Top Lenders & Best Picks for You

Best Personal Loans in Dallas, TX

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Reviewed byMorgan Hull
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Reviewed byMorgan Hull
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Updated: December 28, 2023

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

MoneyGeek analyzed the lenders offering personal loans in Dallas based on various factors, including minimum credit score and income requirements, APR ranges, repayment terms, loan disbursement time, fees, customer service and other important factors.

We found that Truist is the overall best personal loan lender in Dallas. Those with bad credit scores can get the best personal loans from Upstart, while borrowers with good credit scores should opt for SoFi. If you’ll be using your personal loan for debt consolidation and home renovation, Upgrade and Best Egg, respectively, are your best options.

Best Overall Personal Loan Lender in Dallas: 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 bank was formed after the merger of BB&T and SunTrust in 2019. In addition to personal loans, the lender offers mortgages, auto loans, insurance and other financial products. Since it provides next-day funding, a wide range of repayment terms and other features, MoneyGeek chose it as the best personal loan lender in Dallas.

    The lender’s primary personal loan product allows you to borrow up to $50,000 and permits the usage of loan funds for consolidating debt, funding home improvements, vacations and more. It also provides an emergency loan product to borrowers called the Ready Now loan. This type of loan is best for unexpected expenses like car repairs, utility bills, home appliance repairs, etc.

    After you submit your loan application, Truist reviews your information and responds in as little as 15 minutes with their decision.

    Pros

    • Next-day funding available
    • Multiple loan repayment terms
    • No origination fees
    • No prepayment penalty
    • Mobile application available

    Cons

    • High interest rates
    • Conducts hard credit inquiry
    • Not available in all U.S. states
    • Limited personal loan products
    • Restrictions on the usage of loan funds
    Truist

Best Personal Loan Lender for Bad Credit in Dallas: 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

    While Upstart was founded in 2012, the company only started offering personal loans in 2014. The company uses artificial intelligence (AI) tools to assess if an individual qualifies for a personal loan. MoneyGeek’s research shows that Upstart is the best option if you don’t have a strong credit history, as the company has no minimum credit score requirement.

    To apply for a loan, you'll submit an application on Upstart’s website. Once the company approves your loan, you can receive your funds on the next business day.

    While Upstart provides loans to borrowers with bad credit, it might charge them higher rates than other lenders. On average, the company offers high APRs ranging from 3.22% to 35.99% on its loans. That’s why it’s best to get a quote from different lenders and compare rates before submitting your loan application.

    Pros

    • Conducts soft credit inquiry first
    • Accepts borrowers with bad to no credit
    • Flexible loan amounts
    • Next-day funding available
    • No prepayment penalty

    Cons

    • High origination fees
    • High APR
    • Limited repayment terms
    • Late payment fees
    • No co-signers allowed
    Upstart

Best Personal Loan Lender for Good Credit in Dallas: 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

    Social Finance, also known as SoFi, was founded in 2011 as a student loan refinancing company. In 2015, it started offering personal loans. Some of its key financial products include mortgages, credit cards, auto loan refinancing and more. MoneyGeek chose SoFi as the best option for borrowers with a good credit score, as the lender has a minimum credit score requirement of 680.

    The company doesn’t charge any fees to its borrowers and offers online pre-qualification — which has no negative impact on your credit score. After SoFi approves your loan, you might be able to receive the funds within two business days. If you lose your job while having an active loan with the company, the company can modify your loan payments and even help you with job placement.

    However, if you want a loan for funding a minor expense, SoFi’s personal loans might not be the best option. The minimum loan amount that you can borrow is $5,000.

    Pros

    • No origination and prepayment fees
    • Performs soft credit check first
    • Loans funded within two business days
    • Offers unemployment protection
    • Autopayment rate discount

    Cons

    • High minimum loan amount
    • High minimum gross income requirement
    • High minimum credit score requirement
    • Debt-to-income (DTI) limit of 43%
    • No co-signers allowed
    SoFi

Best Personal Loan Lender for Debt Consolidation in Dallas: 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 was founded in 2017 and its headquarters are in San Francisco, California. MoneyGeek's analysis shows Upgrade would be your ideal lender if you're using your loan to consolidate high-interest debt.

