In 2024, you’re in a good position to get the best personal loans for excellent credit if you’re one of the almost 22% of US customers with a FICO score between 670 and 739. Borrowers can obtain personal loans from internet lenders, credit unions, and traditional banks. With these loans, borrowers receive a one-time payment that they can use for any permissible personal expense.
Additionally, few lenders give loans up to $100,000, and the usual loan range is $1,000 to $50,000. In 2024, having excellent credit can enhance your chances of obtaining favorable terms and reasonable interest rates for personal loans.
Best Personal Loans for Excellent Credit of 2024
When it comes to personal loans, there are plenty of options available to those with excellent credit in 2024. However, it’s wise to evaluate the APRs, loan amounts, terms of repayment, credit standards, and customer base of each lender. Furthermore, to choose the best personal loan for excellent credit in 2024, consider the following lenders.
LightStream
Online lender LightStream, a division of Truist Bank, offers loans for almost any permissible purpose. It was established in 2012, available in all 50 states with an online application. Additionally, not only does it have the lowest rates among our best lenders, but it is also the only one with a $100 customer service guarantee for creditworthy clients.
Moreover, only individuals with great credit are advised to apply because the lender’s credit requirement is high at 695. It offers a rate beat program, loan experience guarantee, autopay discount, mobile app, and no fees. LightStream’s website identifies common borrowers as having a strong payment history, a varied credit mix, multiple years of credit, assets, and a lower debt-to-income ratio.
Discover
Discover personal loans offer competitive rates and no origination fees for borrowers with good and excellent credit. This lender offers loans with APRs between 7.99% and 24.99% for 36-84 months. It offers a minimum annual income of $25,000, for those over 18 years of age, and a valid US SSN is required.
Its requirements also include having an active email account, a valid Social Security number, 18+ years of age, and a minimum credit score of 660. Additionally, the lender provides quick funding, a mobile app for loan administration, and pre-qualification with a light credit check. However, it can impose late fines, not provide co-signer or joint loan choices, or provide rate breaks.
SoFi
SoFi is an online lender that provides substantial personal loans with greater maximums and longer periods. However, it demands a minimum credit score of 650 and an annual income of at least $45,000, making it unaffordable for some customers. This lender provides a simple prequalification process, and same-day approval, and can pay off third-party creditors immediately. Furthermore, co-signers are not permitted.
Happy Money
Happy Money is an online lender that only provides personal loans to customers who need them to pay off credit card debt. This credit card debt can come as a surprise to even those with excellent credit scores. With an APR of at least 11.72%, you can borrow money ranging from $5,000 to $40,000.
However, an origination fee (ranging from 1.50% to 5.50%) will be assessed by this lender and deducted from the loan profits. Happy Money requires a minimum credit score of 640, zeros current delinquencies, 18+ years, a valid Social Security number, a checking account, and cannot reside in Massachusetts or Nevada.
Prosper Marketplace
Prosper is one of the earliest peer-to-peer lending platforms in the United States. It has assisted over 1.4 million borrowers and funded over $23 billion in loans since its founding in 2005. It ranks this platform as the best peer-to-peer lender because of its competitive personal loan product and extensive history.
Prosper provides up to $50,000 in personal loans with five-year repayment terms. Its maximum APR is fairly high, but its starting APR is comparatively low. For this reason, even if its minimum credit score requirement is quite low (640), it’s a better option for applicants with good to excellent credit.
Achieve
Achieve provides personal loans ranging from $5,000 to $50,000, ideal for those seeking to reduce their credit card debt or assist in paying for medical expenses. When you apply for an Achieve loan, you can get accepted the same day. Depending on your credit score, an Achieve personal loan has a competitive annual percentage rate (APR) that starts at 8.99%
Additionally, it has durations of 24 to 60 months for repayment. Moreover, the origination charge for Achieve personal loans ranges from 1.99% to 6.99% of the loan amount. Achieve loans require a credit score of 620 and may require proof of income, Social Security number, employment status, and identity.
LendingClub
For customers with excellent credit in 2024 who want to increase their credit score and consolidate debt, LendingClub personal loans are a suitable choice. It offers a minimum credit score of 600, income of none, annual income of $100,000, and minimum credit history of 36 months.
Furthermore, the loan offers a term of 2 to 5 years, with an origination fee of 3% to 8% and a late fee of 5% or $15 after 15 days. The lender offers a joint loan option for direct payment to creditors through debt consolidation loans, pre-qualification with a soft credit check, and the option to change the payment date.
Upstart
Upstart employs proprietary technology during loan approval to assess borrower risk of default, unlike conventional lenders who rely on credit scores. For this reason, Upstart just requires a credit score of 300. However, you might also be eligible if you have thin credit, which is defined as having insufficient credit history to produce a credit score.
You can borrow $1,000 to $50,000 with Upstart for a three- or five-year period. If approved, you can receive your money as early as the following business day. Furthermore, remember that Upstart levies origination fees in addition to penalties for returned and late payments.
PenFed Credit Union
PenFed Credit Union has competitive interest rates, and because of rules set by the National Credit Union Administration, its maximum annual percentage rate (APR) cannot exceed 17.99%. Its loans also come with no origination costs and a maximum loan amount of $50,000. You can borrow as little as $600.
Additionally, co-borrowers are also accepted by the credit union, which may assist you to be eligible for a reduced rate. PenFed’s lack of disclosure on its minimal credit score is its primary disadvantage. Moreover, to have your loan funded, you must also become a member of the credit union, which is free for anybody to do. To participate, all you have to do is transfer $5 into a savings account.
Wells Fargo
Wells Fargo personal loans, with maximum loans of $100,000, are available to current Wells Fargo clients. This loan is worth looking into because of its low origination fees and cheap APR (if you have good credit). Moreover, depending on the type of account, Wells Fargo offers loan discounts of up to 0.5% to owners of checking accounts that utilize auto-pay. Additionally, you can see your rate without doing a hard credit draw by applying for pre-qualification.
Final Thoughts
The best rates for personal loans with excellent credit are only one component of the problem in 2024. Moreover, the most affordable loans are provided by top lenders, but they also provide flexible repayment plans and fast funding, among many other benefits.