Best Personal Loans for Excellent Credit for 2024

Name: Best Personal Loans for Excellent Credit for 2024
Item: Best Personal Loans for Excellent Credit for 2024
Author: Zachary Romeo, CBCA

With a MoneyGeek score of 97 out of 100, First Tech is the best personal loan lender for consumers with excellent credit due to its competitive rates, exceptional customer service and strong reputation.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Casie McCoskey

Contributions by 6 experts

Updated: November 21, 2024

Advertising & Editorial Disclosure

First Tech is the best personal loan lender for borrowers with excellent credit, earning a MoneyGeek score of 97 out of 100 thanks to its competitive rates and outstanding service and reputation. Truist is the best option for debt consolidation loans, while Fifth Third Bank and Axos Bank are the top choices for low-interest rates and same-day funding, respectively.

The average credit score in the U.S. is 715, based on Experian data from 2023. An excellent credit score opens up a wide range of options for personal loans. MoneyGeek evaluated lenders based on factors like interest rates, loan terms, application process, customer service and reputation to find the best options for your specific needs.

MoneyGeek used a unique scoring system to examine each lender’s performance in key areas that matter to borrowers. We assigned scores based on the presence or absence of certain desirable features in various critical categories. We filtered our analysis to exclude lenders with minimum credit requirements between 580 and 640.

We completed our analysis in April 2024 and considered banks, credit unions, online lenders and financial companies that partner with federally insured institutions to offer personal loans for borrowers with excellent credit.

Excellent Credit Loan Best Overall

First Tech

97MG Score
9.29% to 14.09%APR Range
UndisclosedMinimum Credit Score
$500 to $50,000Loan Amount Range
24 to 84 monthsRepayment Terms

First Tech Federal Credit Union stands out as the best overall personal loan lender for borrowers with excellent credit, boasting a MoneyGeek score of 97 out of 100. It offers loan amounts ranging from $500 to $50,000, with flexible repayment terms between 24 and 84 months. It doesn’t charge application fees, origination fees or prepayment penalties. Additionally, it allows borrowers to defer their first payment for up to 45 days from the funding date of the loan. Applying for a loan can be done online or over the phone, ensuring a hassle-free experience for borrowers.

Pros

No application, origination or prepayment fees
Minimum loan amount of $500
Conducts soft credit inquiries
Insured by the National Credit Union Administration (NCUA)

Cons

Need to be a member to apply
Low borrowing limit at $50,000
Little information on loan application requirements

Excellent Credit Loan Runner-Up

PenFed

96MG Score
7.99% to 17.99%APR Range
UndisclosedMinimum Credit Score
Up to $50,000Loan Amount Range
Up to 60 monthsRepayment Terms

PenFed Credit Union is the runner-up for the best personal loans for people with excellent credit, earning a MoneyGeek score of 95 out of 100. It’s federally insured by the National Credit Union Administration (NCUA), making it a reliable and trustworthy lender. PenFed provides loan amounts up to $50,000 and repayment terms of up to 60 months, offering flexibility to borrowers. Although it doesn’t impose origination fees or prepayment penalties, it charges a minimum monthly payment of $50 for all its loans.

Pros

No origination or prepayment fees
Low starting APR at 7.99%
Insured by the National Credit Union Administration (NCUA)

Cons

Maximum loan amount is $50,000
$50 minimum monthly loan payment

UNDERSTANDING CREDIT UNION MEMBERSHIP REQUIREMENTS

"Credit unions are member-owned nonprofit organizations that service their member community. Credit unions typically have stricter membership requirements compared to traditional banks.

However, meeting these requirements can be worthwhile if you're seeking an affordable personal loan option. To become a credit union member, you generally need to meet certain eligibility criteria based on the credit union's field of membership. Common ways to qualify include employment, geographic location, organizational affiliation and family relationship." — Alvin Yam, CFP®

Best Excellent Credit Loan for Debt Consolidation

Truist

96MG Score
8.74% to 17.39%APR Range
UndisclosedMinimum Credit Score
Starting from $3,500Loan Amount Range
24 to 60 months Repayment Terms

Truist is our top choice for excellent credit borrowers seeking personal loans for debt consolidation, earning a MoneyGeek score of 96 out of 100. It offers loan amounts starting from $3,500 and repayment terms ranging from 24 to 60 months. With competitive APRs ranging between 8.74% and 17.39% and no origination fees, Truist ensures a cost-effective solution for consolidating debts. However, it doesn’t allow borrowers to prequalify for its loans, and limited information is available on its website regarding loan specifics.

Pros

Loans can be used for debt consolidation
Offers competitive rates
Doesn’t charge origination fees

Cons

No soft credit checks
Limited information on website

How does MoneyGeek score lenders for debt consolidation?

