Top Lenders & Best Picks for You
Best Personal Loans in Lubbock, TX
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Lubbock
- The Best Personal Loan Lender for Bad Credit in Lubbock
- The Best Personal Loan Lender for Good Credit in Lubbock
- The Best Personal Loan Lender for Debt Consolidation in Lubbock
- The Best Personal Loan Lender for Home Improvements in Lubbock
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Lubbock
MoneyGeek’s Pick for Best Personal Loan Lender in Lubbock, TX: Truist
MoneyGeek evaluated different lenders offering services in Lubbock by taking into consideration various factors, such as loan amount, repayment terms, interest rates, origination fee, credit score requirements, debt-to-income ratio and Better Business Bureau rating, among others.
Through this analysis, MoneyGeek found that the overall best personal loan lender in Lubbock is Truist. That said, the best lender for you may differ based on your specific circumstances. For instance, Upstart is the top option for borrowers with bad credit. Meanwhile, SoFi is the best lender for borrowers with good credit.
Best Overall Personal Loan Lender in Lubbock: Truist
Best Personal Loan Lender for Bad Credit in Lubbock: Upstart
Best Personal Loan Lender for Good Credit in Lubbock: SoFi
Best Personal Loan Lender for Debt Consolidation in Lubbock: Upgrade
Best Personal Loan Lender for Home Improvement in Lubbock: Best Egg
How to Choose the Best Personal Loan Lender In Lubbock for You
On average, personal loan debt in Texas is $15,505. Taking out a personal loan can be helpful, especially for financing emergencies and large expenses. However, it is important to remember that a personal loan is a commitment. You need to evaluate your needs and financial situation first to ensure that you are choosing the best option.
MoneyGeek recommends studying the following step-by-step guide to help you find the best personal loans in Lubbock.
Ask Yourself the Important Questions
There are various factors you need to consider before applying for a personal loan. Start with your current financial situation and determine whether a loan is the best option for you. If there is another way to cover the expenses, consider that first.
If it will be difficult for you to pay the monthly bills on a personal loan for any reason, then reconsider your decision, especially if you have existing debts. Lenders also have different loan qualification requirements, such as gross income and credit scores. Check if you meet these. It would also help to ask 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?
Do Your Research
Lenders have varying requirements and criteria. Knowing these can help you find a lender that is suitable for your situation and needs. Research the terms, conditions, rates and fees for each company. Study their application process. Some companies conduct hard credit inquiries, which could have an impact on your credit score.
Shop around and compare rates from different lenders. This is important since you will be paying back the loan for an average of two to four years.
MoneyGeek researched and evaluated the best personal loans in Lubbock to help you decide. However, exploring all other options is still the best way for you to find the right loan and lender.
Wait
After comparing lenders based on offers, rates, fees and processes, wait for a day or two. Use this time to rethink your decision. Taking out a personal loan is a big commitment, so make sure that it really is the best solution for you.
Consider all your financial obligations and review the information you have gathered. Then, determine which lender is best for your needs.
Read the Fine Print
If you are sure about taking out a personal loan, your next step is to read the fine print. Look at all the associated rates and fees before pushing through with the application. You can find these details in the loan agreement. You should also ask the lender about all costs, including upfront and hidden fees. These may come in the form of origination fees, prepayment penalties and late payment fees.
Understanding the fine print is of utmost importance. What may seem a small detail may turn into a big deal. Reading thoroughly may help you save money in the long run.
Apply
The last step you need to take after deciding to take out a personal loan in Lubbock is to proceed with the application. Choose the lender you think is best for you. At this point, you should be able to provide the necessary information and documents for the application.
Requirements may vary per lender. In most cases, you will need to provide personal identification, proof of income, employment details and address verification. The submission of the application may also differ. Typically, lenders accept both online and in-person applications.
Applying online is the easiest and most convenient option. However, it would not hurt to call or visit the lender if available. This way, you can personally clarify your concerns.
What to Do if You Can’t Get a Personal Loan in Lubbock
There are qualification requirements you need to meet when applying for a personal loan. Some borrowers get denied for various reasons, such as bad credit scores, low income, unstable employment, high debt-to-income ratio or incomplete paperwork.
If this happens to you, the first thing you can do is to call or email the lender. Find out why your application was denied. Ask them if there are certain steps you can take to modify your loan application and make it acceptable to them. For instance, you may have to shorten the loan terms or borrow a smaller amount of money.
You also have the option to apply for a personal loan from another company. However, it is best to avoid this choice until you improve the factor that led to your loan application being denied in the first place.
There are also other financial arrangements available. However, MoneyGeek advises against those that offer easy approval, such as payday loans. These types of loans may be appealing due to their fast approval, but they tend to have very high interest rates and quick payback periods.
Frequently Asked Questions About Personal Loans in Lubbock
Generally, the best personal loans in Lubbock vary per borrower. Consider your personal needs and circumstances. Lenders will evaluate your credit and income factors, among other things. MoneyGeek answers some of the most frequently asked questions about personal loans to help you make a well-informed decision.
Based on MoneyGeek’s analysis, Truist is the overall best personal loan lender in Lubbock. The company offers same-day funding and auto-payment discounts. It does not charge origination fees, late payment fees or prepayment penalties.
That said, depending on the borrower, the best lender may differ. For instance, people with bad credit may find Upstart to be the top option. For those with good credit, SoFi is the best lender.
Lenders offer different interest rates based on loan terms and amounts. The lowest interest rate may vary per person. But, generally, Upstart offer the lowest rates at a minimum of 3.22%.
Depending on the lender you choose, you may use your personal loan for vacations. Some companies have no restrictions on fund usage, so borrowers can choose how they spend the money. However, there are companies that have restrictions. Make sure you check these with the lender before pushing through with an application.
There are various ways to use a personal loan. One of the most common is for home improvement. For this purpose, MoneyGeek’s analysis shows that Best Egg is the best option.
It depends. Lenders have different rules and terms for personal loans. Some have restrictions on how the funds can be used. Among the common uses prohibited by lenders are gambling, illegal activities, investments, businesses and college tuition.
The maximum personal loan amount available to borrowers in Lubbock depends on the lender. Typically, it can range from $1,000–$100,000.
The loan approval and funding process vary from lender to lender. In most cases, it takes about one to seven days. However, you may find lenders that offer same-day funding.
Yes, paying off a personal loan early is possible. However, make sure you check your lender’s terms and conditions. Review the loan agreement and determine whether your lender charges prepayment penalties.
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
- BestEgg. "Personal Loans." Accessed March 11, 2022.
- SoFi. "Personal Loans." Accessed March 11, 2022.
- Truist. "Personal Loans." Accessed March 11, 2022.
- Upgrade. "Personal Loans." Accessed March 11, 2022.
- Upstart. "Get a Smarter Loan." Accessed March 11, 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
our editorial policies and expert editorial team.