Best Personal Loans in Frisco, TX: Top Lenders & Best Picks for You
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Frisco
- The Best Personal Loan Lender for Bad Credit in Frisco
- The Best Personal Loan Lender for Good Credit in Frisco
- The Best Personal Loan Lender for Debt Consolidation in Frisco
- The Best Personal Loan Lender for Home Improvements in Frisco
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Frisco
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
Best Personal Loan Lender for Bad Credit in Frisco: Upstart
Best Personal Loan Lender for Good Credit in Frisco: SoFi
Best Personal Loan Lender for Debt Consolidation in Frisco: Upgrade
Best Personal Loan Lender for Home Improvement in Frisco: 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.
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?
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.
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.
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.
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.
Truist is the best personal loan provider in Frisco overall for most borrowers. The best lender may also vary depending on the purpose of the loan and credit history. However, the best lender will ultimately depend on your circumstances. For example, SoFi is the best for those with good credit, whereas Upstart is the best option if you have a poor credit score.
Upstart has the lowest starting APR in Frisco. Borrowers can pay a minimum interest per year.
Lenders in Frisco typically allow you to use your personal loan for any expense. However, some lenders place restrictions on their funds. You may need to find this out from your lender when applying.
You can use your personal loan to fund repairs in your home. Based on MoneyGeek's review, Best Egg offers the best personal loan for home improvement.
Most lending companies do not restrict how you spend your personal loan. However, a few lenders may not allow you to use the funds to pay for postsecondary education, business investments or refinance existing loans. Before applying for a loan, find out from the lender if there are any restrictions.
How much you receive as a personal loan in Frisco may vary depending on several factors. Every lender has a unique minimum and maximum loan limit. The actual amount depends on how best the borrower meets the application requirements.
Once you apply for a loan, you may receive funds as soon as the same day of application or as late as one week after approval. Disbursement periods vary across lenders.
You can settle your monthly payments before the due date. However, you may need to find out from your lender if a prepayment penalty applies for doing this.
Our Personal Loan 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
- Truist. "Personal Loans." Accessed September 12, 2022.
- Upstart. "Personal Loans." Accessed September 12, 2022.
- SoFi. "Frequently Asked Questions." Accessed September 12, 2022.
- Upgrade. "Application Process." Accessed September 12, 2022.
- Best Egg. "Personal Loans." Accessed September 12, 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
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