Keeping your credit report clean with excellent credit score allows you to easily qualify for loans with low interest rates from premium lenders. The low interest rates lightens your burden in making repayment every month and it also allow you to quickly pay off the loan within a short period. The following are the top 3 lenders that offer personal loans for borrowers with excellent credit rating on their credit reports.
SoFi, also known as Social Finance, offers high limit personal loans for people with excellent credit score. The minimum loan amount that you can apply is $5,000. You can apply for a loan of up to $100,000 at SoFi. SoFi loans are available on a fixed or variable interest rate basis. Fixed loans have an interest rate range in between 5.99% – 12.99% while variable loans features an interest rate in between 4.74% – 14.95%. You can choose from 3 repayment terms including 3, 5 and 7 years. SoFi loans do not have any type of fees including origination, closing and early repayment fees. SoFi loans are opened to residents in 47 states. It features an unemployment protection program that gives you the ability to temporarily suspend the loan payment when you are not under employment.
Earnest provides affordable loans for borrowers who are financially responsible and have excellent credit score. The APR interest rate of Earnest loans is relatively low starting from 5.25% and capped at 12%. Borrowers can apply for a loan amount of in between $2,000 up to $50,000 with 1 – 3 years repayment terms to choose from. Earnest loans are opened to residents in 36 states in the USA. People in Washington D.C. can also apply for Earnest loans. After the loan is approved, the funds will be released to you in 7 days. Earnest charges a return payment fee of $8 and a stamp tax of 0.35% Florida residents who apply for the loan. No origination or repayment fees are charged.
Light Stream offers personal loans starting from $5,000 – $100,000 specifically for borrowers that have excellent credit scores. The APR interest rate for LightStream loans ranges from 2.19% – 17.49% and the repayment terms is in between 2 -7 years. LightStream releases the funds faster than P2P lenders and borrowers whose loans have been approved can usually receive the funds in 1 business day. LightStream has strict requirements. To be eligible for LightStream loan, you not only must have excellent credit score and good income but they will also evaluate other aspects of your financial health like assets worth, savings history and debt to income ratio. If you depend on a family member for income, they will require you to apply for a joint loan.