Personal loans for very good to excellent credit (740-850 credit score)
You have excellent credit! It’s been a long journey to reach this point. Now it’s time for you to take advantage of the benefits that you have earned. You can get personal loans with excellent to outstanding credit and be confident that you will qualify for the best interest rates.
You’re not the only one looking for a personal loan. From 2017 to 2019, personal loans were America’s fastest-growing form of credit. Although the pandemic severely curtailed borrowing, personal loans are still prevalent.
Personal loans are prevalent due to their versatility. You can use them for many purposes. According to a LendingTree survey, these are the most popular uses of personal loans.
- Consolidating debt: 27.0%
- Refinance your credit card: 20.9%
- Home Improvement: 10.1%
- Major purchase: 3.5%
- 2.8% for medical bills
- Relocation and moving 1.6%
- Vacation 1.0%
It’s not surprising that half of the personal loans were used to refinance and consolidate other debts. This is an excellent option if you have excellent credit. You’ll get a low-interest rate that makes consolidation or refinancing attractive.
Personal loans for very good to excellent credit
Two things are essential when you search for a personal loan: Outstanding credit to excellent credit
It is easy to get approved. Lenders will be willing to walk the red carpet for you and offer the chance to lend to you.
- Low-interest rates. The lowest rates are available.
- Lenders offer personal loans for very good to excellent credit.
There are many options for personal loans with excellent to outstanding credit. But you will want to select the best. You have good credit because you choose the best options.
Three keys are crucial to getting the best personal loan deal (or any loan)
You should look at more than one location. Borrowers who ask for multiple offers will get better deals.
- Compare offers and carefully read the fine print.
- Clarify your goals, and choose the deal that suits your needs best.
- Keep in mind that not every deal is the best deal.
These are some suggestions for where to look.
Your Own Bank or Credit Union
We tend to think of large online lenders that have a national presence when we discuss loans. These lenders can often offer desirable terms and rates.
It is always worth going to your local bank or credit union for a quote. Ask your bank or credit union to provide a quote. You know them, your finances and can speak directly with decision-makers. Online loan factories don’t offer the same level of personal service. You will get better and more personalized service.
Although it may not be the best, it is worth considering.
Services for Loan Matching
Many borrowers prefer to use loan matching services. These services are not lenders. They are brokers that pass your information on to their network of lenders. This allows you to obtain multiple quotes on a single application. It makes it easy to compare prices.
Many matching services have poor reputations, particularly those that serve borrowers with bad credit. You will be dealing with top-tier companies if you have excellent to outstanding acclaim. It’s worth doing some research on any company that you are considering using.
These top loan matching services are for borrowers with excellent to outstanding credit.
- Credible is a well-respected broker that can handle loans up to $100,000. They offer a low advertised interest rate of 2.49% and guarantee to find you the best rate.
- LendingTree, one of the most well-known and most prominent loan matching services, is a great example. LendingTree represents lenders who make loans up to $100,000 at rates as low as 3.99%.
- LendingClub can help you get loans up to $40,000. LendingClub lenders can approve loans up to $40,000.
- Even Financial can offer loans up to $100,000 at as low as 4.99% APR.
These lenders offer the lowest APRs to borrowers who have the best credit. It is a good idea to choose services that provide the lowest rates if your credit score is high. Lenders might also consider other factors such as your income, employment history, debt-to-income ratio, and income.
Peer-to-Peer Lending Services
Peer-to-peer lending is relatively new. Lending services connect borrowers with individuals who are open to making personal loans. You’ll work with the most reliable investors, who might match any traditional lender‘s offer.
- Peerform is the most well-known and popular peer-to-peer loan marketplace. Personal loans are available from $4,000 to $25,000 with an advertised APR of 5.99%.
- Prosper offers personal loans starting at $2000 and ending at $40,000 with an APR as low as 7.95%. Three open credit accounts are required, along with five hard inquiries within the past five months.
Peer-to-peer lending is relatively new. There is very little regulation. It is worth researching potential lenders.
You will receive the best rates from online lenders if you have good to excellent credit. These options are available if you prefer to work directly with a lender:
- The terms of Discover Personal Loans are flexible. No fees are charged, and the APRs can be as low as 6.99%. You can borrow up to $35,000.
- SoFi, a popular student lender, has expanded to other loan types. Personal loans up to $100,000 are available with an APR of 5.99%.
- Lightstream offers loans starting at $5000 and up to $100,000. You can get loans from Lightstream with quick approvals and funds released. The APR for the lowest rate is 3.99%.
- Payoff loans can only be used to consolidate credit card debt. The maximum loan amount is $35,000, and the APR is only 5.99%.
- Marcus by Goldman Sachs offers loans up to $40,000 at rates as low as 6.99%
These lenders are happy to work with borrowers with excellent to outstanding credit. Seek out deals from several lenders and apply!
To avoid multiple hard inquiries, make sure you submit your application within the 15-day deadline. This score is important!
What should you do next?
It is easy to obtain personal loans for people with outstanding credit. With no hassles, you will be approved and offered excellent terms. You may not be eligible for the best times if you are at the lower end of the range, but your chances of getting them will still be high than those who scored higher.
You’ll want that score to remain the same. This means that you will make every payment on your loan on time. You’ll be able to enjoy all the privileges that you have been granted by keeping an eye on credit reports and identifying any signs of identity theft.