Loans have become tougher to get just when people most need them, as the coronavirus pandemic puts millions of Americans out of work. Luckily, excellent credit – a FICO score of 740 or higher – can be an asset when you want to borrow money. But lenders are picky.
If you have excellent credit and need a personal loan, not only can you qualify more easily than borrowers with less-than-perfect credit, but you also get the best terms.
“The benefits of excellent credit can go a long way in helping a person be approved and benefit from the best possible interest rates available at the time,” says Chase Peckham, director of community outreach for the San Diego Financial Literacy Center.
Excellent credit assures lenders that you’re responsible when it comes to borrowing money. The less risky you appear to lenders, the more likely you are to be able to comparison shop and choose from among the lowest rates and fees.
If you want to know where to find personal loans for excellent credit, this guide can help you narrow your short list of lenders.
What Is the Best Interest Rate on a Personal Loan?
When you shop around for the best personal loan interest rate, you can save. Compare your personal loan offers with national average trends for personal loans to know if you’ve found a good deal.
The average personal loan rate is 10.84%. Last week’s average rate was 10.84%.
*Rate as of June 10, 2020.