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

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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

The best personal loans in Frisco vary depending on your financial needs. MoneyGeek determined the top personal loan lenders in Frisco using more than 30 data points. We took into consideration factors like loan amounts, interest rates and repayment periods.

From our research, the best overall lender in Frisco is Truist. However, the best option depends on a borrower's profile and needs. SoFi makes an ideal pick for those with good credit, whereas Upstart has better rates for borrowers with bad credit. Upgrade tops the list if you're looking to consolidate debt. Best Egg is the best if you want to renovate your home.

Best Overall Personal Loan Lender in Frisco: 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

    Since 2019 after the consolidation of SunTrust Banks and BB&T, Truist Bank has been selling financial products, including personal loans. You can borrow between $3,500 and $50,000.

    Borrowers can get a personal loan from Truist Bank to fund expenses, such as home repairs, large purchases, vacations and weddings. The repayment term is between six months and five years.

    Once you apply for a personal loan at Truist, you will receive funds quickly. Truist does not charge its borrowers origination fees, and you do not need any collateral to get your funds. With an excellent credit score, you can qualify for the lowest rates from this lender.

    Pros

    • Relatively lower APR
    • No origination fees
    • Fixed rates for the life of the loan
    • Personal loan payment relief to eligible borrowers

    Cons

    • Unclear credit score requirement
    • Need excellent credit to get the lowest interest rates
    • Loans only up to $50,000
    Truist

Best Personal Loan Lender for Bad Credit in Frisco: 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

    According to MoneyGeek's analysis of the best personal loans in Frisco, Upstart is the top choice for borrowers with bad credit. Upon reviewing your loan application, Upstart does not consider your credit score as the primary factor. Instead, the insurer checks the income level and debt-to-income ratio.

    Upstart was established in 2012 and offers personal loans for medical expenses, relocation, home improvement and debt consolidation. A soft credit inquiry by the lender does not affect an applicant's credit score.

    You can repay your loan for as long as five years. Although borrowers pay no down payment or prepayment fees, the maximum amount allowed is only $50,000.

    Pros

    • No prepayment fees
    • Credit checks do not affect credit score
    • Low credit score requirement
    • Lower interest rates

    Cons

    • Charges origination fees
    • No autopay discount
    • Borrowers must be in employment
    Upstart

Best Personal Loan Lender for Good Credit in Frisco: 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's online lending platform has been operational since 2011. It is the top personal loan lender in Frisco for those with good credit. Borrowers can get between $5,000 and $100,000.

    There is a discount of 0.25% for individuals who opt for automatic payments. SoFi's unemployment protection feature allows you to postpone repaying by a few months if you lose your job during the loan period.

    To qualify for a loan, you must have a minimum credit score of 680. Kindly note that a soft inquiry will not affect your credit score. Additionally, applicants don't have to worry about application, origination, prepayment or late fees.

    Pros

    • Autopay discount of 0.25%
    • No origination or prepayment fees
    • Conducts soft credit check
    • Offers unemployment protection
    • No late fees

    Cons

    • Needs good credit to qualify
    • No co-signers allowed
    SoFi

Best Personal Loan Lender for Debt Consolidation in Frisco: 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

    Founded in 2017, Upgrade is MoneyGeek's top pick for individuals who want to consolidate debt. The company accepts applicants with a minimum credit score of 560, fairer than most lenders. There is no minimum income requirement.

    Once you apply, you can receive funds immediately. The maximum loan amount is $50,000, but individuals with new or no credit may not be eligible.

    Upgrade's personal loans may not be suitable for individuals looking to fund an investment, postsecondary education or gambling activities.

    Pros

    • No prepayment penalty
    • Borrowers need a fair credit score
    • Conducts soft inquiry
    • Direct payment to creditors

    Cons

    • Has origination fees
    • Low interest rates require autopay
    • Restrictions on the use of funds
    Upgrade

Best Personal Loan Lender for Home Improvement in Frisco: 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 offers its customers personal loans between $2,000 and $50,000. The lender is ideal for Frisco residents who need funds to renovate their homes. Best Egg started operating in 2014 and only offers secured and unsecured loans to individuals with excellent credit.

