Best Personal Loans for Excellent Credit

Contributor, Benzinga

If you have excellent credit, the credit world is your oyster. You’re a lender’s dream customer, and why not? You’ve worked hard to build and maintain your credit, and you know you’re a trustworthy borrower. And now, you want to enjoy the fruits of your labor. Maybe you want to take that cross-country trip in a shiny new RV you’ve always dreamt of. Or, maybe you want to secure your future financial security by putting some money into some rental units.

No matter what you need funds for, a personal loan can be your one-size-fits-all solution. And with excellent credit, you’ll have a wide variety of lenders and loan offers to choose from. Use  Benzinga’s list of the best personal loans for excellent credit to get started now.

Best Personal Loans for Excellent Credit

The list of things you can use personal loans for is nearly endless. Personal loans can be a great way to generate income in the future — you can fund your small business or invest in career development. 

Personal loans are often used to cover large expenses like home renovations or repairs. They are also a popular option for debt consolidation and credit card refinancing.

Whatever your financial need, the wide variety of lenders and loan comparison services coupled with your great credit guarantee you can find the perfect loan.

APR
Fixed 5.99% – 24.99%.
Loan Amounts
$5,000 – $40,000
APR

Fixed 5.99% – 24.99%.

Origination Fee

0%–5% of the loan amount

Term Lengths

2–5 years

Min Credit Score

550

1 Minute Review

Happy Money offers personal loans that allow you to more efficiently consolidate high interest payments. Happy Money was previously known as Payoff. The company was founded in 2009 and has since helped fund over $3.5 billion in loans. Happy Money is a financial company that works with approved lending partners to fund loans. Happy Money designed its Payoff Loans to provide borrowers with the financial freedom and power to be matched with a lending partner. Benzinga reviews Happy Money Loans as a way for people to consolidate debt with potentially lower APR rates. 

Best For
  • People with lower credit scores
  • Credit card debt consolidation
Pros
  • No prepayment fees
  • Potentially lower APR rates starting around 5.99%
  • Improve credit score
Cons
  • Personal loans only available for credit card debt
pre-apply securely through Figure Personal Loans’s website
APR
Between 5.99% and 15%; autopay discount of 0.25%
Loan Amounts
$5,000 – $50,000
APR

Between 5.99% and 15%; autopay discount of 0.25%

Origination Fee

Between 0% and 5% (dependent on state and local laws)

Term Lengths

Fixed-rate loan terms of 3 or 5 years

Min Credit Score

680

1 Minute Review

Figure’s online personal loan application process eliminates the painstaking process of following up your paperwork to scan or send to the lender. With an entirely online application, you can get your prequalification rate without impacting your credit score. You’ll get approval within a few minutes and await funding in as little as 2 business days — up to $50,000 you can direct toward what matters most.

Figure personal loans come with multiple fixed term options so you can map out your payment schedule so that it doesn’t strain your finances. Figure also offers some perks for spreading the word out to others. You’ll receive a $150 gift card for every friend you refer, and they too will get a $150 gift card when their loan funds.

Figure’s home equity line of credit lets you turn your home equity into up to $250,000 cash in as few as 5 days. Rates start as low as 2.88% APR1, and you can choose among 5-, 10-, 15- and 30-year fixed term options. You can also get up to $500,000 cash-out in mortgage refinance, all with custom rate and payment options.

While you can easily land better rates with a higher credit score, Figure also has options for applicants with less than perfect credit. You may secure a HELOC with a credit score as low as 620 (except in Oklahoma where the minimum is 720).

Best For
  • Online loan application
  • Unsecured loans
  • Affordable loan fees
Pros
  • 100% online application
  • Quick funding
  • Competitive rates
  • Stellar customer service
  • Multiple fixed term loan options
  • A gift card for every referral (personal loan only)
  • Personal loan offered in all 50 states
Cons
  • Products not available in some states
  • Personal loans capped to $50,000
get started securely through SoFi’s website
Disclosure: Fixed rates from 6.99% APR to 21.78% APR. APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 3/24/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
APR
9.95%-35.99%
Loan Amounts
$2,000-$35,000
APR

9.95%-35.99%

Origination Fee

Up to 4.75%

Term Lengths

24-60 months.

Min Credit Score

580

1 Minute Review

Established in 2012, Chicago-based Avant helps people obtain personal loans while offering transparent credit. Since its inception, Avant has helped over 1.5 million people receive funding. 

One thing that makes Avant so unique is its background as a financial technology company instead of a traditional bank. Banking needs are addressed by Evolve Bank & Trust, a member of the Federal Deposit Insurance Corp. (FDIC). The FDIC insures deposits and protects consumers in case of bank disasters. Benzinga’s review of Avant determined it is a strong option for personal loans because of its reputation for positive customer experiences and fast funding options. 

Best For
  • People with below-average credit scores who need unsecured personal loans
  • People who need fast funding
Pros
  • Quick funding
  • Fixed payments
  • Mobile accessibility
Cons
  • Additional costs such as origination fees
  • No third-party guarantor such as a co-signer on a secured personal loan
Disclosure: *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.
APR
3.49%- 19.99%
Loan Amounts
$5,000 – $100,000
APR

3.49%- 19.99%

Origination Fee

$0

Term Lengths

Up to 240 months

Min Credit Score

660

1 Minute Review

LightStream was founded by its parent company Truist Financial. The company offers a wide range of traditional and innovative personal loan benefits and opportunities such as home improvement loans and fertility financing to address a wide range of needs. The company charges APRs between 3.49% and 19.99%. Benzinga offers a review of LightStream’s personal loan options that provide a variety of personal loans while minimizing additional fees and promoting financial flexibility. The company offers diverse loans with varying term lengths, APRs, and uses. For example, Lightstream offers a variety of home improvement loans that are designed to assist with specific needs such as funding for landscaping or solar panels.