We assessed lenders for debt consolidation primarily based on interest rates, fees, loan terms and flexibility. We allocated a 60% weighting to interest rates and fees, recognizing that finding the lowest interest rate can lead to significant long-term savings when consolidating debt. We assigned the remaining 40% weighting to loan terms and flexibility.

In instances where the winner in our analysis won Best Overall or Runner-Up, we prioritized diversity by choosing the next best winner.

Best Excellent Credit Loan for Low Rates

Fifth Third Bank

95MG Score
8.99% to 21.74%APR Range
UndisclosedMinimum Credit Score
$2,000 to $50,000Loan Amount Range
12 to 60 monthsRepayment Terms

With a MoneyGeek score of 95 out of 100, Fifth Third Bank is our pick for the best personal loan for low-interest rates. It offers a competitive starting APR of 8.99% and a 0.25% autopay discount. With loan amounts ranging from $2,000 to $50,000 and repayment terms spanning from 12 to 60 months, borrowers also have flexibility in meeting their financial needs. While Fifth Third Bank doesn’t impose prepayment penalties, it charges late fees, and prospective borrowers who apply online should also be aware that they can only borrow up to $25,000.

Pros

Low starting APR at 8.99%
Offers 0.25% autopay discount
No prepayment penalty
Option to select your first payment date

Cons

Charges late fees
Borrowing limit for online applications is $25,000
Only available to existing Fifth Third customers

How does MoneyGeek score lenders for low-interest rates?

We analyzed lenders for low-interest rates based on interest rates and fees, loan terms and flexibility, application process and approval, and reputation and transparency. We allocated a 70% weighting to interest rates, 20% to loan terms and flexibility, 5% to the application process and 5% to reputation and transparency. This ensures that borrowers seeking low rates also benefit from a combination of favorable loan terms, a streamlined application process and an excellent reputation.

Our analysis only considered lenders whose starting APR is less than 10%. If the winner also earned Best Overall or Runner-Up, we selected the next best winner for diversity.

Best Excellent Credit Loan for Same-Day Funding

Axos

95MG Score
11.79% to 20.84%APR Range
700Minimum Credit Score
$7,000 to $50,000Loan Amount Range
36 to 72 monthsRepayment Terms
Same DayTime to Receive Funds

Axos Bank is the best lender for same-day personal loans, receiving a MoneyGeek score of 95 out of 100. It offers loan amounts ranging from $7,000 to $50,000, with repayment terms between 36 and 72 months. It also provides a speedy prequalification process that takes minutes, and funds are available on the same day of loan approval. While borrowers can benefit from the lack of prepayment penalties or hidden fees, they should be aware of a 1–2% origination fee deducted from the funded amount.

Pros

Offers same-day funding
No prepayment penalty
Does soft credit inquiries

Cons

High minimum loan amount
Charges 1–2% origination fee

How does MoneyGeek score lenders for same-day funding?

When evaluating lenders for same-day funding, we placed a strong emphasis on application process and approval, loan terms and flexibility, customer service and education, and reputation and transparency. We assigned a 60% weight to the application process and approval, 30% to loan terms and flexibility, 5% to customer service and education and 5% to reputation and transparency. This ensured that borrowers seeking quick funding benefit from a personal loan with instant approval, flexible usage, reliable customer support and a strong reputation.

If the winning lender also earned the title of Best Overall or Runner-Up, we picked the next best option for diversity. We filtered our analysis to only include lenders who offer same-day funding and disclose their APR range.

What Is an Excellent Credit Score?

Excellent credit scores typically fall between 800 to 850 for FICO® Scores and 781 to 850 for VantageScore. A credit score serves as a numerical representation of an individual's credit risk, providing lenders with insight into their likelihood of repaying debts. Factors such as payment history, credit utilization, length of credit history, types of credit used and new credit inquiries are often considered when calculating credit scores.

Benefits and Drawbacks of Excellent Credit Personal Loans

Before applying for a personal loan as a borrower with excellent credit, weighing the benefits against the drawbacks is helpful.

Benefits	Drawbacks
Lower interest rates than credit cards	Origination fees may still apply
Flexible repayment terms tailored to excellent credit borrowers	Late or missing payments can hurt credit scores
Access to larger loan amounts	Risk of accumulating debt if not managed responsibly
Flexibility in fund usage

How to Compare Personal Loans for Excellent Credit

While getting a personal loan becomes more accessible by having excellent credit, navigating the options available can still pose a challenge. Consider the following factors when comparing loans for consumers with excellent credit to streamline your decision-making process:

Interest Rates

Compare interest rates offered by multiple lenders to ensure you secure the most competitive rate for your excellent credit history. Lower interest rates can result in significant savings over the life of the loan.

