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Credit is built around the concept of someone offering you something – like a good, a service or an asset – and expecting you to pay for it later.
When it comes to types of credit (like personal loans), it’s kind of like a big I-O-U, except you aren’t making a deal with your buddy or a family member.
Who is FICO®: Why it matters
You can qualify for excellent personal loan terms if you have a high credit score.
Different lenders have different scoring requirements, but a great FICO® score usually ranges from 680 to 850.
For the uninitiated, FICO® (Fair Isaac Corporation) is a data analytics company that provides credit scoring services. Think of them as judgmental relatives, except their judgment is based on stone-cold data and insights gathered from the stuff you buy.
You probably know this anyway, but it’s worth a reminder.
You’ve carefully built your credit score over the years, establishing a solid history of paying your bills on time. And the three national credit bureaus (Experian™, Transunion® and Equifax®) have determined that you are a good credit risk.
This puts you in a fantastic position to apply for the best personal loans that are only available to those with excellent credit.
What Perks Can I Get From a Personal Loan With Excellent Credit?
Depending on the lender, if you have excellent credit, you may receive the following benefits:
- Unemployment forbearance: a lender will allow you to pause payments temporarily while you look for a new job
- Fee waivers: certain lenders will waive or reduce origination fees (fees taken out when you apply for a loan)
- Lower interest rates: the better your credit score, the more likely it is you will be offered lower interest rates
Personal Loans for Excellent Credit: A Table of Lenders
MoneyTips scoured the net to find a representative range of lenders who approve borrowers with excellent credit. This isn’t an exhaustive list – and we’re not making recommendations.
We just want to give you an idea of what’s out there.
| Lender | Best for: | Est. APR: | Min. Credit Requirement: | Term Length: |
| Discover® | Debt Consolidation | 6.99% APR to 24.99% APR | 720 | 3 – 7 years |
| SoFi | Member perks (unemployment protection) | Starts at 5.99% APR | 680 | 2 – 7 years |
| Regions Bank | Unsecured and secured loans, deposit secured and secured installments | 4.74% APR to 16.49% APR | 670 | 1 – 5 years |
| Lightstream | Competitive rates | 4.49% APR to 20.49% APR | 660 | 2 – 7 years |
| Marcus | Debt Consolidation, no fees | 6.99% APR to 19.99% APR. Reduce your APR by 0.25% with AutoPay | 660 | 3 – 6 years |
| Payoff® | Debt Consolidation | 5.99% APR to 24.99% APR | 640 | 2 – 5 years |
| Prosper | Payment date flexibility | 5.99% APR to 35.97% APR | 640 | 3 – 5 years |
Don’t worry, there are options out there for those who don’t have top-tier credit scores. It’s worth researching the lenders that will work with you if you fall into that category.
Pick the Right Personal Loan for You: Your Choice
At the end of the day, you are in charge of your financial journey. And if you have excellent credit, the world is your oyster.
Just don’t be shellfish (see what we did there?). 🦀 Pay for your round of drinks when it’s your turn, moneybags.
