Top Lenders & Best Picks for You
Best Personal Loans in McAllen, TX
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in McAllen
- The Best Personal Loan Lender for Bad Credit in McAllen
- The Best Personal Loan Lender for Good Credit in McAllen
- The Best Personal Loan Lender for Debt Consolidation in McAllen
- The Best Personal Loan Lender for Home Improvements in McAllen
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in McAllen
MoneyGeek’s Pick for Best Personal Loan Lender in McAllen, TX: Truist
MoneyGeek evaluated over 30 factors to help find the best personal loan in McAllen, TX for you. We considered factors like interest rate, credit score requirements, and loan amount, among others. Based on this research, MoneyGeek ranked Truist as the best overall personal loan lender in McAllen. Upstart and SoFi were ranked as the best personal loan lenders in McAllen for those with bad and good credit, respectively. Upgrade was the best for debt consolidation, and Best Egg was ranked highest for home improvement.
Best Overall Personal Loan Lender in McAllen: Truist
Best Personal Loan Lender for Bad Credit in McAllen: Upstart
Best Personal Loan Lender for Good Credit in McAllen: SoFi
Best Personal Loan Lender for Debt Consolidation in McAllen: Upgrade
Best Personal Loan Lender for Home Improvement in McAllen: Best Egg
How to Choose the Best Personal Loan Lender In McAllen for You
In Texas, the average personal loan debt is $15,505. While a personal loan can help you pay for unexpected financial burdens, like emergency medical costs, or help fund large events, like a wedding, a personal loan is a long term commitment and missed payments or negligence can negatively impact your financial goals.
Prior to applying for a personal loan, MoneyGeek recommends following these steps to thoroughly analyze your needs and assess your financial situation:
Ask Yourself the Important Questions
It’s important to consider how a personal loan will affect your current financial situation. A loan is a long term commitment, so you’ll need to ensure that you have the financial stability to make timely payments. Exploring alternative sources of funding is also encouraged prior to applying for a loan. Lenders offer different options, so understanding your financial needs and limitations is essential to find the best lender for you. At a bare minimum, you should 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?
Analyze your monthly spending and current investments to see whether taking another personal loan will be a burden or not.
Do Your Research
Taking a personal loan in McAllen will be a commitment for the next two to four years, on average, as you repay the loan. So, analyzing your financial goals, investments and other commitments is necessary to assess your current financial situation and capacity to repay the loan. While analyzing your finances is important, it’s also essential to do your own research on lenders to find the best match for your financial needs.
To do this, you can check and compare quotes to find the best personal loan offer in McAllen. You also need to analyze the application process of the lender, the documents they require and the eligibility criteria for the loan.
Some lenders require higher minimum credit scores, so you have to check your credit score and find lenders within your credit rating.
MoneyGeek has provided information to guide you through the process, but our recommendations may not be perfect for all, so we still encourage you to explore other options.
Wait
Once you complete your research and finalize the lender and the loan, wait for at least a day or two. Since a personal loan or any other loan is a huge commitment, it is wise to wait and weigh your options. Do not rush for a personal loan as it may put you in jeopardy later.
Read the Fine Print
Hidden fees, such as prepayment penalties, early payoff fees, origination fees and other such fees often increase the financial burden of the loan. These hidden costs can be missed if one does not read the loan agreement thoroughly.
Keep in mind that when you are taking out a loan, you are making a huge commitment. Asking the lender any questions prior to applying for the loan may save you money in the long run.
Apply
After you’ve thoroughly reviewed the terms of the loan and asked your questions, gather all the documents and information required to submit the loan application. You will have to provide personal identification, income details and address verification at the beginning of the application process.
There are many different ways to apply for a loan. The easiest option is usually through an online application. However, you can also call or visit the lender in person, if available.
What to Do if You Can’t Get a Personal Loan in McAllen
A loan application can be rejected due to multiple reasons, like a poor credit score, low income, high debt-to-income ratio and incorrect details in the application.
If you are denied, you should call or email the lender to find out the exact reason for denial and whether you can modify your application for resubmittal. This can include things like shortening the loan terms or decreasing the amount of the loan.
If you need the loan, then you can apply to other banks and lenders. However, we advise that you rectify the issues for rejection from the previous loan application before applying for another.
Other loan options like payday loans are available, but it’s important to note that you may end up paying hefty interests and hidden costs.
Frequently Asked Questions About Personal Loans in McAllen
Your need for a personal loan and your eligibility will decide the best personal loan lender in McAllen, TX. MoneyGeek has answered certain commonly asked questions to help you find out the best personal loan in McAllen.
MoneyGeek’s overall best pick for a personal loan in McAllen is Truist. However, people with a poor credit score should opt for Upstart and those with a good credit history should choose SoFi.
The lowest interest rate is offered by Upstart at 3.22%. However, the interest rate that you pay depends on your financial profile, including your credit score and gross income.
Yes, usually personal loans can be used for vacations in McAllen. However, it is best to check with the lender prior to applying for a loan, as certain lenders post restrictions on fund usage.
Yes, you can use the personal loan in McAllen for home improvements. The best lender for this purpose would be Best Egg.
Generally, all lenders restrict the use of personal loans for illegal purposes. Certain lenders also do not allow the use of personal loans for investments in stocks, bonds, post-secondary education or repaying other debts.
The maximum amount you can borrow depends on your eligibility and your need. Usually, lenders in McAllen offer loans ranging between $1,000 and $100,000.
The time for loan approval varies from one lender to another. While some lenders disburse loans on the same day, others take up to a week.
Yes, you can pay off your loan early in McAllen. However, if you have plans to do so, make sure your lender doesn’t charge prepayment penalties. For this, you need to read the fine print of the loan thoroughly.
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
- Truist. "Merger Guide." Accessed March 11, 2022.
- BestEgg. "Hassle-free personal loan." Accessed March 11, 2022.
- SoFi. "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.