Top Lenders & Best Picks for You
Best Personal Loans in Midland, TX
Updated: December 28, 2023
Advertising & Editorial Disclosure
- The Best Overall Personal Loan Lender in Midland
- The Best Personal Loan Lender for Bad Credit in Midland
- The Best Personal Loan Lender for Good Credit in Midland
- The Best Personal Loan Lender for Debt Consolidation in Midland
- The Best Personal Loan Lender for Home Improvements in Midland
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Midland
MoneyGeek’s Pick for Best Personal Loan Lender in Midland, TX: Truist
MoneyGeek’s analysis considered different lenders offering personal loans in Midland. Various factors were evaluated, including loan amounts, repayment terms, fees, interest rates and debt-to-income ratio. Convenience for customers was also taken into account, which includes factors such as the application process, customer experience rating and whether the lender offers a mobile app for borrowers.
Based on MoneyGeek’s evaluation, Truist is the overall best personal loan lender in Midland. However, the best option for you may differ based on your needs. For example, SoFi is MoneyGeek’s top pick for borrowers with good credit. Meanwhile, Upstart is the best lender for those with bad credit.
Best Overall Personal Loan Lender in Midland, TX: Truist
Best Personal Loan Lender for Bad Credit in Midland, TX: Upstart
Best Personal Loan Lender for Good Credit in Midland, TX: SoFi
Best Personal Loan Lender for Debt Consolidation in Midland: Upgrade
Best Personal Loan Lender for Home Improvement in Midland: Best Egg
How to Choose the Best Personal Loan Lender In Midland for You
MoneyGeek’s analysis found that Texans have an average personal loan debt of $15,505. The average personal loan interest rate in the state is 8.78%, which is one of the lowest rates available in the nation.
Taking out a personal loan can help finance large expenses, especially emergency costs like medical bills and funerals. You can also use it for debt consolidation or home improvements. That said, it is important to analyze your financial situation first before deciding to get one.
Ask Yourself the Important Questions
There are a lot of things you need to consider before deciding to take out a loan. First, you need to evaluate your current financial situation and determine whether a personal loan is the best solution for you or if there is an alternative way to cover your expenses.
A personal loan is a big commitment that you’ll have to deal with for years. So, make sure you are capable of handling this type of debt. You should also check if you meet the requirements to qualify for a personal loan.
You can start by asking 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
Understanding your options and knowing the terms of a personal loan is a must. Make sure you conduct your own research. It is also important to compare rates from several different lenders before applying for a loan.
Remember that a personal loan is a long-term commitment. You may have to make monthly payments for 2–4 years on average, and it could be longer than that. Therefore, make sure you are ready for this responsibility.
Additionally, you should be aware of the application process. For instance, some lenders may conduct hard credit inquiries. This method will have an impact on your credit score.
MoneyGeek created this guide as part of its commitment to provide the necessary information to get through the process. However, the recommendations in this guide may not be perfect for everyone. To find the best personal loans in Midland that are suitable for your needs, it is best to explore as many options as possible.
Wait
There are multiple lenders offering personal loans in Midland, Texas. Compare different lenders based on offers, rates, fees and features. Then, take some time to rethink your decisions. Take a day or two to think about whether a personal loan is the best option for your financial situation.
Taking out a personal loan is a big commitment. That is why you have to be 100% sure that it is the right solution for you.
Read the Fine Print
Lenders have different requirements and terms. Make sure you review these before applying for a personal loan in Midland. Review the loan agreement. Check the rates and fees, including prepayment penalties, late payment fees and origination fees. It would also help to ask the lender about any additional fees when you inquire about a loan.
Do not forget to go through the fine print. Make sure you understand all the details. In doing so, you prevent unexpected costs. You may also find ways to save money in the long run.
Apply
If you are certain about your decision and have analyzed all the important factors, you can proceed with the application. At this point, you should have enough information to choose the best lender for you. You should also be aware of all the paperwork necessary for the application.
Lenders may have different requirements for this step. In general, they will ask for your personal identification, income details and address verification.
You should also choose how you will submit your loan application. Many lenders allow online applications, which is the easiest and most convenient option. That said, choosing to call or visit the lender if available can help you clarify any concerns.
What to Do if You Can’t Get a Personal Loan in Midland, TX
In some cases, a personal loan application gets denied. There are different reasons for this, such as bad credit scores, high debt-to-income ratio, low income, unstable employment or incomplete paperwork.
If your loan application gets denied, the best way to proceed is to contact the lender. Ask them the specific reason for the denial of your application. Determine whether there is a way to improve or modify your application to make it acceptable to them. For instance, you may shorten the loan terms or decrease the amount of the loan.
If changing the decision is not possible and you really need the money, you may opt to apply for a loan at another company. However, MoneyGeek advises that you avoid this until you have improved the factor that caused your denial in the first place.
There are also other financial arrangements available in Midland. MoneyGeek does not recommend getting payday loans that offer easy and fast approval because these loans tend to have very high interest rates and short repayment periods. You may end up accumulating a lot of debt if you fail to make payments on time.
Frequently Asked Questions About Personal Loans in Midland
Depending on your needs and circumstances, the best personal loans in Midland may vary. Understanding the various credit and income factors lenders evaluate can help you prepare to take out a personal loan. Knowing the different requirements, offers, rates and fees can also help you find the best option for you. MoneyGeek answers some of the most commonly asked questions to help with your search.
MoneyGeek analyzed different lenders in Midland and found Truist to be the overall best personal loan lender in the city. That said, the best option for you may differ based on your needs and circumstances. For example, SoFi is the top option for people with good credit. Meanwhile, Upstart is best for those with bad credit scores.
The lowest interest rate may vary per person. But generally, Upstart offers interest rates as low as 3.22%.
That depends on the lender. Ideally, personal loans can be used for various purposes. However, some lenders have restrictions on how borrowers can use the money. Make sure you check this with your chosen lender before you proceed with the application.
Yes, most lenders allow borrowers to use a personal loan for home improvement in Midland. Based on MoneyGeek’s analysis, your best option for this purpose is Best Egg.
Each lender has different requirements and terms. Depending on the lender you choose, there may be restrictions on how you can use the borrowed money. Common restrictions include funding college or post-secondary education expenses, paying for business expenses, making investments and gambling or illegal activities.
The loan amount you can borrow in Midland depends on the lender. You can typically find a loan amount ranging from $1,000–$100,000.
The processing and funding time vary per lender. In most cases, borrowers can get the money within 1–7 days. However, there are a few lenders offering same-day funding.
Yes, you have the option to pay off your personal loan in Midland early. However, make sure that your lender does not charge prepayment penalties. Otherwise, you could end up with more expenses.
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 14, 2022.
- SoFi. "Personal Loans." Accessed March 14, 2022.
- Truist. "Personal Loans." Accessed March 14, 2022.
- Upgrade. "Personal Loans." Accessed March 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
our editorial policies and expert editorial team.