    In the case of debt consolidation, the lender offers direct payment to third-party creditors. With Upstart, checking your rate online won't impact your credit score, as it first conducts a soft credit inquiry. After the lender approves your loan, it typically disburses your funds in one business day. If you wish to pay off your loan early, Upstart won't charge you a prepayment penalty.

    However, the lender charges high APR, origination and late payment fees. If you have a good credit score, you might be able to find cheaper rates elsewhere.

    Pros

    • Direct payment to third-party creditors
    • Conducts soft credit inquiry first
    • Wide range of repayment terms
    • No prepayment fees
    • Smaller loans available

    Cons

    • High APR
    • Origination fees
    • Late fees
    • Borrowers with bad credit not accepted
    • No co-signers allowed
    Upgrade

Best Personal Loan Lender for Home Improvement in Dallas: 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

    Since Best Egg was founded in 2014, the company has funded over $6 billion in consumer personal loans. It has an A+ BBB rating, indicating it provides excellent customer service. MoneyGeek’s research found that Best Egg is the best option if you want a loan to fund home improvement projects. Its smaller loan amounts are best for small repairs and renovations like garage doors or window replacements.

    The lender charges an APR of 4.99% to 35.99% and permits a maximum loan amount of $50,000. Before applying, you can check if you pre-qualify on Best Egg’s website which won’t affect your credit score. Once the lender approves your loan, loan funds generally arrive within the next business day.

    However, if you have a bad credit score, it’s best to look at other options; with Best Egg, you’ll likely receive a loan with a higher APR.

    Pros

    • Performs soft credit inquiry
    • Permits the usage of loan funds for many purposes
    • No prepayment fees
    • Next-day funding available
    • Low minimum loan amount

    Cons

    • Origination fees
    • Late Fees
    • Limited loan repayment terms
    • High APR
    • High minimum income requirement
    Best Egg

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

Before applying for a personal loan, MoneyGeek recommends that you review your credit score, past debts, current income and other financial details to evaluate if you can afford to take on more debt. In Texas, the average personal loan debt is $15,505.

If after consideration you still feel that a personal loan is right for you, you can follow the steps below to ensure you get the best loan for your needs.

1
Ask Yourself the Important Questions

Before finalizing a lender, it’s important to analyze your needs and other important financial considerations like credit score, income and past debts. These factors will impact the loan amount you’ll be allowed to borrow, as well as the repayment term you’re able to make. MoneyGeek recommends asking yourself the following questions before proceeding:

  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

Once you’ve assessed your financial needs, you can start researching and comparing different providers’ rates. Comparing rates and considering other factors is important, as a personal loan is a long-term commitment and affects your credit score. While MoneyGeek has researched the necessary information to help you make a decision, it’s still better to explore other options as our recommendations might not fit your specific situation.

3
Wait

After you’ve analyzed your needs and compared providers, it’s best to wait a few days to consider your decision before applying with your chosen lender. A personal loan is a long-term commitment that requires payments for at least three to five years. You may be able to find an alternative option, other than a personal loan, that will set you up for future financial success.

4
Read the Fine Print

Before applying, MoneyGeek recommends that you thoroughly read the lender’s fine print. Reading and understanding the fine print will give you an idea of the underlying fees and other costs that come with a personal loan, like prepayment penalties, origination fees, etc. Understanding these costs upfront will help you save much money in the long run.

5
Apply

After reading and understanding the lender’s fine print, you can apply for a loan. At this stage, the lender might ask you for personal information, including your identification details, income proof, address verification, etc. Many lenders allow you to apply online as it’s more convenient. However, some may also allow you to apply in-person if you’re not comfortable using online tools.

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

The lender may reject your loan application due to various reasons, including a low credit score, unstable employment, insufficient income or incomplete application.

If your loan application is rejected, you should ask the lender why your application wasn’t approved. That way, you can work with them to improve it before re-submitting your application or applying with a different lender. It might be tempting to immediately apply with a different lender. We highly discourage this, as you may be rejected by a different lender for the same reason that caused you to be rejected from the first one.

You might also be tempted to apply for a payday loan. However, MoneyGeek strongly recommends against this, as these loans come with a very high interest rate and borrowers often fail to repay them on time, resulting in more debt.

Frequently Asked Questions About Personal Loans in Dallas

Finding the best personal loan lender in Dallas will depend on your financial needs, credit score and other important factors. MoneyGeek researched the following questions to help you understand how personal loans work in Dallas.

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

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.

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.