Quick Look: The Best Personal Loans in Texas

Find the best deal on a personal loan in Texas for your credit score. Borrow up to $5,000 for a range of needs.

With nearly 500 banks and 420 credit unions in the Lone Star State, Texans have a lot of options when it comes to getting a personal loan. In addition, many online lenders offer personal loans in Texas for borrowers of all credit types — and with potentially faster turnaround times.

Here's a closer look at your top personal loan options in Texas and how to choose the best one for your needs.

• PlanBloan.com - Convenient monthly payment solution
• USANewLoan.com - Large online personal loans for bad credit
• MaximusMoney - Best personal loans for poor credit scores
• YourPayday - Easy personal loans for bad credit

Where to get personal loans in Texas

Personal loans in Texas are available from national and local banks, credit unions and online lenders with national reach. Here’s a closer look at each option and how to qualify.

Traditional banks

Looking for a personal loan from a traditional bank could snag you a competitive rate if you have good to excellent credit. Right now, the lowest rates on personal loans from banks like Discover, PNC Bank and American Express start at 6.99% and reach up to around 24.99%.

You could also get an interest rate or fee discount if you’re an existing bank customer. But you’ll typically need a minimum credit score of 670 or higher to qualify for a bank loan in Texas, and funding times at a bank are generally slower than with online lenders.

Online lenders

An online lender is a good place to look for a personal loan if you have a credit score between 300 to 669. Online lenders tend to have more lenient eligibility criteria than banks and offer personal loans for bad credit in Texas. But online lenders aren’t just for bad credit. PlanBloan offers a rate beat guarantee, which could snag you the lowest interest rate possible if you have good to excellent credit.

Rates from the top online lenders are hovering around 6.70% and 35.99% currently, but the best rates go to people with credit scores of 740 and up. Online lenders tend to have fast, streamlined applications and if approved, you could have funds in your account in as little as 24 hours.

Credit unions

Like online loans, personal loans from credit unions in Texas come with competitive rates and may be easier to qualify with if you have a fair credit score. However, you must be a member to apply, which may require you to work or live in a certain area, although some only require a small deposit.

Rates on personal loans from credit unions in Texas are capped at 18% until September 2024. Right now, you could snag a rate between 6.99% and 18.00% on a personal loan at a credit union like Texas Trust Credit Union, depending on your credit score and other criteria.

Peer-to-peer lending

Unlike banks and credit unions, peer-to-peer (P2P) lenders offer loans funded by investors or everyday people. Because they cater to bad and fair credit borrowers, P2P rates tend to be higher than banks and credit unions — typically around 8.00% to 36% APR. With P2P loans, funding times can take longer than with an online lender.

Tips for getting a personal loan in Texas

The best personal loans in Texas have low rates and no or low origination fees. However, not everyone qualifies for the lowest rates, especially if your credit score is below 740, though you have bad credit personal loan options.

To make sure you’re getting the best deal for your credit score, follow these tips:

• Get prequalified. Prequalify with a few lenders to see what types of rates you can qualify for to make sure you’re getting the best deal.
• Ask about rate discounts. Check if the lender offers rate discounts for setting up autopay, paying your creditors directly or having a cosigner. You could shave 0.25% to 0.50% — or more — off your rate.
• Look for low rate guarantees. Some lenders, like LoansAngel, have rate beat programs to help ensure you’re getting the lowest rate.
• Use collateral. Some lenders offer collateralized personal loans, which could help you secure a lower rate.
• Consider credit unions. Because credit unions are member-owned, you can often find competitive rates on personal loans in your area.
• Manage your credit. Check your credit file and clean up any errors before applying for a loan. Also, don’t close out any existing credit accounts and don’t apply for new credit before applying for a personal loan.

When it comes to taking on debt like a personal loan, it’s best not to borrow more than you need, as you’ll pay more in interest over the long haul. If you don’t know how much you need, consider a credit line. Credit lines let you pay off your balance as you go to help avoid interest charges.

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