Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Updated on Wednesday, May 1, 2019
Having debt of any kind is costly, even for those who have proven to be good borrowers. If you have an excellent credit score, there are plenty of affordable personal loan options that can help reduce the cost of carrying debt.
Whether you’re looking to take out a new loan or consolidate old debts, we narrowed down the top 5 picks for borrowers with excellent credit from our personal loans comparisons page. Here are some of the top options.
LightStream is the online lending division of SunTrust Bank. LightStream offers personal loans up to $100,000 with rates as low as 4.99% APR for the best-qualified borrowers. You can receive the funds in as little as one day after filling out their online application.
24 to 144*
No origination fee
LightStream is the online lending division of SunTrust Bank.... Read More
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.
You must have “good credit” in order to qualify for a loan. The lender doesn’t give a numerical value of what it considers to be good credit, but it says individuals with good credit generally meet the following characteristics:
- Several years of credit history
- A mix of account types
- Stable income
- Good payment history with few (if any) delinquencies
- Proven ability to save money. Examples include having liquid assets, cash down payments on real estate, retirement savings and manageable revolving credit card debt
- Stable income
- Sufficient income and assets to repay current debt obligations on top of a new loan from LightStream
LightStream uses its own scoring system to determine if you have good credit. The lender makes a decision and sets the terms you’re offered based on your individual profile. LightStream does hard credit pulls only, as it doesn’t offer a pre-approval process. If approved, you have 30 days to transfer the funds to your account. If 30 days pass, the application will expire and you’ll have to reapply for the loan.
- Low rates. LightStream has highly competitive rates for qualified borrowers.
- Large and small loans. You can borrow as little as $5,000 and as much as $100,000.
- Fast funding. You will see the funds deposited into your account the next day if you schedule funding by ACH transfer by 6:00 pm EST. If you apply before 2:30 pm EST on a business day and schedule funding by wire transfer by 3:00 pm EST, you can get the money the same day your application is approved.
- Long loan terms. LightStream offers repayment periods of 24 to 144 months.
- No fees. LightStream charges no fees on its loans. There is no origination fee or other fees commonly associated with borrowing.
- Rate Beat program. Yet another reason to compare offers before you decide on a personal loan: LightStream says it will beat any interest rate presented by a lender by 0.10 percentage points if it meets the terms and conditions presented here.
- Loan Experience Guarantee. If you accept a loan but are not satisfied with your experience with LightStream, contact the company. They’ll email you a questionnaire to fill out and send you $100 once they receive the completed form. The guarantee expires 30 days after you receive the loan.
- High credit requirements. If your score isn’t at least in the high 0s you aren’t likely to qualify for a LightStream loan.
- A hard pull. You can’t see if you qualify for a LightStream loan without your credit score taking a hit, because LightStream doesn’t have a pre-approval process that allows you to check rates with a soft pull. LightStream uses a hard pull to qualify borrowers, which could drop your score by as much as five points. However, it may be worth what you could save with a personal loan from LightStream compared with other lenders.
Earnest is a lender best known for its student loans, as the online lender is owned by Navient, the nation’s largest student loan servicer. But Earnest offers personal loans up to $75,000 on terms from 36 to 60 months. The lender is designed for borrowers who demonstrate they are financially responsible.
Earnest is likely a smart fit for borrowers with good credit scores who may be denied by other lenders because they lack a long credit history. In determining terms and rates, Earnest considers factors such as the borrower’s saving patterns, career trajectory and education, in addition to their financial situation.
In order to meet eligibility requirements for a personal loan from Earnest, a borrower should:
- Be at least 18 years old
- Have proof of consistent income
- Maintain a credit score of at least 650
- Be a U.S. citizen or permanent resident alien, or have a TN, E, O, H1B or F1-OPT visa
- Have no bankruptcy declarations in the last three years
- Show a history of on-time payments as the primary borrower on revolving or installment accounts, as reported to a credit bureau
- Have enough savings to cover at least two months of regular expenses
- Spend less than they earn; increasing bank account balances
- Not carry large amounts of non-student, non-mortgage debt
- Not be regularly charged late, overdraft or insufficient fund fees
Earnest personal loans are not available to residents of Alabama, Delaware, Kentucky, Nevada or Rhode Island.
Earnest asks applicants to provide education and employment information, and connect certain financial accounts to get a sense of how financially responsible the applicant is. Earnest look at things like cash flow, debt-to-income ratio, retirement contributions and savings habits. Earnest will also do a hard pull of your credit report to make a decision.
