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

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Edited byAshley Jacobs

Updated: December 28, 2023

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

MoneyGeek analyzed Garland’s personal loan companies and scored their performance for over 30 data points. We studied their repayment periods, APRs, processing times, credit requirements, fees, BBB ratings, customer service reputation and several other features.

The top provider may change depending on the borrower’s needs and profile. For example, the best lender overall may differ from the top option for borrowers with good credit, bad credit or who need a debt consolidation loan.

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Best Overall Personal Loan Lender in Garland: Truist

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Best Personal Loan Lender for Bad Credit in Garland: Upstart

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Best Personal Loan Lender for Good Credit in Garland: SoFi

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Best Personal Loan Lender for Debt Consolidation in Garland: Upgrade

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Best Personal Loan Lender for Home Improvement in Garland: Best Egg

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

The average personal loan debt in Texas is $15,505. If you’re looking to settle planned expenses or unplanned bills, personal loans are flexible options that offer fixed interest rates and repayment terms.

Before taking out a personal loan, you should consider your personal debts, credit score and more to ensure it’s the right decision for your financial situation.

MoneyGeek laid out the steps that you should take to help you make the best choice.

1

Ask Yourself the Important Questions

Before applying for a personal loan, MoneyGeek recommends that you understand your financial situation. If you’re getting a personal loan in Garland, we suggest that you ask yourself the following questions:

  • How much funding do I need?
  • What’s your credit score?
  • Can you afford the monthly payment?
  • Do you have existing debt?

Understanding these factors can help you map out exactly what you need and determine which lender best meets your specific financial profile. Certain lenders will only accept borrowers with certain credit limits, and others have limits on the maximum amount of money you can borrow, so knowing the answers to the questions above can help you in your research process.

2

Do Your Research

A personal loan is a long-term financial commitment that involves monthly payments for several years. As such, we suggest that you gather all the necessary information about your preferred loan companies to ensure that you’re making the best decision.

The key details to check are the lender’s APR, fees, repayment terms, discounts and use restrictions. It’s also good to check the provider’s credit evaluation process, as some companies conduct a hard credit pull just to check rates.

Although we’ve collected all the information you’ll need about Garland’s best personal loan providers, our analyses may not fit with your specific needs and profile. We still suggest that you do your own research and compare companies on your own.

3

Wait

After knowing what the loan company offers and making a list of your preferred providers, it’s recommended that you wait for a day or two before deciding. Doing this gives you a fresh and more objective perspective on the situation.

Keep in mind that personal loans are serious financial commitments that are repaid with interest. For the sake of your financial health, you must be sure that the lender you’ll choose offers the best terms available for you.

This is also the time to rethink the reason you’re getting a loan. If you’ll be using the loan to purchase unnecessary items or fund leisurely activities, consider holding off on them until you can pay for them in cash.

If the expense is unavoidable, check home equity lines of credit, home equity loans and other financial tools that you can access.

4

Read the Fine Print

Once you’ve spent some time contemplating your options, you may have already decided to get a personal loan from your preferred lender. Before committing to anything, study the lender’s fine print and go beyond what its marketing tells you.

Check some information you may have missed when you first researched the company. Carefully note the fees that your chosen company charges, such as origination, prepayment and late payment fees. It’s also recommended that you read the repayment terms and other policies.

Remember, paying a personal loan may take two to seven years. You can avoid unnecessary fees and a stressful customer experience by doing research and asking the lender directly.

5

Apply

Once you’ve studied all your options, picked your preferred company and checked its terms and conditions, now’s the time to apply for a loan.

Gather all the documents you’ll need for the application. Generally, loan companies will ask for your identification, proof of residence and documents related to your income. Some companies may ask for additional information throughout the process.

Several loan providers in Garland have online loan application processes. You can take advantage of this and go through the process in the comfort of your home.

Nonetheless, you can still call or visit a company’s office if you prefer to transact in person.

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

It’s possible for your loan application to get denied. Low credit scores, not enough income and incomplete documents are just some of the reasons why lenders deny personal loan applications.

Don’t get discouraged if you receive a loan rejection. Instead, analyze the situation so you know what to do moving forward. You may call or email the loan company and ask for the exact reason behind the loan disapproval. It’s important to do this so you can identify and fix any issues on your profile.

Although it’s tempting to immediately send an application to another company, it’s advisable to improve your creditworthiness. You can pay off some of your existing loans or find a way to get a higher income so you can improve your chances on your next application.

No matter how desperate you are, avoid payday loans. They will only lead to a debt trap, as they typically feature high interest rates and short repayment terms.

Frequently Asked Questions About Personal Loans in Garland

You have various options if you want to get a personal loan in Garland. Nonetheless, the best provider for you will be based on your preferences, credit profile, income and other factors.

To help you make the best choice, MoneyGeek answered some frequently asked questions about personal loans in Garland.

MoneyGeek’s research shows that Truist is the best personal loan provider in Garland. However, the top company varies based on the borrower’s needs and profile. Upstart is our choice for folks with poor credit, whereas Upgrade is the top lender for debt consolidation.

Best Egg offers the lowest possible APR in Garland. Nonetheless, your interest rate is based on your credit profile and loan preferences. Having a low FICO score results in a high interest rate.

You may get a personal loan to finance various personal needs, including vacations. That said, some lenders have limitations on how you can use your loan. It’s recommended that you check the company’s policies before you apply.

Yes, you can use your personal loan to fund a home renovation project. Best Egg is our pick as Garland’s best personal loan lender for home improvement projects.

Lenders have different guidelines on how you may use your personal loan. Most loan providers won’t allow you to use your personal loan proceeds to fund postsecondary education, gambling, real estate, stocks and illegal activities.

Loan providers in Garland offer personal loans amounting to $1,000 to $100,000. However, some companies cap their loans at $50,000. Note that the amount you’ll receive will be based on your financial and credit profile. It’s usually more difficult to get loan approval if you’re borrowing a high amount.

Your personal loan application processing time will depend on your preferred company and your profile. Some companies offer same-day funding; others take a couple of days.

There’s nothing stopping you from paying your personal loan early. However, some companies may charge you an early payment fee if you do this. Reading the company’s fine print and studying its policies will prevent you from paying unnecessary fees.

Our Personal Loan Methodology

METHODOLOGY

MoneyGeek analyzed over 30 personal loan lenders using more than 35 individual data points across six key categories, such as loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking category, we evaluated several data points that we feel carry the most weight when borrowers choose a personal loan provider. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

MoneyGeek values you, the consumer, so we also considered each lender’s customer support, business ratings and additional features that make your experience easier and more accessible. We looked into a company’s prequalification process, payment options and mobile apps.

After careful consideration and calculations, our rankings are made 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.