Repayment Terms

Evaluate the repayment options available, including the loan's length and any flexibility options. Look for terms that suit your particular financial goals and ability to repay the loan comfortably.

Loan Amounts

Consider the range of loan amounts each lender offers to ensure they meet your borrowing needs. Lenders that offer a wide range of loan amounts provide more flexibility for borrowers with excellent credit.

Fees

Even with excellent credit, you may still encounter fees for personal loans, such as origination fees or prepayment penalties. Opt for lenders that offer transparent fee structures and minimal fees to maximize your savings.

Additional Features

Look for any additional features or benefits the lender offers, such as autopay discounts, loan customization options or loan assistance programs for specific circumstances. These can enhance the overall borrowing experience and provide added value for borrowers with excellent credit.

Customer Service

Assess the quality of each lender's customer service, including accessibility, responsiveness and support. Choose lenders that prioritize customer satisfaction and offer excellent support throughout the loan process.

UNDERSTANDING INTEREST RATES AND COMPARING INTEREST RATES WITH APR

"When comparing personal loans, it's wise to look beyond the stated interest rate. The interest rate is the percentage of the loan amount the lender charges for borrowing money, expressed as a yearly percentage.

The annual percentage rate (APR) represents the total amount of interest you will pay on a loan account over one year, including all extra fees (such as origination and processing). APR is a more accurate reflection of the true out-of-pocket costs to a borrower." — Alvin Yam, CFP®

FAQ About Personal Loans for Excellent Credit

We addressed some commonly asked questions about personal loans for borrowers with excellent credit to provide valuable insights and help you make well-informed decisions.

What is the best personal loan for excellent credit?

We picked First Tech as the best personal loan lender for those with excellent credit. It earned a MoneyGeek score of 97 out of 100 for its competitive rates, quality service and transparency in loan terms and processes.

Which personal loan lender is the best for low-interest rates?

Fifth Third Bank is the best personal loan lender for low rates. It earned a MoneyGeek score of 95 out of 100 and has a starting APR of 8.99%.

Why does excellent credit matter when applying for a personal loan?

Excellent credit matters when applying for a personal loan as it demonstrates a history of responsible financial behavior and a low credit risk to lenders. With excellent credit, you are more likely to qualify for lower interest rates and more favorable loan terms, saving money over the life of the loan.

Can I get a personal loan with a 0% interest rate if I have excellent credit?

While having excellent credit can qualify you for lower interest rates on personal loans, securing a 0% interest rate is rare. Such promotional rates are more commonly associated with credit cards, where introductory periods may offer 0% interest for a limited time.

How much can I borrow with excellent credit?

The amount you can borrow with excellent credit varies depending on factors such as your income, debt-to-income ratio, credit history and the lender's policies. However, with excellent credit, you can typically access higher loan amounts than those with lower credit scores.

Will I automatically qualify for a personal loan if I have excellent credit?

While having excellent credit increases your chances of qualifying for a personal loan, lenders also consider other factors such as income, employment status and debt-to-income ratio when evaluating loan applications.

Can I negotiate my loan terms because of my excellent credit?

You may have some leverage to negotiate loan terms, especially interest rates and fees. It's worth exploring this option by comparing offers from different lenders and discussing your creditworthiness with potential lenders to see if they can offer more favorable terms.

How fast can I get approved for a personal loan with excellent credit?

With excellent credit, the approval process for a personal loan can be relatively fast, often taking just a few business days or even less. Many online lenders and financial institutions offer streamlined application processes, allowing borrowers with excellent credit to receive approval within minutes and funding in as little as one business day.

Can having excellent credit reduce the importance of my income in the loan application?

While excellent credit can strengthen your loan application, lenders still consider your income to determine your ability to repay the loan. Even with excellent credit, lenders typically require proof of income to ensure you can afford the monthly payments.

Should I only consider traditional banks for personal loans if I have excellent credit?

While traditional banks may offer personal loans, you should explore all available options, including online lenders, credit unions and other financial institutions, to find the most competitive rates and terms for your credit profile.

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About Zachary Romeo, CBCA

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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sources

Experian. "What Is the Average Credit Score in the US?." Accessed October 15, 2024.

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

Best Personal Loans for Excellent Credit for 2024

Excellent Credit Loan Best Overall

Excellent Credit Loan Runner-Up

Best Excellent Credit Loan for Debt Consolidation

Best Excellent Credit Loan for Low Rates

Best Excellent Credit Loan for Same-Day Funding

What Is an Excellent Credit Score?

Benefits and Drawbacks of Excellent Credit Personal Loans

How to Compare Personal Loans for Excellent Credit

FAQ About Personal Loans for Excellent Credit

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