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 youâ€™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 3.09% APR for the best-qualified borrowers. You can receive the funds in as little as one day after filling out their online application.
Minimum Credit Score
LightStream is the online lending division of SunTrust Bank.… Read More
Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% 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 3.09% APR with a term of 3 years would result in 36 monthly payments of $291.21.
You must have â€śgood creditâ€ť in order to qualify for a loan. The lender doesnâ€™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:
LightStream uses its own scoring system to determine if you have good credit. The lender makes a decision and sets the terms youâ€™re offered based on your individual profile. LightStream does hard credit pulls only, as it doesnâ€™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 youâ€™ll have to reapply for the loan.
Earnest is a lender best known for its student loans, as the online lender is owned by Navient, the nationâ€™s largest student loan servicer. But Earnest offers personal loans up to $75,000 on terms fromÂ 36 to 60 months. The lender is designed for borrowers who demonstrate they are financially responsible.
Minimum Credit Score
Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.… Read More
In addition, they offer some of the most flexible terms among all personal loan lenders, allowing for borrowers to get a customized loan and repayment plan that fits their financial situation.
Earnest offers lower-rate, no-fee personal loans with fixed rates that start at 6.99% APR. You can borrow up to $50,000. But the ranges vary for South Carolina ($7,500-$50,000) and New Mexico ($5,000-$50,000.) Read Less
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 borrowerâ€™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:
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.
RocketLoans is a subsidiary of Quicken Loans, the largest mortgage lender in the U.S. This digital lender is speedy â€” RocketLoans approves and funds personal loans up to $35,000 for a term of either 36 or 60 months, in real time.
Minimum Credit Score
RocketLoans offers personal loans from $2,000 to $35,000 on repayment terms of either 36 or 60 months. The personal loans carry rates ranging from 5.98% 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:
RocketLoans also determines an applicantâ€™s rate based on the payment method they select. Among other items, RocketLoans says the financial profile includes your:
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.
BestEgg is an online-only lender powered by Marlette Funding, LLC. Best Egg offers personal loans up to $35,000 on rates up to 5.99% â€“ 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
People looking for a process that is fast and straightforward canâ€™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%-29.99%, which may include an origination fee from 0.99%â€“5.99%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate. Requests for the highest loan amount may resulting an APR higher than our lowest advertised rate. You need a minimum 700 FICOÂ® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.
Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding LLC. All uses of “Best Egg” on this site mean and shall 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. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000.
Borrowers should refer to their loan agreement for specific terms and conditions. A loan example: a 5â€“year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3â€“year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.
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 applicantâ€™s debt-to-income ratio to determine if they qualify for a Best Egg loan. To meet qualification requirements, an applicant must have:
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 borrowerâ€™s bank account within one to three business days.
Peerform is an online peer-to-peer lender owned by Versara Lending. The lender offers personal loans from $4,000 toÂ $25,000 on terms of either 36 or 60 months. Peerform personal loan rates range from 5.99% APR to 29.99% APR.
Minimum Credit Score
Even with a credit score of 600, you still might be able to secure a loan through Peerform. … Read More
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 borrowerâ€™s bank account via direct deposit.
LendingTree isnâ€™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 youâ€™re prequalified for loans with dozens of 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 youâ€™ll be able to compare the terms on multiple, prequalified offers right away.
Minimum Credit Score
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 without impacting your credit score. LendingTree is not a lender.
5.99% To 35.99% APR
6.99% To 14.87% APR
6.99% To 24.99% APR
3.09% To 14.24% APR
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