Best Personal Loans in Grand Prairie, 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 Grand Prairie, TX

MoneyGeek analyzed over 30 lenders for more than 35 data points to see which one provided the best balance of customer service, loan terms and affordability in Grand Prairie, Texas. These data points included each lender’s loan amount, rates, customer service ratings, eligibility requirements, customer service ratings with the Better Business Bureau (BBB) and more.

Based on this review, we found that Truist offers the best personal loans in Grand Prairie. Upstart and SoFi are the best lenders for those with bad and good credit, respectively. Borrowers looking to consolidate debt or finance a home renovation should consider Upgrade and Best Egg.

Best Overall Personal Loan Lender in Grand Prairie: 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 formed in 2019 from the merger of BB&T and SunTrust Banks. It offers various financial products, including personal loans, checking and savings accounts, credit cards and insurance.

    Truist Bank provides personal loans with quick financing ranging from $3,500 to $50,000. The lender offers one of the lowest interest rate ranges in the industry. Its personal loan products also feature extremely flexible repayment terms between 6 and 60 months, allowing you to choose a repayment schedule that works for you.

    Though the lender doesn’t explicitly list a minimum credit score requirement, only those with excellent credit scores are likely to qualify. Furthermore, the lender only offers loans up to $50,000, which may be too little for some borrowers' needs.

    Pros

    • Flexible repayment terms
    • No prepayment penalty
    • No origination fees
    • A+ BBB rating

    Cons

    • Hard credit check
    • Relatively high minimum credit score requirement
    • Restrictions on the usage of funds
    Truist

Best Personal Loan Lender for Bad Credit in Grand Prairie: 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

    Upstart began offering personal loans in 2014. It uses artificial intelligence to evaluate borrowers for loans based on factors other than their credit score, like their employment and education history.

    Based on a borrower’s profile, Upstart offers personal loans between $1,000 and $50,000. Two repayment terms, 36 or 60 months, are available.

    While borrowers with a credit score as low as 300 can obtain a personal loan, it’s important to recognize that they may be subject to an incredibly high interest rate. Furthermore, the lender’s limited repayment terms offer few options for loan repayment.

    Pros

    • Low minimum credit score requirement
    • Soft credit check
    • No prepayment penalty
    • Borrowers with no or new credit history accepted

    Cons

    • Limited repayment term options
    • Origination fees
    • High maximum APR
    Upstart

Best Personal Loan Lender for Good Credit in Grand Prairie: 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

    According to MoneyGeek’s review of SoFi personal loans, this lender is the top personal loan provider for consumers with excellent credit in Grand Prairie.

    SoFi, founded in 2011, offers fixed-rate personal loans ranging from $5,000 to $100,000 with repayment terms between 12 to 60 months. This makes it an excellent option for borrowers looking for a larger loan.

    The lender’s personal loans may be used for credit card debt consolidation, home renovations, family planning, vacation and weddings. SoFi doesn't charge origination or prepayment fees, making it more appealing to borrowers looking to consolidate debt or finance big purchases.

    Pros

    • No prepayment fees
    • Autopay discount
    • No origination fees

    Cons

    • High minimum credit score requirement
    • Co-signers not permitted
    • High minimum loan amount
    SoFi

Best Personal Loan Lender for Debt Consolidation in Grand Prairie: 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

    According to MoneyGeek's analysis of Upgrade personal loans, the lender is the best option for those looking to consolidate high-interest debt.

    Upgrade is the best lender for personal loans in Grand Prairie related to debt consolidation because it offers direct payment to third-party creditors. The lender’s loan products range in amount from $1,000 to $50,000 with repayment terms between 36 and 60 months.

    Though most applicants will qualify for a loan with this lender — the minimum credit score requirement is 560 — only those with the highest credit scores will receive the lender’s lowest advertised rate. Those with poor credit may receive an extremely high APR. Because of this, you may want to consider a different lender if you have poor credit.

    Pros

    • A+ BBB rating
    • Low minimum loan amount of $1,000
    • Fair minimum credit score requirement of 560
    • Soft credit check during initial application
    • Direct payment to creditors available

    Cons

    • High maximum APR
    • Restrictions on the usage of funds
    Upgrade

Best Personal Loan Lender for Home Improvement in Grand Prairie: 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

    According to MoneyGeek's analysis, Best Egg is the best choice if you need a loan to support home repair projects. Its lower loan amounts are ideal for minor repairs and renovations. Best Egg offers loans from $2,000 to $50,000 depending on your state.

    If you have a bad credit score, you should consider other options; with Best Egg, you'll most certainly acquire a loan with a higher APR. To qualify for a loan, you need a minimum credit score of 700. Only those with near-perfect credit scores will receive the lender’s best rates.

