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

Updated: December 28, 2023

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

When ranking the best personal loans in McKinney, MoneyGeek analyzed over 30 different data points to identify the best lenders based on their quality of service, application process, fees and other requirements. However, the ideal lender for your needs will depend on your credit score and overall financial goals. We identified the top personal loan lenders for home improvements, debt consolidation, good credit and bad credit, and the best company overall.

Best Overall Personal Loan Lender in McKinney: 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

    MoneyGeek’s top choice for personal loans in McKinney is Truist. Branch Banking and Trust and SunTrust Banks merged to form Truist in 2019. It is one of the largest banks in the United States with 2,781 branches across 15 states. Due to its easy online application process, Truist claims that most lending decisions can take under 15 minutes, with potential same-day funding if you apply on a business day.

    Truist has a minimum loan amount of $3,500 and a maximum loan amount of $50,000, with loan repayment periods between six to 60 months, making it one of the most flexible options for those based in McKinney, Texas. Using Truist’s online tool, potential borrowers can estimate their monthly payments depending on their loan amount, desired monthly loan term and current location.


    • Relatively low APR range
    • No minimum credit score requirement
    • No required collateral
    • No origination fees


    • Limited English proficiency support
    • Very poor BBB customer reviews
    • Hard credit check

Best Personal Loan Lender for Bad Credit in McKinney: 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

    Upstart is MoneyGeek’s top pick for people in McKinney with low credit scores. Unlike many other lenders, Upstart uses an artificial intelligence marketplace that makes affordable credit more accessible for those with poor credit. According to the company, its partner banks have higher approval rates on average. In addition, Upstart uses other uncommon factors in addition to the FICO score to make loans more accessible, such as an applicant’s job history and area of residence.

    With a minimum loan amount of $1,000 and a maximum loan amount of $50,000, Upstart can help borrowers looking to fund smaller or more significant purchases. It is also a good option for rapid approval and funding times.


    • No minimum credit score requirement
    • No penalty for prepayment
    • Ability to check interest rate in five minutes
    • Majority of loans are approved within one business day
    • No minimum educational requirement for loan eligibility


    • No co-signer option
    • Charges a one-time origination fee of 0–10%
    • No mobile app for loan management

Best Personal Loan Lender for Good Credit in McKinney: 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

    According to MoneyGeek’s analysis, the best lender for personal loans in McKinney for those with a high credit score is SoFi. Founded in 2011, SoFi offers loans and other financial products through its mobile and desktop apps.

    Unlike many other lenders, SoFi charges no additional fees on top of your loan. In addition, repayment terms are more flexible than most lenders. These terms allow you to choose lower monthly payments over a longer period or lower interest rates over a shorter period.

    However, SoFi might not be the best fit for those with bad credit due to its minimum credit score requirement of 680. It also has a high minimum loan amount of $5,000, which may be more than some borrowers need.


    • Ability to prequalify online
    • Offers fixed rates
    • No origination, prepayment or late fees
    • Unemployment protection


    • Minimum loan amount of $5,000
    • Minimum credit score of 680
    • No option for secured loans

Best Personal Loan Lender for Debt Consolidation in McKinney: 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 founded in 2016 and has raised over $600 million in funding. MoneyGeek chose Upgrade as the best option for debt consolidation in McKinney due to its flexibility and option to pay third-party creditors directly. Although its maximum interest rates are higher than average, Upgrade offers flexible loan amounts depending on the amount you wish to borrow.

    However, potential customers should note that Upgrade charges an origination fee from 1.85% to 8% for all personal loans and also charges late fees. However, it doesn’t charge prepayment fees if you wish to pay off your loan as early as possible. Overall, Upgrade is an excellent choice for those looking for longer repayment terms and joint loans.


    • Broad loan amount range between $1,000 and $50,000
    • Has a mobile app to manage loans
    • Option to qualify for a joint loan
    • Flexible repayment terms
    • Offers debt consolidation loans that are paid directly to creditors


    • Minimum credit score requirement of 560
    • Charges origination and late fees
    • Potentially high APR

Best Personal Loan Lender for Home Improvement in McKinney: 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

    MoneyGeek’s top pick for those looking to fund a home improvement project in McKinney is Best Egg. Since it was founded in 2014, Best Egg has funded over $14 billion in loans. Best Egg provides flexible loan amounts to borrowers looking to finance a home renovation. It also offers a maximum loan repayment period of five years.

    However, Best Egg requires applicants to have a minimum credit score of 700 and a
    minimum yearly income of $100,000 to qualify for the lowest APR rates. Therefore, it may not be the best fit for those without an established credit score or a lower income. Potential borrowers should also note that Best Egg may charge an origination fee of 0.99% to 8.99% in addition to late fees.


    • Loan amounts range from $2,000 to $50,000
    • Offers an online tool to calculate your rate
    • A+ Better Business Bureau rating
    • Offers secured and unsecured loans


    • Minimum credit score requirement of 700
    • High maximum APR
    • No option for joint loans
    Best Egg

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

Before applying for a loan, you should consider some key factors, including your current debt and credit score. In Texas, the average credit score is 688, which is regarded as fair to good. For reference, the average personal loan debt in Texas is $15,505.

If you’re considering applying for a personal loan to fund a home renovation, emergency expense or other major expense, MoneyGeek offers tips to help you find the best personal loan in McKinney for your needs:

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.


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.


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.

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

Depending on several factors, you may be denied a personal loan in McKinney. Contact your lender to identify the reason why your loan was denied. For instance, your credit score or annual income may be too low. Check whether there is any way you can send in further documents to reverse the decision. You may also ask whether you can decrease your desired loan amount or length.

Generally, you should avoid applying for a personal loan at a different company until you address the issue that caused the first denial. Applying for a loan several times can affect your credit score. You should also avoid payday loans since they come with very high interest rates and fees that can sink you deeper into debt.

Frequently Asked Questions About Personal Loans in McKinney

If you’re looking for a personal loan, comparing all the choices in your state to find the best fit for your needs can be challenging. To help you through the process, MoneyGeek answers the most frequently asked questions about personal loans in McKinney.

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

Our Personal Loan Methodology


Using 35+ distinct data points in six critical categories — loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency — we evaluated more than 30 personal loan lenders.

We considered several distinct data elements we believe are essential when selecting a personal loan lender under each category. These variables include APR ranges, maximum loan amount, required credit score, minimum income, the application cost and the disbursement period.

Because we prioritize customers at MoneyGeek, we also take into account each lender's customer service, business ratings and any extra features that can make your experience simpler and more accessible, including prequalification, payment alternatives and mobile apps.

Our selections are made after thorough deliberation and calculation, always keeping your best interests in mind. Our personal loan suggestions and professional advice are designed to assist you in selecting a lender that best suits your requirements.

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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.