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

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Edited byScott Strandberg
Edited byScott Strandberg

Updated: December 28, 2023

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

MoneyGeek gathered 30+ data points from more than 35 lenders to find the best personal loans in Waco, Texas. We considered several factors, including their terms, rates, fees, time to disburse funds, minimum credit scores, restrictions on fund usage, customer service and application processes.

Although the best lender for you depends on your individual needs, we narrowed down our picks based on various borrowers' profiles. For example, we found Truist to be Waco's overall best personal loan lender. SoFi offers the best loans for those with good credit, and Upstart is the best for borrowers with bad credit.

Best Overall Personal Loan Lender in Waco: 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 founded in 2019 after the merging of BB&T and SunTrust Banks. It offers various financial products, including personal loans, checking and savings accounts, credit cards and insurance.

    Truist Bank offers personal loans from $3,500 to $50,000 with fast funding. Truist also has low APR rates and no minimum credit score. A personal loan from Truist could be a good choice for people who need to pay off high-interest debt, fix their homes or make other big purchases.

    Truist may make a lending decision in as little as 15 minutes after receiving a loan application, although it often takes roughly one business day. Truist caps personal loans at $50K, so if you need more money, you'll have to consider other lenders.


    • No origination fees
    • Quick funding available
    • No prepayment penalty
    • Low APR
    • No minimum credit score


    • Hard credit check
    • No co-signers
    • Restrictions on the usage of loan funds

Best Personal Loan Lender for Bad Credit in Waco: 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

    According to MoneyGeek's analysis, Upstart is the best option for those with less-than-perfect credit since there is a low minimum score requirement.

    Upstart offers personal loans to those with poor credit. However, it may impose higher interest rates than other financial institutions. While Upstart offers a reasonable baseline APR, borrowers with bad credit will likely pay rates closer to the company’s maximum. Thus, it is advisable to shop around for loan rates by requesting quotes from several lenders.

    Upstart was founded in 2012, although it didn't begin providing personal loans to consumers until 2014. Upstart's underwriting process for personal loans combines AI and various data sources to determine whether or not to provide loan approval.

    Keep in mind that Upstart only allows personal loans of up to $50K and has just two repayment term options (36 or 60 months).


    • Fast funding
    • No prepayment penalty
    • Accept borrowers with no or new credit
    • 300 minimum credit score
    • Conducts soft credit inquiry


    • Potentially high APR
    • Debt-to-income limit of 45%
    • High origination fees
    • Doesn’t offer discounts
    • Limited repayment terms

Best Personal Loan Lender for Good Credit in Waco: 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

    Social Finance, Inc. (now known as SoFi) was founded in 2011 by Stanford Graduate School of Business students. In 2015, SoFi started offering personal loans to those with good credit. With SoFi, borrowers can get between $5,000 and $100,000.

    SoFi accepts borrowers with a minimum credit score of 680 or higher. SoFi personal loans can be used for various purposes, including home improvement, debt consolidation, car purchases and repairs, weddings, honeymoons, vacations and more.

    SoFi doesn't charge origination or prepayment fees. The company’s maximum APR is also pretty reasonable, and you can repay your loan in 12 to 60 months. The downside to SoFi's offer is that it only offers those with good credit access to personal loans.


    • Offers unemployment protection
    • No origination fees
    • Autopay rate discount
    • No prepayment fees


    • High minimum credit score requirement
    • No co-signers allowed
    • High minimum loan amount
    • High minimum APR

Best Personal Loan Lender for Debt Consolidation in Waco: 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

    Founded in 2016, Upgrade is a neobank based in the United States. Borrowers may fill out Upgrade loan location applications either online or in person.

    If you get a loan to consolidate your debt with Upgrade, it will make direct payments to each of your creditors. Upgrade personal loans range between $1,000 and $50,000, making the lender a good option for borrowers needing small loans.

    Upon loan approval, the lender typically disburses the cash within one working day. Upgrade doesn't impose a prepayment penalty if you desire to pay off your loan early.

    However, Upgrade charges a high maximum APR, an origination fee and a late payment fee. You may be able to find lower rates elsewhere if you have an excellent credit score.


    • A+ BBB rating
    • Conducts soft credit check
    • Direct payment to creditors for debt consolidation
    • Low minimum loan amount
    • Moderate credit score requirement


    • Maximum loan amount of $50,000
    • Potentially high APR
    • Does not accept borrowers with new or no credit
    • Restrictions on fund usage

Best Personal Loan Lender for Home Improvement in Waco: 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 founded in 2014 and has financed over $6 billion in consumer personal loans. Our data shows Best Egg to be the ideal option for home improvement loans.

