Top Lenders & Best Picks for You

Best Personal Loans in Arlington, TX

Updated: November 1, 2024

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WHAT WE’RE GEEKING OUT ON

MoneyGeek’s Pick for Best Personal Loan Lender in Arlington: Truist

The best personal loans in Arlington vary depending on your financial needs. MoneyGeek’s research outlines the best options in the city based on BBB ratings, loan amounts, interest rates and debt-to-income ratios, among others.

Based on our findings, the best personal loan lender in the city is Truist. SoFi and Upstart are the best top lenders for those with good and bad credit ratings, respectively. If you need to consolidate your debts, Upgrade offers the best personal loans. For home improvement, consider Best Egg.

Best Overall Personal Loan Lender in Arlington: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Truist was established in 2019 and provides various loan products, including personal loans with a limit of $50,000. The company's highest possible interest rate is just 18.99%, and it offers repayment periods ranging from six months to five years.

    After submitting your application, you will receive the funds the next day. One feature that makes Truist the best lender overall is that borrowers do not pay origination fees, prepayment penalties or late fees. There is also no minimum credit score requirement.

    Pros

    • No origination fees
    • No prepayment penalty or late fees
    • Next-day funding
    • Low maximum interest rate of 18.99%
    • Flexible repayment terms

    Cons

    • Hard credit inquiry can affect credit score
    • Restricted fund usage
    • No direct payment to third parties in case of debt consolidation
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–$50,000
    • Minimum credit requirements: 660
    • Repayment terms: 6–60 months
    • Time to receive funds: Next-day
    Truist

Best Personal Loan Lender for Bad Credit in Arlington: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Based on MoneyGeek’s research, Upstart provides the best personal loan in Arlington for those with a bad credit rating.

    Established in 2012, Upstart can give you a loan if you have a minimum credit score of 300 and you will get funds in your account in a maximum of two days. Upstart performs a soft inquiry while reviewing your application so your credit score won’t be affected. You also only need a minimum gross income of $12,000 to qualify.

    Pros

    • No prepayment penalty
    • Conducts soft inquiry to ensure your credit score isn’t affected
    • Allows joint loans
    • Low credit score limit
    • Borrowers receive funds in 1–2 days

    Cons

    • No auto payment rate discounts
    • Debt-to-income limit of 45%
    • Origination fee of up to 8%
    • No mobile app
    • APR Range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next-day
    Upstart

Best Personal Loan Lender for Good Credit in Arlington: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    MoneyGeek ranked SoFi as the top lender for individuals with good credit. The company was established in 2011 and offers several benefits to its borrowers.

    SoFi provides you with high loan limits, with a minimum amount of $5,000 and a maximum amount of $100,000 available. Individuals who get their personal loans from SoFi enjoy an auto payment discount of 0.25%. They also receive unemployment protection which is helpful if one loses their job while repaying the loan.

    However, to qualify for a loan with SoFi, you must have a minimum credit score of 680 and a minimum gross income of $50,000. Funds may also not reflect in your account for several days, making SoFi a poor choice for those who need funds immediately.

    Pros

    • No origination fees
    • Auto payment discount of 0.25%
    • Conducts soft credit check
    • No prepayment penalty
    • Joint loans available
    • No late fee

    Cons

    • Funding may take a few days
    • Minimum gross income requirement of $50,000
    • 43% debt-to-income ratio
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

Best Personal Loan Lender for Debt Consolidation in Arlington: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    MoneyGeek’s analysis ranked Upgrade as the best lender for debt consolidation. Upgrade was established in 2017 and provides personal loans in all 50 states, including Texas.

    Upgrade requires all potential borrowers to have a minimum credit score of 560, which is considered a fair score in comparison to other lenders’ requirements. Individuals with new or no credit are not eligible for personal loans from the lender. You will often receive your funds the same day after submitting your application.

    However, funds come with restrictions on usage. Borrowers are not allowed to fund their post-secondary education or use the loan for investments, gambling or illegal activities.

    Pros

    • Auto payment discount of 1%
    • No prepayment penalty
    • Fair minimum credit score limit
    • Same-day funding available
    • Conducts soft inquiry

    Cons

    • $10 late fee
    • Origination fee between 2.9%–8%
    • High interest rate
    • APR Range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same-day
    Upgrade

Best Personal Loan Lender for Home Improvement in Arlington: Best Egg


  • Best Egg
    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    MoneyGeek ranked Best Egg as the best lender in Arlington for personal loans related to home improvement. The company, which was started in 2014, allows individuals with excellent credit scores to secure loans at an interest rate as low as 4.99%.

