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Best Personal Loans in Midland, TX

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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

MoneyGeek’s analysis considered different lenders offering personal loans in Midland. Various factors were evaluated, including loan amounts, repayment terms, fees, interest rates and debt-to-income ratio. Convenience for customers was also taken into account, which includes factors such as the application process, customer experience rating and whether the lender offers a mobile app for borrowers.

Based on MoneyGeek’s evaluation, Truist is the overall best personal loan lender in Midland. However, the best option for you may differ based on your needs. For example, SoFi is MoneyGeek’s top pick for borrowers with good credit. Meanwhile, Upstart is the best lender for those with bad credit.

Best Overall Personal Loan Lender in Midland, TX: 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

    Truist started in 2019 after the merger of BB&T Bank and SunTrust. It now offers personal loans in 15 states, including Texas. MoneyGeek’s analysis shows it is the best overall personal loan lender in Midland. It offers next-day funding ranging from $3,500–$50,000. The company does not charge origination or late payment fees.

    Borrowers do not have to worry about prepayment penalties either. If you choose auto-payment, you can get a 0.5% discount. Additionally, the company offers joint loans.

    The APR can range from 8.14% to 18.99%. The company also has restrictions on how you can use the borrowed money. For instance, you cannot use the money for college, post-secondary education or business expenses.

    Pros

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

    Cons

    • Conducts hard credit inquiry
    • Not available to people with new or no credit
    • Has fund usage restrictions
    • No cosigners allowed
    • 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
    Truist

Best Personal Loan Lender for Bad Credit in Midland, TX: 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 started in 2012. Since then, this AI lending platform has originated around $20.8 billion in loans. Upstart is MoneyGeek’s best personal loan lender for individuals with bad credit in Midland, Texas. The company does not have a strict credit score requirement. Even with a credit score of 300, you may qualify for a personal loan.

    Interested borrowers can check online if they qualify for a loan. The company does a soft credit inquiry first, which does not affect credit scores. A hard inquiry will only be conducted after you accept the rate and continue with the application.

    That said, individuals in need of a large amount may not find Upstart a good option since its maximum loan amount is $50,000. In addition, if your debt-to-income ratio is higher than 45%, you will not qualify for an Upstart loan.

    Pros

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

    Cons

    • Debt-to-income limit of 45%
    • Up to 8% origination fee
    • Up to 35.99% interest rate
    • Charges late fees
    • 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
    Upstart

Best Personal Loan Lender for Good Credit in Midland, TX: 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

    If you have good credit, you may consider SoFi. It is MoneyGeek’s top pick for individuals with high credit scores. The company, which has been offering different financial products since 2011, does not charge origination or late fees. There is also no prepayment penalty. SoFi conducts soft credit inquiries, which do not affect your credit score.

    Additionally, SoFi does not have restrictions on how you can use the funds. They even give a 0.3% discount if you subscribe to auto-payment. The maximum loan amount is $100,000, which means you can use it for large expenses.

    However, some individuals may not find SoFi to be the best option. The lender’s minimum credit score requirement is 680. You also need to have a minimum gross income of $50,000.

    Pros

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

    Cons

    • Minimum gross income requirement of $50,000
    • High credit score requirement
    • Debt-to-income limit of 43%
    • 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
    SoFi

Best Personal Loan Lender for Debt Consolidation in Midland: 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

    MoneyGeek’s analysis found that Upgrade is the best lender in Midland for debt consolidation. The online bank, which was founded in 2017, offers a loan amount of up to $50,000. You can get the funds same-day. There is no minimum income requirement.

    Additionally, the lender directly pays creditors if you use the borrowed money for debt consolidation. Their credit score requirement is 560, which is lower than some other lenders. Borrowers can also easily manage their loans through the company’s mobile app.

    That said, it is important to take note of the very high 2.9%–8% origination fee, and Upgrade also has interest rates as high as 35.97%. If you make late payments, you will have to pay a $10 fee. Upgrade has restrictions for fund use as well. For instance, you cannot use the money to finance your post-secondary education or fund investments.

    Pros

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

    Cons

    • $50,000 loan limit
    • Up to 35.97% interest rate
    • Up to 8% origination fees
    • Has late fees
    • Many restrictions on fund usage
    • 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
    Upgrade

Best Personal Loan Lender for Home Improvement in Midland: 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 is MoneyGeek’s choice for the best personal loan lender in Midland for home improvements. The company started in 2014. It has an A+ BBB rating. Borrowers can easily manage their loans through the lender’s mobile app. You can get a loan amount from $2,000–$50,000 on the next day.