The lender will take five to 10 business days to make a decision on most applications and update applicants via email.
- Low rates. The lender offers some of the lowest rates on the market for top-qualified borrowers — Earnest loans max out at 17.24% APR (while other lenders may go into the mid-30s).
- Smooth application process. Earnest has a long application, but its customer reviews praise the ease of applying and the helpful customer service.
- Comprehensive website. Earnest is transparent about its terms, rates and loan requirements on its website. In addition, the site gives detailed information about Earnest personal loans and is easy to navigate.
- No fees. Earnest doesn’t charge loan origination fees or any other fees commonly associated with lending.
- Extensive application. The Earnest personal loan application asks for more information than most other lenders, but that’s because Earnest considers many other factors when determining your financial responsibility. The application requires you to connect financial accounts and provide documentation of education and employment information.
- Hard Pull. Earnest doesn’t allow you to check interest rates with a soft pull before applying for a personal loan. You have to go through the entire application process, which includes a hard pull of your credit report.
- Slower approval response. If you need fast funding and can’t wait five to 10 business days, Earnest may not be your top option. Compared with other lenders that could give you an answer immediately, Earnest is a bit slower to get you your money.
RocketLoans is a subsidiary of Quicken Loans, the largest mortgage lender in the U.S. This digital lender is speedy — RocketLoans approves and funds personal loans up to $45,000 for a term of either 36 or 60 months, in real time.
Minimum Credit Score
36 or 60
1.00% - 6.00%
on LendingTree’s secure website
Rocketloans is a digital finance business that is part of the Quicken Loans family. ... Read More
RocketLoans offers personal loans from $2,000 to $45,000 on repayment terms of either 36 or 60 months. The personal loans carry rates ranging from 7.16% to 29.99% APR. RocketLoans requires applicants to be at least 18 years old (19 in Nebraska and Alabama) and a U.S. resident.
The lender bases eligibility on financial characteristics such as:
- Credit score
- Monthly income
- Amount of existing debt
RocketLoans also determines an applicant’s rate based on the payment method they select. Among other items, RocketLoans says the financial profile includes your:
- Credit history
- Monthly income
- Debt-to-income ratio
- Loan term
- Number of credit inquiries
The RocketLoans application requires applicants to enter their full name, income, employment status, phone number, email, Social Security number, residence and date of birth. RocketLoans uses a soft credit pull to show applicants the options they qualify for. After choosing an option, the applicant will have to enter additional data and RocketLoans will do a hard pull to validate the information.
If approved, borrowers should receive the funds in their bank account within one to three business days. Qualified borrowers may have loans approved and funded on the same business day they apply for a personal loan.
- Soft Pull. RocketLoans uses a soft pull to show you the rates you’ll be offered, so you won’t hurt your credit score shopping around. After you select a loan offer, RocketLoans asks for more information and does a hard pull.
- Individualized offers only. The soft pull isn’t a tease. RocketLoans will only show you offers that actually become loans, should you choose to accept.
- Fast funding. RocketLoans funds personal loans within one to three business days. In some cases, you can get same-day funding up to $25,000.
- 24/7/365: You can apply and be approved for a loan any time during the day, since the entire RocketLoans process is online. However, loans will only be funded on business days.
- Origination fee. RocketLoans charges a one-time, nonrefundable origination fee equal to 1.00% - 6.00% of the loan amount. The fee is deducted directly from your loan funds, so you may need to request a bit more money than you need. The origination fee increases the overall cost of borrowing.
- Moderate to high rates. The lowest rate RocketLoans offers on its personal loans is 7.16% APR and as high as 29.99% APR. If you have an excellent credit score, you may be able to qualify for a lower rate with another lender.
- Limited options for repayment. RocketLoans borrowers only have two repayment terms to choose from: 36 or 60 months. Other lenders offer more repayment options to qualified borrowers.
BestEgg is an online lending platform powered by Marlette Funding, LLC. Best Egg offers personal loans up to $50,000 on rates up to 5.99% – 29.99% APR. Prospective borrowers can check their rates with a soft pull and, if they select a loan and are approved, receive funding in as little as one business day.
Minimum Credit Score
36 or 60
0.99% - 5.99%
People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More
The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.
*Trustpilot TrustScore as of June 2020. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$35,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–6.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR.
