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

MoneyGeek’s top choice for personal loans in McKinney is Truist. Branch Banking and Trust and SunTrust Banks merged to form Truist in 2019. It is one of the largest banks in the United States with 2,781 branches across 15 states. Due to its easy online application process, Truist claims that most lending decisions can take under 15 minutes, with potential same-day funding if you apply on a business day.

Truist has a minimum loan amount of $3,500 and a maximum loan amount of $50,000, with loan repayment periods between six to 60 months, making it one of the most flexible options for those based in McKinney, Texas. Using Truist’s online tool, potential borrowers can estimate their monthly payments depending on their loan amount, desired monthly loan term and current location.

Upstart is MoneyGeek’s top pick for people in McKinney with low credit scores. Unlike many other lenders, Upstart uses an artificial intelligence marketplace that makes affordable credit more accessible for those with poor credit. According to the company, its partner banks have higher approval rates on average. In addition, Upstart uses other uncommon factors in addition to the FICO score to make loans more accessible, such as an applicant’s job history and area of residence.

With a minimum loan amount of $1,000 and a maximum loan amount of $50,000, Upstart can help borrowers looking to fund smaller or more significant purchases. It is also a good option for rapid approval and funding times.

According to MoneyGeek’s analysis, the best lender for personal loans in McKinney for those with a high credit score is SoFi. Founded in 2011, SoFi offers loans and other financial products through its mobile and desktop apps.

Unlike many other lenders, SoFi charges no additional fees on top of your loan. In addition, repayment terms are more flexible than most lenders. These terms allow you to choose lower monthly payments over a longer period or lower interest rates over a shorter period.

However, SoFi might not be the best fit for those with bad credit due to its minimum credit score requirement of 680. It also has a high minimum loan amount of $5,000, which may be more than some borrowers need.

Upgrade was founded in 2016 and has raised over $600 million in funding. MoneyGeek chose Upgrade as the best option for debt consolidation in McKinney due to its flexibility and option to pay third-party creditors directly. Although its maximum interest rates are higher than average, Upgrade offers flexible loan amounts depending on the amount you wish to borrow.

However, potential customers should note that Upgrade charges an origination fee from 1.85% to 8% for all personal loans and also charges late fees. However, it doesn’t charge prepayment fees if you wish to pay off your loan as early as possible. Overall, Upgrade is an excellent choice for those looking for longer repayment terms and joint loans.

MoneyGeek’s top pick for those looking to fund a home improvement project in McKinney is Best Egg. Since it was founded in 2014, Best Egg has funded over $14 billion in loans. Best Egg provides flexible loan amounts to borrowers looking to finance a home renovation. It also offers a maximum loan repayment period of five years.

However, Best Egg requires applicants to have a minimum credit score of 700 and a
minimum yearly income of $100,000 to qualify for the lowest APR rates. Therefore, it may not be the best fit for those without an established credit score or a lower income. Potential borrowers should also note that Best Egg may charge an origination fee of 0.99% to 8.99% in addition to late fees.