5 Year loan rates

Good credit makes borrowing easier. Great credit makes borrowing downright cheap.

Borrowers with good credit — generally considered a credit score of 690 to 720 — typically find favorable interest rates on most unsecured personal loans, which don’t require collateral and can be used to consolidate credit card debt, make home improvements, or pay for a vacation.

Those with excellent credit scores, above 720, have it even better. They are likely to find offers for credit cards with 0% introductory interest rates, a better option than personal loans if the debt can be paid quickly. But they also have options from lenders that cater to them with ultra-low rates, low or no fees, and loan amounts as high as $100, 000.

As someone with good credit, you should shop around at many online lenders to get the best combination of low rates, fees and payment flexibility. Most lenders will let you check the rates you could get without affecting your credit (using what’s called a soft check), so it’s worth taking the time to compare offers.

Personal loans for excellent credit

You can usually qualify for a personal loan from a bank, credit union or online lender with excellent credit. You will typically receive a hard credit check at your bank or credit union, while online lenders often let you see the rates they’d offer you with only a soft check.

Some online lenders have better features than others. LightStream, Earnest and SoFi are geared toward those who have stellar credit, offering low fees and high loan amounts.