What is the best personal loan lender in Texas?

MoneyGeek evaluated various personal loan lenders in Texas to determine the best ones. Our analysis showed that Truist is the best lender in the state overall. Remember that the best lender for you may vary, depending on your unique set of needs.

Which lender in Texas has the lowest interest rate?

Upstart holds the distinction of having the lowest interest. It can be as low as 3.22% for personal loans in Texas. However, MoneyGeek’s research shows that the personal loan lenders that offer the lowest rates overall are Affirm, Ally and Dave. Their interest rates can be as low as 0%.

Can I use a personal loan for vacations in Texas?

You can use your personal loan in Texas for various things, a vacation included. However, make sure that you check for any restrictions lenders may have.

Can I use a personal loan for home improvement in Texas?

Yes, home improvement is one of the most common reasons people use personal loans in Texas. Best Egg is the best option for this purpose in Texas.

What can I not use my personal loan for in Texas?

Lenders have different restrictions on how you can use your loan. These may include payment for college or post-secondary education expenses, investments, gambling or other illegal activities. Ask your lender for a complete list of restrictions.

How much can I borrow in Texas?

Your lender determines the maximum amount you can loan. Some allow you to borrow as much as $100,000, while others cap it at $50,000 or even less.

How long does it take to get a personal loan in Texas?

Similarly, how fast you receive your loan depends on your lender. Truist can do same-day funding, while SoFi can take as long as one week.

Can I pay off my loan early in Texas?

Yes, you can opt to prepay your personal loan in Texas. However, check with your lender if this subjects you to any fees before doing so.

Top Lenders & Best Picks for You

Best Personal Loans in Texas

Truist provides the best personal loans in Texas. This lender offers an auto payment discount and next-day funding with no origination or prepayment penalty fees.

Borrowers with bad credit will fare best with Upstart, while those with good credit will get the best rates from SoFi. For debt consolidation, Upgrade is our top choice. Texans looking for home improvement loans should consider Best Egg.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Texas
The Best Personal Loan Lender for Bad Credit in Texas
The Best Personal Loan Lender for Good Credit in Texas
The Best Personal Loan Lender for Debt Consolidation in Texas
The Best Personal Loan Lender for Home Improvements in Texas
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Texas
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Texas

MoneyGeek’s Pick for Best Personal Loan Lender in Texas: Truist

MoneyGeek took into account multiple factors to determine the best personal loan lenders in Texas. We explored what each lender has to offer, such as the loan amount, repayment terms and interest rate. The study also included factors that may affect your chances of getting approved, including minimum credit score, gross income and age requirements.

MoneyGeek also looked at areas that provide convenience for customers. An example is the application process. Some lenders require you to do it in person, while others have an online option. We even determined which lenders have mobile apps buyers can use.

Best Overall Personal Loan Lender in Texas: Truist

Truist
- 8.14% to 18.99%APR Range
- NoneMinimum Credit Score
- $3,500 to $50,000Loan Amount Range
- 6 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Truist has been around since 1872. As of June 2021, it ranks as the 10th-largest bank with $509 billion in assets.
Truist offers many conveniences for potential buyers. You can borrow anywhere between $3,500 and $50,000, with repayment options going all the way to 60 months. If you get a loan from Truist, you don’t need to worry about processing expenses since they don’t charge origination fees. You also won’t need to present any collateral when you apply.
MoneyGeek’s study shows that the average credit score in the state is 688. On the other hand, Truist’s minimum credit score requirement is zero, so, Texas residents — even those with low credit scores — shouldn’t have a problem getting their loan applications approved.
Pros
Offers a 0.5% discount for auto repayment
Next-day funding
No origination fees
No prepayment penalties

Cons
Conducts hard credit checks
You cannot use the loan for post-secondary education
Maximum loanable amount is up to $50,000 only
APR range: 8.14%–18.99%
Minimum/maximum loan amount: $3,500–$50,000
Minimum credit requirements: None
Repayment terms: Six–60 months
Time to receive funds: Next day

