Best Personal Loans in Carrollton, TX: Top Lenders & Best Picks for You

Updated: October 16, 2024

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Carrollton, TX

MoneyGeek used 30+ data points to compare many personal loan providers in Carrollton. We considered APR ranges, fees, loan amounts, funding times, credit score needs and more. Then, we picked the best ones for different situations based on the results.

Our research shows Truist is the overall best personal loan company in Carrollton.

However, we also found leading lenders vary by the borrower’s financial profile and needs. For example, Upstart is our choice for bad-credit borrowers. Meanwhile, we recommend Upgrade to folks looking to consolidate debts.

Best Overall Personal Loan Lender in Carrollton: 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

    MoneyGeek found that Truist is the overall best personal loan company in Carrollton. It offers up to $50,000 in personal loans, which come at relatively low rates.

    Truist says it can instantly approve or reject applications and fund loans within a day. This is convenient, especially if you need quick cash. However, Truist lacks a prequalification process and requires a good-to-excellent credit.

    Still, Truist’s loans are payable for up to 60 months and lack origination fees. They may not work for folks who only need a small amount of money, as the company’s minimum loan is $3,500.

    Truist is the seventh-largest bank in the United States and was formed after the 2019 merger of BB&T Bank and SunTrust. Beyond personal loans, it offers savings accounts, credit cards, mortgages and more.

    Pros

    • Doesn’t charge origination fees
    • Fast loan decisions
    • Low interest rates
    • Quick funding

    Cons

    • Needs good-to-excellent credit
    • No prequalification process
    Truist

Best Personal Loan Lender for Bad Credit in Carrollton: 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

    Most lenders typically decline applications from borrowers with bad credit — but not all. Upstart offers the best personal loans in Carrollton.

    Upstart is a fintech firm that has originated over $30.5 billion in loans since its launch in 2012. It uses artificial intelligence and unconventional factors to study loan applications. Upstart automates 75% of applications and accepts many borrowers normally turned down by others.

    With Upstart, you can get a personal loan of $1,000 to $50,000, payable from 36 to 60 months. This may work for you if you only need a small amount and want the flexibility to repay your loan for a number of years.

    Upstart doesn’t charge prepayment fees if you repay your loan early. But you have to deal with an origination fee and potentially high interest rates from this lender.

    Pros

    • Accepts borrowers with bad credit
    • Next-day funding possible
    • Evaluates applications using nonconventional variables
    • Conducts soft credit checks
    • No prepayment fees

    Cons

    • With origination fees
    • Potentially high interest rate
    • Low maximum loan amount
    Upstart

Best Personal Loan Lender for Good Credit in Carrollton: 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

    Generally, good credit opens doors to more loan providers and better interest rates. MoneyGeek found that SoFi is the best personal loan company in Carrollton for folks with good credit.

    This company was founded in 2011 and has financed over $50 billion in loans to more than 4 million members.

    With SoFi, you can borrow up to $100,000. With its long terms and competitive rates, it may be perfect if you need a large amount but small payments.

    You won’t have to deal with origination, prepayment and late payment fees with SoFi. Plus, you’ll enjoy autopay discounts and payment protections if you become unemployed.

    Unfortunately, you’ll need good-to-excellent credit to qualify for a SoFi loan. Luckily, the company can check your rates through a soft credit pull.

    Pros

    • No origination, prepayment and late payment fees
    • Has autopay discount
    • Conducts soft credit checks to verify rates
    • Offers unemployment protection

    Cons

    • High credit requirement
    • Minimum loan amount of $5,000
    SoFi

Best Personal Loan Lender for Debt Consolidation in Carrollton: 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

    Upgrade is MoneyGeek’s pick as the best personal loan lender in Carrollton for debt consolidation. This fintech firm opened in 2017 and has originated more than $19 billion for millions of clients.

    Upgrade lets you borrow $1,000 to $50,000 personal loans. So, it may be a solid choice if your debt falls in that range and you want to make one flexible monthly payment for all of them.

    Additionally, this lender lets you know your rates through a soft credit check and releases funds immediately. Its loans don’t have prepayment fees, but they have origination fees.

    Pros

    • Quick fund disbursement
    • No prepayment fees
    • Limited minimum loan amount
    • Lengthy repayment period
    • Performs soft credit checks

    Cons

    • Charges origination fees
    • Has late payment fees
    • Potentially high interest rates
    Upgrade

Best Personal Loan Lender for Home Improvement in Carrollton: 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

    Based on MoneyGeek’s analysis, Best Egg is the best personal loan lender in Carrollton for home improvement projects.

    This lender was created in 2014 and originates loans through Cross River Bank and Blue Ridge Bank. It has since facilitated over $21 billion in loans to millions of clients nationwide.

    Best Egg offers personal loans of $2,000 to $50,000 with a repayment term of up to 60 months. Its interest rates are relatively high. Still, it may be a great choice if you need funding within that range with flexible repayment terms.

    You may be able to qualify for Best Egg despite having bad credit. This company considers factors beyond your FICO score when evaluating applications. You can also check your rates from this company through a soft credit pull.

    However, Best Egg charges origination and returned payment fees.

