Top Lenders & Best Picks for You

Best Personal Loans in Midland, TX

Taking out a personal loan in Midland can help cover unexpected emergency costs. Many individuals also consider personal loans as a way to pay for significant expenses, such as funerals, weddings and home renovations. Others borrow money to consolidate their high-interest debts and manage their finances.

On average, personal loan debt in Texas is $15,505. Meanwhile, the average personal loan interest rate is 8.78%, putting the state in the top five for cheapest interest rates. That said, loan amounts and interest rates may vary from lender to lender. Lenders consider your debt-to-income ratio, employment history, income and creditworthiness, among other factors. MoneyGeek analyzed different lenders to find the best personal loans in Midland, Texas.

Advertising & Editorial Disclosure
Last Updated: 10/25/2022
Reviewed By     |  

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

    on Truist Website

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

    on Upstart Website

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

    on SoFi Website

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

    on Upgrade Website

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

    on Best Egg Website

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.

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

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.