Personal loan rates for very good to excellent credit (740-850 credit score)
You have excellent credit and can get the best personal loan rates! 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 $5000 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 the loan amount 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 Improvements: 10.1%
- Major purchase: 3.5%
- 2.8% for medical bills
- Relocation and moving 1.6%
- Vacation 1.0%
- Home Improvement
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 personal loan interest rate on the loan amount which 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 for the best personal loan. Lenders will be willing to approve the loan amounts.
- Low-interest rates. The lowest annual percentage rate is available.
- Lenders offer personal loans for very good to excellent credit.
- Most lenders don’t charge a prepayment penalty.
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 for the best personal loan at more than one location. Borrowers who ask for multiple offers will get better deals on the loan amount.
- Compare offers for loan amounts and carefully read the fine print.
- Clarify your goals, and choose the deal that suits your needs best.
- Compare the monthly payments. The monthly payment can help you determine whether the loan is affordable.
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 a personal loan. These lenders can often offer desirable repayment terms and annual percentage 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 and your finances and can speak directly with decision-makers. Online personal loans 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 personal 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 personal loan matching services are for borrowers with excellent to outstanding credit.
- Credible is a well-respected broker that can handle a loan amount of up to $100,000. They offer a low advertised interest rate of 2.49% for the loan term and guarantee to find you the best annual percentage rate. The lender also offers debt consolidation loan options.
- LendingTree, one of the most well-known and prominent personal loan matching services, is a great example. LendingTree represents lenders who make loans up to $100,000 at interest rates as low as 3.99%. The origination fee and loan term are manageable.
- 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. There is no prepayment penalty.
These lenders offer the lowest APRs to borrowers who have the best credit score and credit history. 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 personal loan marketplace. Personal loans are available from $4,000 to $25,000 with a low interest of 5.99%. You can get unsecured personal debt with affordable terms.
- 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.
- The payment fee and loan term vary.
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 a good t credit score and credit history. These options are available if you prefer to work directly with a lender:
- The terms of Discover Personal Loans are flexible. No payment fee or prepayment penalty is charged, and the interest rate 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 annual percentage rate apr of 5.99%.
- Lightstream offers loans starting at $5000 and up to $100,000. You can get loans from Lightstream with quick credit approval 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 personal loan interest rates are only 5.99%.
- Marcus by Goldman Sachs offers loans up to $40,000 at rates as low as 6.99% directly to your bank accounts.
Lenders like TD bank and wells Fargo are happy to work with borrowers with excellent to outstanding credit scores and credit histories. Seek out deals from several lenders and compare the interest rate and loan term before requesting.
To avoid multiple hard inquiries, make sure you submit your application within the 15-day deadline. This credit score is important!
What should you do next?
It is easy to obtain personal loans for people with outstanding credit scores. But these loans have high-interest rates depending on the loan term.
With no hassles, you will be approved and offered excellent loan 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 have a high credit score.
You’ll want that credit score to remain the same. This means that you will make every 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 credit reports and identifying any signs of identity theft.
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