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

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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

MoneyGeek analyzed over 30 lenders for more than 35 data points to see which one provided the best balance of customer service, loan terms and affordability in Grand Prairie, Texas. These data points included each lender’s loan amount, rates, customer service ratings, eligibility requirements, customer service ratings with the Better Business Bureau (BBB) and more.

Based on this review, we found that Truist offers the best personal loans in Grand Prairie. Upstart and SoFi are the best lenders for those with bad and good credit, respectively. Borrowers looking to consolidate debt or finance a home renovation should consider Upgrade and Best Egg.

Best Overall Personal Loan Lender in Grand Prairie: Truist

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Best Personal Loan Lender for Bad Credit in Grand Prairie: Upstart

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Best Personal Loan Lender for Good Credit in Grand Prairie: SoFi

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Best Personal Loan Lender for Debt Consolidation in Grand Prairie: Upgrade

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Best Personal Loan Lender for Home Improvement in Grand Prairie: Best Egg

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

Because the average credit score in Texas is 688, most residents in the state won’t have trouble qualifying for a personal loan. However, finding the best personal loan may be difficult. To ensure you’re making a well-informed decision, MoneyGeek recommends taking the following steps:

1

Ask Yourself the Important Questions

The best lender for you will be based on your financial situation and needs. Because of this, it’s important that you reflect on your financial needs. After reviewing your finances, you may find that a personal loan isn’t the best option for you. You should ask yourself the following questions to make the best financial decision:

  • How much funding do I need? MoneyGeek advises against borrowing more than you need to avoid paying more in interest. Identifying how much you need is an important step when choosing a personal loan because it will help you narrow down your lender search, as lenders offer different minimum and maximum loan amounts.
  • What is my credit score? Your credit score is one of the most important factors when looking for a personal loan, since it's what lenders use to determine if you qualify or not. A high credit score means that lenders see you as less risky and are more likely to approve your application.
  • Can I afford the monthly payment? MoneyGeek’s personal loan calculator can help you calculate your approximate monthly payment before you apply. It's essential to know exactly what you'll owe each month before committing to a loan so you can budget accordingly.
  • How much debt do I already have? If you're thinking about taking out another loan, you should consider paying off any existing debt first. By reducing your total debt load, your chances of qualifying for a loan with a lower interest rate increase.
2

Do Your Research

To choose the best lender for you, it’s important to research different lenders’ terms, rates and eligibility requirements. The more time you spend understanding what's available and what might work best for your financial needs, the better equipped you'll be to find a loan that works well for you.

3

Wait

A personal loan is a long-term commitment that takes between two and four years to repay. Because of this, it’s important that you’re confident in your lender choice. After you’ve selected a lender, wait a few days before applying. During this time, you can review your other options, and either decide that it's the best lender for you, or consider an alternative.

4

Read the Fine Print

It’s important that you read the fine print before signing the terms of your loan agreement. The fine print includes fees, like those for early repayment, late payment or loan origination, that can add up over the life of you loan. If you have any questions about the terms of your agreement, you should contact your lender for more information.

5

Apply

When you feel certain about your choice of lender, it's time to apply. To expedite the application process, ensure that you have all the required documents onhand, like proof of identity, address, income and employment. Although most lenders allow you to submit an application online, some may require that you visit in person or call to complete the application. Once the lender has processed your request, it will reach out to you with details on what next steps are required before it issues a loan offer.

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

Several factors may prevent you from getting a personal loan. Personal loan applications may be denied due to a poor credit score, insufficient income or unverifiable information.

If you're wondering why your loan was denied, contact the lender to find out what it requires from you. Sometimes, simply modifying the terms of your loan agreement, like reducing the loan amount or adding a co-signer, can lead to your application being approved.

You may also apply with another company if necessary, but you should wait until you address the issue that led to your rejection. If your credit score caused your first application to be rejected, consider improving it first before reapplying.

MoneyGeek strongly advises against payday loans, as these feature high interest rates and short repayment terms that can actually cost the borrower more money.

Frequently Asked Questions About Personal Loans in Grand Prairie

The process of choosing the best personal loan lender can seem daunting at first. However, MoneyGeek offers resources to help you find the best one for your needs. MoneyGeek answered the most commonly asked questions about personal loans in Grand Prairie to help with your selection.

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

Our Personal Loan Methodology

MoneyGeek evaluated over 30 personal loan providers based on 35+ unique data points in six major categories: loan affordability, accessibility, consumer friendly, customer service, flexibility and lender transparency.

We analyzed several unique data points under each ranking criteria that we believe hold the most weight when selecting a personal loan provider. These include APR ranges, available loan amount, minimum credit score, minimum income amount, application costs and disbursement time, among other considerations.

At MoneyGeek, we value you, the consumer, so we evaluated lenders for their customer service, business ratings and other services, like prequalification, payment options and mobile applications, that might improve your experience.

The final selections were made with your best interests in mind through in-depth analysis and thorough calculation. Our personal loan recommendations and expert guidance are intended to help you choose 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.