Best Personal Loans in Midland, TX

Truist started in 2019 after the merger of BB&T Bank and SunTrust. It now offers personal loans in 15 states, including Texas. MoneyGeek’s analysis shows it is the best overall personal loan lender in Midland. It offers next-day funding ranging from $3,500–$50,000. The company does not charge origination or late payment fees.

Borrowers do not have to worry about prepayment penalties either. If you choose auto-payment, you can get a 0.5% discount. Additionally, the company offers joint loans.

The APR can range from 8.14% to 18.99%. The company also has restrictions on how you can use the borrowed money. For instance, you cannot use the money for college, post-secondary education or business expenses.

Upstart started in 2012. Since then, this AI lending platform has originated around $20.8 billion in loans. Upstart is MoneyGeek’s best personal loan lender for individuals with bad credit in Midland, Texas. The company does not have a strict credit score requirement. Even with a credit score of 300, you may qualify for a personal loan.

Interested borrowers can check online if they qualify for a loan. The company does a soft credit inquiry first, which does not affect credit scores. A hard inquiry will only be conducted after you accept the rate and continue with the application.

That said, individuals in need of a large amount may not find Upstart a good option since its maximum loan amount is $50,000. In addition, if your debt-to-income ratio is higher than 45%, you will not qualify for an Upstart loan.

If you have good credit, you may consider SoFi. It is MoneyGeek’s top pick for individuals with high credit scores. The company, which has been offering different financial products since 2011, does not charge origination or late fees. There is also no prepayment penalty. SoFi conducts soft credit inquiries, which do not affect your credit score.

Additionally, SoFi does not have restrictions on how you can use the funds. They even give a 0.3% discount if you subscribe to auto-payment. The maximum loan amount is $100,000, which means you can use it for large expenses.

However, some individuals may not find SoFi to be the best option. The lender’s minimum credit score requirement is 680. You also need to have a minimum gross income of $50,000.

MoneyGeek’s analysis found that Upgrade is the best lender in Midland for debt consolidation. The online bank, which was founded in 2017, offers a loan amount of up to $50,000. You can get the funds same-day. There is no minimum income requirement.

Additionally, the lender directly pays creditors if you use the borrowed money for debt consolidation. Their credit score requirement is 560, which is lower than some other lenders. Borrowers can also easily manage their loans through the company’s mobile app.

That said, it is important to take note of the very high 2.9%–8% origination fee, and Upgrade also has interest rates as high as 35.97%. If you make late payments, you will have to pay a $10 fee. Upgrade has restrictions for fund use as well. For instance, you cannot use the money to finance your post-secondary education or fund investments.

Best Egg is MoneyGeek’s choice for the best personal loan lender in Midland for home improvements. The company started in 2014. It has an A+ BBB rating. Borrowers can easily manage their loans through the lender’s mobile app. You can get a loan amount from $2,000–$50,000 on the next day.

Additionally, Best Egg offers an online pre-qualification option. It does a soft credit inquiry, which does not affect your credit score. If you choose automatic repayments, you can enjoy a 0.5% discount.

However, depending on your loan terms and amount, your interest rate can be as high as 35.99%. The minimum credit score requirement to qualify for a Best Egg personal loan is also high. Furthermore, you need to have a minimum gross income of $50,000. Finally, the company charges origination fees of up to 6%.