Top Lenders & Best Picks for You

Best Personal Loans in El Paso, TX

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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 El Paso, TX

MoneyGeek ranked the best personal loans in El Paso using more than 30 data points, some of which include loan limits, interest rates, fees, requirements and availability. Based on our evaluation, Truist offers the best personal loans in El Paso for the average borrower. We’ve also outlined our top picks for borrowers with poor and good credit, as well as those seeking a loan for debt consolidation and home improvement.

Best Personal Loan Lender Overall in El Paso: Truist


Best Personal Loan Lender for Bad Credit in El Paso: Upstart


Best Personal Loan Lender for Good Credit in El Paso: SoFi


Best Personal Loan Lender for Debt Consolidation in El Paso: Upgrade


Best Personal Loan Lender for Home Improvement in El Paso: Best Egg


How to Choose the Best Personal Loan Lender in El Paso for You

Personal loans can be used for numerous reasons, some of which include consolidating debt, funding home improvements and paying medical bills. It’s very common to take out a personal loan — the average personal loan debt in Texas is $15,505.

To find the best personal loans in El Paso, MoneyGeek suggests taking the following steps:


Ask Yourself the Important Questions

Before you apply for a personal loan, you should assess your financial situation and need for the loan. A loan is a long-term commitment — most loan repayment terms are between two and five years — so it’s important that you have a stable income to make payments. At a bare minimum, you should 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?

Do Your Research

Terms, conditions, rates and fees vary greatly among lenders. To find the best lender for you, it’s important to identify the lenders that fit your unique situation. For example, if you don’t meet a lender’s minimum credit score or income requirement, you should apply with a different lender.

MoneyGeek’s guide contains all the necessary information to get you started. However, our recommendations are for general borrower profiles, so a different lender may be best for your specific needs.



Once you’ve identified your top picks, you should wait a day or two before making your final decision. During this time, you should carefully consider your options to decide if a personal loan is the best choice for you. Taking out a personal loan is a significant financial commitment, so you must be sure that it’s the best decision before applying. It’s also prudent to carefully weigh all the available options before submitting your loan application. That way, you can be sure that you’re getting the best rates and terms.


Read the Fine Print

It’s important to read the details of a loan agreement to learn about potential fees. Hidden charges such as prepayment penalties, origination fees and late fees may seem insignificant, but these costs add up over the long term. If something is unclear to you, you should speak directly with one of the lender’s representatives.



Once you’ve selected your lender, thought it over and read the fine print, it's time to submit your application. Most lenders will normally require you to provide personal information like proof of identification, address and income during the application process. Although online applications are easier and more convenient, there is no harm in calling or visiting the lender in person if you need more assistance or clarification about your loan application.

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

Your loan application may be denied for various reasons, such as a low credit score, insufficient income or a high debt-to-income ratio. All of these could cause a lender to question your ability to repay the loan.

If your loan application is denied, we suggest that you reach out to the lender to learn why they rejected your application. That way, you can modify or improve your application to increase the chance that your loan will be approved in the future.

MoneyGeek cautions against immediately reapplying for a loan or applying with a different lender without having made significant changes to your financial situation. We also strongly advise against seeking a payday loan, as these come with high interest rates and short repayment terms.

Frequently Asked Questions About Personal Loans in El Paso

Your personal needs and various credit and income considerations will determine the best personal loan lender in El Paso for you. Here are MoneyGeek’s answers to some of the most frequently asked topics about personal loans in El Paso, Texas.

The best overall personal loan lender in El Paso, Texas, is Truist. However, for those with good credit, the best lender is SoFi, while those with bad credit will get the best personal loans from Upstart. For debt consolidation and home improvement loans, the best options are Upgrade and Best Egg, respectively.

Upstart offers the lowest interest rate for personal loans in El Paso. Depending on your assessed creditworthiness, you can get a personal loan at an interest rate of 3.22%.

Personal loans are used for a variety of purposes, including vacation expenses. However, some lenders may have restrictions on your funds usage, so it’s best to check with the lender first to determine if there are any restrictions on how you may use your personal loan.

Most personal loans can be used for home renovation purposes. In fact this is one of the most popular uses for this type of loan. But to be sure, you should check with your lender to see if there are any restrictions on the use of your personal loan.

Some lenders prohibit their loans from being used to finance post-secondary education, while others impose restrictions on the use of loan funds for business purchases and stock market investments.

The maximum amount you may borrow in El Paso for a personal loan varies by lender and your credit score. You may qualify for a loan ranging from $1,000 to $100,000, depending on the company.

The loan application and disbursement period are different for each lender, but in most cases, the processing time for a personal loan might take anywhere from one day up to a week.

Some lenders charge a prepayment penalty for early repayment of a loan. You should contact your lender or read the fine print of the lender's loan agreement to see if this penalty applies.

Our Personal Loan Methodology

To develop this guide, MoneyGeek reviewed more than 30 personal loan lenders for over 35 individual data points. These were subdivided into six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each category, we evaluated several individual data points that are most relevant when choosing a personal loan lender, such as APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

At MoneyGeek, we value you, the consumer, so we also assessed each lender’s service quality by looking at their customer support ratings, business ratings and additional features that could make the loan application experience more pleasant and accessible.

Our picks are the product of careful consideration and calculation, and were determined with your best interests in mind. These personal loan recommendations and expert tips are meant to help you make the best decision when choosing the best personal loans in El Paso.


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.