If you’re looking for the best personal loans with excellent credit in 2020, your good work in getting and maintaining your high credit score ratings will show in your choice of the lowest interest rates that the market has to offer. While you will certainly have choices and options, online lenders who are tailor matched to your high qualifications through a single point application will allow you to cut through the forest to the offers best suited for your excellent credit scores.
This is a better level of online personal loan service available through Loan Camel for people in a variety of credit score ranges but as potential borrowers with excellent credit rise to the top of the list of people most in demand for lender business, we are able to streamline the process even further and more readily present the best options out there based on your profile.
Whether you are seeking a personal loan for a major expenditure or to consolidate higher interest rate credit cards and/or loans, you will see the best rates with the lenders most likely to lend money to you at the best rates. But before we get to how it works and what lenders are looking for in order to meet the qualifications for excellent credit, matching you to the best rates, here’s a quick look at the traditional online personal loan process followed by our single point online personal loan process.
Are you ready for this one? So when I first looked for a personal loan, in order to consolidate credit card debt into lower payments that I could pay down and pay off by a date certain, I checked offers from 3 to 4 different lenders that I had I searched for and chose from being directed to from advertising, checked their rates, waited, then checked some more offers from solicitations I had received in the mail, then checked the other lender rates again, and then finally, I applied for a loan with the lender having the best rate and terms for me… based on what I saw.
I don’t know if it’s age or what but I just got tired writing that all down and reliving the f’n process… but that’s what I did. Look, this is how it worked when I first applied. Maybe there was a better way but I felt like I was doing my due diligence, dotting i’s, crossing t’s and making smart choices. And while I’m neurotic and somewhat obsessive so I’ll do crazy shizit like that, don’t be like the old Daddy Poorbucks and go about it the way I did. I know I left options on the table… and really, you don’t have to do it the way my crazy ass did it. Things are easier and the likelihood of better rates are increased now through a single point online process.
First of all, Loan Camel works through a lending aggregator to match borrowers with the lenders most likely to offer these borrowers the lowest rates based on their credit profiles as well as lender offers at the time. A loan aggregator is like a matchmaker as opposed to an individual lender but our aggregation consists of nearly 20 different lenders competing for business.
We do not direct you to any one lender or lenders for any reason but because those lenders are most likely to approve you at the best rates based on what we are seeing for borrowers in a similar credit classification and profile as yours. Yes, Loan Camel earns fees for a successful match but the fees vary from lender to lender. Neither Loan Camel nor our aggregator directs borrowers to lenders based on fee structure. I’m told that does happen in this business but not here. We don’t roll like that. We’re about helping people over the hump… not humping them.
Yeah I just said that. It’s my blog and that’s the bottom line. And I align myself with partners who are philosophically similar in doing the right things for the right reasons like we do at Loan Camel. If you’ve read our About Us page, you’d know that I was once in far graver financial circumstances than the excellent credit score class you and I find ourselves in today. I made choices out of fear and a lack of education into my options and opportunities and ended up in a Chapter 13 bankruptcy with a perfect payment history and credit scores at the time in the mid-700’s.
As a lawyer I should have known better, as I’ve said… but I didn’t know better. I was debt-laden from a ridiculously expensive long distance divorce and wanted to move on. And while I see credit scores in the 800’s today, I scrapped and clawed to get here. I suffered so you don’t have to. I hate some of my decisions but I can’t change them now, I can only do better for myself going forward and I get my redemption by helping others do better for themselves through my experiences, both through failures and ultimately through successes.
So our process takes about a minute to fill out the application and a minute or less to see the best lenders for you most likely to give you the best interest rates on your personal loans. You can check rates without impact to credit score and then apply. Approval can happen that day and funding within another day, in some cases. It’s not uncommon to be approved within 24 hours and funded within 48 hours if your scores are good to excellent, as I was. So what’s it take to be at the top. Or at least closer to it on the credit score side of things?
If you’ve read my article entitled Debt Consolidation Loans and Fair Credit – Manage Your Payments & Get to the Next Level, I go through a more in depth explanation of how the 3 credit bureaus that produce your credit scores work along with the role of FICO.
In short, Experian, Equifax and TransUnion are the 3 credit bureaus maintaining financial data on you and your history, each producing their own credit score. FICO is a separate organization which takes data from the 3 bureaus plus adds its own factors and comes up with a FICO score. Your FICO score is what 90% of lenders rely on in making lending decisions so FICO is the mack daddy of credit.
Lenders all classify poor, fair, good, very good and excellent credit differently looking at different numbers. A score of 720 or greater can be considered excellent credit, as is the case in our aggregation system, but scores over 800 are the ones most likely getting the very top rates. Very good rates can actually begin in the upper 600’s with decent rates starting at scores over 640 or so. Remember, you can check your rates without impact to credit here at Loan Camel’s Personal Loans page.
Personal loans matched through Loan Camel are available from $1,000.00 – $100,000 and with terms ranging from 2 to 7 years. Please keep in mind that not every lender will offer these amounts and terms but your options increase as your credit scores increase. Beggars can’t be choosers and to the victor belongs the spoils. Does that make any sense???
Anyhow, you will fill out some basic information which will include credit score range, education level, rent or own a residence and so forth and then you will see the lender or lenders you best match with. At this point you will fill out and submit an application that takes a few minutes, a soft credit pull will occur which has no impact to your credit score and you will see rates and terms. If you choose to accept one of the offers, at that point, a full credit pull is done and the loan is finalized. You can start the process here.
The moral of the story is don’t be like the younger Daddy Poorbucks be like the weathered, beaten down, battle-tested older Daddy Poorbucks. If you are looking for the best chance at getting the best rates on personal loans online and with fast approvals, our aggregator does that for you.
And it happens fast and without impact to credit in the “I’m just checking it out” stages so there’s no harm in taking a look on our Personal Loans page. Regardless of whether you are using the loan for a major purchase or to consolidate and pay down debt at better rates and by a date certain, we’ve got you covered. The better your scores, the better your options… but even at scores in the fair to good range you can see highly competitive rates.
And as always, if you have any comments or questions, please feel free to post them in the space provided below.