Loans start as low as $1,000
  • Check your rates with no impact to your credit

Cons

  • APR can be steep
  • Charges an origination fee of 3.00% - 8.00%
  • Can take several days for loan to be funded

What to know

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LendingClub is an online marketplace where consumers can borrow anywhere from $1,000 to $40,000. With LendingClub, you can apply for a joint personal loan and prequalify for a loan, features that many other lenders don’t offer.

When taking out a personal loan with LendingClub, keep in mind that it may take several days for your loan to be deposited into your account. This lender also charges an origination fee of 3.00% - 8.00%, whereas many other lenders skip this type of fee.

Read our LendingClub personal loan review.

Eligibility requirements

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LendingClub doesn’t offer many specifics when it comes to their requirements, but you will have to meet the following criteria:

  • Minimum credit score: 600
  • Be a U.S. citizen or permanent resident
  • Be at least 18 years old
  • Have a verifiable bank account

LightStream: Best for competitor rate matching

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6.99% - 25.49% (with autopay)

24 to 84 months

$5,000 to $100,000

Good to excellent credit

Pros

  • Does not charge any fees
  • Autopay discount of 0.50%
  • Rate Beat program

Cons

  • No prequalification available
  • High minimum borrowing amount of $5,000
  • Bad-credit borrowers won’t qualify

What to know

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LightStream provides unsecured personal loans between $5,000 to $100,000 for consumers with good or excellent credit. In addition to a 0.50% autopay discount, LightStream also offers a Rate Beat program that takes 0.10% off of an approved rate from a competing lender.

LightStream does not offer prequalification services, so you’ll need to submit to a hard credit pull in order to see your rates. This will (slightly and temporarily) impact your credit score. And if you need a small loan, look elsewhere — LightStream loans start at $5,000.

Eligibility requirements

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If you have a robust credit history and an excellent credit score, you may qualify for a LightStream loan. Here are the criteria you’ll need to meet:

  • Good or excellent credit
  • At least five years of credit experience
  • Owned assets such as retirement and savings accounts
  • Good debt-to-income ratio
  • Good payment history with no past delinquencies

PenFed Credit Union: Best for small loans

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8.99% - 17.99%

12 to 60 months

$600 to $50,000

760

Pros

  • Does not charge an origination fee
  • Low minimum loan amount
  • Receive funds as soon as the next day

Cons

  • Charges late fee of $29
  • Vague eligibility requirements
  • Must become PenFed member in order to receive loan

Overview

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With loans ranging from $600 to $50,000, PenFed Credit Union offers one of the lowest minimum personal loan amounts on this list. Paired with its quick funding timeline and low rates, this lender may be an attractive option for consumers who want a small loan.

While you won’t have to worry about any origination fees, PenFed does charge a late fee of $29 if you’re more than five days late on your payment. You don’t have to become a PenFed member in order to apply for a loan, but if you choose to proceed with the personal loan, you will have to become a member of the credit union.

Read our PenFed Credit Union personal loan review.

Eligibility requirements

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Aside from a 760 credit score, you must become a PenFed Credit Union member to receive your personal loan. Members must open a PenFed savings account with a $5 deposit.

PNC Bank: Best for short-term loans

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8.19% - 24.74%

6 to 60 months

$1,000 to $35,000

Not specified

Pros

  • Terms as short as 6 months
  • 0.25% autopay discount for borrowers with a PNC checking account
  • No origination fee

Cons

  • Vague eligibility requirements
  • Terms vary depending on where you live
  • Unclear funding timeline

What to know

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With loan terms as short as 6 months, PNC Bank may be a competitive option for borrowers looking to save money on interest. The shorter your loan term, the more money you’ll save on interest payments.

However, PNC Bank is vague about some of its eligibility requirements as well as how long it may take for borrowers to receive their loan funds, while other lenders are more transparent. The availability and terms of PNC Bank personal loans also depend on where you live.

Read our PNC Bank personal loan review.

Eligibility requirements

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PNC Bank does not provide much information when it comes to qualifying for a personal loan. The lender will likely consider factors such as your credit score, payment history and debt-to-income ratio during the application process.

Rocket Loans: Best for easy application process

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(47)
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9.116% - 29.99%

36 or 60 months

$2,000 to $45,000

640

Pros

  • Same day funding available
  • Easy, straightforward application process
  • Autopay discount

Cons

  • Charges an origination fee
  • Vague eligibility requirements
  • Charges a $15 per occurrence late fee

What to know

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Rocket Loans offers personal loans ranging from $2,000 to $45,000 with terms of 36 or 60 months. The APR with Rocket Loans depends on your credit score, monthly income and debt-to-income ratio, among other things, but it starts at 9.116% with the autopay discount.

