Updated: November 21, 2024
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When choosing the best personal loans in Austin, MoneyGeek considered more than 30 data points. We analyzed these points to determine how each lender compares with others. We included significant factors like APR ranges, loan amount ranges, minimum credit requirements, repayment terms and time needed for funding release.
MoneGeek chose the top lenders based on their ability to offer flexible, accessible and affordable loans based on a borrower’s specific needs.
MoneyGeek recommends Truist as the best overall personal loan provider in Laredo. Truist was established during the merger between BB&T Corporation and SunTrust Bank in 2019.
Truist’s personal loans are flexible and fee-free. The loan amounts range from $3,500 to $50,000. You can also choose to repay your loan with terms ranging from six months up to five years.
There is no minimum credit score required for a Truist loan, but Truist doesn’t accept borrowers with no or new credit and conducts a hard inquiry when you submit an application.
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Upstart was founded in 2012. One of its offices is located in Austin, TX.
Upstart offers up to $50,000 in funding for those with a credit score of at least 300, making it our pick for the best personal loan lender in Austin for those with bad credit. During the application process, Upstart will conduct a soft inquiry that will not affect your credit score.
However, this personal loan comes with fees and potentially high interest rates. The origination fee can be as much as 8%. The late fee is $15, and the APR can be as high as 35.99% depending on your loan amount and credit standing. That said, Upstart's minimum APR of 3.22% for well-qualified borrowers is an outstanding rate.
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SoFi, or Social Finance, Inc., is MoneyGeek’s top pick for the best personal loan lender in Austin for people with good credit. It was established in 2011 and has 3.5 million members.
It offers loans up to $100,000, and repayment terms can last for up to five years. Depending on your qualifications, SoFi can give you an interest rate of as low as 5.74%. Borrowers are given unemployment protection if they lose their jobs before fully paying their loans.
To qualify for a loan, an applicant will need a credit score of at least 680. SoFi also requires a minimum gross income of $50,000 and a debt-to-income limit of 43%. Additionally, this lender does not accept people who have new or no credit history.
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Upgrade, a lender that was established in 2017, offers personal loans that are best for those with fair credit scores who want to consolidate their debt. Upgrade’s loan amount ranges from $1,000–$50,000, and borrowers can choose flexible repayment terms.
Upgrade can also make direct payments to other creditors for debt consolidation. When you utilize this service, you can get up to a 5% discount on your loan.
However, Upgrade may not be the best option if you want to save money. Their origination fee ranges from 2.9%–8%. They also charge $10 for late payments.
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MoneyGeek’s recommendation for the best personal loan for home improvement is Best Egg, which was established in 2014. Best Egg’s parent company, Marlette Funding, started Best Egg one year after its launch.
Best Egg is great for people who are looking for smaller loans. It offers a minimum loan amount of $2,000 and a maximum of $50,000. For a borrower to qualify for a Best Egg loan, they need to have a credit score of at least 700 and a gross income of at least $50,000.
This loan comes with fees and a steep maximum interest rate. The maximum interest rate a borrower can incur is 35.99%. Additionally, Best Egg charges an origination fee between 1% and 6%, as well as a late fee of $15. If you want to avoid fees and high interest rates, this loan may not be for you.
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The average personal loan debt in Texas is $15,505. These loans are used for many purposes, such as home improvement, vacations, debt consolidation and more. MoneyGeek is committed to guiding you through the loan application process so that you can find the perfect personal loan in Austin for you. Here are steps you can follow to be well-equipped during your loan shopping journey.
The first step is to evaluate your financial situation. Think about why you need the loan and your financial profile to determine which lender might be the best fit for you. Take the time to ask yourself the following questions:
Research is one of the best ways to ensure that you will end up finding the best personal loan in Austin for you. During your research, it’s important to compare interest rates, terms, loan amounts and eligibility requirements across different lenders.
Remember that a personal loan is a huge commitment. It involves a monthly responsibility of paying off your loan for the next two to four years. MoneyGeek is committed to guiding you throughout the process of shopping for a loan. However, some of our recommendations may not be the best for you. This is why it’s important to do your own research to make sure you find the right option for you.
Waiting could seem counterproductive. After all, why wait a few days when you could apply now and receive your funds faster? However, when you wait before making a decision, you’re more likely to make a good one. This is because you allow yourself time to process all the information you have researched. As a result, you can analyze the situation better.
Consider waiting one or two days before making your final decision. During this period, you might come up with certain realizations that you failed to consider originally. You’ll either decide that a personal loan is the right option for you, or you’ll come up with a better alternative to get the funds you need.
Once you’ve taken a few days to evaluate your decision and you’ve chosen a particular lender, you need to conduct more thorough research. This means that you need to read the fine print. During this step, look into the fees, such as prepayment penalties, early payoff fees, origination fees, late fees and more.
Also, take the time to read the conditions to understand your loan’s most appealing features. Often, the features highlighted on a lender’s website come with a huge caveat.
Being fully informed when it comes to the fine print prevents you from incurring unnecessary fees in the future. You’ll also be completely aware of your rights and responsibilities regarding the loan. This can save you a lot of money and problems in the long run.
The application process varies from lender to lender. However, it is standard procedure for lenders to ask for identification, address verification and proof of income. Make sure you have these on hand before you start your application.
Lenders may offer online, in-person or over-the-phone applications. Most lenders accept online applications due to their convenience. On the other hand, applying for a loan in person or over the phone gives you more personalized customer service.
Having a loan application denied is nothing to be concerned about. Lenders reject loan applications for a variety of reasons, including existing debts and insufficient income. When this happens, contact your lender by phone or email to ask why your application was denied.
Once you get this information, it’s best to improve that factor so you will be eligible for other loans. Then, you can consider applying with a different lender.
Payday loans may also sound appealing at this point, especially because they offer quick funding. However, these loans charge high interest rates without considering a borrower’s paying and earning capacity, adding more burden to your monthly budget.
The best personal loan for you depends on your needs, credit standing and income factors. These things affect the amount of your loan, rates, terms, among other things. To help you in your search for a personal loan in Austin, MoneyGeek has answered some commonly asked questions.
MoneyGeek’s recommendation for the best personal loan lender in Austin is Truist. However, the best lender for you can vary based on your needs and financial profile.
Upstart offers the lowest interest rate in Austin. Its APR range starts at 3.22%.
Yes, you can use a personal loan for vacations in Austin. Lenders offer personal loans for different purposes, and one of them is vacations. However, it’s best to see if there are any restrictions that your lender implements in terms of how you can use your funds.
Yes, you can use a personal loan for home improvement in Austin. MoneyGeek recommends Best Egg for the best personal loan for home improvement in Austin.
Lenders have varying restrictions on the usage of funds from a personal loan. These restrictions can include illegal activities and gambling, funding secondary and further studies, payment for student loans and refinancing an existing loan with the lender. Business use, such as for the purchase of stocks and bonds, is also prohibited. Check with your lender to learn more about their exact restrictions.
It depends on your credit score, income, current debts and more. It also varies based on the lender you choose. Some lenders offer up to $100,000 in funds.
On average, you can get a personal loan within one to seven days from approval. However, some lenders offer same-day funding as long as you can finish the application process on a business banking day.
Yes. However, some lenders charge a prepayment penalty. Ask your lender if there are any fees associated with paying off your loan early.
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.
About Christopher Boston
Valerie G. Durias is a content writer and a law student. She has over three years of experience writing about finance — from loans to cryptocurrency.
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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