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.
Top Lenders & Best Picks for You
Best Personal Loans in El Paso, TX
Updated: December 28, 2023
Advertising & Editorial Disclosure
WHAT WE’RE GEEKING OUT ON
- The Best Overall Personal Loan Lender in El Paso
- The Best Personal Loan Lender for Bad Credit in El Paso
- The Best Personal Loan Lender for Good Credit in El Paso
- The Best Personal Loan Lender for Debt Consolidation in El Paso
- The Best Personal Loan Lender for Home Improvements in El Paso
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in El Paso
MoneyGeek's Picks for Best Personal Loan Lenders in El Paso, TX
Best Personal Loan Lender Overall in El Paso: 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 was formed from the merger of Branch Banking and Trust Company (BB&T) and SunTrust Banks and has grown to become one of the largest banks in the United States in terms of assets.
Truist's personal loan offering has several noteworthy features. The bank offers a maximum loan amount of $50,000 and its personal loans feature relatively low interest rates between 8.14% and 18.99%. Its personal loans are also not subject to prepayment, origination or late fees. This lender also does not require a minimum credit score from borrowers to qualify for their personal service.
Truist, on the other hand, performs hard credit checks, which may negatively impact your credit score.
Pros
- No origination fees
- No late fees
- Relatively low interest rates
- Next-day funding
- Auto-pay discounts
Cons
- Limited availability
- High minimum credit score
- Hard credit checks
- Restrictions on fund usage
- Co-signers not allowed
Best Personal Loan Lender for Bad Credit in El Paso: 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
Since 2012, Upstart has been partnering with banks and credit unions to provide a variety of loan products, including consumer loans, to borrowers nationwide.
Unlike most lenders, Upstart has no minimum credit requirement to qualify for a loan. However, borrowers should be aware that they may receive a high interest rate based on their credit history and financial record — the maximum APR is 35.99%.
While there is no penalty for early repayment of the loan, the lender charges origination and late fees. There are no restrictions on fund usage, but you can only borrow a maximum amount of $50,000.
Pros
- No minimum credit score requirement
- Soft credit inquiry
- No prepayment penalty
- Widely available
- Funding available in one to two days
Cons
- Potentially high interest rates
- Minimum gross income requirement
- Restrictions on fund usage
- Borrowers need to provide proof of a regular income
- Debt-to-income (DTI) ratio of 45% or less
Best Personal Loan Lender for Good Credit in El Paso: 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
SoFi, also known as Social Finance, Inc., was established in 2011 and has since been offering a variety of loans and financial products to its customers.
MoneyGeek ranked it as the best provider of personal loans in El Paso for borrowers with good credit. Those who meet the lender’s high minimum credit score of 680 and gross minimum income of $50,000 are eligible for several noteworthy benefits.
The lender doesn’t charge any origination fees, late fees or prepayment penalties. Also, by setting up an auto-payment schedule, you can save 0.25% on your monthly payments. Its high maximum loan amount of $100,000 also differentiates it from other lending companies.
Pros
- No origination and prepayment fees
- High maximum loan amount
- Relatively low interest rates
- Soft credit inquiry
- Auto-pay discount
Cons
- High minimum credit score requirement
- High minimum gross income requirement
- Restrictions on fund usage
- Co-signers not allowed
- DTI limit of 43%
Best Personal Loan Lender for Debt Consolidation in El Paso: 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
Although Upgrade was founded relatively recently in 2016, it has already received an A+ rating from the BBB for its excellent customer service. Upgrade is our top-choice lender for those using their personal loans in El Paso to consolidate debt.
The company offers personal loans ranging from $1,000 to $50,000 at an interest rate between 5.94% and 35.47%. The lender’s fair minimum credit requirement of 560 and availability in all 50 states, make it accessible for most borrowers.
That said, there are a few downsides to this lender. Since interest rates are based on creditworthiness, borrowers with a poor credit history will receive potentially high interest rates. In addition to potentially high interest rates, borrowers will also pay origination fees and potentially late fees.
Pros
- Soft credit check
- Pays third-party creditors directly for debt consolidation loans
- No prepayment penalty
- Auto-pay discount
- Relatively modest credit score requirement
Cons
- Potentially high interest rates for borrowers with poor credit history
- Restrictions on the usage of funds
- Late fees
- Origination fees
- Co-signers not allowed
Best Personal Loan Lender for Home Improvement in El Paso: 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
Best Egg is an online lending platform that was founded in 2014. The lender offers personal loan and credit card products. We ranked it as the best lender for personal loans in El Paso for home improvements.
With personal loans ranging from $2,000 to $50,000 and interest rates between 4.99% and 35.99%, borrowers can fund both small and large home improvement projects. The lender’s hassle-free loan application can be conveniently completed online.
Though Best Egg is known for its personal loans for home improvement, only borrowers that have a minimum credit score of 700 and a minimum gross income of $50,000 will qualify for a loan.
Pros
- Soft credit check
- Widely available
- No prepayment fee
- Auto-pay discount
- Loans are funded within one to three days
Cons
- Potentially high APRs for borrowers with poor credit histories
- Origination fees
- Late fees
- High minimum credit score requirement
- High minimum income requirement
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:
1
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:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
2
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.
3
Wait
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.
4
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.
5
Apply
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.
What is the best personal loan lender in El Paso?
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.
Which lender in El Paso has the lowest interest rate?
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%.
Can I use a personal loan for vacations in El Paso?
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.
Can I use a personal loan for home improvement in El Paso?
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.
What can I not use my personal loan for in El Paso?
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.
How much can I borrow in El Paso?
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.
How long does it take to get a personal loan in El Paso?
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.
Can I pay off my loan early in El Paso?
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.
sources
- Best Egg. "Personal Loans." Accessed June 16, 2022.
- SoFi. "Personal Loans." Accessed June 16, 2022.
- Truist. "Personal Loans." Accessed June 16, 2022.
- Upgrade. "Personal Loans." Accessed June 16, 2022.
- Upstart. "Personal Loans." Accessed June 16, 2022.
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.