Best Personal Loan Lender for Bad Credit in Texas: Upstart

Upstart
- 3.22% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
The Upstart AI lending platform was launched in 2012. To date, the company has originated $20.8 billion in loans.
If you’re working on improving your credit score but want to apply for a personal loan in Texas, Upstart may be a good fit for you. It only requires a minimum credit score of 300, one of the lowest you’ll find anywhere. However, Upstart has some relatively low loan amount limits. Unlike some other lenders, which allow you to borrow as much as $100,000, Upstart will only allow a maximum of $50,000.
It’s best to make your monthly payments on time. But if you can’t, Upstart gives you a grace period before charging a late fee.
Pros
A+ rating from the BBB
Low credit score requirement
Interest rates as low as 3.22%
Conducts soft inquiry for credit checks
Allows a 10-day grace period before charging late fees

Cons
Personal loans are limited to $50,000
Charges up to an 8% origination fee
Doesn’t disclose rates online
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day

Best Personal Loan Lender for Good Credit in Texas: SoFi

SoFi
- 5.74% to 20.28%APR Range
- 680Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- Two DaysTime to Receive Funds
SoFi offers various financial products, personal loans being one of them. This company has been around since 2011.
For a lender that allows you to borrow a maximum of $100,000, SoFi’s credit score requirement isn’t that much higher than others. They also conduct soft credit inquiries, which means your credit score won’t be affected.
A loan with SoFi gives you access to SoFi Relay, which allows you to connect all your accounts in one platform. You can even use it to see how your credit score changes each week.
That said, there are some things to consider. To be a qualified applicant, as mentioned earlier, SoFi requires you to have a gross income of at least $50,000.
Pros
A+ rating from the BBB
Allows you to borrow up to $100,000
0.3% discount for automatic repayment
Does not charge an origination fee
Conducts soft credit inquiries

Cons
Gross income requirement of $50,000
No co-signers
Doesn’t disclose rates on their website
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days

Best Personal Loan Lender for Debt Consolidation in Texas: Upgrade

Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
Upgrade is a neobank, which means it operates entirely online. The company was formed in 2016, making it a relatively recent addition to the Texas personal loan landscape.
Upgrade won’t allow you to use your loan for several activities. These include paying for post-secondary education expenses and investments. However, it is an excellent option if you’re looking to use your personal loan in Texas for debt consolidation.
Although you’re limited to $50,000, you only need a credit score of 560 to be considered. Upgrade also gives you a 15-day grace period before charging late fees that might cost up to $10.
Pros
Offers a 1% discount for auto repayment
15-day grace period before charging a late fee
Moderate credit score requirement
Conducts soft credit inquiries
Accepts applications in person and online

Cons
Maximum loan amount is $50,000
You cannot use the loan to pay post-secondary education expenses
High origination fees
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day

Best Personal Loan Lender for Home Improvement in Texas: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Best Egg originated in San Antonio, Texas, in 2014. Since then, it has become widely known as an affordable online lender. Best Egg is a great option if you’re looking for an in-state lender.
Its interest rate can be as low as 4.99%, and you can get a 0.5% discount if you use an automatic payment process. However, Best Egg charges origination fees that can reach 6%, and it also assesses late fees.
Best Egg is a solid choice for a personal loan for home improvements if you have excellent credit standing. It’s worth noting that Best Egg requires a minimum gross income of $50,000 and requires that an applicant is currently employed.
Pros
A+ rating from the BBB
0.5% discount for auto payments
Conducts a soft credit inquiry
Quick online application

Cons
Requires a minimum credit score of 700
Gross income requirement of $50,000
Charges up to 6% origination fee
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day

How to Choose the Best Personal Loan Lender in Texas for You

As of 2020, the average amount of personal loan debt in Texas is $15,505. This type of loan gives you financial flexibility since you can use it for various reasons, such as home renovations or payment for unseen emergency expenses. However, some lenders do restrict how you can use their funds, so make sure to check with your lender before finalizing your loan.

