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

Ask Yourself the Important Questions

Although taking out a personal loan may be tempting, ask yourself a few questions to determine whether you have the financial capacity to pay off your desired loan amount. No matter how much money you need to borrow, having a clear repayment plan and timeline is a good idea. In addition, check whether any late or origination fees may raise the total cost of your personal loan.

• How much funding do I need?
• What is my credit score?
• Can I afford the monthly payment?
• How much debt do I already have?
• Are there any additional fees I need to pay?
• When do I need the funds?

Do Your Research

To get the best loan for your needs, it’s worth comparing several companies in your state and checking interest rates, credit score requirements, fees, discounts and other factors. Applying for a personal loan is a significant commitment. Also, a hard credit check may potentially lower your credit score.

In addition, you will need to commit to making monthly repayments throughout your loan period. MoneyGeek’s recommendations are a good first step for general guidance, but you may wish to explore other options if you have needs we haven’t covered.

Wait

Once you’ve chosen the best loan for your needs, wait a few days before making your final decision. Since taking out a personal loan is a big commitment, weighing the pros and cons of your decision one last time is always helpful.

When you’re sure about your decision, check whether your provider allows you to prequalify on its website. A soft credit check can help you weigh your options before proceeding with a hard credit check.

Read the Fine Print

As you compare your different loan options, don’t forget to double-check the fine print to see if you've missed any key information. Look for penalties for paying your loan off too early, origination fees that are a small percentage of your loan and other factors that may impact your decision.

Since this information may not be readily available on your lender’s website, you can also check customer reviews and frequently asked questions pages. Being aware of potential fees and avoiding them can save you money in the long run since they can add up over time.

Apply

Once you’ve followed the steps above, it’s time to gather all your requirements and begin the application process for your personal loan. Although requirements may vary from lender to lender, most lenders typically want proof of income, residence details and proof of identity at the bare minimum.

Some lenders may offer a convenient online application process. Still, if you have questions about your loan terms or application requirements, you may find it easier to visit the lender at a physical branch. Alternatively, you can call and speak to a customer representative.