Best Personal Loans in McAllen, TX

Truist was formed in 2019 from the merger of BB&T and SunTrust. It ranks as one of the top ten banks in the U.S with more than $500 billion in assets.

MoneyGeek ranked Truist as the best overall personal loan lender in McAllen. Truist does not have any origination fees or prepayment fees and offers flexible loan repayment terms, ranging from 6–60 months. There is also no need to provide any collateral, which can be a great relief for many personal loan borrowers.

Truist does not have a minimum credit score requirement. Do not apply for a loan with Truist if you’re looking to use the personal loan to finance your post-secondary studies or stock investments, as this lender does not allow funds to be used for these reasons.

MoneyGeek suggests Upstart for individuals with poor credit scores looking for the best personal loan in McAllen. Upstart’s minimum credit score requirement of 300 makes it an ideal choice for those with poor credit. Since this lender conducts a soft credit check, your credit score isn’t affected by the application process.

Moreover, if you need funds immediately, this lender is a good option, as loans are disbursed within one to two days. You can even borrow a second loan concurrent with an existing loan, provided you make timely loan payments on both loans.

Upstart has a broad range of APRs. Its low-end rate of 3.22% is the lowest rate available in McAllen, but its top-end rate of 35.99% is very high.

MoneyGeek ranked SoFi as the best personal loan lender in McAllen, TX, for people with a good credit score. The company started in 2011 and offers a wide range of financial products, including personal loans.

You can receive up to $100,000 in personal loans from SoFi at an interest rate of 5.74%–20.28%. If you opt for auto payment, then you can also receive a discount of 0.3%. There are no prepayment penalties. Unemployment protection and other benefits also come with the loan offer.

That being said, SoFi doesn’t accept borrowers with a credit score below 680. Moreover, you need to have a minimum income of $50,000 and a debt-to-income ratio of no higher than 43%.

For people looking for debt consolidation with a personal loan, MoneyGeek picked Upgrade as the best personal loan lender in McAllen, TX. Upgrade was founded in 2016 and now operates in all states, including Texas. Upgrade offers an array of financial products, including personal loans.

Upgrade is best suited for borrowers with fair credit scores seeking smaller loan amounts, as you can only borrow up to $50,000. After your application is approved, funds are available relatively quickly within one to four days, and often on the same day. The lender also offers direct payments to creditors. One of the best things about Upgrade is the auto payment rate discount of 1%, which far exceeds the discount rate of other lenders. Managing your loan details and account online is also easy with the mobile Upgrade app.

However, individuals with no credit history or poor credit scores should consider other lenders. People looking for lower interest rate loans may also want to explore other lender options, as Upgrade’s minimum interest rate is 5.94%.

MoneyGeek ranked Best Egg, a loan provider company that was founded in 2014, as the top lender for home renovations in McAllen.

Best Egg offers loans ranging from $2,000–$50,000 and there are no restrictions on the loan’s usage. You can apply for this lender’s loan online without the hassle of visiting the office. This is one of the best lenders for immediate loans, as they disburse loans within one to three days.

That said, to qualify for a loan from Best Egg, you need to have a minimum credit score of 700. Furthermore, if you have a gross income of less than $50,000, you cannot apply for a loan with Best Egg.