Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans Texas Personal Loans: Online & Local Lenders Updated Jan 22, 2024   |   9-min read   |   This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Lauren Ward Written by Lauren Ward Expertise: Mortgages, real estate, investing, credit, debt, small businesses Lauren Ward is a personal finance writer who regularly covers topics like mortgages, real estate, and investing. Learn more about Lauren Ward Reviewed by Erin Kinkade, CFP® Reviewed by Erin Kinkade, CFP® Expertise: Insurance planning, education planning, retirement planning, investment planning, military benefits, behavioral finance Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families. Learn more about Erin Kinkade, CFP® You can use a personal loan for just about any expense. Borrowers who use personal loans often prefer them over other options because they offer higher borrowing amounts and have lower interest rates than other loan products, such as credit cards. When choosing a financial institution, you might prefer to work with a local or regional bank over a national online lender. It can be easier to speak with a loan officer about what you need, and you may be able to customize your loan terms to better suit your budget and financial goals. Keep reading for a deep dive into the best national online lenders and regional lenders offering personal loans in Texas. Table of Contents Skip to Section How to find the best personal loans in TexasBest online personal loans in Texas Local Texas personal loansHow to choose the best Texas personal loanBest alternatives to personal loans in Texas How to find the best personal loans in Texas How do personal loans work in the Lone Star state? Texas law only requires lenders to be licensed in the state if they issue interest rates greater than 10%. Other than that, Texas personal loans don’t differ from personal loans in other states. You can use Texas personal loans for just about anything. Many borrowers use them to pay off debt, and others use them for emergency expenses or home renovations. As long as you’re not using the money for an illegal activity, you can spend it as you see fit. We researched personal loans by state to compare national and local banks in Texas. Here’s a quick breakdown. Online lenders available in Texas Click the lender’s name in the table for more about its personal loans in Texas. LenderAvailabilityAPRsMinimum credit scoreWhat you need to knowCredibleOnlineAll 50 states6.40% – 35.99%Varies by lender🛒 Marketplace (not an individual lender) with loan amounts up to $200,000View ratesLightStreamOnlineAll 50 states7.49% – 25.49%660Best for excellent credit⏳ Same-day loan depositsView ratesUpgradeOnlineAll 50 states8.49% – 35.99%Not disclosed onlineBest for fair credit💲Borrow $1,000 – $50,000View ratesSoFiOnlineMultiple states, including Texas8.99% – 25.81%Not disclosed onlineBest for good credit💲💲Borrow as much as $100,000View ratesHappy MoneyOnlineMultiple states, including Texas11.72% – 24.67%640💳 Loans are intended for debt payoffView rates Local Texas personal loan lenders Click the Texas lender’s name in the table to find out more about its personal loans. LenderAvailabilityAPRsMinimum credit scoreWhat you need to knowB&F Texas FinanceOdessa, Midland, and West TexasNot disclosed onlineAll credit typesOffers personal loans for bad-credit borrowersView ratesGreater Texas Credit UnionLocal Texas lenderRates start at 12.99%Not disclosed onlineLoan terms up to 60 monthsView ratesCredit Union of TexasLocal Texas lender Not disclosed onlineNot disclosed onlineSkip up to 2 payments a yearView ratesFrost BankSan AntonioRates start at 10.00%Not disclosed online0.25% autopay discount View rates Best online personal loans in Texas Texas’s vast and diverse population makes it a desirable state for online lenders to establish eligibility. An influx of digital lending platforms has led a wider range of Texans to access financial support. The companies we’ve selected below have carved out niches in this competitive landscape. They provide Texans many benefits, ranging from a comprehensive rate comparison marketplace to specialized lending solutions tailored to various credit profiles. Credible – Best marketplace View Rates Editorial rating: 5.0 out of 5 Compare rates from multiple lenders with one applicationChecking your rates doesn’t affect your credit scoreNo fees Credible’s platform is ideal for Texans looking for a hassle-free experience comparing personal loan offers. With one quick application, you can see real rates from lenders through Credible’s online marketplace. It’s an appealing option for those with little information on their credit profile because it allows you to find out whether you’re eligible with lenders catering to a wide range of credit profiles—and it won’t hurt your credit score. LightStream – Best for excellent credit View Rates Editorial rating: 4.8 out of 5 Customized loansLow rates for those with excellent creditRate Beat Program for competitive terms LightStream offers personal loans tailored to your needs, whether for home improvement, debt consolidation, or a wedding. The repayment terms differ depending on the use of funds, but what’s consistent is its ability to offer some of the lowest rates available. Its Rate Beat Program is a unique feature that promises to offer a rate 0.10 percentage points lower than the rate a competing lender’s offered rate under specific conditions. Upgrade – Best for fair credit View Rates Editorial rating: 4.9 out of 5 Loans for fair credit and abovePick the terms that best fit your needsView your rate with a soft credit check Upgrade offers a solution for Texas residents with less-than-excellent credit. A soft credit inquiry for initial rate checking means you can prequalify with no impact on your credit score. Upgrade’s transparent approach lays out all terms and fees upfront, so you won’t have any surprises down the road. The lender also offers the flexibility to choose your loan terms, tailoring your loan to your financial situation. With loans up to $50,000, you might find the right loan for debt