    Best Egg's customers repay their loans within three to five years. Soft inquiries do not affect your credit score. The lender will directly pay third parties if you consolidate your credit card debts.

    After application, borrowers get the funds immediately. If you do not have a solid credit history, you may not qualify for a loan from this lender.

    Pros

    • No prepayment penalty
    • Pays third parties directly for debt consolidation
    • A soft credit check does not affect your credit rating
    • A+ BBB rating

    Cons

    • High credit score requirement
    • Charges origination fees
    • Low loan amounts
    • A relatively high APR
    Best Egg

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

While applying for a personal loan in Frisco, you may need to consider your employment status, credit score and other important factors. You want to ensure you're choosing the best option for your circumstance. In Texas, the average personal loan debt is $15,505. Keep in mind that actual rates depend on the borrower's financial needs.

MoneyGeek outlined the following steps to guide you through the city's personal loan application process.

1
Ask Yourself the Important Questions

A personal loan is a significant financial commitment. Having your objectives outlined as early as possible can help you decide whether a personal loan can help you to meet them. To ensure you find a loan whose requirements fit your budget and credit score, check out each lender's terms and conditions against your financial goals.

Some of the questions that will help you make an informed decision:

  • 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

You will be making monthly payments for an average of two to four years after receiving your loan. Thorough research can help you identify the best options for your needs and the best lenders in Frisco. Additionally, you'll be able to compare specific details that may be vital to your situation.

For example, you may identify good lenders that conduct soft credit inquiries so that your credit score remains unaffected during the application process. The research will also help you find the lowest rates and offers that do not come with additional charges like late fees and prepayment penalties.

MoneyGeek's study provides adequate information to help you settle on the best lender for your profile. However, we advise that you conduct your own research to help you find better options excluded from our findings.

3
Wait

After narrowing down your research to one or two lenders, take a few days to review their offers. Determine how every single detail of the loan applies to your financial goals. If you rush to submit your application, you may overlook an important detail. Consider any crucial aspects of the lender, including any restrictions associated with using the loan.

4
Read the Fine Print

After selecting your top lender, you will receive the loan agreement to read through and sign. It's wise to spare time to read through the fine print to help you raise any questions or concerns with the lender before applying. Find out the interest rates, repayment period, penalties and any other costs associated with the personal loan. An estimate of the expected costs will ensure that you don't exceed your initial budget for the loan.

5
Apply

Once confident about your decision, put together all the information requested by the lender and complete the application process. Some lenders allow borrowers to submit their applications online. In contrast, others require you to visit their offices in person to apply. For most lenders, you will need to provide your personal information and proof of income. Your chosen lender will then review your application and advise on the status.

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

Your personal loan application may get approved or rejected depending on how you meet the requirements stipulated in the lender's agreement. Some popular reasons for a denied loan include low credit, unclear employment status or insufficient income.

If your application is not approved, reach out to your lender to get clear feedback on why your submission wasn't successful. If the issue is a missing document or incomplete information, consider updating your information and resending it to the same lender. Otherwise, you may consider starting a new application with a different lender altogether.

In cases where your credit score or income level is the issue, avoid sending new applications to a different lender until you improve your scores. Although it's tempting to consider payday loans at this point, MoneyGeek advises against them since they feature higher interests and shorter repayment durations.

Frequently Asked Questions About Personal Loans in Frisco

To determine your loan amount and terms in Frisco, personal loan lenders consider your income, credit rating and other important factors. MoneyGeek answered frequently asked questions about personal loans in Frisco to help you identify the best lender in the city.

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

Our Personal Loan Methodology

METHODOLOGY

To determine the best lenders in Frisco, MoneyGeek analyzed over 30 companies across six primary data point categories. We derived this from more than 35 individual data points, including transparency, flexibility, customer service, accessibility, affordability and consumer friendliness.

For each of the six categories, MoneyGeek rated a combination of several individual data points with the highest impact on lender scores in the city. These data points include APR ranges, available loan amount, minimum credit score and income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer. Therefore, we also considered the lender's customer support, business ratings and additional features that determine customer experience, like prequalification, payment options and mobile apps.

We determined our picks with the consumer's interest in mind and after careful calculation. Recommendations and expert tips in this study can help you find the best lender for 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.

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