    It has an A+ BBB rating, delivering great customer service. The lender allows a maximum loan amount of $50,000. If you have a poor credit score, you should look into other options, as Best Egg is only available to those with credit scores of at least 700.


    • No prepayment fees
    • Fast funding
    • Conducts soft credit inquiry
    • Easily accessible rates on the website
    • No prepayment fee


    • Very high minimum credit score
    • Origination fees
    • High maximum APR
    • Low maximum loan amount
    Best Egg

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

You may think that getting a personal loan is as easy as filling out an application and being approved.

However, there are many factors to consider when applying for a personal loan. It’s essential to evaluate your credit score, current debts and income when looking into what kind of personal loan you need.

The average credit score in Texas is 692. The lower the number, the higher the risk for lenders. Getting a reasonable interest rate with a bad credit score can be difficult, so if you want the best deal on your personal loan, it might be worth trying to improve your credit before applying. MoneyGeek outlines the steps to follow when shopping for personal loans in Waco.

Ask Yourself the Important Questions

If you're looking for the best personal loans in Waco, Texas, ask yourself these questions:

  • How much funding do I need? Find a lender that can meet your requirements for funding amounts.
  • What is my credit score? Your credit score is essential because it helps lenders determine if they can trust you to make payments and how much they will charge you as interest.
  • Can I afford the monthly payment? It's essential that you can afford the monthly payments so that you won't get stuck with debt you cannot repay.
  • How much debt do I already have? It's also important to consider how many other debts or loans you have. These factors will help determine which lender would be best for your situation.
Do Your Research

Personal loans are a great way to handle unexpected expenses and get your finances on track. However, you must do your research before choosing a lender. Personal loans are long-term commitments; be careful about high interest rates, how long the loan lasts and associated fees. Many companies offer personal loans in Waco. Take your time shopping until you find one that fits your needs and budget.


Choosing the right personal loan lender can be overwhelming. There are several things to consider: interest rates, monthly payments and loan terms. After you have researched your options and feel confident about your decision, wait a day or two before you apply. It’s important to give yourself time to think it over, as this is a significant commitment.

Read the Fine Print

Borrowing money from a lender can be an intimidating experience. Be sure to read the fine print when shopping for personal loans and note any fees you may have to pay, such as prepayment, origination and late payment fees. These small fees could cost you big bucks if you don't know about them beforehand.


Once you have done your research and know this is the right option, go ahead and apply. It will take just a few minutes to submit the online form. Once you receive your approval, if it seems like a good deal, read their documentation thoroughly before signing anything.

The more information you have on a potential loan, the better equipped you are to make an informed decision about whether or not it's worth it. During the application, it's standard for lenders to ask for personal information, such as your income, occupation, identification, employer and contact info.

There may be additional questions related to your credit history and outstanding debts. Lenders will use these details when reviewing your application, so be sure to provide accurate responses so they can offer you the best rate possible.

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

It is not always easy to get a personal loan. Your application for a loan may be denied if your credit score is low or you haven't maintained a consistent income. If your application for a personal loan is denied, you may contact the lender to find out why.

If required, you may apply for a loan with a different lender, but you should wait until you have addressed the issue that led to your prior application being denied. You may need to submit applications to many lenders and compare their terms to find an alternative lender.

Getting a payday loan may seem a good option, but it's usually a poor decision. This strategy has several shortcomings. For instance, these loans offer extremely high interest rates and short repayment terms. Payday loans can significantly worsen your debt issues.

Frequently Asked Questions About Personal Loans in Waco

Lenders in Waco will evaluate several factors while analyzing a personal loan application, including your credit history, current income, monthly spending and more. MoneyGeek provides answers to the most commonly asked questions concerning Waco personal loans.

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

Our Personal Loan Methodology

We evaluated 30+ personal loan providers using more than 35 data points in six major categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

In each type of ranking criteria, we analyzed various data factors that bear the most weight when selecting a personal loan lender. These factors include APR ranges, accessible loan amounts, minimum credit score requirements, income requirements, application costs and disbursement time.

We value you, the consumer, at MoneyGeek, so we also consider each lender's customer service, company ratings and other features that might make your process quick and easy, including prequalification, payment options and mobile applications.

After analysis and evaluation, our recommendations are made with your best interests in mind. Our personal loan guidelines and professional advice are intended to assist you in selecting the right lender for your needs.

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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.