Top Lenders & Best Picks for You

Best Personal Loans in Texas

Personal loan debts in Texas average $15,505, and there’s a reason why people use them. They can help you consolidate debt, cover emergency costs and pay for large purchases, like a new appliance.

MoneyGeek found that the average credit score for Texas is 688. This number represents a good credit standing, which helps if you’re applying for a loan. Your credit score is one of the primary factors lenders consider, along with credit history, capacity, collateral, capital and conditions. These are also known as the five Cs of credit.

Advertising & Editorial Disclosure
Last Updated: 9/7/2022
Reviewed By     |  

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

    on Truist Website

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

    on Upstart Website

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

    on SoFi Website

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

    on Upgrade Website

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

    on Best Egg Website

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.

1

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.
2

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.

3

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.

4

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.

5

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.

tip icon
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

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.