Best Personal Loans in El Paso, TX

Name: Best Personal Loans in El Paso, TX
Item: Best Personal Loans in El Paso, TX
Author: Zachary Romeo, CBCA

One Source Federal Credit Union offers the best personal loans in El Paso, Texas, with a MoneyGeek score of 94 out of 100. It excels in providing competitive interest rates, maintaining a high level of transparency and reputation and delivering excellent customer service.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Lukas Velunta

Updated: October 29, 2024

Advertising & Editorial Disclosure

One Source Federal Credit Union is the best personal loan lender in El Paso, Texas, with a MoneyGeek score of 94 out of 100, offering competitive interest rates, flexible repayment terms and transparent loan terms. Laurel Road is the best lender for online personal loans, with a MoneyGeek score of 93 out of 100, providing strong customer service, broad repayment terms, and a quick application and approval process.

We prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process and speed of loan funding to gather our best city recommendations. If you're looking for national lenders, we compiled our top picks in the best personal loans in Texas page.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick-and-mortar locations in El Paso, Texas. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in El Paso, TX

One Source Federal Credit Union

MoneyGeek Score94

APR Range9.99% to 17.99%

Loan Amount RangeUp to $20,000

Repayment TermsUp to 72 months

Time to Receive FundsUndisclosed

Overview

One Source Federal Credit Union stands out as the best personal loan lender in El Paso, Texas, earned a MoneyGeek score of 94 out of 100. It offers a competitive APR range of 9.99% to 17.99% and allows loans up to $20,000 with repayment terms up to 72 months.

Best Online Personal Loan in El Paso, TX

Laurel Road

MoneyGeek Score93

APR Range9.49% to 24.50%

Loan Amount Range$5,000 to $45,000

Repayment Terms36 to 60 months

Time to Receive FundsWithin 7 Days

Overview

Laurel Road the best online lender for personal loans in El Paso, Texas, achieving a MoneyGeek score of 93 out of 100. The lender offers personal loans ranging from $5,000 to $45,000 with repayment terms of 36 to 60 months. Prospective borrowers can expect to receive funds within 7 days of approval.

Calculate Your Monthly Payment in El Paso, TX

The median annual household income in El Paso, Texas in 2022 is $52,645, as reported by the United States Census Bureau. Regardless of whether your actual income is above or below this median value, what matters is your ability to afford the monthly loan payments. Use our personal loan calculator to estimate your monthly loan payments and the total cost of the loan by entering the loan amount, rate and terms.

For example, if you take out a $10,000 personal loan with a 10% interest rate and three years in repayment terms, your monthly loan payment would be $323, totaling $3,876 per year. At this rate, the loan payment would constitute 7% of the median annual household income in El Paso.

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Updated: Nov 21, 2024

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Runner-Up for Best Personal Loan in El Paso, TX

Raiz Federal Credit Union

MoneyGeek Score94

APR Range11.25% to 17.99%

Loan Amount RangeUp to $50,000

Repayment Terms1 to 84 months

Time to Receive FundsUndisclosed

Overview

Raiz Federal Credit Union ranks as the runner-up for the best personal loans in El Paso, Texas, with a MoneyGeek score of 94 out of 100. It is federally insured by the NCUA, providing a level of security for borrowers.

Other Options for Personal Loans in El Paso, TX

First Light Federal Credit Union

MoneyGeek Score91

APR Range16.24% to 17.99%

Loan Amount RangeUndisclosed

Repayment TermsUp to 84 months

Time to Receive FundsUndisclosed

Overview

First Light Federal Credit Union in El Paso, Texas, holds a solid reputation for personal loans, earning a MoneyGeek score of 91 out of 100. It stands out with its federal insurance by the NCUA, giving borrowers added security.

GECU

MoneyGeek Score90

APR RangeFrom 11.24%

Loan Amount RangeUndisclosed

Repayment TermsUp to 60 months

Time to Receive FundsUndisclosed

Overview

GECU is another good choice for personal loans in El Paso, Texas, with a MoneyGeek score of 90 out of 100. Federally insured by the NCUA, it provides borrowers with a sense of security.

BEST PERSONAL LOANS FOR OTHER CITIES IN TEXAS

National Lenders With Physical Locations in El Paso, TX

If you're in El Paso, Texas and prefer to work with a national lender for the best personal loans, you have multiple options available. Within the city, you can find branches of Wells Fargo, PNC and OneMain Financial, all of which offer personal loans with various terms and conditions to meet diverse financial needs.


