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Personal Loans for Great Credit

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Loan Offers for Borrowers with Great Credit Scores

Personal loans for great credit are available. Borrowers with great credit are probably already aware that they can access lower interest rates and more flexible terms than borrowers with bad credit. A mix of good credit, stable employment, healthy income, and so forth is ideal when applying for a personal loan.

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Learn More About Personal Loans for Great Credit

Most lenders will consider a variety of factors such as credit score, income, employment, etc. If you have great credit but no income, you may not qualify for a personal loan. Keep reading to learn more about finding the best personal loan rates for good credit.

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What FICO score is considered great credit?

A FICO credit score is a score that summarizes an individual's creditworthiness by analyzing several factors. Your credit score is mainly based on your overall debt, the number and types of accounts you have open, the amount of money you owe to creditors versus your available credit, and your payment history. Additionally, any accounts that are in default, or any car repossessions or home foreclosures will also dramatically affect your credit score.

The FICO credit score scale is numbered from 300 to 850. Here is a breakdown of each of the credit score ranges and their classifications.

  • Poor credit: 300 to 559
  • Fair credit: 580 to 669
  • Good credit: 670 to 739
  • Very good credit: 740 to 799
  • Excellent credit: 800 to 850

If you have a credit score in the very good or excellent range, which would be a score somewhere between 740 and 850, then you would be considered someone with "great" credit.

What are the advantages of getting a personal loan with great credit?

When you have great credit, there are many advantages to obtaining a personal loan that others who have poor or fair credit may not be entitled to. For example, when you have great credit, you may qualify for some of the lowest APRs available on the lending market at the time that you apply. Someone with poor credit may be on the opposite end of the APR spectrum and subject to pay some of the highest rates on the market. Additionally, not only will it be easier to qualify for a personal loan with great credit, but you can also qualify for greater amounts. If you have poor or fair credit, you may find out that the amount of money that lenders are willing to loan to you, may not be the amount that you are looking for to achieve the goals and/or projects you had in mind. Last, If you have great credit, the chances that you will be required to secure a loan with collateral or a cosigner is minimal. Those chances increase dramatically once you reach the bottom ranges of the FICO credit score spectrum.

Should you get a personal loan with great credit?

If you have great credit, there are many circumstances where it may be in your best interest to acquire a personal loan to pay for an expense rather than use a different type of financing. For example, if you are planning on completing some major renovations on your current home, you may want to consider using a personal loan rather than maxing out your credit cards to pay for the projects. Same idea applies if you are getting married. When you are planning to get married, you have to pay for a caterer, a florist, a photographer, and numerous other expenses that can add up quickly. If you use your credit card rather than a lower interest personal loan, you may end up paying thousands of dollars more in interest. Essentially, whatever expenses you are looking to finance, most often you will find that you may be able to obtain a personal loan that comes with a much lower interest rate than your credit card. Credit card companies tend to charge high interest rates to individuals no matter how high their credit score is.

Another reason you may want to obtain a personal loan when you have great credit is to cover upfront costs without dipping into your cash reserves. When you have great credit, you may be able to qualify for a personal loan with an extremely low interest rate. The expense of the interest may be worth it to you to hold onto more of your savings. This can give you a peace of mind knowing if an unexpected emergency came up, you'd have cash on hand to cover it.

How much can you borrow with a personal loan for great credit?

Typical lenders max out their personal loan amounts at either $50,000 or $100,000. That being said, just because you can qualify for the maximum amount, does not mean you should. You should always borrow within your means and in a way that ensures your monthly payments will not uncomfortably strain your budget.

What interest rates are common with personal loans for great credit?

As of September of 2021, individuals looking for a personal loan that had an average credit score of between 720 and 850, reported to find an average interest rate somewhere between 9% and 13%. Since great credit is considered a score somewhere above 740, average APRs could potentially be closer to the middle and lower end of that estimated range.

What can you do with a personal loan for great credit?

A personal loan can be used for almost anything. Having great credit means that you could potentially qualify for a larger amount at a lower APR, allowing you to complete some of the dream projects you have always wanted, without costing a fortune in interest. If you are looking to increase the value and curb appeal of your home, there are a number of home improvement projects you could complete when you obtain financing through a personal loan. You could do a complete renovation of your kitchen with brand new custom cabinets, new flooring, and the addition of a large kitchen island. You could decide to install a cement driveway complete with an adjacent patio. Maybe an entire landscaping overhaul is in order? Whatever it is you decide, if you have great credit, chances are you will be able to qualify for the loan amount needed to complete your vision.

Other uses of a personal loan for someone with great credit may include the purchase of a large boat, a collector's car, or an RV. You could also use a personal loan to purchase land, build a log cabin, or to build a mother-in-law's addition in your backyard. Essentially, you are only limited by your imagination when it comes to productive ways of using a personal loan when you have great credit.

How does a personal loan affect your credit score?

Anytime you take on a new line of credit, whether that is a car loan, a new credit card, or a personal loan, it can immediately impact your credit score. Potentially, a personal loan may have a negative impact on your credit score at first since your overall amount of credit will go up. However, once you begin to make payments on time, you may see a steady and slow increase in your credit score as your on-time payments are reported to the credit reporting agencies, and your overall credit usage begins to decrease. If you begin to make late payments or miss entire payments on your personal loan, your credit score will be negatively affected as those late and missed payments are reported. If you should happen to default on your personal loan, you can expect to see a significant impact on your credit score, and the chances of qualifying for new credit in the near future may significantly diminish.

Where can I get a personal loan for great credit?

Having great credit can expand your options when it comes to securing a personal loan. More lenders will be willing to extend you a personal loan if you have great credit. With more competition, you may access more competitive rates. If you have great credit, it's especially important to compare offers to lock in the best rate and terms. Most banks, credit unions, and online lenders offer personal loans for great credit. You can check offers online at Acorn Finance. If you feel the need to check even more offers, you could visit your local bank or credit union to see what they can offer.

Why choose Acorn Finance for personal loans?

Acorn Finance offers a secure platform that allows consumers to check personal loan offers from top national lenders. At Acorn Finance you can check offers between $1,000 to $100,000 with APRS as low as 6.99%, depending on credit score. Checking offers will not impact your credit score. Acorn Finance can help you discover the best personal loan offer within 60 seconds or less.

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What can I do with a $2,000 personal loan?

A $2,000 personal loan has a number of uses, including (but not limited to):
Home improvement Buying a car Wedding costs
Debt consolidation Medical bills Startup business costs

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