Keep in mind that if you take out a Rocket Loans personal loan, you’ll have to pay an origination fee (up to 9.00%) that will come out of the total amount of the funds you receive. Rocket Loans also charges a $15 per occurrence per occurrence late fee and a $15 Automated Clearing House (ACH) return or returned check fee per occasion.

Read our Rocket Loans personal loan review.

Eligibility requirements

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Rocket Loans requires that you not only be at least 18 years old, but that you also meet the following requirements:

  • Minimum credit score: 640
  • Must be a U.S. citizen
  • Minimum annual income of $24,000
  • Must not live in Iowa, Nevada or West Virginia

SoFi: Best for zero required fees

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8.99% - 29.99% (with discounts)*

24 to 84 months

$5,000 to $100,000

680

Pros

  • No required fees
  • High borrowing limit
  • APR discounts for autopay and direct deposit

Cons

  • High maximum APR
  • High minimum loan of $5,000
  • Credit score of at least 680 required

What to know

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SoFi is an online lender that offers many perks to borrowers that meet their minimum credit score requirement of 680 (among other criteria). Like LightStream, SoFi offers flexible loan amounts.

SoFi also doesn’t charge fees — borrowers don’t have to pay origination, prepayment or even late fees. Plus, if you sign up for autopay, you can receive a 0.25% rate discount.

Read our SoFi personal loan review.

Eligibility requirements

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SoFi lists clear eligibility requirements, including the following:

  • Minimum credit score: 680
  • Must be employed or have an employment offer to start within 90 days (if unemployed, you must verify your income from other sources)
  • Must be the age of majority in your state
  • Must be a U.S. citizen, permanent resident or non-permanent resident (including Deferred Action for Childhood Arrivals (DACA) program recipients and asylum-seekers) with a current immigration status

Wells Fargo: Best for high borrowing amounts

7.49% - 23.24% (with discounts)

12 to 84 months

$3,000 to $100,000

Not specified

Pros

  • No origination fee
  • Can receive loans the same or next business day
  • 0.25% relationship discount

Cons

  • Unclear eligibility requirements
  • May charge late or returned payment fees
  • Must be current Wells Fargo customer

What to know

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As one of the largest banking institutions in the U.S., Wells Fargo is among the few lenders on this list with physical locations. It offers a wide range of loan amounts to choose from ($3,000 to $100,000), and borrowers with excellent credit may be able to borrow up to six figures.

If you get a loan with Wells Fargo Bank, you can skip out on origination fees. On the other hand, you may have to pay late or returned payment fees.

Read our Wells Fargo personal loan review.

Eligibility requirements

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Wells Fargo doesn’t offer many specifics when it comes to consumers qualifying for a personal loan. It does state, however, that it only offers personal loans to current Wells Fargo customers of at least 12 months.

What is an excellent-credit loan?

FICO credit scores typically range from 300 to 850 — the higher end being considered a “good” to “excellent” score. Specifically, “excellent” credit scores are typically considered to be 760 and above.

Lenders view your credit score as an indicator of your creditworthiness and how risky it would be to offer you a personal loan. Thus, the lower your credit score, the more likely you’ll have to pay a higher annual percentage rate (APR) to help offset the lender’s risk.

Typically, if you have an excellent credit score, it’s an indicator to lenders that you have a history of paying your bills on time and that you likely have a low debt-to-income ratio.

On the other hand, those with excellent credit scores tend to be rewarded with lower interest rates and access to higher loan amounts (as long as they have the income to repay it).

What are average personal loan interest rates?

The APR you receive on a personal loan largely depends on how high or low your credit score is.

Those with excellent credit scores and a solid credit history tend to be offered lower APRs. Those with bad credit scores, however, may have a harder time qualifying for a personal loan in the first place, and if they do, they may be subject to higher interest rates.

If your credit score could use some work, there are bad credit loan options, and you can check out our list of ways you can work to improve your credit score. Meanwhile, here are the average rates you may receive for a personal loan depending on your credit score:

Credit score rangeAverage APRAverage loan amount
720+18.66%$18,554
680-71930.04%$15,619
660-67941.99%$11,532
640-65953.29%$8,707
620-63970.24%$6,617
580-619111.30%$4,670
560-579154.75%$3,208
Less than 560171.69%$2,583

Source: LendingTree user data on closed personal loans (for all purposes) for the first quarter of 2024.

