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Best Personal Loans for Excellent Credit

February 2024

People with excellent credit can qualify for the best rates and terms available. However, rates can vary a lot from one lender to another. We analyzed over 90 lenders and these are the best-rated personal loans for excellent credit.
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Having excellent credit gives you access to the best interest rates and terms offered by lenders. That doesn't mean borrowers with excellent credit don't need to shop around to find the best deals. Rates and terms vary considerably among lenders. There are hundreds of banks, credit unions, and direct lenders, so finding the lowest rates and fees can be a challenge.
Here is SuperMoney's list of the top personal loans for excellent credit.

Methodology

This list is dynamically genereated using SuperMoney's advanced algorithms and community feedback. This list focuses on personal loans that offer low interest rates and competitive terms to borrowers with excellent credit.

Frequently Asked Questions

What is excellent credit?

Credit scores range from 300 to 850. Any score above 800 is considered "excellent. About 21% of Americans have excellent credit. Usually, people who have excellent credit have an exemplary payment history, a low credit utilization ratio, and a diverse credit mix.
Credit scoreRangePercentage of people within this range
Excellent800-85021%
Very good740-79925%
Good670-73921%
Fair580-66917%
Very bad300-57916%

Will a personal loan hurt your excellent credit score?

In the long run, making regular and timely payments on a personal loan can help to maintain or even boost your excellent credit. However, in the short term, you may experience a small dip in your credit score right after applying for a personal loan. Why? To evaluate your loan application, lenders must make a hard inquiry on your credit report, and these "hard pulls" can shave a few points from your credit. However, as long as you make your payments on time, your credit score should go back up soon after.

What should you look for in a personal loan when you have excellent credit?

If you have excellent credit, you'll qualify for the best loan offers on the market. That means that you can afford to be more discerning than if you had good, fair or poor credit. When comparing loan offers, keep an eye on the following features:
  • APR. This is the overall cost of the loan. To keep costs low, you'll want to look for the offer with the lowest possible APR.
  • Term length. The longer your loan term, the more you'll end up paying overall. Seek out the shortest loan term whose monthly payments you can still comfortably afford.
  • Fees. Often, fees hide in the fine print of loan offers. These might include prepayment fees, origination fees, late payment fees, and more. To accurately compare the cost of different loan offers, it's important to include fees.
  • Customer service. You'll want to find a lender that is flexible and easy to work with, and that provides flexible payment methods. For instance, if you choose a lender that provides an online portal with an autopay feature, you'll never miss a payment!

What are some alternatives to personal loans for people with excellent credit?

If you have excellent credit, you usually have several financing options besides personal loans. Consider the following alternatives:
  • 0% APR credit card. Applicants with excellent credit can often qualify for a credit card, which charges 0% interest for a set promotional period. As long as you can pay off your balance before the introductory period ends, this is a completely free line of credit!
  • Home equity loan or HELOC. If you're a homeowner, borrowing against the equity in your home can get you lower interest rates than you'd qualify for with an unsecured personal loan. Compare home equity loans and home equity lines of credit.
  • Use a credit card. Depending on how much money you need, using your credit card can be the simplest financing solution! You won't have to apply for anything new or manage any additional accounts. Plus, if you pay off your balance by the end of the month, you won't have to pay any interest!

How much do personal loans cost when you have excellent credit?

The cost varies considerably based on the lender, loan amount, rate, and length of the loan. However, borrowers with excellent credit usually get the best deals. To illustrate, a borrower with excellent credit that qualifies for a $10,000 loan with a 36-month term and a 10% APR would have to pay approximately $1,620 in interest. Somebody with a lower credit score that could only qualify for a 20% APR would pay around $3,380 in interest.
SuperMoney's loan offer engine allows you to compare multiple lenders and check what rate, monthly payment, and APR you can get without hurting your credit score.

About the Author


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SuperMoney is the most comprehensive financial services comparison site around. We have published hundreds of personal finance articles and provide detailed reviews on thousands of financial products and services. Our unbiased advice and free comparison tools help consumers make smart financial decisions based on hard data, not marketing gimmicks.

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