    Best Egg conducts soft credit inquiries so that your credit score is not affected before your loan application is approved. If you need to consolidate your debt, Best Egg will make direct payments to other lenders. However, you must have a gross income of $50,000 to qualify, and the maximum loan amount you can get from the lender is also $50,000.

    Pros

    • 0.5% auto payment discount
    • No prepayment penalty
    • Pays debt directly to third parties in case of debt consolidation
    • Soft credit inquiry
    • Mobile app

    Cons

    • High credit score requirement of 700
    • Origination fee of up to 6%
    • $15 late fees
    • No joint account
    • APR Range: 4.99%–35.99%
    • Minimum/maximum loan amount: $2,000–$50,000
    • Minimum credit requirements: 700
    • Repayment terms: 36–60 months
    • Time to receive funds: Next-day
    Best Egg

How to Choose the Best Personal Loan Lender In Arlington for You

The average personal debt in Texas is $17,869. However, how much you can borrow as an individual depends on several factors, including your financial profile. Other factors include the loan amount, repayment terms and interest rates.

If you intend to apply for a personal loan in Arlington, here are the steps you need to follow to ensure you find the best option for your needs.

  1. 1
    Ask Yourself the Important Questions

    Getting a personal loan is a huge commitment. You need to outline your financial objectives to determine if this kind of loan will help you meet your financial goals. Before approaching any lender, you should understand what terms you are comfortable with. Here are some of the questions that will help you make a good decision:

    1. How much funding is required for your needs?
    2. What is your credit score?
    3. Do you have the financial stability to cover the proposed monthly payment?
    4. How much existing debt do you have?
  2. 2
    Do Your Research

    Once you get your loan, you will need to make monthly payments, on average, between two and four years. Doing your own research in advance can help you determine the types of personal loans offered by Arlington lenders and identify the right option for you. For instance, you may need to determine which lender conducts a soft credit inquiry as opposed to a hard inquiry, so as not to affect your credit score.

    Comparing rates across lenders can help you select the right lender. While MoneyGeek offers all the information you need to apply for a personal loan in Arlington, doing personal research can help identify other options not included in this guide.

  3. 3
    Wait

    After narrowing down your search to a few lenders, it is essential to spend a few days thinking through the details of each company. Rushing through the process can make you miss out on key information about the loan. Take the time to evaluate key aspects of the lender and the loan, and compare your preferred lenders and their terms before starting the application process.

  4. 4
    Read the Fine Print

    Ensure you go through the information shared in the loan agreement and ask the lender any questions you may have before completing the application process. Some of the features to check include interest rates, penalties, repayment terms and any hidden charges. Any additional required fees increase your monthly payment, and you need to ensure that the total payment does not exceed your budget.

  5. 5
    Apply

    After ensuring that you have all the information you need and understand the lender’s terms, you can submit your loan application online or in person, depending on the options offered by your lender. You will need to provide information like your personal details, proof of income and contact details. The lender will then advise whether your application is approved or recommend the next steps if you are denied.

What to Do if You Can’t Get a Personal Loan in Arlington

Lenders may reject your loan application for various reasons. One common issue is your credit score. If you do not meet the minimum requirements for a particular lender, your application won’t be approved. When this happens, you should ask the lender why your application wasn’t approved, and modify your application prior to resubmitting your application to the lender or submitting your application to a different lender.

If it is a minor issue with the application, you can request to make the necessary changes and then resubmit your application. However, if it’s something serious such as your debt-to-income ratio, income level or credit rating, you may need to consider another provider whose terms are more favorable. Short-term loans, such as payday loans, may be a good alternative, but they feature high-interest rates and shorter repayment periods.

Frequently Asked Questions About Personal Loans in Arlington

The best personal loans in Arlington, TX differ based on several factors, including your income level, credit rating and repayment terms. MoneyGeek answered commonly asked questions about personal loans in Arlington to help you get started.

What is the best personal loan lender in Arlington, TX?
Which lender in Arlington, TX, has the lowest interest rate?
Can I use a personal loan for vacations in Arlington, TX?
Can I use a personal loan for home improvement in Arlington, TX?
What can I not use my personal loan for in Arlington, TX?
How much can I borrow in Arlington, TX?
How long does it take to get a personal loan in Arlington, TX?
Can I pay off my loan early in Arlington, TX?

Our Personal Loan Methodology

We reviewed more than 30 personal loan lenders using over 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.

About Christopher Boston

Christopher Boston headshot

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.

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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.

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