What are personal loans?

Personal loans for excellent credit history (a 740-850 credit score)

You have an excellent credit history! You can now get personal loans with good credit and 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 loan uses

Personal loans are prevalent due to their versatility. You can use the loan amounts for many purposes. According to a LendingTree survey, these are the most popular uses of personal loans.

  • Consolidating debt and paying credit card debt: 27.0%
  • Refinance your credit cards: 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 loan options were used to refinance and consolidate other debts, as well as pay credit card debt.

This is an excellent option if you have an excellent credit history. 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 scores

It is easy to get approved and the monthly payment is mostly flexible. 

  1. Low-interest rates. Moat options have low interest rates
  2. Lenders offer personal loan options for very good to excellent credit.

Unsecured loan options with excellent to outstanding credit can be a life saver. 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.

  1. Compare offers and carefully read the fine print.
  2. Clarify your goals, eg paying your credit card balances, and choose the deal that suits your needs best.
  3. Keep in mind that not every deal is the best deal.

Your Own Bank or Credit Union

We tend to think of large online lenders that have a national presence when we discuss a personal. These lenders can often offer desirable terms and rates and a manageable monthly payment.

Ask your bank or credit union to provide a quote. You know them, your finances and can speak directly with decision-makers. Online personal loan lenders don’t offer the same level of personal service. You will get better and more personalized service.

Loan matching services

Many borrowers prefer to use a personal loan matching service. 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 personal loan matching services are for borrowers with excellent to outstanding credit.

  • Credible is a well-respected broker that can handle a personal loan 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 personal loan matching services, is a great example. LendingTree represents lenders who make a personal loan 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 a personal loan of up to $40,000.
  • Even Financial can offer a personal loan 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 taking personal loans even with a bad credit score. 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. Unsecured 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.

Online 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 a personal loan starting at $5000 and up to $100,000. You can get loans, like student loans from Lightstream with quick approvals and funds released. The APR for the lowest interest 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 a personal loan of up to $40,000 at an interest rate as low as 6.99%

These lenders for an unsecured loan 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 reports. 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 the loan amounts will still be high than those who scored higher.

You’ll want that score to remain the same or increase when you get a personal loan. This means that you will make every monthly payment on your personal loan on time. You’ll be able to enjoy all the privileges that you have been granted by keeping an eye on your credit report and identifying any signs of identity theft.

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