5 personal loans to consider if your credit score is close to 800: Qualify for the best interest rates and terms

Personal loans have quickly become the fastest growing debt category in the U.S., especially since they can be used to cover the cost of a variety of expenses — weddings, vacations, home repairs and even emergencies.

One other attractive draw for personal loans is that they typically carry lower interest rates compared to credit cards, though you're more likely to be approved for some of the lowest interest rates if you have a higher credit score. This sentiment is not exclusive to personal loans (it applies to pretty much any loan product or line of credit) but it certainly reinforces the importance of having a higher credit score.

Many personal loan lenders approve applicants who have good credit, but if your credit score hits the "excellent" range (800 and above), you're extremely well-positioned to take advantage of some of the lowest interest rates. Below, Select rounded up some options to consider if you have a credit score that's close to 800.

When reviewing personal loans for consumers, we looked at key factors like interest rates, fees, loan amounts and term lengths offered, plus other features including how your funds are distributed, autopay discounts, customer service and how fast you can get your funds (read more about our methodology below).

• Best overall: LightStream Personal Loans
• Best for smaller loan amounts: PenFed Personal Loans
• Best for larger amounts: SoFi Personal Loans
• Best for co-borrowers: Prosper Personal Loans
• Best for debt consolidation: Happy Money Personal Loans

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Who's this for? LightStream offers some of the lowest interest rates on this list. While you need a good credit score to qualify for a LightStream personal loan, having an excellent credit score can make you more likely to be approved for the lowest interest rates. This makes LightStream a very strong contender for those with excellent credit scores since they have the opportunity to borrow money as cheaply as possible.

LightStream provides funding for every reason except for higher education and small business expenses. Otherwise, you can get a LightStream personal loan to buy a new car, remodel the bathroom, consolidate debt, cover medical expenses or pay for a wedding, according to the company's website. 

Additionally, LightStream doesn't charge any origination fees, administration fees or early payoff fees, and repayment terms range from 24 to 144 months.

You can generally receive your funds on the same day, if you apply on a banking business day, your application is approved and you electronically sign your loan agreement and verify your direct deposit banking account information by 2:30 p.m. ET.

Who's this for? PenFed provides personal loan options for debt consolidation, home improvement, medical expenses, auto financing and more. Potential borrowers need to apply with good or excellent credit, and they can apply for as little as $600. Most lenders have a $1,000 minimum for personal loans, but PenFed's low minimum may make it attractive to those who don't need to borrow such a large amount of money.

PenFed loan terms range from one to five years. While you don't need to be a member to apply, you will need to sign up for a PenFed membership and keep $5 in a qualifying savings account to receive your funds.

While PenFed loans are a good option for smaller amounts, one drawback is that funds come in the form of a paper check. If there is a PenFed location near you, you can pick up your check directly from the bank. However, if you don't live close to a branch, you have to pay for expedited shipping to get your check the next day.

Much like with any other personal loan lender, the best way to qualify for the lowest interest rate on a PenFed loan is to apply with a higher credit score.

Who's this for? SoFi allows potential borrowers to apply for as little as $5,000 and as much as $100,000, making it a very solid choice if you think you'll need to borrow much higher amounts of money for larger expenses. Like LightStream, SoFi requires applicants to have good or excellent credit in order to qualify for a personal loan.

Most lenders only offer fixed rate APRs, but SoFi allows you to choose between variable or fixed APRs. Variable rates can go up and down over the lifetime of your loan, which means you could potentially save money if the APR goes down, however, it's important to remember that the APR can also go up significantly. With fixed rates, though, you'll be charged the same interest rate for the duration of the loan's term. This can make it easier to budget for repayment.

Like many other lenders, SoFi also offers a 0.25% discount on your APR for signing up for autopay and doesn't charge any late fees, origination fees, or prepayment penalties. And once you apply for and get approved for a SoFi personal loan, your funds should generally be available within a few days of signing your agreement.

Who's this for? Prosper allows co-borrowers to submit a joint application, which isn't a capability that's available through many personal loan lenders.

A co-borrower can be beneficial if the primary borrower can't qualify for favorable loan terms. A borrower may not qualify for favorable terms if they don't have a long enough credit history or if they have a lower credit score. The co-borrower on a personal loan application shares the liability for repaying the loan with the primary borrower which is why lenders may see a borrower as less risky if they have another person applying alongside them.

This can come in handy if you already have good credit but choose to have a co-borrower who has excellent credit since this could mean you qualify for an even lower interest rate.

Prosper offers loan amounts between $2,000 and $50,000 with the possibility of next-day funding. You can choose term lengths from two to five years. Additionally, origination fees can be on the higher end — they range between 2.41% to 5% of the loan amount and get deducted from the loan proceeds.

Who's this for? Happy Money offers personal loans that are meant exclusively for debt consolidation so borrowers can pay down their debt at a lower interest rate. Interest rates range between 11.25% - 24.50% APR, but those with an excellent credit score may be more likely to be approved for an interest rate that's on the lower end of this range.

One potential drawback, though, is that Happy Money charges an origination fee that ranges from 0% to 5% based on your credit score and application. The higher your score, the lower your origination fee and interest rates are likely to be. This is yet another reason why a Happy Money personal loan may be more ideal for someone with an excellent credit score.

Other than that, Happy Money doesn't charge late payment fees, or early payoff penalties if you decide to pay off your debt faster than you initially intended. Borrowers can take out loan amounts between $5,000 and $40,000, and the loan terms range from 24 to 60 months.

To determine which personal loans are the best, Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that come with no origination or signup fees, fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.

When narrowing down and ranking the best personal loans for excellent credit, we focused on the following features:

• No origination or signup fee: Most of the lenders on this list charge borrowers an upfront fee for processing your loan.
• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
• Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
• No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
• Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process. 
• Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the ability to pay your creditors directly.
• Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR by 0.25% to 0.5%.
• Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $500 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.

After reviewing the above features, we sorted our recommendations by best for overall financing needs, debt consolidation and refinancing, small loans and next-day funding.

Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more. 

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