Best Personal Loans in Amarillo, TX: Top Lenders & Best Picks for You

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Edited byMargarita Barresi
Edited byMargarita Barresi

Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Amarillo, TX

To find the best personal loan lenders in Amarillo, MoneyGeek analyzed more than 30 data points. We looked at each lender’s interest rate, loan amounts, fees and other charges, repayment options, late penalties and more.

Then, we put together a list of our recommendations for different types of borrowers. These include those with bad and good credit, those looking to consolidate their debt and those who want to borrow funds for home improvements.

Best Overall Personal Loan Lender in Amarillo: Truist

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Best Personal Loan Lender for Bad Credit in Amarillo: Upstart

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Best Personal Loan Lender for Good Credit in Amarillo: SoFi

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Best Personal Loan Lender for Debt Consolidation in Amarillo: Upgrade

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

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Where to Start: How to Choose the Best Personal Loan Lender in Amarillo for You

Before you begin the application process for a personal loan in Amarillo, take a moment to consider your priorities. You will also need to review your current financial situation and how much you stand to gain or lose by taking on a personal loan.

The average Texan has a personal loan debt of $15,505. If you think you need a personal loan, MoneyGeek recommends following these steps:

1
Ask Yourself the Important Questions

Asking yourself these questions can help you determine whether or not a personal loan in Amarillo is right for you:

  • How much funding do I need? Determine how much money you need to accomplish your goal. You want to stay within your budget, or you'll end up taking longer than expected to pay off the loan.
  • What is my credit score? Your credit score works like a resume for your financial life, and it can tell lenders a lot about your ability to repay the money you've borrowed.
  • Can I afford the monthly payment? Consider whether your budget can deal with the impact of an additional monthly expense.
  • How much debt do I already have? If your debt is so high that it's unrealistic for you to pay off your balance each month, then a second loan might not be a viable option.
2
Do Your Research

It's not uncommon to feel overwhelmed when taking out a loan, especially if you're new to making payments and managing credit. It can be a tremendous commitment that entails two to four years of monthly payments on average, hard credit checks and more.

You must thoroughly do your homework before applying for a loan. Take a look at rates, repayment options and other details. MoneyGeek can help make the process easier by providing valuable information for various types of borrowers. Keep in mind, however, that our recommendations are not one-size-fits-all, so always conduct your research.

3
Wait

It's a good idea to take a day or two to look over the information you get from the lender of your choice before finally deciding. The more time you take to think, the less likely you will make an impulsive decision. You should also take this time to review your options with your family, friends or a financial expert. Again, a personal loan is a serious commitment.

4
Read the Fine Print

Be aware of all the fees associated with your loan. The best way to ensure you don't miss something is to read the fine print carefully and ask questions. You'll want to know about prepayment penalties, early payoff fees and origination fees — anything that will affect how much you pay over the life of the loan. These fees may seem inconsequential, but they can add up.

5
Apply

Once you're confident about taking out a loan, you need to assemble the necessary paperwork to complete your application. In most cases, this includes personal information, such as your identification, address and income.

Most lenders allow you to apply online — it's easier and takes less time. However, there is no harm in calling or visiting a lender if the option is available. Applying in person allows you to raise concerns and learn more about the process from someone knowledgeable.

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

Don't be discouraged if a lender turns you down for a loan. There are many reasons people are denied loans (e.g., low credit score, insufficient income and low debt-to-income ratio), but there are also ways to get around these.

The very first thing you should do is call or email the lender to find out exactly why you were denied. It's always a good idea to know what your problem areas are so that you can fix them. In some cases, you can also modify your application to better fit your lender’s requirements, such as decreasing the loan amount or shortening the loan terms.

Alternatively, you can apply with another lender. However, it’s best to go back to the drawing board and address the problems that caused your application to be denied. This way, you’ll have a better chance of getting approved in the future.

Be cautious about taking out payday loans. Because of their short terms and steep interest rates, they're not intended as long-term solutions and should be avoided.

Frequently Asked Questions About Personal Loans in Amarillo

If you are looking for the best personal loan in Amarillo, MoneyGeek can help you find the right option. We offer answers to some of the most frequently asked questions to help you make an informed decision.

What is the best personal loan lender in Amarillo?
Which lender in Amarillo has the lowest interest rate?
Can I use a personal loan for vacations in Amarillo?
Can I use a personal loan for home improvement in Amarillo?
What can I not use my personal loan for in Amarillo?
How much can I borrow in Amarillo?
How long does it take to get a personal loan in Amarillo?
Can I pay off my loan early in Amarillo?

Our Personal Loan Methodology

To find the best personal loan lenders, we reviewed more than 30 companies using 35+ data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency. We considered factors including APR ranges, available loan amount, minimum credit score and minimum income amount. We also took into account application fees and disbursement time.

We take the time to carefully research and evaluate each lender we recommend. We looked at customer support, business ratings and additional features that could make your experience easier and more accessible, such as prequalification, payment options and mobile apps.

Our recommendations are based on our goal of helping you make the best decision when choosing a lender that meets your needs.

sources
Shield Insurance

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.