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

Updated: November 1, 2024

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WHAT WE’RE GEEKING OUT ON

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

MoneyGeek assessed several personal loan providers in Killeen based on a number of factors, including APR ranges, minimum credit score, income requirements, loan disbursement times, payback terms, fees and more.

We determined that Truist is the city's best overall personal loan provider. Upstart offers the best personal loans for people with poor credit, but SoFi is the better option for those with good credit. Upgrade and Best Egg are the best options if you intend to use your personal loan for debt consolidation or home improvement, respectively.

Best Overall Personal Loan Lender in Killeen: 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 ranks Truist as the best personal loan provider in Killeen. Truist is a mission-driven financial services firm created by the historic merger of BB&T and SunTrust. Truist's personal loans of $3,500 to $50,000 feature no origination or prepayment fees. Payment terms are between six and 60 months.

    Truist does not impose a minimum credit score or gross income requirement from its borrowers. Those who need a quick loan may consider using Truist because it is possible to receive the funds on the next day of approval. Keep in mind that Truist conducts rigorous credit checks.

    Pros

    • No origination, prepayment or late fees
    • No credit score requirement
    • 0.5% discount for autopay
    • Quick funding
    • Offers a mobile application

    Cons

    • Strict credit check
    • Limited usage of funds
    • Not available to new or no credit history applicants
    • No direct payment for debt consolidation
    • No co-signers permitted
    Truist

Best Personal Loan Lender for Bad Credit in Killeen: 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, founded in 2012, uses artificial intelligence algorithms to determine a person's qualification for a personal loan. MoneyGeek ranks Upstart as the best personal loan lender in Killeen for borrowers with poor credit.

    Upstart allows its borrowers to use the funds for several purposes, including home improvement, debt consolidation and healthcare costs. Additionally, it offers auto refinancing, which may appeal to some clients. After approval, you can receive your funds as early as the following business day.

    Although Upstart offers loans to individuals with poor credit, it may charge them higher interest rates than other lenders. Additionally, despite the absence of a prepayment penalty, Upstart borrowers may incur late and origination costs.

    Pros

    • 300 credit score requirement
    • Soft credit inquiry
    • No prepayment penalty
    • Next business day financing
    • Accepts borrowers with new credit

    Cons

    • Potentially high APRs
    • Origination and late fees
    • No co-signers
    • No autopay discount
    • 45% to 50% DTI limit depending on the state
    Upstart

Best Personal Loan Lender for Good Credit in Killeen: 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

    MoneyGeek ranks SoFi as the best personal loan provider in Killeen for individuals with good credit. SoFi was founded in 2011 to provide student loan refinancing services. In 2015, the company began selling personal loan products. SoFi allows you to borrow between $5,000 and $100,000, and its credit score requirements are comparable to those of other lenders giving the same amount.

    After SoFi authorizes your loan, you can receive the funds after a few days. If you leave your employment while the loan is still in effect, the lender may also change your loan installments in your favor. SoFi loans demand a minimum annual gross income of $45,000, but the bank offers loans with low-interest rates and no fees. A credit score of 680 is also required.

    Pros

    • No prepayment penalty
    • Zero origination fees
    • Offers an unemployment protection program
    • Automatic payment discount

    Cons

    • High loan minimum amount
    • No co-signers permitted
    • High minimum credit score requirement
    • Funds could have limited usefulness
    • Has an employment requirement
    SoFi

Best Personal Loan Lender for Debt Consolidation in Killeen: 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

    MoneyGeek recommends Upgrade as the best personal loan lender in Killeen for debt consolidation. Established in 2017, Upgrade has granted $10 billion in loans. Upgrade enables you to borrow between $1,000 to $50,000, making it ideal for moderately sized expenditures. When debt is consolidated, the lender makes direct payments to third-party creditors.

    In addition, Upgrade does a soft credit inquiry, which does not negatively affect your credit score. The lender typically releases your funds immediately following loan approval. If you choose to repay your loan early, Upstart will not impose a prepayment fee. However, the lender charges origination and late payment fees in addition to a somewhat high APR. If your credit is excellent, you may qualify for reduced rates elsewhere.

    Pros

    • Pays creditor directly
    • Joint loans available
    • Conducts soft credit check
    • Offers autopay discount
    • Minimum loan amount of $1,000
    • Repayment term maximum of 60 months

    Cons

    • Charges late and origination fees
    • No co-signers
    • Restrictions on fund usage
    • Potentially high interest rate
    • Not available to borrowers with bad credit or no credit
    Upgrade

Best Personal Loan Lender for Home Improvement in Killeen: 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

    Since its inception in 2014, Best Egg has earned a reputation as a low-cost personal loan provider. MoneyGeek determined that Best Egg provides the best personal loans for home remodeling in Killeen. The lender offers personal loans ranging from $2,000 to $50,000 with three to five years repayment terms.

