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Best Personal Loans in Laredo, TX

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Updated: December 28, 2023

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MoneyGeek’s Pick for Best Personal Loan Lender in Laredo, TX: Truist

MoneyGeek compared and analyzed more than 30 data points to know which personal loan lender is the best in Laredo, TX. We chose them based on their accessibility, flexibility and the factors they look into in approving a borrower.

We have also gathered information about their loan amount ranges, interest rates and the number of days to release funding. As a result, we arrived with a list of the best personal loans in Laredo for a variety of your needs.

Best Overall Personal Loan Lender in Laredo: 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

    After comparing several lenders in Laredo, MoneyGeek found Truist to be the best overall lender for personal loans. Truist is the result of a merger between BB&T Corporation and SunTrust Bank in 2019.

    With an APR range of 8.14%–18.99%, Truist has a very high minimum APR but a highly reasonable maximum rate. Borrowers have a chance to save money with this personal loan because of the absence of origination fees, late fees and prepayment penalties. The repayment terms are also quite flexible, ranging from six months all the way up to five years.

    Pros

    • A+ BBB rating
    • Same-day funding available
    • Flexible repayment terms
    • 0.5% autopay discount
    • No origination, prepayment or late fees

    Cons

    • Conducts hard inquiry
    • Does not accept people with new or no credit
    • Restrictions on fund usage
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–$50,000
    • Minimum credit requirements: None
    • Repayment terms: 6–60 months
    • Time to receive funds: Next-day
    Truist

Best Personal Loan Lender for Bad Credit in Laredo: 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

    Established in 2012, Upstart utilizes artificial intelligence (AI) to provide borrowers with accessible loans while minimizing the risks and costs for their partners. This personal loan lender is best for those with poor credit, as it only requires a credit score of 300 and a gross income of at least $12,000.

    Those with a relatively bad credit profile can also benefit from the soft inquiry required before loan approval as it does not affect an applicant's credit score. However, those with new or no credit are not eligible for a loan.

    This personal loan may not work well for those who want to avoid fees and high APRs. Upstart’s origination fee can reach up to 8%. The late fee is $15, and the maximum APR is 35.99%. However, for well-qualified applicants, the 3.22% minimum APR is the lowest rate available in Laredo.

    Pros

    • A+ BBB rating
    • Low minimum credit score requirement
    • Quick release of funding
    • Conducts a soft inquiry
    • Borrowers can receive funding quickly

    Cons

    • $15 late fee
    • $12,000 minimum income requirement
    • Origination fee of up to 8%
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next-day
    Upstart

Best Personal Loan Lender for Good Credit in Laredo: 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

    Social Finance, Inc., best known as SoFi, was established in 2011.

    SoFi provides flexible loans with a range of $5,000–$100,000 and a repayment term of up to five years. To qualify for a loan, SoFi requires a minimum credit score of 680, a gross income of at least $50,000, a debt-to-income ratio of less than 43% and a long credit history.

    Whether you’re looking to take out a small loan amount or a large one, SoFi can cater to your needs as long as you have good to excellent credit. Aside from its flexibility, SoFi also offers unemployment protection in case borrowers lose their jobs while repaying their loans. This lender also gives financial advice to help borrowers manage their finances properly.

    Pros

    • A+ BBB rating
    • No origination, late or prepayment fees
    • 0.25% autopay discount
    • Conducts soft inquiry
    • Includes employment protection and financial advice

    Cons

    • Requires a minimum gross income of $50,000
    • Could take several days to receive funds
    • Doesn’t allow co-signers
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

Best Personal Loan Lender for Debt Consolidation in Laredo: 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

    Upgrade was launched in 2017. It offers loan amounts ranging from $1,000–$50,000. For debt consolidation, Upgrade is the best option for you since it can make direct payments to your creditors while also providing discounted rates.

    An Upgrade personal loan is great for people who have a credit score of at least 560. This lender doesn’t have debt-to-income limits, making it more accessible for borrowers.

    On the other hand, this loan may not be the best for those looking for options with no fees and low interest rates. Upgrade charges an origination fee of 2.9%–8% and a late fee of $10. The interest rate can also range from 5.94%–35.47%, depending on your credit standing.

    Pros

    • A+ BBB rating
    • 1% autopay discount
    • No prepayment penalty
    • Mobile app available
    • Same-day funding available

    Cons

    • Restrictions on fund usage
    • Origination fee can reach up to 8%
    • $10 late fee
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same-day
    Upgrade

Best Personal Loan Lender for Home Improvement in Laredo: 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 was established in 2014, one year after the founding of its parent company, Marlette Funding. MoneyGeek found Best Egg to be the best lender for home improvement needs.

