Best Personal Loans for Excellent Credit in 2024

First Tech provides the best personal loans for excellent credit, with a MoneyGeek score of 98 out of 100. It has excellent customer service, competitive interest rates and a strong reputation.

Updated: November 27, 2024

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First Tech offers the best personal loan for borrowers with excellent credit, earning a MoneyGeek score of 98 out of 100 due to its competitive rates and outstanding service and reputation. Truist is the best option for debt consolidation loans, while Fifth Third Bank and Rocket Loans are the top choices for low-interest rates and same-day funding, respectively.

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

Key Takeaways

First Tech has the best personal loans for excellent credit, with a MoneyGeek score of 98 out of 100. PenFed follows closely, scoring 96 out of 100.

Excellent credit scores typically range from 800 to 850 for FICO® and 781 to 850 for VantageScore. With excellent credit, you can access a wide range of personal loan options and enjoy favorable terms.

Before getting a personal loan, check interest rates, additional fees and unique features like autopay discounts to ensure you find the best one for your needs.

Excellent Credit Loan Best Overall

First Tech

MoneyGeek Score:

98/ of 100

Minimum Credit ScoreUndisclosed

APR Range8.94% to 18.00%

Loan Amount Range$500 to $50,000

Repayment Terms6 to 84 months

Time to Receive FundsUndisclosed

PROS

No origination or prepayment fees
Conducts soft credit checks
Can defer first payment up to 45 days

CONS

$50,000 maximum loan amount
No rate discount
Limited details on qualification requirements

Calculate Your Monthly Payments

Understanding the amount of your monthly loan payments can help you avoid financial strain and protect your credit score. Missing payments or struggling to keep up with them could lead to late fees, negative marks on your credit report and increased stress.

Use our personal loan calculator to estimate your monthly payment. Enter your loan amount, interest rate and repayment term.

Personal Loan Calculator

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Updated: Dec 23, 2024

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Excellent Credit Loan Runner-Up

PenFed

MoneyGeek Score:

96/ of 100

Minimum Credit ScoreUndisclosed

APR Range8.99% to 17.99%

Loan Amount RangeUp to $50,000

Repayment TermsUp to 60 months

Time to Receive Funds1 to 2 Business Days

PROS

No origination fees
No prepayment penalties
Allows co-borrowers

CONS

$29 late fee
$30 fee for returned loan payment, check or ACH
$50,000 borrowing limit

UNDERSTANDING CREDIT UNION MEMBERSHIP REQUIREMENTS

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

However, meeting these requirements can be worthwhile if you seek 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

MoneyGeek Score:

97/ of 100

Minimum Credit ScoreUndisclosed

APR Range8.87% to 17.82%

Loan Amount RangeFrom $3,500

Repayment Terms24 to 60 months

Time to Receive FundsSame Day

PROS

No origination fees
Offers loan payment relief options
Same-day funding

CONS

No option to prequalify
No rate discount
Limited information available on its website

Best Excellent Credit Loan for Low Rates

Fifth Third Bank

MoneyGeek Score:

95/ of 100

Minimum Credit ScoreUndisclosed

APR Range8.74% to 21.74%

Loan Amount Range$2,000 to $50,000

Repayment Terms12 to 60 months

Time to Receive FundsNext Day

PROS

No origination fees or prepayment penalties
0.25% autopay discount
Provides loan payment assistance for struggling borrowers

CONS

Available to Fifth Third customers only
Charges late fees
$25,000 borrowing limit for online applications

Best Excellent Credit Loan for Same-Day Funding

Rocket Loans

MoneyGeek Score:

97/ of 100

Minimum Credit ScoreUndisclosed

APR Range9.116% to 29.99%

Loan Amount Range$2,000 to $45,000

Repayment Terms36 or 60 months

Time to Receive FundsSame Day

PROS

Same-day funding
No prepayment penalties
Allows prequalification

CONS

Charges an origination fee of up to 9%
Offers only two repayment options
Charges a $15 fee for late payments and returned checks

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 numerically represents a person's credit risk, providing lenders 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, weighing the pros and cons of personal loans for borrowers with excellent credit is helpful.

Benefits

Lower interest rates: Borrowers with excellent credit typically qualify for lower interest rates, which can reduce the overall loan cost.
Higher loan amounts: Lenders are more likely to offer higher loan amounts to those with excellent credit.
Flexible repayment terms: Excellent credit often allows borrowers to choose from various repayment terms that suit their budget.
Quick approval and funding: Lenders may expedite the approval process for borrowers with strong credit, releasing funds faster.

Drawbacks

Risk of overborrowing: Borrowers with excellent credit may qualify for large loan amounts, increasing the risk of borrowing more than necessary.
Fees and costs: Even with excellent credit, borrowers may face origination fees or prepayment penalties, which add to the loan cost.
Impact on debt-to-income ratio: Taking out a personal loan can increase a borrower's debt-to-income ratio, potentially affecting future credit applications.
Risk of impact credit: Missing payments or mismanaging a loan can hurt a borrower’s credit score, even if it was initially excellent.

How to Compare Personal Loans for Excellent Credit

Getting a personal loan with excellent credit is easier, but choosing the right option can still be challenging. Consider these factors to simplify your decision:

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, including loan duration and flexibility. Choose options that align with your financial goals and ensure manageable payments.

Loan amounts

Consider each lender's loan amounts to ensure they meet your borrowing needs. Lenders offering 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

Check for extra perks, such as autopay discounts, loan customization options or loan assistance programs. These features can improve your borrowing experience and offer more value.

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, 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 interest you'll 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: Personal Loans for Excellent Credit

What is the best personal loan for excellent credit?

First Tech offers the best personal loans for those with excellent credit, earning a MoneyGeek score of 98 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, with a MoneyGeek score of 95 out of 100 and a starting APR of 8.74%.

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

Excellent credit matters when applying for a personal loan, as it shows a history of responsible financial behavior and a low credit risk to lenders. With excellent credit, you're 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 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. Compare offers from different lenders and use your strong credit to request better terms.

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

With excellent credit, you can often get approved for a personal loan within a few minutes to one business day, depending on the lender. Many online lenders offer instant or same-day approvals, while traditional banks or credit unions might take slightly longer to process your application.

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

While traditional banks may offer personal loans, 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.

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.

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

33Lenders Analyzed

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 a Good Credit Score?." Accessed November 27, 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.