Best For
  • Potential borrowers interested in quickly funded unsecured personal loans
  • Same day funds
  • People with stronger credit scores
Pros
  • Doesn’t require collateral
  • No late fees
  • Potential same day funding
  • Self-selected funding dates
  • Offers a mobile application to ease access to loan information
Cons
  • Not recommended for bad credit scores

Types of Personal Loans for Excellent Credit

You can typically count on a few things to remain true for most personal loans. They’re usually a lump sum payment that you repay with a set installment plan. When you receive your loan offers, each will come with a specific set of terms, rates and fee structure. These will depend on several things, including the unique lender standards and your own credit history. 

With your well-established credit, you should have your pick of personal loan offers. You’ll likely have to decide between a secured or unsecured loan or a fixed or variable interest rate. What you choose will depend on what best suits your unique financial needs.  

Secured Loans

A secured loan is backed by collateral. Your excellent credit score will likely mean you see offers for both secured and unsecured loans, but secured loans are common for large loan amount requests. 

Your collateral could be an asset like your house or your car. Some lenders offer loans backed by your bank account balance as well. 

Be sure you are financially able to meet the repayment terms. Not following through could hurt your impeccable credit and lead to a collateral seizure. 

Unsecured Loans

An unsecured loan is one that is backed only by your creditworthiness. Because you have such stellar credit, lenders will likely feel more comfortable lending to you than someone with less impressive credit. So you may see a solid number of unsecured loan offers if you’re looking to borrow a relatively low amount.

An unsecured loan is less personally risky to you, though your credit score will of course be negatively affected if you don’t meet the loan repayment terms.

Fixed-Rate vs. Variable-Rate Loans

Fixed and variable describe the interest rate assigned to your loan. A fixed loan is desirable to many because you can calculate the exact amount of interest you’ll pay. You’ll know how much a loan will cost you in the end to the last penny.

Of course, a lender needs to profit from a loan — a fixed rate may be higher than a variable rate to ensure this. It could also mean higher monthly payments. In the end, these are small downsides for most, as a variable rate loan can cost you more money in the end.

A variable loan has its shining moments, too. If you’re starting a business and need to keep as much spending power as possible now, you may opt for lower monthly payments. Or, maybe you’re helping your adult child get a loan by co-signing, and they are strapped for cash in the present but don’t mind paying more over time.

Because your offers depend on your credit, you should be able to get the kind of loan you’d prefer. You’ll select from your offers based on what you need the personal loan for and what makes the most sense for you financially.

Personal Loan Requirements and Criteria

You can find out specific personal loan approval requirements from individual lenders, but you can generally count on the following to be looked over during the application process:

  • Your FICO credit score
  • Debt-to-income ratio
  • Delinquencies or negative remarks on your credit report
  • Credit utilization (your credit balance vs. your credit limit)
  • Open accounts with a positive standing (payments being made on time and the like)

You know you have awesome credit, so there shouldn’t be much for you to worry about. To save you the hassle of flipping between lender websites, use a free loan comparison service like Credible. You can conveniently view your offers from every lender you prequalify with.

Personal Loan Considerations

We know we don’t need to tell you this, but it’s always worth saying: Be sure you can meet the terms of the loans before you agree to them. 

Some lenders offer loans without origination fees or prepayment fees. With the low-interest rate your high credit score is likely to net, you can spend as little as possible on the loan if you look for these types of lenders. 

When perusing loans online, it’s best to use a vetted personal loan provider like SmarterLoan.com. Even if you’re the savviest internet user, you can run into sophisticated scammers looking to prey on borrowers.

You can also rely on a loan comparison service like Even to avoid untrustworthy loan providers. By only working with reliable lenders, they protect their users from the prying eyes and sticky fingers of loan sharks and cyber crooks alike. 

Personal Loans vs. Credit Cards

When should you use a personal loan versus a credit card? It depends on what you need a line of credit for. If you have a large expense to pay for, a personal loan is probably best. This is because you are paid in a single lump sum. You’ll repay it with an installment plan, with fixed monthly payments over a set period of time being the standard structure. 


Credit cards typically offer lower credit limits than personal loans, so they’re better for smaller purchases. They also tend to have higher interest rates than interest loans, so it’s best to keep lower balances that you can easily pay down every month.

Also, personal loans close when repaid — you can’t reuse your balance as you make payments. With credit cards, your available credit is restored as you pay on your balance. This feature of credit cards makes them great for small or recurring charges. 

Personal loans are perfect for debt consolidation. Payoff is a lender who tailors their loans to this exact use. You can pay off your debtors with the loan, rolling multiple payments into 1 streamlined payment. It can save you money over time with a lower interest rate Also, consolidating your debt with a personal loan will mean your overall credit limit increases and your credit utilization lowers, further boosting your already excellent credit.

Get Extra Cash Fast

No matter the reason you’re in the market for a personal loan, your high credit score will give you an edge. Whether you’re looking to streamline your debt, make investments or pay for something special like a wedding, a personal loan can provide the funding you need.

Use Benzinga’s list to source out the best lenders offering personal loans. Use our loan comparisons services to see all your offers side-by-side and reach out to one of our lenders to get started today.

You’ve earned your excellent credit — put it to work and get fast funding for whatever you need.