If you have excellent credit, you’re in the best possible position to secure a personal loan with low interest rates, flexible repayment terms, and high approval odds. But not all personal loans are created equal—and neither are the lenders offering them.
In this guide, we’ll cover everything you need to know about finding the best personal loan rates for excellent credit, including:
- What qualifies as excellent credit
- Why credit scores impact your loan rate
- Current top lenders and their rates
- How to compare offers
- Tips for getting the best terms
Let’s get started.
What Is Considered Excellent Credit?
Before shopping for a personal loan, it’s essential to understand where you stand.
Most lenders use the FICO credit score, which ranges from 300 to 850:
- Excellent credit is typically a score of 740 or higher
- Good credit falls between 670 – 739
- Fair credit is 580 – 669
- Poor credit is below 580
Having excellent credit means you’ve consistently managed your finances well. You likely have:
- A long credit history
- A mix of credit types (credit cards, mortgage, auto loan)
- On-time payments
- Low credit utilization
This makes you a low-risk borrower in the eyes of lenders—and earns you access to the lowest available interest rates on personal loans.
How Does Credit Score Affect Personal Loan Rates?
Your credit score directly impacts the Annual Percentage Rate (APR) you’re offered. Here’s a general breakdown:
- Excellent credit (740+): Rates as low as 5%–8% APR
- Good credit (670–739): Rates range from 8%–14% APR
- Fair credit (580–669): Rates range from 14%–22% APR
- Poor credit (<580): Rates can exceed 30% APR
So, for example:
- A $15,000 loan at 7% APR over 5 years would cost you $2,812 in interest
- That same loan at 18% APR would cost you $6,568—more than double
This illustrates why your excellent credit is so valuable when seeking a personal loan.
Top Lenders Offering the Best Personal Loan Rates for Excellent Credit
Let’s look at some of the top online and traditional lenders offering competitive loan rates for borrowers with excellent credit.
1. LightStream
- APR: 6.99% – 23.99% with autopay
- Loan Amounts: $5,000 – $100,000
- Loan Terms: 2 – 12 years
- Perk: Rate Beat Program—if you find a lower rate, they’ll beat it
- Best For: High loan amounts and low rates
2. SoFi
- APR: 7.99% – 23.43% (with autopay)
- Loan Amounts: $5,000 – $100,000
- Loan Terms: 2 – 7 years
- Perk: No fees + unemployment protection
- Best For: Career-driven borrowers seeking flexibility and perks
3. Marcus by Goldman Sachs
- APR: 6.99% – 24.99%
- Loan Amounts: $3,500 – $40,000
- Loan Terms: 3 – 6 years
- Perk: No fees ever + on-time payment reward
- Best For: Simple, no-fee personal loans
4. Discover Personal Loans
- APR: 7.99% – 24.99%
- Loan Amounts: $2,500 – $40,000
- Loan Terms: 3 – 7 years
- Perk: 30-day money-back guarantee
- Best For: Trusted brand and solid customer service
5. PenFed Credit Union
- APR: Starting at 7.99%
- Loan Amounts: Up to $50,000
- Loan Terms: Up to 60 months
- Perk: Credit union benefits
- Best For: Members and those seeking flexible terms
How to Compare Personal Loan Offers
With multiple lenders offering different terms, it’s essential to compare more than just APR. Here are the factors to look at:
1. APR (Annual Percentage Rate)
This is the most critical number. It includes interest and fees and represents the true yearly cost.
2. Loan Term
Shorter terms = less interest paid, but higher monthly payments
Longer terms = lower monthly payments, but more total interest
3. Monthly Payment
Ensure the monthly payment fits comfortably within your budget.
4. Fees
Some lenders charge:
- Origination fees (0%–8%)
- Late payment fees
- Prepayment penalties
Aim for lenders with no or low fees.
5. Loan Flexibility
Does the lender allow you to:
- Change your payment due date?
- Skip a payment if needed?
- Pay off early without penalty?
Tips for Getting the Best Loan Rate with Excellent Credit
Even with excellent credit, these steps can help you lock in the lowest possible rate:
1. Check Your Credit Report
Make sure there are no errors. Dispute inaccuracies with the credit bureaus to boost your score if needed.
2. Shop Around
Use a loan comparison site like NerdWallet, Bankrate, or LendingTree to compare multiple offers in minutes.
3. Prequalify Without Impacting Credit
Most lenders offer soft credit checks during prequalification. This lets you preview rates without hurting your score.
4. Opt for Autopay
Many lenders give a 0.25% discount if you sign up for autopay.
5. Consider a Co-Signer
If you’re borrowing a large amount, a co-signer can help you qualify for better rates or a bigger loan—even if your credit is already strong.
What Can You Use a Personal Loan For?
Personal loans are versatile and can be used for many purposes:
- Debt consolidation
- Home improvement
- Major purchases (appliances, furniture)
- Medical bills
- Weddings or events
- Travel
- Moving expenses
However, avoid using personal loans for ongoing expenses or luxury splurges, as this can lead to debt accumulation.
When Not to Take a Personal Loan (Even With Excellent Credit)
While excellent credit makes it easy to get approved, you should avoid personal loans if:
- You’re unsure you can repay on time
- You’re using it to cover recurring monthly bills
- You have better options (e.g., 0% APR credit card for short-term needs)
- You’re tempted to borrow more than you need
A personal loan is a powerful financial tool—but only when used wisely.
Final Thoughts
If you’re among the fortunate few with excellent credit, you’re in the driver’s seat when it comes to securing a low-rate personal loan. Take time to compare lenders, consider all the costs (not just the APR), and choose a loan that fits your budget and your financial goals.
Whether you’re consolidating debt, funding a home project, or covering a major expense, the best personal loan rates for excellent credit can save you hundreds or even thousands of dollars.
