Written by Amanda Push | Edited by Katie Lowery | Updated July 31, 2023
Read more about how we chose the best lenders for excellent credit.
Overview: Whether you’re looking to pay off some credit card debt with a lower interest rate or need some help covering your medical bills, Achieve offers personal loans at $5,000 to $50,000. With this lender, you may receive your funds within 1 to 4 days after you’re approved.
A personal loan with Achieve comes with a competitive APR starting at 7.99%, depending on your credit score, with payback terms of 24 to 60 months. Achieve personal loans also come with an origination fee of 1.99% - 6.99% of the loan amount.
| Pros | Cons |
|---|---|
No prepayment penalties so you can repay the loan early May receive funds within 24 hours after approval Allows for co-applicants | Charges an origination fee of 1.99% - 6.99% Lack of transparency around specific eligibility criteria High minimum borrowing amount |
Overview: Best Egg offers personal loans between $2,000 and $50,000. To qualify for Best Egg’s lowest APR, you’ll need a minimum credit score of 580 and an individual annual income of at least $100,000.
Keep in mind, however, that Best Egg does charge an origination fee (0.99% - 8.99%) that will come out of the total amount of your loan. In addition, this lender doesn’t service consumers in Iowa, Vermont, West Virginia, the District of Columbia or any U.S. Territories.
If you’re approved for a Best Egg personal loan, it may take anywhere from one to three business days for your funds to be deposited.
You can use a Best Egg personal loan for a variety of purposes, including the following:
You cannot use a Best Egg loan to cover college expenses or purchase securities.
| Pros | Cons |
|---|---|
Borrowers can prequalify for a loan Flexible when it comes to how borrowers can use loans Can receive funds in one to three days (half of borrowers receive it in one) | Does not offer joint applications Personal loans above $35,000 require a special offer code Charges an origination fee of 0.99% - 8.99% |
Overview: Even people who have high credit scores can find themselves with unexpected credit card charges because of things like hospital bills or a trip that turned out to be much more expensive than they planned. Happy Money is an online lender that offers personal loans specifically (and only) to help borrowers pay off credit card debt.
You can borrow between $5,000 to $40,000 with a minimum APR of 11.52%. Unfortunately, this lender sometimes charges an origination fee (0.00% - 5.00%).
You might have an excellent credit rating that beats Happy Money’s minimum requirement of
640, but it still requires a debt-to-income ratio of 50% or less. You need a good credit history of at least three years and no current delinquencies.
| Pros | Cons |
|---|---|
No late payment or application fees Can be a more affordable alternative to credit card debt Transparent around eligibility criteria | Charges an origination fee of 0.00% - 5.00% Narrow limitations on how loans can be used Funding can take three to six days |
Overview: LendingClub is an online marketplace where consumers can borrow anywhere from $1,000 to $40,000. This lender also allows you to apply with a co-borrower — a feature not all lenders offer. Another unique perk is that LendingClub also allows you to use your personal loan funds for business costs, something which many other lenders prohibit.
When taking out a personal loan with LendingClub, keep in mind that it may take several days for your loan to be deposited into your account. This lender also charges an origination fee of 3.00% - 8.00%, whereas many other lenders skip this type of fee.
| Pros | Cons |
|---|---|
Joint applications available Borrowing amounts are as low as $1,000 Can use personal loan for business purposes | APR can be steep Charges an origination fee of 3.00% - 8.00% Can take several days for loan to be funded |
Overview: LightStream provides unsecured personal loans between $5,000 and $100,000 for consumers with excellent credit. However, this lender does not offer prequalification services — meaning, to see your rates you’ll have to submit to a hard credit pull which will impact your credit score.
Low interest rates are great for those who have excellent credit scores, but keep in mind that the interest rate quote it gives you is for its autopay program. If you don’t use it, you’ll have to add 0.50 percentage point to your quoted rate.
Besides your stellar credit score, you must also have a healthy credit history with major credit cards and some sort of other debt, such as a mortgage or car payment. You also need a bit of savings, too, whether you keep it in stocks or bonds or a savings account.
| Pros | Cons |
|---|---|
Does not charge any fees Autopay discount of 0.50 percentage points Offers a Rate Beat program | No prequalification available High minimum borrowing amount of $5,000 Vague regarding eligibility requirements |
Overview: Like PenFed Credit Union (see below), Navy Federal Credit Union offers a wide range of loan amounts to choose from, their lowest being just $250. However, you’ll need to become a member of the credit union in order to receive your loan.
While you won’t have to pay an origination fee when you take out a Navy Federal personal loan, this lender does not offer soft credit inquiries, so checking your rates may cause your credit score to dip slightly.
