A credit score of 800 or above means you can take advantage of some of the lowest interest rates.
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.