Top Lenders & Best Picks for You

Best Personal Loans in Austin, TX

Personal loans in Austin can be used for home improvement, debt consolidation, emergency expenses, vacations, special occasions and more. The average personal loan debt in Texas is $15,505 and the average personal loan interest rate is 8.78%. Lenders consider various factors, including credit standing, income, employment, existing debts and more, when approving borrower applications. The average credit score in Texas is 688, but lenders may have eligibility requirements that go above or below this number. Those looking for a personal loan can find a personal loan in Austin that fits their needs and qualifications.

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Last Updated: 10/25/2022

MoneyGeek’s Picks for Best Personal Loan Lender in Austin, TX: Truist

When choosing the best personal loans in Austin, MoneyGeek considered more than 30 data points. We analyzed these points to determine how each lender compares with others. We included significant factors like APR ranges, loan amount ranges, minimum credit requirements, repayment terms and time needed for funding release.

MoneGeek chose the top lenders based on their ability to offer flexible, accessible and affordable loans based on a borrower’s specific needs.

Best Overall Personal Loan Lender in Austin: 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 Austin: 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 Austin: 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 Austin: 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 Austin: 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 Austin For You

The average personal loan debt in Texas is $15,505. These loans are used for many purposes, such as home improvement, vacations, debt consolidation and more. MoneyGeek is committed to guiding you through the loan application process so that you can find the perfect personal loan in Austin for you. Here are steps you can follow to be well-equipped during your loan shopping journey.

1

Ask Yourself the Important Questions

The first step is to evaluate your financial situation. Think about why you need the loan and your financial profile to determine which lender might be the best fit for you. Take the time to ask yourself the following questions:

  1. How much funding do I need?
  2. What is my credit score?
  3. Can I afford the monthly payment?
  4. How much debt do I already have?
2

Do Your Research

Research is one of the best ways to ensure that you will end up finding the best personal loan in Austin for you. During your research, it’s important to compare interest rates, terms, loan amounts and eligibility requirements across different lenders.

Remember that a personal loan is a huge commitment. It involves a monthly responsibility of paying off your loan for the next two to four years. MoneyGeek is committed to guiding you throughout the process of shopping for a loan. However, some of our recommendations may not be the best for you. This is why it’s important to do your own research to make sure you find the right option for you.

3

Wait

Waiting could seem counterproductive. After all, why wait a few days when you could apply now and receive your funds faster? However, when you wait before making a decision, you’re more likely to make a good one. This is because you allow yourself time to process all the information you have researched. As a result, you can analyze the situation better.

Consider waiting one or two days before making your final decision. During this period, you might come up with certain realizations that you failed to consider originally. You’ll either decide that a personal loan is the right option for you, or you’ll come up with a better alternative to get the funds you need.

4

Read the Fine Print

Once you’ve taken a few days to evaluate your decision and you’ve chosen a particular lender, you need to conduct more thorough research. This means that you need to read the fine print. During this step, look into the fees, such as prepayment penalties, early payoff fees, origination fees, late fees and more.

Also, take the time to read the conditions to understand your loan’s most appealing features. Often, the features highlighted on a lender’s website come with a huge caveat.

Being fully informed when it comes to the fine print prevents you from incurring unnecessary fees in the future. You’ll also be completely aware of your rights and responsibilities regarding the loan. This can save you a lot of money and problems in the long run.

5

Apply

The application process varies from lender to lender. However, it is standard procedure for lenders to ask for identification, address verification and proof of income. Make sure you have these on hand before you start your application.

Lenders may offer online, in-person or over-the-phone applications. Most lenders accept online applications due to their convenience. On the other hand, applying for a loan in person or over the phone gives you more personalized customer service.

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

Having a loan application denied is nothing to be concerned about. Lenders reject loan applications for a variety of reasons, including existing debts and insufficient income. When this happens, contact your lender by phone or email to ask why your application was denied.

Once you get this information, it’s best to improve that factor so you will be eligible for other loans. Then, you can consider applying with a different lender.

Payday loans may also sound appealing at this point, especially because they offer quick funding. However, these loans charge high interest rates without considering a borrower’s paying and earning capacity, adding more burden to your monthly budget.

Frequently Asked Questions About Personal Loans in Austin

The best personal loan for you depends on your needs, credit standing and income factors. These things affect the amount of your loan, rates, terms, among other things. To help you in your search for a personal loan in Austin, MoneyGeek has answered some commonly asked questions.

Our Personal Loan 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 determined 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.

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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.