    With a minimum credit score of 700, Best Egg is an excellent option for those with excellent credit and looking to make home improvements. Although Best Egg charges origination and late payment fees, the lender's APR can be low. Assuming you have a less-than-excellent credit score, it is advisable to examine other options because you may end up with a loan with a higher APR if approved.

    Pros

    • No prepayment charges
    • Conducts soft credit checks
    • Offers a discount for autopay
    • Has a mobile application
    • Repayment term maximum of 60 months

    Cons

    • Charges late and origination fees
    • Minimum credit score requirement of 700
    • Low loan amounts
    • High maximum APR
    • Has a minimum income requirement
    Best Egg

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

In Texas, the average personal loan amount is $15,505. Personal loan applications are approved based on varying lending standards, but lenders usually evaluate a candidate's credit history with other indicators of their ability to repay the loan.

MoneyGeek provides a step-by-step list of potential steps you could take while applying for a personal loan in Killeen.

  1. 1

    Ask Yourself the Important Questions

    Before selecting a lender, consider your objectives and other financial factors, such as your credit score, income and existing loans. These factors will impact the loan amount you are qualified for and your specific repayment period. Before proceeding, MoneyGeek recommends considering the following:

    • How much funding do I need?
    • What is my credit score?
    • Can I afford the monthly payments?
    • How much debt do I already have?
  2. 2

    Do Your Research

    Even if your circumstances are unique, our research can help you begin your search for the best personal loans in Killeen.

    MoneyGeek recommends you conduct your own research before submitting a loan application. Prioritize features that will have a lasting impact on you. In addition, you can evaluate the rates and fees provided by several lenders to choose which one meets your personal requirements. Ensure that you can use the funds for your intended purpose, as some lenders impose restrictions on loan usage.

  3. 3

    Wait

    After you have determined your requirements and examined several lenders, it is highly recommended that you give yourself a few days to consider everything before applying with your chosen lender. Remember that a personal loan is an obligation with an average repayment period of three to five years. You may find an alternative that is more financially advantageous.

  4. 4

    Read the Fine Print

    Before signing the loan agreement, you should always review the fine print and ensure you understand it. The ideal time to examine the fine print is when you've narrowed down your list of potential lenders. Pay special attention to the specifics that could lead to a higher price or cost savings, such as prepayment penalties, origination fees and late payment fees. Although they may appear insignificant, they can add up to major expenses or savings over time.

  5. 5

    Apply

    You can apply for a loan once you have reviewed the terms and conditions in detail. The lender will now need personal information, such as evidence of identity, proof of income, proof of residence and so on. You may prefer to apply online, as it is typically more convenient. However, some businesses may accept in-person applications if you prefer this method over online tools. The decision is yours.

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

There are various reasons why borrowers are sometimes not approved for personal loans in Killeen. The most common reasons for loan denial are low credit scores, high DTI ratios, low income and incorrect loan application information. However, consider that being declined for a few personal loans does not mean you should give up on obtaining one.

If you have just had your application for a loan denied, it is essential to look into the reason for the denial. MoneyGeek recommends contacting your lender to determine why your loan application was denied and whether there is anything you can do to modify the terms of the loan. For example, reducing the loan amount or the repayment period could produce different results.

MoneyGeek warns against payday loans due to their excessively high interest rates and the fact that customers typically fail to make payments on time, ultimately increasing their debt.

Frequently Asked Questions About Personal Loans in Killeen

There are numerous considerations when searching for the best personal loans in Killeen. It depends on your preferences, objectives and way of living. MoneyGeek answers frequently asked questions about personal loans to help you understand the subject further.

What is the best personal loan lender in Killeen?

Which lender in Killeen has the lowest interest rate?

Can I use a personal loan for vacations in Killeen?

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

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

How much can I borrow in Killeen?

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

Can I pay off my loan early in Killeen?

Our Personal Loan Methodology

MoneyGeek analyzed over 30 personal loan providers in Killeen using over 35 unique data points in six crucial categories, including business transparency, loan accessibility, customer friendliness, loan affordability, flexibility and customer service.

Under each ranking factor, we considered a number of separate data elements that we consider to be most significant when picking a personal loan lender. These parameters include the APR range, the maximum loan amount, the minimum income requirement, the application fee and the payout term.

We take into account each personal lender's customer service, business ratings and any supplementary services that can make the process simpler and more accessible for you, such as prequalification, a variety of payment options and mobile applications.

MoneyGeek’s picks are determined after extensive research and calculation, always with your best interests in mind. Our personal loan recommendations and expert advice are intended to assist you in selecting a lender that matches your specific requirements.

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
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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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