    Pros

    • Soft credit check during initial application
    • No prepayment fees
    • A+ BBB rating

    Cons

    • High maximum APR
    • Origination fees
    • Late fees
    Best Egg

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

Because the average credit score in Texas is 688, most residents in the state won’t have trouble qualifying for a personal loan. However, finding the best personal loan may be difficult. To ensure you’re making a well-informed decision, MoneyGeek recommends taking the following steps:

  1. 1

    Ask Yourself the Important Questions

    The best lender for you will be based on your financial situation and needs. Because of this, it’s important that you reflect on your financial needs. After reviewing your finances, you may find that a personal loan isn’t the best option for you. You should ask yourself the following questions to make the best financial decision:

    • How much funding do I need? MoneyGeek advises against borrowing more than you need to avoid paying more in interest. Identifying how much you need is an important step when choosing a personal loan because it will help you narrow down your lender search, as lenders offer different minimum and maximum loan amounts.
    • What is my credit score? Your credit score is one of the most important factors when looking for a personal loan, since it's what lenders use to determine if you qualify or not. A high credit score means that lenders see you as less risky and are more likely to approve your application.
    • Can I afford the monthly payment? MoneyGeek’s personal loan calculator can help you calculate your approximate monthly payment before you apply. It's essential to know exactly what you'll owe each month before committing to a loan so you can budget accordingly.
    • How much debt do I already have? If you're thinking about taking out another loan, you should consider paying off any existing debt first. By reducing your total debt load, your chances of qualifying for a loan with a lower interest rate increase.
  2. 2

    Do Your Research

    To choose the best lender for you, it’s important to research different lenders’ terms, rates and eligibility requirements. The more time you spend understanding what's available and what might work best for your financial needs, the better equipped you'll be to find a loan that works well for you.

  3. 3

    Wait

    A personal loan is a long-term commitment that takes between two and four years to repay. Because of this, it’s important that you’re confident in your lender choice. After you’ve selected a lender, wait a few days before applying. During this time, you can review your other options, and either decide that it's the best lender for you, or consider an alternative.

  4. 4

    Read the Fine Print

    It’s important that you read the fine print before signing the terms of your loan agreement. The fine print includes fees, like those for early repayment, late payment or loan origination, that can add up over the life of you loan. If you have any questions about the terms of your agreement, you should contact your lender for more information.

  5. 5

    Apply

    When you feel certain about your choice of lender, it's time to apply. To expedite the application process, ensure that you have all the required documents onhand, like proof of identity, address, income and employment. Although most lenders allow you to submit an application online, some may require that you visit in person or call to complete the application. Once the lender has processed your request, it will reach out to you with details on what next steps are required before it issues a loan offer.

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

Several factors may prevent you from getting a personal loan. Personal loan applications may be denied due to a poor credit score, insufficient income or unverifiable information.

If you're wondering why your loan was denied, contact the lender to find out what it requires from you. Sometimes, simply modifying the terms of your loan agreement, like reducing the loan amount or adding a co-signer, can lead to your application being approved.

You may also apply with another company if necessary, but you should wait until you address the issue that led to your rejection. If your credit score caused your first application to be rejected, consider improving it first before reapplying.

MoneyGeek strongly advises against payday loans, as these feature high interest rates and short repayment terms that can actually cost the borrower more money.

Frequently Asked Questions About Personal Loans in Grand Prairie

The process of choosing the best personal loan lender can seem daunting at first. However, MoneyGeek offers resources to help you find the best one for your needs. MoneyGeek answered the most commonly asked questions about personal loans in Grand Prairie to help with your selection.

What is the best personal loan lender in Grand Prairie?

Which lender in Grand Prairie has the lowest interest rate?

Can I use a personal loan for vacations in Grand Prairie?

Can I use a personal loan for home improvement in Grand Prairie?

What can I not use my personal loan for in Grand Prairie?

How much can I borrow in Grand Prairie?

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

Can I pay off my loan early in Grand Prairie?

Our Personal Loan Methodology

MoneyGeek evaluated over 30 personal loan providers based on 35+ unique data points in six major categories: loan affordability, accessibility, consumer friendly, customer service, flexibility and lender transparency.

We analyzed several unique data points under each ranking criteria that we believe hold the most weight when selecting a personal loan provider. These include APR ranges, available loan amount, minimum credit score, minimum income amount, application costs and disbursement time, among other considerations.

At MoneyGeek, we value you, the consumer, so we evaluated lenders for their customer service, business ratings and other services, like prequalification, payment options and mobile applications, that might improve your experience.

The final selections were made with your best interests in mind through in-depth analysis and thorough calculation. Our personal loan recommendations and expert guidance are intended to help you choose the best lender for 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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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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