Top Lenders & Best Picks for You
Best Personal Loans in Dallas, TX
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Dallas
- The Best Personal Loan Lender for Bad Credit in Dallas
- The Best Personal Loan Lender for Good Credit in Dallas
- The Best Personal Loan Lender for Debt Consolidation in Dallas
- The Best Personal Loan Lender for Home Improvements in Dallas
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Dallas
MoneyGeek's Picks for Best Personal Loan Lenders in Dallas, TX
MoneyGeek analyzed the lenders offering personal loans in Dallas based on various factors, including minimum credit score and income requirements, APR ranges, repayment terms, loan disbursement time, fees, customer service and other important factors.
We found that Truist is the overall best personal loan lender in Dallas. Those with bad credit scores can get the best personal loans from Upstart, while borrowers with good credit scores should opt for SoFi. If you’ll be using your personal loan for debt consolidation and home renovation, Upgrade and Best Egg, respectively, are your best options.
Best Overall Personal Loan Lender in Dallas: Truist
Best Personal Loan Lender for Bad Credit in Dallas: Upstart
Best Personal Loan Lender for Good Credit in Dallas: SoFi
Best Personal Loan Lender for Debt Consolidation in Dallas: Upgrade
Best Personal Loan Lender for Home Improvement in Dallas: Best Egg
How to Choose the Best Personal Loan Lender in Dallas for You
Before applying for a personal loan, MoneyGeek recommends that you review your credit score, past debts, current income and other financial details to evaluate if you can afford to take on more debt. In Texas, the average personal loan debt is $15,505.
If after consideration you still feel that a personal loan is right for you, you can follow the steps below to ensure you get the best loan for your needs.
Ask Yourself the Important Questions
Before finalizing a lender, it’s important to analyze your needs and other important financial considerations like credit score, income and past debts. These factors will impact the loan amount you’ll be allowed to borrow, as well as the repayment term you’re able to make. MoneyGeek recommends asking yourself the following questions before proceeding:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
Do Your Research
Once you’ve assessed your financial needs, you can start researching and comparing different providers’ rates. Comparing rates and considering other factors is important, as a personal loan is a long-term commitment and affects your credit score. While MoneyGeek has researched the necessary information to help you make a decision, it’s still better to explore other options as our recommendations might not fit your specific situation.
Wait
After you’ve analyzed your needs and compared providers, it’s best to wait a few days to consider your decision before applying with your chosen lender. A personal loan is a long-term commitment that requires payments for at least three to five years. You may be able to find an alternative option, other than a personal loan, that will set you up for future financial success.
Read the Fine Print
Before applying, MoneyGeek recommends that you thoroughly read the lender’s fine print. Reading and understanding the fine print will give you an idea of the underlying fees and other costs that come with a personal loan, like prepayment penalties, origination fees, etc. Understanding these costs upfront will help you save much money in the long run.
Apply
After reading and understanding the lender’s fine print, you can apply for a loan. At this stage, the lender might ask you for personal information, including your identification details, income proof, address verification, etc. Many lenders allow you to apply online as it’s more convenient. However, some may also allow you to apply in-person if you’re not comfortable using online tools.
What to Do if You Can’t Get a Personal Loan in Dallas
The lender may reject your loan application due to various reasons, including a low credit score, unstable employment, insufficient income or incomplete application.
If your loan application is rejected, you should ask the lender why your application wasn’t approved. That way, you can work with them to improve it before re-submitting your application or applying with a different lender. It might be tempting to immediately apply with a different lender. We highly discourage this, as you may be rejected by a different lender for the same reason that caused you to be rejected from the first one.
You might also be tempted to apply for a payday loan. However, MoneyGeek strongly recommends against this, as these loans come with a very high interest rate and borrowers often fail to repay them on time, resulting in more debt.
Frequently Asked Questions About Personal Loans in Dallas
Finding the best personal loan lender in Dallas will depend on your financial needs, credit score and other important factors. MoneyGeek researched the following questions to help you understand how personal loans work in Dallas.
MoneyGeek’s research shows that Truist is the best personal loan lender in Dallas. However, if you have a bad credit score, Upstart will suit you best. For borrowers with a good credit score, SoFi is the ideal lender. If you want a loan for debt consolidation and home renovation, Upgrade and Best Egg would be the best options, respectively.
In Dallas, Upstart has the lowest interest rates, as it offers a minimum APR of 3.22% on its personal loans.
Yes, most lenders permit the use of personal loans for funding vacations in Dallas. However, it’s always a good idea to read your loan agreement to see if your lender restricts the usage of loan funds for any purpose.
Yes, most lenders in Dallas allow you to fund home improvement projects using personal loans. However, some lenders might have restrictions on the usage of funds. That’s why it’s best to read the lender’s loan agreement first.
The lenders in Dallas generally do not allow the use of loan funds for business expenses, mortgages, refinancing other loans or other illegal and unlawful activities.
In Dallas, the maximum loan amount is different for every lender. Depending on the lender, you might be able to get a loan between $1,000 and $100,000.
Every lender has a different loan approval time. It generally takes somewhere from one to seven days to get approval and receive the funds in your account.
Yes, you can pay off your loan early in Dallas. However, some lenders might charge you a prepayment penalty. You can read your lender’s fine print to see how much the lender will charge you for paying off your loan early.
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
- Best Egg. "About." Accessed June 14, 2022.
- SoFi. "Our Story." Accessed June 14, 2022.
- Upgrade. "Personal Loans." Accessed June 14, 2022.
- Upstart. "Personal Loans." Accessed June 14, 2022.
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
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