Best Personal Loans in El Paso, TX

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Updated: October 29, 2024

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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.

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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

Company logo for One Source Federal Credit Union
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

Company logo for Laurel Road
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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Estimate the monthly payment for your loan.

Updated: Dec 21, 2024

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

Company logo for Raiz Federal Credit Union
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

Company logo for First Light Federal Credit Union
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.

Company logo for GECU
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.

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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 Financial18.00% to 35.99%$1,500 to $20,00024 to 60 months
PNCUndisclosed$1,000 to $35,0006 to 60 months
Wells Fargo7.49% to 23.24%$3,000 to $100,00012 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. 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. 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. 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. 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?

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

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

What are the benefits and drawbacks of personal loans?

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

How to apply for a personal loan online?

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

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

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

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

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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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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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