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

Banner image
Edited byMargarita Barresi

Updated: December 28, 2023

Advertising & Editorial Disclosure

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


Best Personal Loan Lender for Bad Credit in McKinney: Upstart


Best Personal Loan Lender for Good Credit in McKinney: SoFi


Best Personal Loan Lender for Debt Consolidation in McKinney: Upgrade


Best Personal Loan Lender for Home Improvement in McKinney: 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.

MoneyGeek’s pick for the best overall personal loan lender in McKinney is Truist. Truist offers relatively low APR rates and has no minimum credit score requirement, making it a good option for most borrowers.

Upstart offers the lowest interest rates in McKinney. However, those who qualify for the lowest rates typically have excellent credit scores and higher annual incomes.

In general, you can use a personal loan to pay for a vacation, but it is a good idea to check with your chosen lender beforehand in case they have any specific restrictions.

Yes. Many borrowers use personal loans to fund their home improvements, and MoneyGeek’s pick for this purpose is Best Egg. Best Egg offers flexible loan amounts and a maximum repayment term of five years.

Most personal loans can’t be used for business-related expenses, college tuition, or a home down payment. Check with your provider of choice to see whether your personal loan is a good fit for your needs.

In McKinney, SoFi offers the highest maximum personal loan amount of $100,000. Many other lenders typically offer a maximum of $50,000.

Some lenders offer same-day funding if you apply for a personal loan on a business day. Other lenders may require a few business days before depositing funds into your account.

Yes. Making loan payments before their due date is possible, but remember that some lenders may charge prepayment fees.

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.

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.