A personal loan can be a great option to meet your financial goals or needs. It is an unsecured loan that can be repaid over time in pocket-friendly installments.

The best personal loans for excellent credit offer low rates, a variety of repayment terms and unique perks like unemployment protection. WalletHub compares lenders to select the top options.

Discover

Discover is an excellent lender for borrowers with good credit who value customer service. In fact, Discover personal loans have the highest borrower ratings on LendingTree, with an average score of 4.9 out of 5. The company also offers repayment assistance options that help borrowers if they’re having trouble making their payments. Additionally, the company has extended customer service hours and a full refund guarantee in case you change your mind about taking out a loan.

Discover requires a minimum credit score of 660 and a minimum annual income of $25,000. Its personal loans can be paid off in 36 (three years), 48, 60, 72 or 84 months. They do not have a prepayment penalty but may charge a late fee of up to $39.

A Discover personal loan can help you pay off your credit card debt, cover unexpected expenses, finance home improvements or buy a new vehicle. The company’s website allows you to check your eligibility without a hard credit inquiry and provides a personalized rate offer. It also features a loan calculator to estimate your monthly payment and APR. It is important to note that Discover does not offer a cosigner option or debt consolidation services. Nonetheless, it’s still a good choice for borrowers looking for flexible terms and competitive rates. In addition, it offers a streamlined application process and a mobile app that makes it easy to access your account.

Patelco

Patelco Credit Union is a leading option for auto loans in the U.S. The lender offers a quick online prequalification process that shouldn’t affect your credit score and can be used to shop for rates from other lenders, too. Patelco also offers a number of loan for debt review other loan benefits, such as a savings-secured car loan that lets borrowers borrow up to the full amount in their savings account (with an APR lower than the average new car loan) and its LevelUp program, which allows qualifying borrowers to reduce their APR by 0.5% after 12 consecutive on-time payments.

A Bay Area-based financial cooperative, Patelco focuses on its members and their communities. The institution has a wide range of banking and financing options, including checking and savings accounts with competitive fees and APYs, as well as mobile apps that make it easy to manage finances on the go. Patelco has even been named one of GOBankingRates’ Best Credit Unions of 2023, a distinction that recognizes credit unions that offer the best overall value.

However, Patelco is only available to people who meet the credit union’s membership requirements. These include being employed by certain partner companies or living in particular parts of California. The lender offers a number of ways to qualify for membership, including being referred by a member or joining the Financial Fitness Association and paying the first year’s fee, which the credit union will then reimburse.

SoFi

The online lender, best known for its student loan refinancing offerings, has an extensive product portfolio. It also offers personal loans and has a strong presence in the mortgage industry. The company was founded in 2011 and is based in San Francisco. It is considered a fintech company and competes with other lending and financial technology companies such as Credit Karma, M1 Finance, RateSetter, Funding Circle, Avant, Lending Club and Upstart.

SoFi offers flexible repayment terms and has competitive interest rates for borrowers with excellent credit. In addition, SoFi does not charge origination or prepayment fees. However, the lender does report late payments to the credit bureaus. The company also offers a variety of member benefits, including career coaching and events, and free financial advice for members on how to budget, save and invest for the future.

Borrowers can apply for SoFi’s personal loans through a simple online application that does not impact their credit score. They will need to provide their name, address, income, employment information and other details. In most cases, SoFi makes a decision within a few hours or days after receiving the application. If approved, SoFi will wire the funds to the borrower’s bank account. SoFi allows borrowers to choose their repayment date, and they can also change it at any time. This feature is helpful for borrowers who are self-employed or have inconsistent incomes.

Best Egg

The Best Egg personal loan program offers borrowers a variety of options, including secured and unsecured loans. Secured loans use property like water heaters and ceiling fans as collateral, while unsecured loans are based on credit scores and income. Customers can use a personal loan calculator to help them determine what APR and repayment terms they might need for their specific financial situation. They can also make a budget to ensure they can afford the monthly payments.

The online application process takes only a few minutes to complete. The lender will perform a soft credit inquiry to see if a customer qualifies for rates without impacting their score. Once a customer is approved, the funds will be transferred electronically to their bank account in as little as one business day. There is no prepayment penalty fee.

To verify a borrower’s information, Best Egg will request verification documents like pay stubs, tax records, or bank statements. The lender also uses the borrower’s debt-to-income ratio to help determine if they can afford the payments on their new loan.

The Best Egg website is easy to navigate and provides clear loan terms and information, such as fixed interest rates and monthly payment amounts. In addition, the company has a clear privacy policy and limits the sharing of personal information with third parties. Customers have reported excellent customer service and the lender has an A+ rating from the Better Business Bureau.