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Best Personal Loans in El Paso

Discover the top options for loans in El Paso, tailored to your financial needs. Compare the best personal loans available, featuring competitive interest rates and flexible repayment terms. Empower yourself with our comprehensive guide to secure funds and achieve your goals.

Best Personal Loans in El Paso
Daniel Lewis
Written by:Daniel Lewis
MBA accredited investment professional
Finimpact Affiliate Disclosure

Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.

El Paso has experienced steady economic growth, with the city adding 5,760 jobs since December 2022, primarily in leisure and hospitality, government, and information sectors. In 2019, immigrant households in El Paso contributed $8.6 billion to the gross domestic product, while local immigrants earned $4.8 billion in income. 

Best Personal Loans for 2023 reviewed by

Top Picks for Personal Loans in El Paso

Top Personal Loans in El Paso: Full Overview

This thriving economy and diverse population make El Paso an ideal location for various financial opportunities. When choosing a loan in Columbus, consider your credit score, loan amount, and repayment terms, as these factors can greatly impact your borrowing experience. As you navigate the loans in El Paso, our comprehensive guide will help you make informed decisions tailored to your unique financial goals.

LightStream — Best Overall Personal Loan


LightStream is our best personal loan overall because of their high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and offers an auto-pay interest discount, if you choose that payment option.

Low APRs for good credit
Loan amounts up to $100,000
Check your rate with no impact on your credit
Auto-pay discount available
Not available for borrowers with bad credit
Rates without auto-pay are .50% higher
Minimum loan amount of $5,000

The amount you can borrow with a LightStream personal loan varies based on the loan purpose, yet amounts up to $100,000 are available and loan terms can be up to 20 years. These loans come with no origination fees and no hidden fees, and a generous .50% auto-pay discount is available. Borrowers who qualify can expect interest rates from 3.49% to 19.99% with auto-pay.

To qualify, you need to have good credit that includes several years of credit history, sufficient income and assets to support your existing debt obligations and requested loan amount.

LightStream also has an app where customers can make payments, apply for new loans, track payment due dates, and track loan balances.

The Bottom Line

LightStream loans offer some of the industry’s lowest interest rates and some of its highest personal loan limits. If you have strong credit, this lender is ideal for you.

Avant — Best for Small Personal Loans

Avant — Best for Small Personal Loans

Avant is a solid option for borrowers who need a small personal loan from $2,000 to $35,000. Avant has a mobile app that lets you track your repayment progress and make payments using your mobile device.

Low loan amounts available
Check your rate with no impact on your credit
Mobile app available
Available for fair and poor credit
Administration fee up to 4.75%
Potential for a high APR
Lower borrowing limits than other lenders

To qualify for a personal loan from Avant you’ll need a minimum credit score of 580. Consider these fair to poor credit loans if you need a smaller amount of $2,000 to $35,000, less an administration fee (similar to an origination fee) of 4.75%. Interest rates range from 9.95% to 35.99% based on creditworthiness, and the loans are repayable over 24 to 60 months.

The Bottom Line

Avant personal loans work for borrowers who need less cash than the other personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and can get funds deposited in their bank account the next business day after approval.

Try Avant

SoFi — Best for Loans with No Origination Fee


SoFi offers personal loans, student loans, investing, and banking services. The personal loan personal loan comes with no origination fees and no hidden fees, which is ideal for borrowers who want to get a personal loan at minimal cost. SoFi also generous loan limits for those who qualify, and borrowers can check their rate without any impact to their credit.

Loan amounts up to $100,000 available
Check your rate with no impact on your credit
No origination fees or hidden fees
Unemployment protection offered
Same-day funding available
High minimum loan amount of $5,000
Not available for bad credit
Lowest rates require auto-pay

SoFi offers personal loans in amounts from $5,000 to $100,000, and interest rates range from 5.99% to 21.78% with auto-pay depending on creditworthiness. Borrowers can repay their loans over 24 to 84 months, and there are no origination fees or hidden fees. While SoFi does not disclose their minimum credit score requirements, this company offers loans to individuals with good or excellent credit.

The Bottom Line

SoFi personal loans are perfect for borrowers with good credit who want to avoid origination or other fees. These loans also work well for borrowers who need a high loan amount, as well as those who already use other financial products from this financial services company.

Try SoFi

Upgrade — Best for Emergency Loans

Upgrade — Best for Emergency Loans

Upgrade personal loans are available for up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option if you need an emergency loan. You can get prequalified without a hard inquiry to determine your approval odds before making a full application. Then, once you apply, get approved within minutes.

Check your rate with no impact on your credit
Funding in as little as one day
Generous loan amounts available
Choose from flexible repayment terms
Origination fee charged on every loan
Potential for a high APR

Personal loans through Upgrade come in amounts from $1,000 to $50,000, and borrowers can choose repayment terms that last from 24 to 84 months. Interest rates will fall between 5.94% to 35.97% depending on your creditworthiness. Also be aware that each Upgrade personal loan comes with an origination fee of 2.9% to 8%.

