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

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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

MoneyGeek considers over 30 factors to identify the best personal loan providers in Plano, Texas. These factors include each lender’s repayment terms, interest rates and loan amount options. We also considered how profile-based data, such as age, gross income and credit score, affect your likelihood of being accepted.

Our research shows that Truist is the city's top lender overall. However, depending on your profile and financial goals, a different lender might be more suitable. For instance, SoFi is the ideal choice for Plano residents with good credit, Upstart is the best choice for individuals with bad credit and Upgrade is our top recommendation if you need a personal loan to consolidate debts.

Best Overall Personal Loan Lender in Plano: 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 was established in 1872 and, as of June 2021, had $509 billion in assets, making it one of the largest banks in the nation. Truist provides a variety of benefits to prospective customers. There are no origination fees or prepayment penalties.

    However, this lender has several restrictions on how you can use the money. For example, you can't use a personal loan to pay off another loan, fund educational expenses or make a business purchase. Additionally, whereas many of its competitors begin the process with soft inquiries that have no impact on your credit scores, Truist conducts hard credit checks.

    Pros

    • Low APR
    • 0.5% autopay discount
    • Fast fund disbursement
    • No late fees or prepayment penalty
    • No origination fee

    Cons

    • $50,000 loan cap
    • Various loan usage restrictions
    • Applicants with little or no credit history don’t qualify
    • Hard credit check
    Truist

Best Personal Loan Lender for Bad Credit in Plano: 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 an excellent personal loan provider for those with bad credit. The company only requires a minimum credit score of 300, has a solid BBB rating and can process the funds quickly. Additionally, it only runs a soft credit check before accepting the loan, so your credit isn’t affected until you commit.

    That said, Upstart is not the best option if you need a loan larger than $50,000. The high end of its APR is also considerably higher than others.

    Pros

    • Low minimum credit score requirement
    • Conducts soft credit check
    • A+ Better Business Bureau rating
    • Fast loan funding
    • Grace period of 10 days before charging late fees

    Cons

    • $50,000 funding limit
    • Potentially high APR
    • Origination fee as high as 10%
    • $15 late fee
    Upstart

Best Personal Loan Lender for Good Credit in Plano: 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

    SoFi is the best lender for consumers with good credit and only accepts applicants with credit scores higher than 680. You can save money with this personal loan provider because it has no origination, late or prepayment penalties. SoFi also offers a 0.25% autopayment discount. If you require a sizable loan, SoFi lets you borrow up to $100,000.

    However, applicants may be disqualified if they want co-signers on their loan application, don't meet the minimum yearly income of $50,000 or don't have at least good credit.

    Pros

    • Loans of up to $100,000
    • 0.25% autopay discount
    • Soft credit check
    • No prepayment penalty or late fee

    Cons

    • $50,000 minimum gross income requirement
    • Requires a good-to-excellent credit score
    SoFi

Best Personal Loan Lender for Debt Consolidation in Plano: 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 determined that Upgrade is the top provider of personal loans in Plano for debt consolidation. Upgrade, a relatively young company, was founded in 2016.

    When you take out an Upgrade personal loan to consolidate your debts, the lender pays your creditors right away. Additionally, it can offer funding quickly. This company is a good option for those looking for smaller to modest loans but not for consolidating large debts, as loan amounts only range from $1,000 to $50,000.

    Upgrade’s maximum APR applies to those with poor credit. Therefore, the lender best suits those with at least fair credit.

    Pros

    • Direct payment for debt consolidation
    • No prepayment penalty
    • Soft credit check

    Cons

    • High maximum APR
    • 1.85% to 8% origination fee
    • $50,000 loan limit
    Upgrade

Best Personal Loan Lender for Home Improvement in Plano: 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 was established in 2014 and has since developed a reputation as an affordable online lender. Best Egg is an excellent option if you're looking for an in-state lender for home improvements.

    The company provides various benefits to customers looking for personal loans for home improvements in Plano and has an A+ rating with the Better Business Bureau. It conducts soft credit checks that won’t impact your credit score. Best Egg does not impose a penalty if you repay your loan early.

    However, Best Egg charges up to an 8.99% origination fee. It's also important to note that this lender requires applicants to be employed and have a minimum annual gross income of $50,000.

    Pros

    • Soft credit inquiry
    • A+ rating from the BBB
    • No prepayment penalty
    • Quick fund release
    • No DTI limits

    Cons

    • High credit requirement
    • 0.99% to 8.99% origination fee
    • $50,000 loan limit
    • Doesn’t allow co-signers
    Best Egg

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

Texas residents owe an average of $15,505 on their personal loans. Lenders consider your income, work history, credit history and creditworthiness when you apply for a personal loan in the state. MoneyGeek recommends taking the following steps to find the best personal loans in Plano, Texas, for you.

1
Ask Yourself the Important Questions

You’ll make wiser financial decisions by taking a moment to reflect and ask yourself these crucial questions:

  • How much funding do I need? Consider what you'll do with the money because this will affect whether a personal loan is the best choice.
  • What is my credit score? All lenders check your credit score before approving your application. Depending on your credit score, your options may be limited.
  • Can I afford the monthly payment? If you cannot pay, the lender will charge late fees, and your credit rating will suffer.
  • How much debt do I already have? Adding another loan to your list of expenses may not be the best choice if you already have other debts to pay off. And if you’re looking to consolidate your debts, make sure the personal loan offers a lower rate.
2
Do Your Research

We do our best to provide you with all the information you need to get a personal loan, but you must do your own research and comparison before applying. Our data might not be in line with your profile or present needs.

A personal loan is a significant commitment. You will have to make monthly payments for at least two years, long enough to impact your finances for the foreseeable future.

3
Wait

Once you've gathered all the data you need, take a deep breath. Although it may be tempting to pick a lender immediately, take a day or two to analyze your options objectively. Regardless of the amount, a personal loan is a commitment. Before taking action, make sure you can handle all of the responsibilities that come with one.

4
Read the Fine Print

Don’t overlook important but less highlighted details of your personal loan. Read your loan agreement carefully and be sure you understand all relevant information. Look at the lender's fees, including prepayment penalties, early payoff and origination fees, and ensure these fit in your budget, if applicable.

5
Apply

Once you've done your research, have read and understood the fine print and waited long enough to be sure of your decision, it's time to submit your application. Lenders frequently ask for proof of identity, residence and income throughout the loan application process. Although some people may find it more convenient to apply online, you can usually give the lender a call or apply in person if you prefer.

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

Lenders turn down personal loan applications for various reasons, including low credit ratings, insufficient income, excessive debt-to-income ratios and inaccurate or incomplete information.

If your application is rejected, ask why and whether you can make changes, such as lowering the loan amount or reducing the loan's duration.

You can always apply for a loan with another company, but hold off until you fix the issue that initially caused you to be rejected. For example, try to increase your credit score or lower your DTI ratio.

MoneyGeek recommends avoiding payday loans. A payday loan can provide quick money but with high interest rates and short payment terms.

Frequently Asked Questions About Personal Loans in Plano

Selecting the personal loan provider in Plano that’s best for you depends on your credit, income and specific needs. MoneyGeek answered frequently asked questions about personal loans in Plano, Texas, to help you make an informed choice.

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

Our Personal Loan Methodology

METHODOLOGY

We evaluated over 30 personal loan providers using an internal scoring rubric that taps into various data points across six major categories: customer service, flexibility, loan affordability, accessibility, consumer friendliness 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 our thorough evaluation, we select our top lenders based on how well they address your unique needs. Our expert tips and recommendations 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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