How do you choose a personal loan if you have excellent credit?

If you have an excellent credit score, you’ll likely qualify for a personal loan with most major lenders. This can make choosing the right loan challenging.

Here are a few of the factors you’ll want to consider before choosing a lender:

  • Rates: As a consumer with excellent credit, you may be eligible for some of the lowest interest rates lenders have to offer. To save money, it’s wise to compare rates from various lenders to see which company is willing to provide the lowest rates.
  • Terms: Before taking out a loan, consider how long you want to spend repaying it. The shorter the loan term, the lower the APR tends to be and the less you may have to pay over the lifetime of the loan. On the other hand, long-term loans typically come with higher APRs, making them more expensive.
  • Amounts: As a consumer with a high credit score, you may be eligible for higher loan amounts. If you’re looking for a larger loan, be sure you have the income to pay it off.
  • Fees: Several common fees you may come across while shopping around for lenders include origination and late fees. However, there are several no-fee lenders worth considering.
  • Perks: Some lenders offer perks such as the ability to change your due date or even skip a payment if you consistently pay on time. Others may provide unemployment support if you find yourself unexpectedly without a job.
  • Prequalification services: The ability to use a soft credit pull to check your rates gives you the opportunity to see what you may qualify for without harming your credit score. Some lenders, like LightStream, however, don’t offer prequalification, so you’ll have to submit to a hard credit pull if you want to see your rates.
  • Customer service: Before agreeing to a personal loan, be sure to check what kind of customer service hours they have and what types of platforms they offer when it comes to contacting them. Some lenders offer a convenient chat feature on their website, while others can only be contacted by phone. Also, be sure to check lenders’ reviews in order to see what other customers are saying.

How do you apply for a personal loan with excellent credit?

Getting a personal loan is typically a straightforward process, but there are a few ways you can prepare ahead of time to smooth the path ahead.

 Check your credit report: Know your credit score ahead of time, since your credit will determine your eligibility and what kind of rates you’ll be offered. You can check your credit report for free at AnnualCreditReport.com.

 Estimate how much you need: You can use our personal loan calculator to estimate how much you’ll need ahead of time. This way, you can avoid taking out more money than you require. For instance, if you plan to take out a personal loan for a home improvement project, be sure to sit down and strategize what kind of expenses you’ll need covered.

 Budget for your loan: Being unable to repay and defaulting on a loan will damage your credit score. Your creditors may send your account to collections and may eventually file a lawsuit against you to get their money back. Because of this, you should budget and prepare ahead of time to make sure you can afford to repay a personal loan.

 Gather necessary documents: When going through the personal loan application process, lenders typically require that borrowers verify the information they provide. Specifically, you may need to provide a government-issued I.D. and documents to verify your address and income. This can include your lease or mortgage agreement, as well pay stubs and W-2 forms.

 Shop around for lenders: When you’re ready to find a lender to meet your financial needs, it’s smart to compare at least three financial institutions. This way, you can weigh the pros and cons of multiple options and find the rates, terms and perks that may work best for you. By filling out a single form with LendingTree, you might receive up to five loan offers from our network of lenders.

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How we chose the best personal loans for excellent credit

We reviewed 28 lenders that offer personal loans to determine the overall best 11 lenders. To make our list, lenders must offer competitive annual percentage rates (APRs). From there, we prioritize lenders based on the following factors:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

LendingTree reviews and fact-checks our top lender picks on a monthly basis.

Frequently asked questions

While initially applying for a personal loan may not impact your credit score (this is known as prequalification, or a soft credit inquiry), if you choose to move forward with a personal loan, you will have to go through a hard credit pull. Hard credit inquiries will temporarily have a mild negative impact on your credit score.

How you’re allowed to use a personal loan varies from lender to lender. Typically, lenders allow borrowers to use personal loans toward debt consolidation, credit card refinancing, medical bills and home improvement projects. Lenders commonly prohibit consumers from using their personal loan funds toward post-secondary education or business expenses.

Personal loans vary widely in size. They can run as high as $100,000 — like with lenders such as SoFi and Wells Fargo — or low as a few hundred dollars — like with institutions such as Navy Federal Credit Union and PenFed Credit Union. To get a large loan, lenders typically have stricter requirements that you’ll need to meet, such as credit history, income and credit score.