    Additionally, Best Egg offers an online pre-qualification option. It does a soft credit inquiry, which does not affect your credit score. If you choose automatic repayments, you can enjoy a 0.5% discount.

    However, depending on your loan terms and amount, your interest rate can be as high as 35.99%. The minimum credit score requirement to qualify for a Best Egg personal loan is also high. Furthermore, you need to have a minimum gross income of $50,000. Finally, the company charges origination fees of up to 6%.

    Pros

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

    Cons

    • High credit score requirement
    • $50,000 minimum gross income requirement
    • Origination fees up to 6%
    • Interest rates up to 35.99%
    • Charges late fees
    • 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
    Best Egg

How to Choose the Best Personal Loan Lender In Midland for You

MoneyGeek’s analysis found that Texans have an average personal loan debt of $15,505. The average personal loan interest rate in the state is 8.78%, which is one of the lowest rates available in the nation.

Taking out a personal loan can help finance large expenses, especially emergency costs like medical bills and funerals. You can also use it for debt consolidation or home improvements. That said, it is important to analyze your financial situation first before deciding to get one.

1
Ask Yourself the Important Questions

There are a lot of things you need to consider before deciding to take out a loan. First, you need to evaluate your current financial situation and determine whether a personal loan is the best solution for you or if there is an alternative way to cover your expenses.

A personal loan is a big commitment that you’ll have to deal with for years. So, make sure you are capable of handling this type of debt. You should also check if you meet the requirements to qualify for a personal loan.

You can start by asking yourself the following questions:

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

Understanding your options and knowing the terms of a personal loan is a must. Make sure you conduct your own research. It is also important to compare rates from several different lenders before applying for a loan.

Remember that a personal loan is a long-term commitment. You may have to make monthly payments for 2–4 years on average, and it could be longer than that. Therefore, make sure you are ready for this responsibility.

Additionally, you should be aware of the application process. For instance, some lenders may conduct hard credit inquiries. This method will have an impact on your credit score.

MoneyGeek created this guide as part of its commitment to provide the necessary information to get through the process. However, the recommendations in this guide may not be perfect for everyone. To find the best personal loans in Midland that are suitable for your needs, it is best to explore as many options as possible.

3
Wait

There are multiple lenders offering personal loans in Midland, Texas. Compare different lenders based on offers, rates, fees and features. Then, take some time to rethink your decisions. Take a day or two to think about whether a personal loan is the best option for your financial situation.

Taking out a personal loan is a big commitment. That is why you have to be 100% sure that it is the right solution for you.

4
Read the Fine Print

Lenders have different requirements and terms. Make sure you review these before applying for a personal loan in Midland. Review the loan agreement. Check the rates and fees, including prepayment penalties, late payment fees and origination fees. It would also help to ask the lender about any additional fees when you inquire about a loan.

Do not forget to go through the fine print. Make sure you understand all the details. In doing so, you prevent unexpected costs. You may also find ways to save money in the long run.

5
Apply

If you are certain about your decision and have analyzed all the important factors, you can proceed with the application. At this point, you should have enough information to choose the best lender for you. You should also be aware of all the paperwork necessary for the application.

Lenders may have different requirements for this step. In general, they will ask for your personal identification, income details and address verification.

You should also choose how you will submit your loan application. Many lenders allow online applications, which is the easiest and most convenient option. That said, choosing to call or visit the lender if available can help you clarify any concerns.

What to Do if You Can’t Get a Personal Loan in Midland, TX

In some cases, a personal loan application gets denied. There are different reasons for this, such as bad credit scores, high debt-to-income ratio, low income, unstable employment or incomplete paperwork.

If your loan application gets denied, the best way to proceed is to contact the lender. Ask them the specific reason for the denial of your application. Determine whether there is a way to improve or modify your application to make it acceptable to them. For instance, you may shorten the loan terms or decrease the amount of the loan.

If changing the decision is not possible and you really need the money, you may opt to apply for a loan at another company. However, MoneyGeek advises that you avoid this until you have improved the factor that caused your denial in the first place.

There are also other financial arrangements available in Midland. MoneyGeek does not recommend getting payday loans that offer easy and fast approval because these loans tend to have very high interest rates and short repayment periods. You may end up accumulating a lot of debt if you fail to make payments on time.

Frequently Asked Questions About Personal Loans in Midland

Depending on your needs and circumstances, the best personal loans in Midland may vary. Understanding the various credit and income factors lenders evaluate can help you prepare to take out a personal loan. Knowing the different requirements, offers, rates and fees can also help you find the best option for you. MoneyGeek answers some of the most commonly asked questions to help with your search.

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

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
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.

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