    This lender provides a maximum loan amount of $50,000 with a minimum interest rate of 4.99%. You can receive your funds within one to three days after the approval of your application.

    To qualify for a loan, a borrower needs to have a minimum credit score of 700 and a gross income of $50,000.

    A Best Egg personal loan may come with a high interest rate and other fees. The maximum interest rate for this loan is 35.99%. It also has an origination fee of 1%–6% and a late fee of $15.

    Pros

    • A+ BBB rating
    • Conducts soft inquiry
    • 0.5% autopay discount
    • No prepayment penalty
    • Offers a mobile app

    Cons

    • $15 late fee
    • Origination fee of up to 6%
    • Minimum gross income of $50,000
    • APR range: 4.99%–35.99%
    • Minimum/maximum loan amount: $2,000–$50,000
    • Minimum credit requirements: 700
    • Repayment terms: 36–60 months
    • Time to receive funds: Next-day
    Best Egg

How to Choose the Best Personal Loan Lender in Laredo For You

In Texas, the average personal loan debt is $15,505. When you’re looking for a personal loan in Laredo, it’s important to consider your financial situation and needs. Your credit score, income, existing debts and more can impact the terms of your loan. To help you find the right lender for your needs, we’ve created a guide with steps you can follow.

1
Ask Yourself the Important Questions

Determining your specific loan needs will help you determine the right lender and loan for you. Remember that specific loans work best for specific needs. This is why MoneyGeek recommended a variety of lenders for different loan purposes. Consider asking yourself these questions:

  1. How much funding do I need?
  2. What is my credit score?
  3. Can I afford the monthly payment?
  4. How much debt do I already have?
2
Do Your Research

There are many loans that you can choose from. To narrow down all your options, you need to compare lenders. Compare interest rates, loan amounts, repayment terms and other characteristics of the loan. Part of this process is weighing the pros and cons as well.

A personal loan is a huge commitment. On average, these loans will make a significant addition to your monthly expenses for two to four years. As a result, you need to be fully aware of the terms of your loan. While MoneyGeek can provide you with information, guides and recommendations, the best personal loan in Laredo still depends on you. This is why doing your own research is beneficial.

3
Wait

Since a personal loan is a huge commitment, you need to be absolutely sure of your decision. Once you have found the perfect fit for you, consider waiting a day or two before finalizing your decision. Waiting for a few days gives you time to thoroughly think through applying for a loan and determine if it is the right option for you or if you can find another way to get the funds you need.

4
Read the Fine Print

When you think that you are confident with your decision, take the time to read the fine print. Find the conditions that come with the loan. Read all the text on the agreement forms. Plus, read as many reviews as possible about the loan.

There might be little things that you have overlooked during your research. Pay special attention to the fees, including prepayment penalties, early payoff fees, origination fees and more. This can save you a lot of money in the run since you could spot additional or hidden charges early.

5
Apply

Once you’ve completed the previous steps, it’s time to apply. Depending on the lender, the application process can be simple. They need your identification, address verification and proof of income to evaluate your application. It can be wise to have these documents compiled before you start your application.

Lenders may offer online, in-person or over-the-phone applications. Online applications are the most convenient. However, in-person and over-the-phone applications can give you a more personalized experience and allow you to get any additional questions you have answered.

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

Existing debts, failure to meet qualifying requirements and insufficient income are all reasons why lenders deny loan applications. If your loan has been denied, contact the lender via phone call or email to ask them the reason for the denial of your application.

Lenders will allow applicants to modify their applications. Examples of modifications include changing the repayment terms or decreasing the loan amount. Both of these lead to a reduction in monthly costs.

Applying to a different lender is also an option for you, although MoneyGeek does not recommend this. If you apply to another lender, you risk your application being denied again, especially if you haven’t improved the factor that caused the denial of your application.

If you are considering a payday loan, MoneyGeek advises against those. They typically have high interest rates and short repayment terms.

Frequently Asked Questions About Personal Loans in Laredo

The best personal loan in Laredo depends on a variety of factors. To help you find the best option for you, we’ve answered some of the most commonly asked questions about lenders in Laredo.

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

Our Personal Loan Methodology

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

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

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are determined 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
  • Best Egg. "Best Egg." Accessed March 7, 2022.
  • LightStream. "LightStream." Accessed March 7, 2022.
  • SoFi. "SoFi." Accessed March 7, 2022.
  • Upgrade. "Upgrade." Accessed March 7, 2022.
  • Upstart. "Upstart." Accessed March 7, 2022.
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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.