Top Lenders & Best Picks for You
Best Personal Loans in Arlington, TX
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Arlington
- The Best Personal Loan Lender for Bad Credit in Arlington
- The Best Personal Loan Lender for Good Credit in Arlington
- The Best Personal Loan Lender for Debt Consolidation in Arlington
- The Best Personal Loan Lender for Home Improvements in Arlington
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Arlington
MoneyGeek’s Pick for Best Personal Loan Lender in Arlington: Truist
The best personal loans in Arlington vary depending on your financial needs. MoneyGeek’s research outlines the best options in the city based on BBB ratings, loan amounts, interest rates and debt-to-income ratios, among others.
Based on our findings, the best personal loan lender in the city is Truist. SoFi and Upstart are the best top lenders for those with good and bad credit ratings, respectively. If you need to consolidate your debts, Upgrade offers the best personal loans. For home improvement, consider Best Egg.
Best Overall Personal Loan Lender in Arlington: Truist
Best Personal Loan Lender for Bad Credit in Arlington: Upstart
Best Personal Loan Lender for Good Credit in Arlington: SoFi
Best Personal Loan Lender for Debt Consolidation in Arlington: Upgrade
Best Personal Loan Lender for Home Improvement in Arlington: Best Egg
How to Choose the Best Personal Loan Lender In Arlington for You
The average personal debt in Texas is $17,869. However, how much you can borrow as an individual depends on several factors, including your financial profile. Other factors include the loan amount, repayment terms and interest rates.
If you intend to apply for a personal loan in Arlington, here are the steps you need to follow to ensure you find the best option for your needs.
Ask Yourself the Important Questions
Getting a personal loan is a huge commitment. You need to outline your financial objectives to determine if this kind of loan will help you meet your financial goals. Before approaching any lender, you should understand what terms you are comfortable with. Here are some of the questions that will help you make a good decision:
- How much funding is required for your needs?
- What is your credit score?
- Do you have the financial stability to cover the proposed monthly payment?
- How much existing debt do you have?
Do Your Research
Once you get your loan, you will need to make monthly payments, on average, between two and four years. Doing your own research in advance can help you determine the types of personal loans offered by Arlington lenders and identify the right option for you. For instance, you may need to determine which lender conducts a soft credit inquiry as opposed to a hard inquiry, so as not to affect your credit score.
Comparing rates across lenders can help you select the right lender. While MoneyGeek offers all the information you need to apply for a personal loan in Arlington, doing personal research can help identify other options not included in this guide.
Wait
After narrowing down your search to a few lenders, it is essential to spend a few days thinking through the details of each company. Rushing through the process can make you miss out on key information about the loan. Take the time to evaluate key aspects of the lender and the loan, and compare your preferred lenders and their terms before starting the application process.
Read the Fine Print
Ensure you go through the information shared in the loan agreement and ask the lender any questions you may have before completing the application process. Some of the features to check include interest rates, penalties, repayment terms and any hidden charges. Any additional required fees increase your monthly payment, and you need to ensure that the total payment does not exceed your budget.
Apply
After ensuring that you have all the information you need and understand the lender’s terms, you can submit your loan application online or in person, depending on the options offered by your lender. You will need to provide information like your personal details, proof of income and contact details. The lender will then advise whether your application is approved or recommend the next steps if you are denied.
What to Do if You Can’t Get a Personal Loan in Arlington
Lenders may reject your loan application for various reasons. One common issue is your credit score. If you do not meet the minimum requirements for a particular lender, your application won’t be approved. When this happens, you should ask the lender why your application wasn’t approved, and modify your application prior to resubmitting your application to the lender or submitting your application to a different lender.
If it is a minor issue with the application, you can request to make the necessary changes and then resubmit your application. However, if it’s something serious such as your debt-to-income ratio, income level or credit rating, you may need to consider another provider whose terms are more favorable. Short-term loans, such as payday loans, may be a good alternative, but they feature high-interest rates and shorter repayment periods.
Frequently Asked Questions About Personal Loans in Arlington
The best personal loans in Arlington, TX differ based on several factors, including your income level, credit rating and repayment terms. MoneyGeek answered commonly asked questions about personal loans in Arlington to help you get started.
Overall, the best personal loan lender in Arlington, TX is Truist. However, the best lender will ultimately depend on your circumstances. For instance, if you have a bad credit score, Upstart will be the best option. SoFi is the best for borrowers with a good score, while Best Egg and Upgrade are the best for home improvement and debt consolidation, respectively.
Upstart has the lowest APR in Arlington, TX. Borrowers pay as little as 3.22% in interest, depending on their profile.
You can use your personal loan in Arlington, TX for most expenses, although some lenders have restrictions, and you will need to find out before applying for the loan.
Yes, you can get a personal loan for home improvement in Arlington, TX. According to MoneyGeek, Best Egg offers the best loan for home improvement in the city.
While most companies do not have restrictions on how you use your personal loan, some may restrict you from using the funds to refinance an existing loan, pay post-secondary educational costs or purchase bonds and stocks. That’s why you need to understand the fine print of your loan before completing the application process.
In Arlington, the amount of loan you can borrow depends on several factors. Each lender offers a unique loan limit that you need to find out before submitting your application. Some lenders also have a minimum gross income requirement that you must meet before getting your loan.
The duration between applying for a loan and receiving the funds varies across lenders. Some offer same-day funding while others may take as long as seven days before depositing the funds in your account.
Yes, you can pay off your loan before the due date. You will, however, need to find out whether the lender charges a prepayment penalty and if you are comfortable with the additional cost.
Our Personal Loan Methodology
We reviewed more than 30 personal loan lenders using over 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.
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.