Today we are going to review some trusted personal loan lenders for those with excellent credit, that we have not covered on this website before. Most of these are online lenders, but a few are actual banks that branched out to online lending, to cut overhead and to reach more customers. Personal loans has become a very competitive industry in the last few years, granted no as competitive as the credit card industry, but it is fast approaching that benchmark. When lenders compete for your business, you win.
For options such as consolidating debt to funding that repair or large purchase, personal loans can be the right solution. Most of these lenders will deposit the loan money directly into your bank account within 24 hours of loan approval. To ensure that your loan application process runs smoothly, you should have your weekly, monthly and yearly income figures ready, a scanned copy of any income verification you may have, and your social security number handy. Other than having the needed information on hand, filling out an application with these lenders is a rather quick and painless process.
This lender is actually a division of SunTrust Bank. This is their online lending platform, where you can borrow as little as $5000 and as much as $100,000. There interest rates are fixed, and you can obtain a rate as low as 1.99% with perfect credit. This is one of the few personal loan lenders which features such a high lending amount, making this lender perfect for all of your large financial needs. They usually get back to you within 24 hours with a loan decision, and of approved all you need to do is E-sign your loan and set up the ACH funds transfer. You need a minimum credit score of 720 to apply. Loan terms can be as long as 84 months.
Most credit unions you need to be a member of in order to get a loan, but this is not the case with PenFed credit union. PenFed has branched out into the online personal loan lending business, so you too can receive a loan from a credit union. You do need a minimum credit of 700 to apply, but this lender does offer pretty decent rates, their loans are capped at 9.99% APR. One big perk of PenFed is that they do not charge an origination fee. You can borrow up to $25,000 over a period of 60 months. They also pride themselves on super fast approval rates, with most customers receiving their funds the very next business day.
This lender has lower credit score requirements than the last lender we reviewed, requiring only a 64 credit score. Loan amounts range from $2,000 to $50,000. While you may have never of heard of this lender, they have lent over 1 billion dollars in loans over the last few years. There APR is not as low as LightStreams, with the lowest possible being 5.99 percent for those with excellent credit, the rate is still amazingly low. They have outstanding customer service, as well as 24/7 self service tools available. There is a loan origination fee with this company, ranging from 0.99% to 4.99%, with an APR range of 5.99% to 29.99%
This lender is only for those who have served in the armed forces, and their family members. Their credit requirements to obtain a loan start at 700, which is slightly below perfect credit. They do not have any application fees, nor any origination fees. Interest rates range between 8.99% to 10.99%, depending on your credit history. They also have their USAA Debt Protection plan in place that you can opt into, which covers your loan payment, should the unexpected happen.