It’s vital to consider several factors before proceeding. Your credit score is only one thing — you also need to factor in existing debts and your monthly income. MoneyGeek’s study shares steps to take before deciding to pursue a personal loan in Texas.

Ask Yourself the Important Questions

Taking a step back to ask yourself some pertinent questions can help you make better financial decisions.

How much money do you need and what do you need it for? If you’re looking to use your personal loan for investments, it may not be the best option. A personal loan is a good idea to cover emergency expenses, make home renovations or purchase a major appliance.
What’s your credit score? All lenders consider your credit score before approving your application. Your credit standing may limit your options.
Can you afford the monthly payment with your income? It's best to think long-term. If you’re unable to make payments, you’ll pay late fees and worsen your credit score.
Do you have existing debts? If you’re already paying off other loans (like credit cards), adding another one to your list may not be the best choice.

Do Your Research

Don’t underestimate the value of gathering information. Ensure you look into things that will affect you in the long run. Compare rates and ask for quotes, so you’ll know how much your monthly payments will be — remember, you’ll need to keep this up for 2–4 years. Some lenders also include restrictions regarding the use of your loan, so make sure you’re in the clear to use the money for your intended purpose.

MoneyGeek’s guide presents valuable information and recommends the best lenders for various scenarios, but you may be looking for something we haven’t covered. Doing your own research can lead you to lenders that fit your needs perfectly.

Wait

Once you’ve gathered all the information you need, take a breath. Sometimes it’s tempting to decide on a lender immediately, but you may be victim to confirmation or recency bias. Waiting a day or two before revisiting the possibility of getting a loan increases the likelihood that you’ll look at it with more objectivity.

Regardless of the amount, a personal loan is a commitment. Don’t get into it unless you're 100% sure that you can live up to all its accompanying responsibilities.

Read the Fine Print

Letting a bit of time pass also allows you to look at your options more objectively. Once you revisit your possible lenders, you should be able to narrow it down to one or two options.

When you’re at the tail end of your search, it’s time to look at the fine print. Focus on the small details that may help you save or cause you to spend more. These may include origination fees or early payoff fees. Some lenders will charge penalties if you decide to pay your loan early.

Apply

After going through all these steps, you’ve got your bases covered. Once you feel good about your preferred lender and are clear about the application requirements, you’re down to one last thing — applying for your loan!

Most lenders ask for identification, proof of income and address verification during the application process. If applying for your loan online is an option, you can do so. However, it shouldn’t stop you from calling them or visiting their office if you’re more comfortable with this approach.

What to Do if You Can’t Get a Personal Loan in Texas

If you don’t get approved, it isn’t the end of the world. Lenders deny personal loans in Texas for various reasons. Sometimes it has to do with your credit score. Other times, it's about your income.

MoneyGeek recommends getting in touch with your lender to understand the specific reason why they declined your loan. Try asking if there’s anything about your loan details that you can modify. Perhaps decreasing the amount or shortening your repayment terms can lead to a different outcome.

If there’s no changing their mind, you always have an option to apply for a loan elsewhere. But it’s usually better to focus on improving your profile. Use what your lender told you to figure out what you should work on before applying for another loan.

Going for a payday loan may sound attractive if you immediately need funds, but it's generally not a good idea. It comes with several disadvantages. These loans tend to have extremely high interest rates and quick payback periods.

Frequently Asked Questions About Personal Loans in Texas

There are quite a few personal loan lenders in Texas and the best depends on your credit and income, as well as your specific needs. Learning the answers to some of the most commonly asked questions about Texas personal loans can help you make an informed decision.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

sources

Best Egg. "What is a Home Renovation Loan?." Accessed February 16, 2022.
Debt.org. "Payday Lenders and Loans." Accessed February 16, 2022.
SoFi. "What is SoFi Relay?." Accessed February 16, 2022.
Upgrade. "Are there any late fees?." Accessed February 16, 2022.
Upstart. "What happens if I am late on my payment?." Accessed February 16, 2022.
Wells Fargo. "Five Cs of Credit." Accessed February 16, 2022.

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.