consolidation, home repairs, or other personal needs. SoFi – Best for good credit View Rates Editorial rating: 5.0 out of 5 Unique members-only benefitsBorrow up to $100,000No fees required SoFi is synonymous with premium lending services, and Texans with good credit can leverage this to obtain loans with no fees required. SoFi’s unemployment protection and other member benefits set it apart, offering a safety net you won’t often find with other lenders. This can be a game-changer for borrowers who value security and additional perks. SoFi’s quick prequalification process, which provides rate quotes in just a few seconds, allows you to assess your options right away. And with loan amounts up to $100,000, SoFi is suited for a variety of financial objectives, from consolidating high-interest debt to funding large purchases. Happy Money – Best for credit card debt View Rates Editorial rating: 4.8 out of 5 Consolidate credit card debtSpeak with Member AdvocatesCheck your rate without affecting your credit Happy Money caters to Texans looking to take control of their credit card debt. The lender specializes in providing loans designed for consolidating and paying off high-interest credit card balances. This focus ensures borrowers have access to products that are tailored to their debt-reduction goals. In addition to its targeted loans, Happy Money offers a suite of support services, including access to Member Advocates, who can guide borrowers through their debt-free journey. Local Texas personal loans The following lenders are only available in Texas. Borrowers sometimes prefer local lenders over national lenders because they often offer more loan customization, and you can communicate with them directly about questions or concerns you may have. The downside is that taking out a personal loan from a local bank may take longer, and it may also take more time to compare rates. All the lenders below offer unsecured personal loans, but a few also offer secured options, which may help you get a lower rate. B&F Texas Finance – Best personal loans for bad credit in Texas View Rates Works with bad-credit borrowersFast approval and disbursementAvailable in Odessa, Midland, and West Texas B&F Texas Finance doesn’t offer large loan amounts, but it works with borrowers who have bad credit. You can only borrow up to $1,300, but the application process is fast and easy. You can use B&F personal loans for any expense. Greater Texas Credit Union – Best for no origination or prepayment fees View Rates Borrow as much as $10,000Rates as low as 12.99%Terms up to 60 months Greater Texas Credit Union doesn’t charge a loan origination or prepayment fee. Its rates are fixed rate, so your payment will be the same for the life of the loan. The loans are unsecured, meaning you don’t need to collateralize any of your personal assets. Greater Texas Credit Union has 16 branches throughout Texas. Because it’s a credit union, you’ll first need to become a member, which requires a $5 deposit into a GTCU savings account. Credit Union of Texas – Best for flexible payments View Rates Skip up to 2 payments a year as long as your account is in good standingLoan terms up 60 monthsLoans processed in 1 – 2 days Credit Union Of Texas offers personal loan borrowers the option to skip up to two payments a year with its Skip-a-Pay program. You must have made at least four on-time payments before skipping a payment, and your account must be current before you request to skip a payment. Credit Union of Texas also offers secured personal loans that allow you to use a CUTX savings account or CD as collateral. Your assets are at risk with secured personal loans, but the benefit is that secured loans have lower interest rates. Frost Bank – Best for low APRs View Rates Rates start at 10.00% APROnly takes 15 minutes to applyGet a 0.25% autopay discount Frost Bank offers flexible loan terms and even offers borrowers the option to secure their personal loan with collateral to lower their rate. Plus, you can save more by signing up for automatic payments using a Frost checking or savings account. Rates start at 10.00% but will vary depending on your credit history, the loan amount, term length, and type of loan you choose. How to choose the best Texas personal loan To choose the best Texas personal loan, compare rates and fees between multiple lenders (here’s a list of our favorites). Your first objective is to find the lender offering the best deal. For many borrowers, this is the most significant variable, but don’t stop there. Check out the lenders’ reviews online. Are you confident you’ll get good customer service if you have an issue? For example, if a borrower couldn’t make a payment, did the lender work with them? Better Business Bureau and Trustpilot are excellent places to get an idea of a bank’s customer service. With any financial institution, we can expect occasional complaints. But has the company taken time to communicate with borrowers who had a negative experience? This can be a sign that the company works hard on a daily basis to provide top-notch customer service. Best alternatives to personal loans in Texas Other financial options may be available. Have you considered a personal line of credit, a home equity loan, or an low-introductory-APR credit card? A personal line of credit is like a credit card in that any amount you borrow and repay becomes available once again. Plus, you have the option to make minimum payments if needed. As with personal loans, you may be able to access higher borrowing limits and lower APRs if you secure the loan with collateral. Home equity loans allow borrowers to secure their loan with the equity they’ve built in their home. Home equity loans often have much lower APRs than other loan products because you secure the loan with a high-value asset. You can use credit cards with a 0% introductory APR for balance transfers and new purchases. The length of the intro APR period depends on the card, but many cards offer lengthy introductory periods. Depending on how much you borrow, you may consider a combination of financial products to save money.