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
Best Egg considers the information provided in an application, from the credit bureau and an applicant’s debt-to-income ratio to determine if they qualify for a Best Egg loan. To meet qualification requirements, an applicant must have:
- A minimum credit score of 640
- At least three open credit accounts
- No tax liens or bankruptcies
- No delinquent payments
- A maximum debt-to-income ratio of 40%
- An annual income of at least $50,000
The applicant may be asked to submit documentation like a pay stub or utility bill to verify income and address in order to receive loan funds.
If approved, Best Egg will deposit the funds in the borrower’s bank account within one to three business days.
- Soft Pull. You can check and compare the rates you are offered on a personal loan with BestEgg without hurting your credit score, as Best Egg uses a soft pull to show you your offers.
- Fast application and funding. The Best Egg application is quick and easy to fill out. If approved, applicants may see the money in their account as soon as the next day.
- Can have two loans at once. You are eligible for another personal loan from Best Egg even if you already have one Best Egg personal loan, as long as the first loan is six months old and you don’t borrow more than $50,000 in total.
- Borrow as little as $2,000. Best Egg is a good option if you only need a small amount of money. The lender offers loans for as little as $2,000, while other lenders may have higher minimums.
- Lowest rate is up to 5.99% APR. The lowest rate Best Egg personal loan may carry is up to 5.99% APR, and the highest is up to 29.99% APR. Borrowers with excellent credit are likely to qualify for the lower rates on the spectrum, but they may also be offered even lower rates from other lenders.
- Origination fees. BestEgg charges origination fees between 0.99% - 5.99% on its personal loans.
- Processing fees. Borrowers not enrolled in automatic payments are charged a $7 processing fee for each payment made. That adds up to $420 in fees over a 60-month repayment term. If the payment is late or returned, customers are charged $15.
- Limited options for repayment. Best Egg borrowers only have two repayment terms to choose from: 36 or 60 months. Other lenders offer more repayment options to qualified borrowers.
Peerform is an online peer-to-peer lender owned by Versara Lending. The lender offers personal loans from $4,000 to $25,000 on terms of either 36 or 60 months. Peerform personal loan rates range from 5.99% APR to 29.99% APR.
Peerform requires borrowers to be at least 18 years old (19 in Alabama or Nebraska), a U.S. citizen or permanent alien. Applicants will need a Social Security number, a valid email address and a bank account to apply. Applicants may qualify for a Peerform personal loan with a minimum 600 credit score.
Prospective borrowers must register an account with Peerform before you can apply for a personal loan. The form requires your name, contact information and salary. Applicants will need to email or upload an approved form of photo identification and may need to provide additional paperwork like Social Security card or utility bill if requested.
Applicants must email two pay stubs to prove employment. If self-employed, they must show a recent tax return and two recent bank statements. The Loan Analyzer will determine whether the borrower is eligible for a loan and present rates and terms. Once the applicant selects an offer, investors have up to 14 days to review it and decide whether or not to fund the loan.
It may take up to 14 days for investors to fully fund the loan. Once the request is funded, the lender Cross River Bank will send the money to the borrower’s bank account via direct deposit.
- Can decline a partially funded loan. Applicants can decline a loan even if its been partially funded at the end of the two-week funding period as long as investors have provided less than 60% of the amount requested and at least $4,000.
- Payment flexibility. Peerform allows borrowers with repayment issues to delay payment for up to 14 days without paying a late fee.
- Processing fees. If a borrower isn’t enrolled in automatic payments, Peerform allows them to pay by check, but charges $15 fee per payment. If the payment is more than 14 days late, Peerform charges the greater of 5% of the payment amount or $15. If the payment is returned, the borrower is charged $15.
- Origination fee. Peerform charges origination fees between 1.00% - 5.00% of the loan amount, depending on the grade it gives your application. The amount is deducted from the loan total.
- Limited options for repayment. Peerform borrowers only have two repayment terms to choose from: 36 or 60 months. Other lenders offer more repayment options to qualified borrowers.
Compare your options with LendingTree
LendingTree isn’t a lender, but it can help you find and compare your best offers from multiple lenders at once. All you need is a few minutes to complete a short form. Once submitted, a soft credit pull is used to see if you’re prequalified for loans from up to five different lenders.
You may be able to see how much you can borrow and the interest rate offered to you based on the soft pull. LendingTree is a great place to start your search for a personal loan, as you’ll be able to compare the terms on multiple, prequalified offers from lenders right away.
As low as 2.49%
Minimum 500 FICO®
24 to 60
LendingTree is not a lender. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. Terms Apply. NMLS #1136.
As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 2.49% (2.49% APR) on a $20,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected). Terms Apply. NMLS #1136