Best Personal Loans in Lubbock, TX

MoneyGeek’s analysis shows that Truist is the overall best option for people looking for personal loans in Lubbock. The company, which is the result of a 2019 merger involving BB&T Bank and SunTrust, does not have origination fees. It also does not charge late payment fees or prepayment penalties. Additionally, the lender can provide next-day funding.

Truist has restrictions on fund usage. You cannot use the borrowed money to refinance an existing Truist loan, fund your college or post-secondary educational expenses, finance a business or purchase bonds, stocks or stock options.

Pros

• Next-day funding
• Auto-payment discount of 0.5%
• No origination or late payment fees
• No prepayment penalties
• No minimum income requirement

• APR range: 8.14% to 18.99%
• Minimum/maximum loan amount: $3,500 to $50,000
• Minimum credit requirements: None
• Repayment terms: Six to 60 months
• Time to receive funds: Next day

Upstart is MoneyGeek’s pick for the best personal loan lender for individuals with bad credit scores in Lubbock. The lender was founded in 2012 and has been servicing 48 states since then. Even with a credit score of just 300, you can still qualify for Upstart’s personal loans.

The company does not charge prepayment penalties, and it does a soft credit inquiry first, so your credit report will not be affected. A hard inquiry will only be conducted once you accept the rate and push through with your loan application.

Depending on your loan, you can get a 0% origination fee. That said, some borrowers may be charged up to 8% for an origination fee, and Upstart’s interest rates reach a very high 35.99% for some borrowers. Late payments will lead to a $15 late fee. Additionally, your debt-to-income ratio must be 45% or less.

Pros

• Low minimum credit score requirement
• Low minimum income requirement
• Conducts soft credit inquiry
• Next day funding
• No prepayment penalty

• APR range: 3.22% to 35.99%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 300
• Repayment terms: 36 to 60 months
• Time to receive funds: Next day

If you have a good credit score, SoFi may be your best option for personal loans in Lubbock. The company started in 2011 and has been offering different financial products, including personal loans, since then.

If you are in need of a large loan amount, SoFi offers up to $100,000. There are no origination fees involved. You also do not have to worry about prepayment penalties or late fees. SoFi conducts a soft credit inquiry, which will not have any effect on your credit score. The lender can offer funding within two days for some borrowers.

That said, funding can also take up to seven days. SoFi’s personal loans also require a minimum credit score of 680. If your gross income is below $50,000 or your debt-to-income ratio exceeds 43%, you will not qualify for a loan from this lender.

Pros

• Up to $100,000 loans available
• 0.3% autopayment discount rate
• Conducts soft credit checks
• No origination fees
• No prepayment penalty

• APR range: 5.74% to 20.28%
• Minimum/maximum loan amount: $5,000–$100,000
• Minimum credit requirements: 680
• Repayment terms: 12 to 60 months
• Time to receive funds: Two days

Borrowers may also use personal loans to consolidate their debts. For this purpose, MoneyGeek found Upgrade to be the best option. This neobank, founded in 2016, offers personal loans in all states.

To qualify for a loan, you need at least a 560 credit score. The company offers loan amounts ranging from $1,000–$50,000. You can get funding on the same day. If you choose to make automatic payments, you can get a 1% discount.

That said, Upgrade requires a 2.9%–8% origination fee, and late payments lead to a $10 fee. There are also restrictions on how you can use the money you borrow. You cannot use Upgrade personal loans for post-secondary education, investments, illegal activities or gambling of any kind.

Pros

• Pays creditors directly for debt consolidation
• 1% autopayment discount rate
• No prepayment penalty
• No minimum income requirement
• Reasonable minimum credit score requirement

• APR range: 5.94%–35.47%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 560
• Repayment terms: 36 to 60 months
• Time to receive funds: Same day

MoneyGeek’s study found Best Egg to be the company with the best personal loans in Lubbock for home improvements. This lender was launched in 2014 by Marlette Funding. It offers loans in 47 states, including Texas.

If you have a credit score of at least 700, you can get a loan amount of $2,000–$50,000. Funding can be processed within the next day. Borrowers who make automatic repayments can enjoy a 0.5% discount. The company offers online prequalification as well. The lender will only do a soft credit inquiry first, which means the credit score check will not affect your credit report.

Best Egg’s qualification requirements include a minimum gross income of $50,000. There is an origination fee, which ranges from 1% to 6%. It has a maximum loan amount of $50,000, so you may want to search for other lenders if you are in need of a larger amount.

Pros

• No restrictions on fund usage
• No prepayment penalty
• 0.5% autopayment discount
• Conducts soft credit pull
• Loans funded next day

• APR range: 4.99% to 35.99%
• Minimum/maximum loan amount: $2,000–$50,000
• Minimum credit requirements: 700
• Repayment terms: 36 to 60 months
• Time to receive funds: Next day