Updated: October 16, 2024
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To find the best personal loan lenders in Amarillo, MoneyGeek analyzed more than 30 data points. We looked at each lender’s interest rate, loan amounts, fees and other charges, repayment options, late penalties and more.
Then, we put together a list of our recommendations for different types of borrowers. These include those with bad and good credit, those looking to consolidate their debt and those who want to borrow funds for home improvements.
Truist offers personal loans in Amarillo at competitive rates and flexible monthly payment options to help you cover most expenses. The lender does not have a credit score requirement, and its application process is available online, making it more accessible and convenient to get started.
Its repayment period may be short for some, starting at six months with a maximum of five years. Borrowers can get amounts from $3,500 to $50,000.
Truist does not charge prepayment fees or late payment penalties. This gives some borrowers some leeway in repaying their loans, whether they need more time or want to get out of debt early.
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If you need a low-income loan, Upstart can be a reliable option. This lender uses AI technology to determine whether borrowers qualify for loans. This technology considers several factors other than a borrower's creditworthiness, including income, school and work history. This criterion means Upstart may provide people with low credit scores or a new credit history a chance to get a loan.
With multiple repayment term options and flexible loan limits, you can use an Upstart personal loan for almost anything, including weddings and relocation. The lender prohibits the use of funds for illegal purposes or anything that may cause harm to others.
Upstart’s APRs tend to be high, so always check other lenders as well.
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SoFi offers several ways to help borrowers with good credit to get loans. This award-winning lender charges no fees, provides quick funding, gives discounts and, most notably, offers unemployment protection. It also screens applicants with a soft credit check to help preserve credit scores.
Borrowers can get up to $100,000. However, its loan minimum is relatively high compared with other lenders, at $5,000. Borrowers can conveniently use the app to manage their loans.
SoFi may be a great option for individuals looking to finance education, consolidate credit card debt or pay for major life events like weddings. However, those who need amounts lower than $5,000 will need to consider other lenders.
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Upgrade is one of the best low-income loan providers in Amarillo. Founded in 2017, the lender offers loans of up to $50,000 with valuable features for different borrowers. The lender is a good option for loan consolidation, as it pays creditors directly.
Upgrade requires a minimum credit score of 560. This broad APR range will greatly benefit creditworthy borrowers. It is also suitable for those who want to borrow smaller amounts, as its loans start at $1,000. However, people with bad credit scores should shop around for other options.
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Best Egg offers personal loans in Amarillo and may be a great online lender for those who need to take out a loan of up to $50,000. Its loans are repayable within three to five years.
The company’s loans are great for people planning to improve their property. With Best Egg, borrowers enjoy next-day funding, soft credit checks and discounts to help achieve their dream homes.
Best Egg’s personal loan rates and amounts depend on your credit score and income. The company requires a minimum credit score of 700, making it less than ideal for people with bad credit. Although Best Egg has a convenient online application, it does not have a mobile application to help borrowers track their loans and finances.
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Before you begin the application process for a personal loan in Amarillo, take a moment to consider your priorities. You will also need to review your current financial situation and how much you stand to gain or lose by taking on a personal loan.
The average Texan has a personal loan debt of $15,505. If you think you need a personal loan, MoneyGeek recommends following these steps:
Asking yourself these questions can help you determine whether or not a personal loan in Amarillo is right for you:
It's not uncommon to feel overwhelmed when taking out a loan, especially if you're new to making payments and managing credit. It can be a tremendous commitment that entails two to four years of monthly payments on average, hard credit checks and more.
You must thoroughly do your homework before applying for a loan. Take a look at rates, repayment options and other details. MoneyGeek can help make the process easier by providing valuable information for various types of borrowers. Keep in mind, however, that our recommendations are not one-size-fits-all, so always conduct your research.
It's a good idea to take a day or two to look over the information you get from the lender of your choice before finally deciding. The more time you take to think, the less likely you will make an impulsive decision. You should also take this time to review your options with your family, friends or a financial expert. Again, a personal loan is a serious commitment.
Be aware of all the fees associated with your loan. The best way to ensure you don't miss something is to read the fine print carefully and ask questions. You'll want to know about prepayment penalties, early payoff fees and origination fees — anything that will affect how much you pay over the life of the loan. These fees may seem inconsequential, but they can add up.
Once you're confident about taking out a loan, you need to assemble the necessary paperwork to complete your application. In most cases, this includes personal information, such as your identification, address and income.
Most lenders allow you to apply online — it's easier and takes less time. However, there is no harm in calling or visiting a lender if the option is available. Applying in person allows you to raise concerns and learn more about the process from someone knowledgeable.
Don't be discouraged if a lender turns you down for a loan. There are many reasons people are denied loans (e.g., low credit score, insufficient income and low debt-to-income ratio), but there are also ways to get around these.
The very first thing you should do is call or email the lender to find out exactly why you were denied. It's always a good idea to know what your problem areas are so that you can fix them. In some cases, you can also modify your application to better fit your lender’s requirements, such as decreasing the loan amount or shortening the loan terms.
Alternatively, you can apply with another lender. However, it’s best to go back to the drawing board and address the problems that caused your application to be denied. This way, you’ll have a better chance of getting approved in the future.
Be cautious about taking out payday loans. Because of their short terms and steep interest rates, they're not intended as long-term solutions and should be avoided.
If you are looking for the best personal loan in Amarillo, MoneyGeek can help you find the right option. We offer answers to some of the most frequently asked questions to help you make an informed decision.
MoneyGeek's analysis of Amarillo personal loan lenders indicates that Truist is the best lender for most borrowers in the city. However, depending on your unique needs and financial circumstances, another lender may be a better fit for you.
Upstart offers competitive interest rates for personal loans in Amarillo.
Most personal loans can be used to fund vacations. However, you should check whether your lender poses restrictions on the use of loan funds.
Yes. In most cases, you can use personal loans for home improvement. MoneyGeek recommends Best Egg, but it’s worth exploring your options.
Some lenders place restrictions on how you can use your loan. Some do not allow their loans to be used for postsecondary education, investments or gambling. Check with your lender to find out more about its policies.
Depending on your lender, you might be able to borrow up to $100,000, though some lenders cap the amount at $50,000 or less.
It varies from lender to lender, but many will fund loans within the same day and up to a few days.
Yes, you can pay off your personal loan in Amarillo before the loan's due date. But check with your lender first because some lenders charge prepayment fees.
To find the best personal loan lenders, we reviewed more than 30 companies using 35+ data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency. We considered factors including APR ranges, available loan amount, minimum credit score and minimum income amount. We also took into account application fees and disbursement time.
We take the time to carefully research and evaluate each lender we recommend. We looked at customer support, business ratings and additional features that could make your experience easier and more accessible, such as prequalification, payment options and mobile apps.
Our recommendations are based on our goal of helping you make the best decision when choosing a lender that meets your needs.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
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
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