Unlike some other lenders, however, borrowers with Navy Federal may receive their personal loan funds the same day they’re approved.
| Pros | Cons |
|---|---|
No origination fee Flexible loan amount options Same day funding available | Must be Navy Credit Union member Must have military tie to be eligible No prequalification services |
Overview: With loans ranging from $600 to $50,000, PenFed Credit Union offers one of the lowest minimum personal loan amounts on this list. Paired with its quick funding timeline of 1 to 2 business days and low rates, this lender may be an attractive option for some consumers.
While you won’t have to worry about any origination fees with a PenFed personal loan, this lender does charge a late fee of $29 if you’re more than five days late on your payment.
You don’t have to become a PenFed member in order to apply for a loan, if you choose to proceed with the personal loan, you will have to become a member of the credit union, just like with Navy Federal Credit Union.
| Pros | Cons |
|---|---|
Does not charge an origination fee Low minimum loan amount Can receive funds in one to two business days | Charges late fee of $29 Vague about eligibility requirements Must become PenFed member in order to receive loan |
Overview: With a low to medium loan amount range of $1,000 to $35,000 and the option to apply with a co-borrower, PNC Bank may be a competitive option for borrowers with excellent credit scores. This lender also has among one of the most flexible loan terms on this list, ranging from 6 to 60 months.
However, PNC Bank is vague about some of its eligibility requirements as well as how long it may take for borrowers to receive their loan funds, while other lenders are more transparent. The availability and terms of PNC Bank personal loans are also limited on where you live.
| Pros | Cons |
|---|---|
Flexible loan terms 0.25 discount points for borrowers who have a PNC checking account No origination fee | Vague regarding eligibility requirements Terms may vary depending on where you live Unclear on funding timeline |
Overview: Rocket Loans offers personal loans ranging from $2,000 to $45,000 with terms of 36 or 60 months. The company is part of Quicken Loans and is the sister company to Rocket Mortgage. The APR with Rocket Loans depends on your credit score, monthly income and debt-to-income ratio, among other things, but it starts at 9.12%.
Keep in mind that if you take out a Rocket Loans personal loan, you’ll have to pay an origination fee (Up to 9%) that will come out of the total amount of the funds you receive. Rocket Loans also charges a $15 per occurrence late fee and a $15 Automated Clearing House (ACH) return or returned check fee per occasion.
| Pros | Cons |
|---|---|
Same day funding available Application process is easy and straightforward Offers autopay discount | Charges an origination fee of Up to 9% Doesn’t offer many details into eligibility requirements Charges a $15 per occurrence late fee |
Overview: SoFi is an online lender that offers many perks to borrowers that meet their minimum credit score requirement of 680 (among other criteria). Similar to LightStream, SoFi has one of the most flexible loan amounts consumers can borrow.
Another perk to like about SoFi is its lack of required fees — borrowers don’t have to pay origination, prepayment or even late fees. However, you may consider accepting a small origination fee of up to 6% in exchange for a lower APR. Plus, if you sign up for autopay, you can receive a 0.25% rate discount.
On the other hand, SoFi has a higher minimum loan amount than some other lenders, so this may not be a good option for those looking for a small loan.
| Pros | Cons |
|---|---|
Borrowers don’t have to pay any required fees High six-figure borrowing limit 0.25% discount when you sign up for autopay | Unavailable to residents in Mississippi High minimum loan of $5,000 Credit score of at least 680 required |
Overview: As one of the largest banking institutions in the U.S., Wells Fargo is among the few lenders on this list with physical locations. Similar to LightStream and SoFi, Wells Fargo offers a wide range of loan amounts to choose from ($3,000 to $100,000) and some borrowers with excellent credit may be able to borrow up to six figures.
Wells Fargo also has some of the longest loan terms — up to 12 to 84 months — for borrowers who want a long-term loan. Borrowers who go through Wells Fargo can also skip out on paying an origination fee. You can receive a 0.25% discount if you have a Wells Fargo checking account and sign up for autopay.
On the other hand, borrowers should keep in mind that you won’t be able to prequalify for a personal loan and the minimum loan amount is higher than some of the other lenders on this list.
| Pros | Cons |
|---|---|
No origination fee Can receive loans the same or next business day 0.25% to 0.50% relationship discount | No option to prequalify May charge late or returned payment fees High minimum loan amount |
While initially applying for a personal loan may not impact your credit score (this is known as prequalification, or a soft credit inquiry), if you choose to move forward with a personal loan, you will have to go through a hard credit pull. Hard credit inquiries will temporarily have a mild negative impact on your credit score.
How you’re allowed to use a personal loan varies from lender to lender. Typically, lenders allow borrowers to use personal loans toward debt consolidation, credit card refinancing, medical bills and home improvement projects. Lenders commonly prohibit consumers from using their personal loan funds toward post-secondary education or business expenses.
Personal loans vary widely in size. They can run as high as $100,000 — like with lenders such as SoFi and Wells Fargo — or low as a few hundred dollars — like with institutions such as Navy Federal Credit Union and PenFed Credit Union. To get a large loan, lenders typically have stricter requirements that you’ll need to meet, such as credit history, income and credit score.
