Personal loans for excellent credit

Borrowers with excellent credit typically see advertised APRs from 5.99% to 12.99%. The exact rate depends on income, existing debt, and other factors.

If the rates you see are high, consider whether you can wait and improve your credit, or whether a co-signer could help you qualify for a lower APR.

At 720 and above you are the borrower lenders compete for. You should expect to qualify with most of our partners and to be offered rates at or near the bottom of their advertised ranges.

The thing to guard against at this level is complacency. The spread between the best and the third-best offer on the same profile can still be several percentage points, which is hundreds of dollars over a five-year term.

None of these are instant, but each one moves the APR a lender will quote someone with excellent credit.

• Ask about an autopay discount, which is usually the easiest rate reduction available
• Take the shortest term you can service; excellent credit plus a short term is the cheapest combination
• Check whether a zero-origination-fee lender beats a slightly lower headline rate that carries a fee

Most personal loans from our lending partners are unsecured and fixed rate. With no collateral involved, the lender prices the loan almost entirely on how likely it believes you are to repay. That judgment is built from your credit history, your income relative to your existing debt, how long you have been employed, and the amount and term you ask for.

Personal loans can also be secured by collateral, such as a motor vehicle. Pledging collateral can support a larger amount or a lower rate, but it puts the vehicle at risk if the loan is not repaid. Secured options vary by lender and may not be available through the lenders currently listed here.

The number that matters is the APR, not the interest rate. APR folds in the interest rate plus any origination fee, so it is the only figure that lets you line two offers up fairly. A loan quoted at a lower interest rate can easily cost more once a 6% origination fee is deducted from the money you actually receive.

• Credit history and score band: the single biggest driver of the rate you are offered
• Debt-to-income ratio: monthly debt payments measured against gross monthly income
• Loan amount and term: longer terms usually carry higher rates
• Income stability: length of employment and whether income is verifiable
• Whether the loan is secured: collateral can lower the rate a lender is willing to offer
• State of residence: not every lender lends in every state