OneMain Financial	18.00% to 35.99%	$1,500 to $20,000	24 to 60 months
PNC	Undisclosed	$1,000 to $35,000	6 to 60 months
Wells Fargo	7.49% to 23.24%	$3,000 to $100,000	12 to 84 months

What to Do if You Can't Get a Personal Loan in El Paso, TX

Your personal loan application in El Paso, Texas can get denied due to various reasons, like a low credit score, negative financial history or an unfavorable debt-to-income ratio. If this happens, there are steps you can take to move forward.

1
Find out the reason for the denial
Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Reviewing the reasons can help you improve these weak areas and prevent another loan application denial in the future.
2
Modify your loan terms
You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.
3
Look for another lender
Different lenders have varying eligibility criteria for personal loan approval. Shopping around and considering factors such as minimum credit score requirements, interest rates, loan terms, additional fees and customer service can help you find the best lender for your particular needs and circumstances.
4
Explore credit counseling services
Lenders often look at your debt-to-income ratio when evaluating your loan application. You may consider a credit counseling agency to better manage your credit card debt and develop your budget. You can get credit counseling services from the Texas Office of Consumer Credit Commissioner's financial literacy and education resources. The Department of Justice's list of approved credit counseling agencies can be another option.

FAQ About Personal Loans in El Paso, TX

We addressed common questions regarding top personal loans in El Paso, Texas, offering clarity to assist your decision-making process.

What is the best overall personal loan lender in El Paso, Texas?

One Source Federal Credit Union stands out as the best overall personal loan lender in El Paso, Texas, with an APR range from 9.99% to 17.99%, loan amounts up to $20,000 and repayment terms up to 72 months.

What are personal loans used for in El Paso, Texas?

In El Paso, Texas, personal loans can be used for a variety of needs such as home improvements, medical expenses, and emergency circumstances. While they can generally be used for whatever you need, some lenders may restrict funds from being used for college tuition or gambling.

What are the interest rates on personal loans in El Paso, Texas?

The APR on personal loans in El Paso, Texas, ranges from 9.99% to 17.99%, based on the lenders in our database. Always compare personal loan rates to find the best deal for your needs.

What are the benefits and drawbacks of personal loans?

Benefits of personal loans include lower interest rates than credit cards for qualified borrowers, the ability to consolidate debt and quick access to funds. On the flip side, potential drawbacks include origination fees and the risk of asset loss with secured loans.

What are some personal loan red flags to look out for?

When considering personal loans, be mindful of extremely high APRs, strict repayment penalties and a lack of transparency from the lender. Additionally, watch for a high number of poor consumer reviews.

How to apply for a personal loan online?

Applying for a personal loan online involves visiting lender websites and completing their application forms, which is typically a fast and simple process.

Can I get a personal loan with bad credit in El Paso, Texas?

While obtaining a personal loan with bad credit is challenging, it's still possible. Check out our recommendations for the best loans for bad credit and the best loans for bad credit in Texas to explore your options.

What are the best low-interest personal loans in El Paso, Texas?

Easily explore your options among our best low-interest personal loans.

What is an installment loan? Is there a difference between personal loans and installment loans in El Paso, Texas?

Personal loans are a type of installment loan, which refers to loans that are paid back in scheduled payments over time.

Is there a difference between credit union loans and bank loans in El Paso, Texas?

Credit unions often offer personal loans with lower interest rates compared to banks and might have less stringent application requirements. When you apply for a loan, whether it's through a credit union or a bank, you'll need a bank account or checking account for fund disbursement and repayment.

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About Zachary Romeo, CBCA

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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sources

United States Census Bureau. "El Paso City, Texas." Accessed October 10, 2024.
U.S. Department of Justice. "Credit Counseling Agencies - Texas." Accessed October 10, 2024.
Texas Office of Consumer Credit Commissioner. "Financial Literacy and Education Resources." Accessed October 10, 2024.

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.

Best Personal Loans in El Paso, TX

Overall Best Personal Loan in El Paso, TX

Best Online Personal Loan in El Paso, TX

Calculate Your Monthly Payment in El Paso, TX

Personal Loan Calculator

Runner-Up for Best Personal Loan in El Paso, TX

Other Options for Personal Loans in El Paso, TX

National Lenders With Physical Locations in El Paso, TX

What to Do if You Can't Get a Personal Loan in El Paso, TX

Find out the reason for the denial

Modify your loan terms

Look for another lender

Explore credit counseling services

FAQ About Personal Loans in El Paso, TX

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