    Pros

    • Considers nonconventional factors
    • Doesn’t charge prepayment fees
    • Performs soft credit checks
    • Quick funding

    Cons

    • Charges origination fees
    • With returned payment fees
    • Low maximum loan amount
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Carrollton for You

Personal loans have fixed terms, streamlined application processes and flexible use cases. Thus, they’re often an excellent option if you’re looking for fast cash to pay for your needs.

The average personal loan debt in Texas is $15,505, while the median interest rate is 8.78%. Ultimately, the amount and interest rate you’ll receive will depend on your loan preferences and financial background.

MoneyGeek recommends taking these steps to find Carrollton's best personal loan lender.

  1. 1

    Ask Yourself the Important Questions

    Begin by understanding your financial situation better. To do this, ask yourself these important questions:

    • How much funding do I need? Determine the exact amount of money you need. Getting more than you need will only result in unnecessary interest payments.
    • What is my credit score? Personal loan providers often have credit score requirements. Knowing your FICO score can help you identify which companies you’re eligible to get a loan from.
    • Can I afford the monthly payment? Calculate your monthly expenses to see if you can afford potential loan installments.
    • How much debt do I already have? Personal lenders will also study your debt-to-income (DTI) ratio. If your DTI falls below 36%, you might have a difficult time getting loan approval.
  2. 2

    Do Your Research

    Personal loans are serious financial commitments involving several years of payments. We suggest studying your options carefully and knowing everything about your financial health.

    Some details you should look for are fees, APR ranges and discounts that affect the overall cost of the loan. It’s also a good idea to find a lender’s loan evaluation process and restrictions so you know what to expect.

    MoneyGeek ranked the best personal loan lenders in Carrollton and picked the best in various categories. However, our findings are based on generalizations. Since you may have different needs and circumstances, nothing beats your own research.

  3. 3

    Wait

    After going through several loan providers, you may feel overwhelmed. So, we suggest waiting a day or two before you decide.

    This is useful as it allows you to visit offers with fresh eyes. You may see issues you missed during your initial research.

    You must repay personal loans, sometimes with high interest and for several years. Thus, you must be sure you’re getting the lowest rate and the best offer.

    Likewise, you can take this time to reconsider the reasons why you’re getting a loan. If you’re borrowing money for a vacation or special occasion, see if you can put it off until you’ve saved enough.

    And, if you’re consolidating debts, check out options like home equity lines of credit or 0% APR credit cards.

  4. 4

    Read the Fine Print

    Go over your preferred lender’s fine print to make sure you understand the loan's terms and conditions.

    Typically, lenders highlight their offers’ best parts and bury unflattering details. That’s why you have to double-check key details about your loan.

    Most personal loans in Carrollton don’t have prepayment fees, but some lenders may not explicitly state their policies about early payments.

    Origination fees are another cost to watch for. Some providers deduct this amount from their loans, so you have to consider it before you sign off.

    Reading the fine print can save thousands and help you avoid stress.

  5. 5

    Apply

    After you’ve researched and evaluated your options, you may have finally decided on the lender for you. If you feel good about your choice, you can proceed with your loan application.

    Gather all the documents you need before you approach the lender. Providers usually need your identification Social Security number, address proof and income details.

    Lenders may ask for more documents from you, too.

    It’s easy to get a personal loan in Carrollton. Most loan providers offer online application processes, so you complete everything from home.

    But you can call or visit a branch if you prefer in-person transactions. Remember, personal loans are serious commitments. Go with the process you’re most comfortable with, so you can raise your questions or concerns about the loan.

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

Despite going through the lender’s process and providing all the required documents, you can still get a rejection letter. It may be disheartening if it happens, but it’s not the end of the world. You can still move forward with your loan application journey.

You can contact the lender to clarify their reasoning if your loan has been denied. This is an important step as it lets you know of any issues with your profile.

We don’t recommend starting a new loan application without repairing your profile. The first lender’s issue may show up again and cause you another loan rejection.

Instead, work on your creditworthiness and improve your financial profile. You may have to repay your existing debts or find a higher-paying job. After all, lenders will see you as a less risky borrower if you have a good DTI.

Even if you’re desperate, avoid payday loans. These feature high rates and short repayment periods and can lead you deeper into debt.

Frequently Asked Questions About Personal Loans in Carrollton

The best personal loan lender for you may change based on your needs, preferences and profile. Here, MoneyGeek answers some frequently asked questions about personal loans in Carrollton.

What is the best personal loan lender in Carrollton?

Which lender in Carrollton has the lowest interest rate?

Can I use a personal loan for vacations in Carrollton?

Can I use a personal loan for home improvement in Carrollton?

What can I not use my personal loan for in Carrollton?

How much can I borrow in Carrollton?

How long does it take to get a personal loan in Carrollton?

Can I pay off my loan early in Carrollton?

Our Personal Loan Methodology

We looked at more than 30 personal loan lenders using 35+ data points divided into six categories. These categories are affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

In each category, we considered data points we feel carry the most weight. These include APRs, loan amounts, credit scores, income amounts, fees and disbursement times.

Here at MoneyGeek, we value you. So, we also look at customer support, ratings and features like prequalification, payment options and apps.

We make our picks with your best interest in mind. These personal loan recommendations and tips may help you make the best decision. However, we recommend viewing this as a starting point and not your only resource. Only you can decide which loan is best for you!

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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sources
Shield Insurance

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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