Even with the best of intentions, sometimes you need more money than you have on hand. Whatever the reason, a personal loan is a viable solution to make up the difference. Benzinga’s list of the best personal loans in Texas will help you find the perfect personal loan.
Best personal loans in Texas:
Best personal loans through a credit union in Texas
Credit unions are owned by their members, so each member has a stake in the business. The members reap the benefits of the income generated, not the shareholders. These benefits often come in the form of lower interest rates and better terms – great reasons to explore personal loans through credit unions.
Best Alternative to Payday Loan: Human Credit
Credit Human is a credit union that aims to help its members prosper financially. It has several personal loans designed to meet different needs.
His signature personal loan can be used for anything. This includes consolidating debt or buying the car of your dreams. You can also get a QMoney loan. This is a 60 day loan of $ 200 to $ 500. It is a faster and safer alternative to a payday loan. Bonus: There is no credit check to apply for a QMoney loan.
You can also apply for a revolving line of credit, an equity loan, and a equity certificate loan. As the name suggests, these loans are secured by an “stock” (savings) account or stock certificate, such as a certificate of deposit (CD).
Credit Human offers point-of-sale financing in conjunction with select retailers. Funding is available up to $ 15,000. Installment plans are as long as 60 months. These plans are generally 0% APR for the first 12 months.
Best range of personal loans: TDECU
TDECU, or Texas Dow Employees Credit Union, has 37 branches across Texas and nearly 500,000 members.
One of its main attractions is its range of personal loans:
- Home Advantage personal loan
- Home renovation loan
- $ 10,000 to $ 35,000
- APR as low as 9.24%
- Terms up to 84 months
- Aid loan
- Emergency loan
- $ 500 to $ 4,000
- APR as low as 6.49%
- 12 to 24 month terms
- Cash Stash Line of Credit
- Revolving line of credit
- Borrow from $ 1,000 up to your maximum credit limit
- APR as low as 7.74%
- Personal loan
- Flexible loan for general use
- $ 1,000 to $ 10,000
- APR as low as 5.74%
- 12 to 72 month terms
You do not need collateral for any of the above loans. You also do not have to make any payment for the first 60 days after receiving your funds.
Best Texas Banks With Personal Loans
Banks are the traditional route to consumer lending, and for good reason. If you prioritize accessibility and modern digital banking capabilities, check out a personal loan from a Bank.
Best for flexibility: Frost Bank
Frost Bank is focused on providing its clients with access to cutting edge technology and people-centered support. Even if you prefer to apply for and manage your loan online, you will still have access to Frost’s award-winning customer service.
His personal loan is very flexible. You can use it for whatever you want. Both secured and unsecured loans are available. You can take loans as low as $ 2,000, but Frost doesn’t specify a loan limit.
Your creditworthiness and guarantees (if any) determine how much you can borrow. Frost offers competitive rates and conditions.
If you choose a personal loan from Frost, you won’t pay any fees. There are no annual fees, no prepayment penalties and no origination fees. You can also get a discount by paying off your loan with a Frost deposit account.
LegacyTexas Bank has 42 branches, serving primarily North Texas. This bank caters to entrepreneurs and business customers, but also offers excellent banking services to consumers.
LegacyTexas aims to empower the people it does banking with. Community reinvestment in surrounding neighborhoods and the provision of affordable housing and financial education are part of its efforts.
The LegacyTexas personal loan does not require any collateral. It has transparent conditions and competitive prices. You can borrow from LegacyTexas to fund a vacation, consolidate debt, or pay for unforeseen or large expenses.
LegacyTexas also offers personal lines of credit and secured loans backed by your savings or CD account.
Best Personal Loans In Texas From Online Platforms
It’s easier than ever to manage your finances online. Applying for and managing a loan is no exception. These online lenders are all reliable sources for personal loans.
Best for Loan Comparison: Credible
Credible ranks very well in terms of functionality and transparency. Borrowers love the easy to use platform and the ability to compare all of your personal loan offers in one place. Prequalification only takes 2 minutes, so you can see your potential loans without hurting your credit score.
How it works: You will answer a short series of questions about yourself and the loan amount you would like. Credible then presents you with all of your potential loan offers. Once you have selected the loan with the best terms and rates, you will finalize the loan with a lender.
In addition to personal loans, Credible can put you in touch with lenders for student loans and mortgages. You can also refinance either type of loan using this service.
You will find personal loan options starting at 4.99% APR with terms ranging from 2 to 7 years. Loan amounts range from $ 1,000 to $ 100,000. With such a range of loan amounts, you can finance expenses small and large using Credible.
Ideal for debt consolidation: SoFi
SoFi is an online lender offering several types of loans, including personal loans. You can use a personal loan from SoFi for home renovations, moving assistance, and medical procedures. You can also reconsolidate your debt using a SoFi loan.
Taking a loan to help get into debt can seem counterintuitive. But consolidating your debt into 1 monthly payment can make debt more manageable. Plus, personal loans tend to have lower interest rates than other lines of credit. Compound interest is a common factor in flourishing debt that is difficult to control.
Applying for a loan from SoFi is easy online. Pre-qualify to see your potential loans without affecting your credit. You can borrow between $ 5,000 and $ 100,000 with flexible terms and a fixed rate.
SoFi is a no-fee lender. There are no origination fees, no prepayment fees and no late fees. This is a huge advantage, especially for debt consolidation. With no fees, you can focus on paying off the loan and interest without worrying about the extra costs.
Best for Quick Money: SmarterLoan.com
Sometimes you need to get access to cash as quickly as possible. SmarterLoan.com is an online service that lets you get your money back the next business day after approval. Applying is easy and quickly connects you to potential personal loans.
Its recommended lenders’ rates range from 6.00% to 35.99% APR, and terms range from 6 months to 5 years. You will need at least a credit score of 580 to apply.
SmarterLoan.com gives you access to peer-to-peer loans, personal installment loans, and personal bank loans. You can claim up to $ 10,000.
All loan applications start online, but you may need to complete them with a local lender at a branch.
Personal Loan Considerations
If you need a large amount of cash quickly, a personal loan may be your best option. Use reputable industry sources to find lenders, and make sure you understand what you’re signing up for before agreeing to anything. This will protect you from predatory lenders.
Personal loans vs credit cards
Is a personal loan or a credit card the best option for your credit needs? A personal loan is 1 lump sum of cash. This is the best way to finance large purchases. Use a credit card if you need constant access to credit for small purchases.
Other differences: Personal loans have fixed rates and terms. This means that you will know exactly how much interest you will be paying. Credit cards usually have variable rates, so the amount of interest you pay on purchases can be unpredictable.
Frequently Asked Questions
Q: What if I can’t repay my personal loan on time?
A: You could face consequences, such as foreclosure if the loan is secured. You may also face late fees or even prepayment penalties if you pay off the loan too early.
Q: Can a personal loan help my credit?
A: It is possible! First, it increases your overall credit limit. This will positively affect your credit usage score. Second, debt consolidation into 1 monthly payment simplifies the credit repair process. Make sure you’re in control of your loan payments – even missing one can hurt your credit.
Is a personal loan right for you?
If you are strapped for cash when you need it, a personal loan may be the right choice for you. If you have a strong credit history, personal loans often offer lower rates than other lines of credit. Long-term, flexible installment plans make loan repayment manageable.