Best Personal Loans in Lubbock, TX

fact checked icon

Updated: October 16, 2024

Advertising & Editorial Disclosure

Westex Federal Credit Union, the best personal loan lender in Lubbock, Texas, received a MoneyGeek score of 100 out of 100, excelling in quality service, competitive interest rates, and flexible repayment terms. Laurel Road, best lender for online personal loans, earned a MoneyGeek score of 93 out of 100, standing out in strong customer service, quick application and approval, and credibility and transparency about its loan terms and process.

We prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process and the 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.

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.

recency icon

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

325Lenders Analyzed Nationally

Overall Best Personal Loan in Lubbock, TX

Company logo for Westex Federal Credit Union
Westex Federal Credit Union
MoneyGeek Score100
APR RangeFrom 7.10%
Loan Amount Range$500 to $10,000
Repayment TermsUndisclosed
Time to Receive FundsUndisclosed
Overview

With a MoneyGeek Score of 100 out of 100, Westex Federal Credit Union stands out as the best personal loan lender in Lubbock, Texas. Its federal insurance by the NCUA provides an added layer of security for borrowers.

Best Online Personal Loan in Lubbock, 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 is the best online lender for personal loans in Lubbock, Texas, with a MoneyGeek score of 93 out of 100. Customers can borrow anywhere from $5,000 to $45,000 with repayment terms spanning 36 to 60 months, and typically receive funds within a week.

Calculate Your Monthly Payment in Lubbock, TX

The United States Census Bureau reported that the median annual household income in Lubbock, Texas in 2022 was $56,910. Regardless of whether your actual income is above or below the 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 payments would be $323, which totals $3,876 per year. This amount represents approximately 7% of the median annual household income in Lubbock, Texas.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Nov 21, 2024

5 Years
Shield Insurance

Why You Can Trust MoneyGeek

Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

Runner-Up for Best Personal Loan in Lubbock, TX

Company logo for Texas Tech Credit Union
Texas Tech Credit Union
MoneyGeek Score93
APR RangeFrom 10.49%
Loan Amount RangeUndisclosed
Repayment TermsUndisclosed
Time to Receive FundsUndisclosed
Overview

As the runner-up for the best personal loans in Lubbock, Texas, Texas Tech Credit Union scores highly with a MoneyGeek score of 93 out of 100. It stands out with the backing of federal insurance from the NCUA, ensuring added security for borrowers.

National Lenders With Physical Locations in Lubbock, TX

Borrowers in Lubbock, Texas searching for the best personal loans who value face-to-face interactions can choose from a range of national lenders with local branches. These lenders include Wells Fargo, PNC Bank and OneMain Financial, each providing accessible loan services to meet various personal financial needs within the city.

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 Lubbock, TX

Your loan application in Lubbock, 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 navigate this setback.

  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 these reasons is key to improving your weak areas and preventing another 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 needs.

  4. 4
    Explore credit counseling services

    Lenders often look at your debt-to-income ratio when evaluating your loan application. 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. Another option is the Department of Justice's list of approved credit counseling agencies.

FAQ About Personal Loans in Lubbock, TX

We addressed frequently asked questions about the best personal loans in Lubbock, Texas, offering valuable insight to aid your informed decision-making.

What is the best overall personal loan lender in Lubbock, Texas?
What are personal loans used for in Lubbock, Texas?
What are the interest rates on personal loans in Lubbock, 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 Lubbock, Texas?
What are the best low-interest personal loans in Lubbock, Texas?
What is an installment loan? Is there a difference between personal loans and installment loans in Lubbock, Texas?
Is there a difference between credit union loans and bank loans in Lubbock, 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.

Read Full Bio »
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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use