The Bottom Line

Upgrade personal loans can be funded as soon as the day after you apply. That makes them ideal for people who need a loan quickly , whether funds are required for a large purchase or an emergency expense.

OneMain Financial — Best for Loans with Bad Credit

OneMain Financial — Best for Loans with Bad Credit

OneMain Financial does not disclose their minimum credit score requirements. But, their loan options, interest rates, and terms make them ideal for borrowers with poor credit who may not get approved for other loans. Loan amounts are lower than some competing lenders offer, but OneMain Financial personal loans can still help you if you need access to cash. This company is also one of the few on our list that offers in-person branches you can visit if you need personalized help.

Available for bad credit borrowers
Visit 1,400 nationwide locations
Check your rate with no impact to your credit
Flexible repayment options
Lower loan amounts than other lenders
Potential for a very high APR
High origination fees likely

Borrowers who apply for a loan with OneMain Financial may get approved for from $1,500 to $20,000. Repayment terms are from 24 months to 60 months, and interest rates may fall between 18% and 35.99% depending on creditworthiness. An origination fee of 1% to 10% may apply, although applicants in some states may be asked to pay a flat fee instead.

The Bottom Line

If you have poor credit but you need a loan, OneMain Financial might be your answer. Interest rates and fees are high, but you could borrow up to $20,000, if you can prove your ability to repay.

Personal Loan Eligibility Criteria and Application Process in El Paso

Personal loans can be a lifesaver for individuals seeking financial assistance in El Paso, but understanding the eligibility criteria and application process is crucial to ensure a smooth experience. Lenders typically evaluate various factors, such as credit score, income, employment stability, and debt-to-income ratio, to determine an applicant's eligibility for a personal loan.

A good credit score increases the likelihood of loan approval and may result in more favorable terms, such as lower interest rates. Additionally, lenders often require proof of a stable income and employment history to ensure that the borrower has the means to repay the loan. The debt-to-income ratio, which compares the borrower's monthly debt payments to their income, is another significant factor that can impact loan eligibility. Finally, the application process typically involves submitting an online or in-person application, providing the necessary documentation, and awaiting the lender's decision.

Credit Score: A higher credit score indicates responsible borrowing habits and increases the chances of loan approval. Maintain timely bill payments and reduce outstanding debt to improve your credit score.

Income Verification: Lenders require proof of income, such as pay stubs or tax returns, to ensure that borrowers can afford to repay the loan.

Employment History: A stable employment history demonstrates financial reliability. Frequent job changes or gaps in employment may raise concerns for lenders.

Debt-to-Income Ratio: Aim for a lower debt-to-income ratio, which lenders prefer. Pay off existing debts or increase your income to improve this ratio.

Application Process: Submit a complete and accurate application with all required documentation to avoid delays or rejection.

Research Lenders: Compare loan offers from different lenders in El Paso, including banks, credit unions, and online lenders, to find the best personal loan terms.

Pre-approval: Consider seeking pre-approval, which involves a soft credit inquiry, to get an idea of the loan amount and interest rates for which you may qualify without impacting your credit score.

Managing Your Personal Loan Repayments in El Paso

Timely loan repayments not only help you avoid late fees and penalties but also positively impact your credit score, ensuring better loan terms and interest rates for future loans in El Paso. To effectively manage your personal loan repayments, it is crucial to create a realistic budget that accounts for your monthly loan installments, living expenses, and savings goals. By prioritizing loan repayments, you can avoid falling behind and creating a snowball effect that may lead to financial distress.

Additionally, consider exploring options for debt consolidation or refinancing if you find yourself struggling with multiple loans and their respective interest rates. This approach can help you streamline your payments and potentially secure lower interest rates on your loans.

Finally, always communicate proactively with your lender if you face financial difficulties or foresee potential issues in making timely repayments. Most lenders are willing to work with borrowers who are upfront about their circumstances and can provide temporary relief measures, such as payment extensions or restructuring.

  • Create a Budget: Establish a comprehensive budget to account for loan repayments, living expenses, and savings goals. Regularly reviewing and adjusting your budget helps keep your finances on track.
  • Prioritize Loan Repayments: Make your loan repayments a priority to avoid late fees, penalties, and negative impacts on your credit score.
  • Debt Consolidation or Refinancing: Consider consolidating or refinancing multiple loans to streamline payments and potentially secure lower interest rates.
  • Automatic Payments: Set up automatic payments to avoid missed due dates, protect your credit score, and simplify your financial management.
  • Communicate with Lender: Proactively communicate with your lender if you face financial difficulties or foresee challenges in making timely repayments. Most lenders are willing to work with borrowers who are open about their circumstances.

About the Author

Daniel Lewis

Daniel Lewis

MBA accredited investment professional

Daniel Lewis is an MBA accredited investment professional who wants to assist small business owners to gain access to finance.

More about me

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